Santander and Correos sign a deal to provide basic financial services in Spain
Banco Santander and Correos, the Spanish postal service, has signed a deal to have cash withdrawal and deposit services, as well as cash delivered by post to any address in Spain, at the 4,675 Correos locations, starting in the first quarter of 2021.
This option will be available to digital customers on the bank’s app. Other customers will need their Santander bank card and ID to obtain these services at the Correos locations. These services will be free of charge (for up to 2 transactions a month) for bank customers at Correos locations in areas where the bank is not present.
Correos has service locations in 75% of municipalities with fewer than 1,000 inhabitants where the bank is not present. Therefore, Santander will be able to reach 66% of those that did not have a cash service in their town or village in Spain. This model has been very successful in the United Kingdom and other countries and can serve many who have had no access to basic financial services until now. Namely, Spanish regions Andalusia, Catalonia, Castile-La Mancha, Extremadura and Castile-León.
54% of Santander customers living in places where the bank has no branch or ATM are digital customers. Now, they will have access to basic financial services in addition to digital banking.