A part of Spain is not only emptied of population, but also of basic services, including banking. The result is that half of the municipalities do not have an office or ATM where they can obtain or deposit cash. For this reason, a new concept has appeared, that of financial inclusion, and new actors have come into play that provide solutions for access to one's own money and the management of cash collections and payments.
In five years, from 2016 to 2021, Spanish banks closed a third of their branches, about 9,700, according to the Bank of Spain's count. The process, the result of digitalization, the restructuring of the sector after the financial crisis and mergers, has slowed down recently, although it has distanced banking services from the population living in municipalities or neighborhoods without any bank or ATM.
Among the formulas that are being put into practice to guarantee financial inclusion in Spain, Correos Cash stands out. In short, it is a Post Office service through which different banking operations such as deposits and withdrawals of cash can be carried out, in offices or at home, from a bank account but without the need to physically go to the bank.
Due to its connection to a universal service such as the postal service, Correos Cash reaches every corner of the country, be it through its 2,389 offices, its digital platform or its staff on the ground, the same ones who deliver the mail every day to private homes and companies. Thanks to the 6,000 rural postmen, cash operations are available even in regions where there are no Post Offices or bank branches: a true alternative to the digital and territorial divides.
Along with accessibility, Correos' financial service seeks to offer maximum convenience, as it saves waiting times at bank branches and avoids depending on their opening hours. Even at home, Correos is responsible for withdrawing or delivering the amount that an individual or business has requested through Correos Cash.
All these advantages are accompanied by something fundamental in dealing with money: security and privacy. All operations are carried out through strict security protocols for the client's peace of mind. Another advantage of Correos, unlike banks, is that it provides personalized attention in all offices, without the need for a minimum amount to deposit or withdraw.
With Correos Cash, withdrawing cash from your bank account is very simple. At the Post Office, just go with the locator provided by the app of the bank where you have the account and the identity document. The office staff will deliver the money and the corresponding receipt. The entities that operate with Correos Cash are currently Banco Santander, BBVA, Evo Banco, Triodos Bank, Ibercaja, Banco Mediolanum and Bancofar.
In addition, Santander, Mediolanum and Ibercaja customers have the option of withdrawing money with Correos Cash at home. After requesting the withdrawal of the money in the bank's app, the bank sends us a request for an ordinary wire transfer. Once received, the Post Office prepares the amount and confirms the delivery. Finally, Post Office employees will deliver the money to the customer's home along with the receipt of the operation.
The cash deposit operation also begins in the bank's app, where the locator is obtained, and is executed at the post office, where the employee requests the code, the client's identification document and the cash they wish to deposit into their account. . In exchange, the client obtains proof of the operation.
The inclusive vocation of Correos Cash entails the provision of a differentiated operation for people who do not have access to mobile internet. To make deposits or withdrawals of cash from bank accounts, you can go to one of the Post Office offices with your identity document and the last four digits of the IBAN of the account. With this data, postal workers can verify identity and request the operation they wish to carry out with the client bank. Once confirmation is received from the bank, Correos employees will be able to deliver or collect the amount requested along with the receipt of the operation.
