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MONEY

How much can you save on public transport in Spain with the new state discount?

Spain's government recently confirmed it will slash the cost of public transport tickets to help people deal with rising inflation. Here's how much bus, train and metro tickets are likely to cost you in some of Spain's main cities from September 2022.

Barcelona metro
The savings you can make on transport costs in Spain. Photo: PAU BARRENA / AFP

Spain’s annual inflation rate reached 10.2 percent in June, the highest since April 1985, according to a statement released by the Spanish authorities on Wednesday. 

To help its citizens and residents save money and make ends meet at a time of rising inflation, the Spanish government recently announced a 50 percent discount on the cost of multi-journey tickets on RENFE services such as Cercanías, Media Distancia and Avant. 

A 30 percent discount will also be applied to the cost of passes and multi-trip tickets for regional and local transport services, including city metro, bus and tram systems, bought between September 1st and December 31st 2022.

So far it hasn’t been revealed exactly how the reduction will work and it is up to each region to decide on how they want to implement it.

For example, they could just reduce the cost of the tickets or ask people to apply for money back on the tickets they’ve bought over the four months.

Some cities and regional authorities have also said that they will reduce the cost of transport tickets further by applying an extra 20 percent discount on top of the central government’s 30 percent, taking it to 50 percent.

In order to finance the new measure, the government has confirmed that €221 million will be allocated to regional governments and transport authorities across the country. 

Here are the savings you’ll be able to make on transport tickets in Spain’s major cities:

Barcelona

The regional government of Catalonia has announced that it will aim to add further deductions by applying a total 50 percent discount for services run by the Autoritat del Transport Metropolità (ATM ), which includes Barcelona city and the metropolitan area.  

The mobility councillor for Barcelona City Council Laia Bonet said ATM is “aiming to guarantee a 50 percent reduction”. 

This means that if the 50 percent discount is applied, the T-Usual ticket, which allows you unlimited journeys over 30 days, will go from costing €40 to just €20 and the T-Casual ticket which gives you 10 journeys will go from €11.35 to €5.67.  

Madrid

Madrid has not yet confirmed if it will apply more than the 30 percent discount announced by Pedro Sánchez’s government, as public transport tickets there are already subsidised by 60 percent. Authorities in the capital have also said that they still don’t know how much of the €221 million they will receive.

If the national government’s 30 percent reduction is applied, the standard 30-day metro season ticket for zone A will be reduced from €54.60 to €38.22 and the regional pass all the way to Toledo will drop from €131.60 to €92.12.

Seville

Seville City Council also hasn’t yet decided if they will apply a 50 percent discount on transport passes to stick with the 30 percent. However, IU-Podemos has requested that they apply the 50 percent reduction. 

Currently, TUSSAM, the body responsible for urban transport in Seville, has set the price for a 30-day bus pass at €35.50.

With a 30 percent deduction, this will drop to €24.71 and with a 50 percent discount, the cost will go down to €17.65.

With regards to the Seville metro system, a 30-day Bono Plus 45 ticket which allows you to make 45 journeys of a similar type, costs between €30 and €50, depending on how many zones you jump through.

With the 30 percent reduction, a simple pass without jumping through zones will cost €21, while the one-jump pass will cost €29.40.

Valencia

As of yet, there is no concrete information on the reductions that will be applied to transport tickets in Valencia city, but based on the national government’s discount a 30-day SUMA ticket pass for the metro, bus and local train services for zones A and B will go from €35 down to €24.50.  

Málaga

Like Seville, no decision has been made yet in Malaga as to any further reductions other than the government’s 30 percent. Based on this, an unlimited monthly bus pass will be reduced from €39.95 to €27.96.

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MONEY

What’s the maximum amount you should have in a current bank account in Spain?

Most people in Spain only have one bank account and use it for all different purposes, but what happens when you manage to save up a bit? Here's the official advice on Spanish savings accounts.

What’s the maximum amount you should have in a current bank account in Spain?

Our bank accounts are used for many day-to-day activities such as paying bills, receiving paychecks and buying groceries, but is there a maximum amount of money you should have in your account at one time? And what should you do if you go over this amount?

While there isn’t an official maximum amount that you should have in your current account, the Organisation of Users and Consumers (OCU) advises that your current account only be used for certain amounts and everything over that should be put into different accounts.

According to the OCU, in your main bank account, where you receive your salary, pension or other significant payments, you should have a maximum of three months of your salary.

So for example, if you earn the minimum wage of €1,000 per month in Spain, then the maximum you should have in your current account is €3,000.

READ ALSO – Ask the expert: What are the best UK banks for Brits in Spain?

They advise that you don’t want to go too much under this amount either because you want to make sure you have accessible cash to use when you need it, as well as for possible emergencies. They also suggest checking your account balance regularly to make sure you don’t go into the red and don’t incur extra bank fees.

But equally, you don’t want to have too much in your account and keep all your savings in one place for security reasons.

Savings accounts

The OCU recommends opening a savings account or cuenta ahorro for any amounts greater than three times your salary, rather than keeping it all together in your current account.

Most banks have various types of savings accounts with different interest rates and different fixed terms where you’ll have to keep your money in for a certain amount of time.

For money you’ll need in the short term, but not right away, the OCU suggests putting it into a fixed-rate savings account (cuenta ahorro plazo fijo) for 12 months, but warn that if you need the money before the year is out then you may have to pay fines take it out.

For money that you know you won’t need in the short term, the OCU advises putting it into a long-term investment or a fixed-rate savings account for longer than one year. “For amounts that you don’t plan on touching in the next five or ten years, it’s advisable to make a little profit on it, however, keep in mind there may be seasons in which you suffer some losses too”, they said.

Savings over €100,000

For anyone that has savings over €100,000 in any type of account, it’s important to distribute the amount over various accounts warn the OCU.

This is because during an economic collapse or bank failure, you will not be covered by the EU Deposit Guarantee Fund, which is only able to guarantee the repayment of your money up to €100,000.

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