Although digital payments are gaining ground, cash remains the most common payment method in Spain. In 2022, 66% of transactions were made using banknotes and coins, according to data from the Bank of Spain. However, many people still face difficulties accessing ATMs or bank branches, especially in rural areas.
To address this issue, the banking sector signed an agreement with Correos to bring cash closer to citizens. So far, only BBVA and Banco Sabadell, among the major banks, have formally joined this agreement, which will take effect in 2023 through individual pacts with the postal company.
It is worth noting that some entities such as Santander, Ibercaja, Evo Banco, Banco Mediolanum, Triodos Bank, and Bancofar were already collaborating with Correos through the Correos Cash service before the signing of the agreement by banking associations (AEB, CECA, and Unacc).
This agreement responds to a study on financial exclusion led by Joaquín Maudos, professor at the University of Valencia, which revealed that 1.4% of the Spanish population—about 657,000 people—live in municipalities without access to banking services, spread across 3,230 localities.
Thanks to the alliance, Correos makes available its 2,400 offices and 6,000 rural mail carriers. Through Correos Cash, citizens can request cash deposits or withdrawals via their online banking or by phone. Then, a mail carrier delivers or collects the money at the user’s home, using electronic devices (PDA). It is also possible to carry out these transactions at a Correos office if available in the municipality.
This service is especially useful for elderly people living in areas with low banking connectivity and who, in many cases, are not familiar with digital tools. Although their use of electronic payment methods has increased in recent years, they remain the main users of cash.
In 2022, Correos Cash carried out 134,189 cash deposit and withdrawal operations, representing a 30% increase compared to the previous year. The service is available at 8,298 points of service, including private homes, thanks to the network of offices and rural mail carriers.
