The banking entities advance the payments of benefits and retirement subsidies a few days
The Social Security pay every month 9.7 million pensions contributions throughout Spain. Some payrolls that are the livelihood of retirees and on some occasions -especially in times of crisis- also of their children and grandchildren. The State recognizes and pays these benefits or subsidies after decades of contributions, but it is the banking entities that pay them each month to pensioners. Each bank has its own payment dates, although they usually converge between the days 23 and 25 of each month, depending on whether there are holidays or non-working days in between.
Sources consulted from Santander Bank, Caixabank y BBVA They explain that said banks will proceed to pay the pensions for the month of January between the 23rd, 24th and 25th of the same month, in this order. In recent years it has become a common practice for banks to advance payments a few days before the end of the month, in order to expedite them and so that pensioners can dispose of their money beforehand. And this practice was consolidated with the covid to minimize physical movements to offices and thus reduce possible infections. Some banks in previous dates have come to advance payments until the 21st or 22nd of the month, this already depends on the organization of each entity and the calendar and its weekends.
The collection dates may change in the event that the pensioner is a ‘newcomer’ and collects his benefit from Social Security for the first time. In this case, the payment date changes and, regardless of the bank to which the pensioner belongs, the first payment will be received on the last business day of the month, as long as it is not a weekend or coincides with a national holiday.