Social Security pays every month 9.7 million of contributory pensions throughout Spain. Payrolls that are the food of retirees and on some occasions – especially in times of crisis – also of their children and grandchildren. The State recognizes and pays these benefits and subsidies after decades of contributions, but it is the banking entities that pay them each month to the pensioners. Each bank has its payment dates, although they usually converge between the days 24 and 25 of each month, depending on whether there are holidays or non-working days in between.
Sources consulted by caixabank, Banco Santander and BBVA explain that these banking entities will proceed to pay the pensions for the month of March on the 24th of the same month. In recent years, it has become common practice for banks to advance payments a few days before the end of the month, in order to speed up the process and allow pensioners to get their money sooner. And this practice was consolidated with covid to minimize physical trips to offices and thus reduce possible contagions. Some banks, on previous dates, have advanced 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 can change in the event that the pensioner is ‘new’ and pays for first time the provision of Social Security. In this case, the payment date changes and, regardless of the bank to which the pensioner belongs, the first payment will be collected on the last working day of the month, as long as it is not a weekend or coincides with a national holiday.