Immigrants and Financial Services: Literacy, Difficulty of Access, Needs and Solutions - The Spanish Experience

This paper examines the nature of immigration into Spain, focusing on the financial services available to immigrants.

The paper discusses:

• The history of immigration in Spain;
• The concentration of immigrants in areas of unskilled, manual labor;
• The characteristics of the immigrant population;
• Spanish immigration laws;
• The research into the need for financial literacy and initiatives for the immigrant population;
• The choice of a research model;
• The migrant population's perception about difficulties and proposals made to solve them, which include the need for:
  • Micro-credit;
  • Information in different languages.
• Attention paid by banks, savings banks and financial institutions;
• The services provided by two dedicated banks, such as:
  • Virtual transfers;
  • Hiring of immigrant personnel;
  • Postal transfers.

The paper offers the following conclusions:

• Immigrants face problems in access to banking services;
• Banks, saving banks and postal services are beginning new initiatives to meet the needs of immigrants;
• They reflect the entrepreneurial spirit and far-sightedness of these banks or their need to adapt to new market conditions, when established in areas with a high concentration of immigrants;
• The importance of the socio-economic growth of the immigrant population has forced a growing number of banks to plan their strategies and provide dedicated service packages.