Using a Gibraltar Bank Account
Find out about the products and services available from banks and building societies in Gibraltar...
Amounts are written as they are in the UK and USA, with a point separating the pounds from the pence and a comma separating the thousands.
There are three main types of retail bank accounts in Gibraltar:
- Current / Checking Accounts
- Savings Accounts
- Deposit Accounts
Current / checking accounts provide instant access to cash and will usually come with a debit/cash card and a chequebook. (Cheques are an accepted form of payment in Gibraltar.) Current accounts provide cash cards for withdrawals which also double as debit cards. Some accounts also have an associated credit card offering the purchase protection and insurance afforded by Mastercard or Visa.
Savings accounts are a means of accruing interest on money set aside. Withdrawing from these accounts generally incurs a financial penalty.
Deposit accounts allow the holder to deposit and withdraw money, and interest is paid on the balance. Often a fee is charged for this type of account.
Telephone and Internet banking options are both available at banks in Gibraltar. Loans and overdraft facilities are available with certain account types.
Lost and stolen cards
In the event of a lost or stolen card it is important to contact the issuing bank or the card provider:
- AER – Annual Earnings Rates
- APR – Annual Percentage Rate
- ATM – Automated Teller Machine
- Balance – The amount of money in an account
- Bounced cheque – Cheque that does not have sufficient funds in the account to honour it
- Central Clearing Time – Time taken for funds from a cheque to appear in a beneficiary's account
- Cheque – Written order instructing a bank to pay a beneficiary
- Debit – A payment taken from an account
- Direct Debit – Instruction to a bank allowing someone to take money from the person's account
- EMV – The global standard for all plastic chip and PIN cards. Initials taken from Europay, Mastercard and Visa
- Gross – The amount before the deduction of tax
- Interest – An amount paid on savings or money borrowed
- Mini statement – Details of your latest transactions
- Net – Amount after the deduction of tax
- Overdraft – A lending facility that allows for customers to spend more than they have in the account
- PIN – Four-digit Personal Identification Number
- Point of Sale (POS) – Location of transaction
- SEPA – Single Euro Payments Area. Form of bank transfer system for Euro currency
- Standing order – Regular fixed-sum payment