Teach English in Spain: Financial Snapshot
Explore the factors that affect the costs associated with renting apartments, banking in Spain, and buying food.
A studio apartment in a good location will probably cost €350 - €700 per month. Rent can increase depending on the city, the furniture included with the property, and the size and condition of the apartment. Apartments can climb up to €2,000 per month for a large three-bedroom apartment in a central location.
ESL teachers setting up a bank account in Spain will find that banking in Spain is similar to Canada, with the exception of the hours the bank is open. Bank branches are only open from 9:00am to 2:00pm on weekdays and they are open on Saturdays until 1:00pm. The shorter business hours are not an issue for many ESL teachers due to the fact that features such as online banking and 24-hour ATM access are available at most banks.
Setting up an account at a Spanish bank is a relatively easy experience. ESL teachers will need to provide a valid passport and valid contact information to be issued a Spanish bank account.
Most Spanish banks offer two types of accounts for their customers. The first and most common bank account is a regular bank account which is used for daily transactions, paying bills, and deposits. These accounts usually come with personalized checks and a credit card/debit card. The other, less common type of account is known as a savings account. A savings account works like any other bank account, except that the bank invests their profits from the account into projects that benefit the local community. Banks will automatically assume foreign customers want a regular bank account and they may not even offer the option of setting up a savings account.
The cost of food can play a role in the budget of many ESL teachers and teaching in Spain is no different. Many regions of Spain offer unique foods, costs, and cooking styles. When going out to a restaurant to eat, teachers will probably spend €12 for a good meal and an additional €1.50 - 2.00 for a drink. A lot of grocery shopping is still done at small family-owned corner stores or the market. Major urban areas do have supermarkets and stores that offer American food.
Below are some examples of typical Spanish food prices.
- 1L of milk - €0.79 - 1.00
- Chicken breast (/kg) - €6.25
- 1 kg bag of potatoes - €0.79
- 1 dozen eggs - €1.52
- 1 loaf of bread - €0.89