# Banks, are they safe?



## inysteve (Apr 12, 2010)

Hello, can anyone let me know how easy it is to transfer money to Spain and do the banks guarantee a certain amount if they have problems?

I heard last week that the Spanish government had to bail out a bank, and has anyone used HiFX if so, please could you let me know your experience.

thanks all

Steve


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## mrypg9 (Apr 26, 2008)

Isn't there some kind of Europe-wide guarantee for bank deposits? £50k in the UK.
The Government merged five of the smaller cajas (regionally-based savings banks) last week.
No cause for worry....yet.


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## lynn (Sep 25, 2008)

inysteve said:


> Hello, can anyone let me know how easy it is to transfer money to Spain and do the banks guarantee a certain amount if they have problems?
> 
> I heard last week that the Spanish government had to bail out a bank, and has anyone used HiFX if so, please could you let me know your experience.
> 
> ...


Hi Steve,

I use HiFX online all the time and find it very efficient and it gives a competitive rate of exchange. 
Check with the receiving bank in Spain what charges they have for receiving funds. We use Halifax Hispania, and don't have any charges, but I do know that other banks do have stiff charges for transfers.

Lynn


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## mrypg9 (Apr 26, 2008)

lynn said:


> Hi Steve,
> 
> I use HiFX online all the time and find it very efficient and it gives a competitive rate of exchange.
> Check with the receiving bank in Spain what charges they have for receiving funds. We use Halifax Hispania, and don't have any charges, but I do know that other banks do have stiff charges for transfers.
> ...


I think Stravinsky posted last week that he doersn't get charged for transfers....


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## inysteve (Apr 12, 2010)

lynn said:


> Hi Steve,
> 
> I use HiFX online all the time and find it very efficient and it gives a competitive rate of exchange.
> Check with the receiving bank in Spain what charges they have for receiving funds. We use Halifax Hispania, and don't have any charges, but I do know that other banks do have stiff charges for transfers.
> ...


Thanks Lynn, i will investigate

Steve


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## gerrit (Jul 15, 2008)

AFAIK banks in Spain have quite a good reputation around Europe. If you're somewhat suspicious or worried about the arrival of the money, Western Union is a more or less waterproof alternative to the bank transfer


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## lynn (Sep 25, 2008)

gerrit said:


> AFAIK banks in Spain have quite a good reputation around Europe. If you're somewhat suspicious or worried about the arrival of the money, Western Union is a more or less waterproof alternative to the bank transfer


But is an *extremely *expensive way of transferring funds!!!!!!!!


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## gerrit (Jul 15, 2008)

Really? I never sent money with WU but often receive. That is, when my family want to buy me a present or so, they often just send me some money so that I can buy something for myself. They always do it with Western Union rather than just doing a wire transfer...


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## PALLP (Jun 9, 2010)

gerrit said:


> Really? I never sent money with WU but often receive. That is, when my family want to buy me a present or so, they often just send me some money so that I can buy something for myself. They always do it with Western Union rather than just doing a wire transfer...


You may want to look at something like paypal as well. We often use it in our family for sending Xmas or Birthday money.


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## 90199 (Mar 21, 2010)

An account with the Nationwide in England allows you to draw out through the cash machine in Spain 300€ daily. The rate of exchange is excellent, I got 1.21€ to the £ yesterday and there are no commission charges.

For larger amounts I have used the Halifax in England and transferred to the Halifax in Madrid.
You have to declare where the money came from on a Spanish declaration form, I was going to put ,"Drugs and Prostitution," but the Boss Lady kicked up such a fuss I put, "Salary and Savings", no sense of humour some people


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## Antalucia (May 28, 2009)

*How much?*

At the moment most of the large banks are still able to get on with business without too many problems. But I would go with the larger ones (Santander for instance or possibly La caixa) however I would stay away from BBVA (personal opinion/gut feelig). 

To a certain extent it dies depend how much (in terms of your net worth) and for how long you plan to leave the money there. If it was all the money you had to your name go for a AAA bank if only a few hundred Euros for a few weeks then probably there is no need to get too worried.

For smaller sums PayPal could work for larger probably you will get a better deal through one of the currency companies. Regarding HiFx I think they have some sort of bond/guarantee - another less known company I have a lot of confidence in is called Anello there is a gut there called Patrick Balfzar (or something like that) very knowledgeable, my understanding is that client funds with them are protected - but please check for yourself.


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## xicoalc (Apr 20, 2010)

there definitely is a govt guarantee scheme, i dont know the exact amount but there is something in place - i noticed it on a recent banco sabadell statement. if memory serves me correctly i think the spanish amount is actually higher than the uk.

my money is in spain, i feel more comfortable with it being here than in the UK at the moment, there are loads of little banks though, i personally feel safer with the bigger banks, i think the amount is per customer, so if you have tons of cash may be best to split it with you and a partner so you both covered - i dont know where you stand on joint accounts!

failing that, safe, bolted to wall and a good alarm and rottweiler - always makes me feel safe!


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## gus-lopez (Jan 4, 2010)

steve_in_spain said:


> there definitely is a govt guarantee scheme, i dont know the exact amount but there is something in place - i noticed it on a recent banco sabadell statement. if memory serves me correctly i think the spanish amount is actually higher than the uk.
> 
> my money is in spain, i feel more comfortable with it being here than in the UK at the moment, there are loads of little banks though, i personally feel safer with the bigger banks, i think the amount is per customer, so if you have tons of cash may be best to split it with you and a partner so you both covered - i dont know where you stand on joint accounts!
> 
> failing that, safe, bolted to wall and a good alarm and rottweiler - always makes me feel safe!


On my insurance the safe is only insured if it is physically built -in or weighs in excess of 125kgs. bolted to floor & walls is not covered ! I think your right about the amount it did go up ,I believe, to 100k but whether that's per acct. or person I'm not sure.


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