chocaholic22

Hi everyone,

Could someone confirm for me if the 100,000euros compensation scheme is still valid? I remember a year or two ago being told by the bank this amount was covered should anything happen!!

Just getting ready to transfer the funds for the house purchase and getting concerned!

Will triple check with the bank of course! But should I believe them

Fred James

It's laid down by the EU so it applies across all the EU countries.

Dick Dasterdly

So is that 100,000 per person, maximum overall total, end of, .. or 100,000 for each seperate account assuming different banks are used or even 100,000 for each account with the same bank ?

chocaholic22

Thanks Fred.

Fred James

" The monetary amount guaranteed is limited up to a maximum of 100,000 Euros per depositor in each credit institution.

When an account has more than one holder, the sum shall be divided between the holders according to the terms of the contract of deposit, or in equal parts otherwise. Each holder is guaranteed up to the maximum limit."

http://www.fgd.es/en/info_regulacion_dinero1.html

jackytoo

You would probably be dead before you get your money though if you are over 55 ish

Dick Dasterdly

So don't put all your eggs in one basket or more than 100,000 in one bank.
If you have half a million, spread it between five banks and you are safe and secure,....

.........so they say.

Fred James

It's 4 to 6 weeks at the moment and coming down to 1 week next year.

http://ec.europa.eu/internal_market/...summary_en.pdf

anonimouse

Yes I actually agree with you on that one, well said

anonimouse

Yeah but NOT 5 Spanish banks

chocaholic22

"If you have half a million, spread it between five banks and you are safe and secure"

If only!!!

Dick Dasterdly

According to Freds information it still applies,.... though I'd tend to be more than a little sceptical myself.

beenyrobs

Sorry to restart this thread at such a time but does anyone know whether small businesses are covered under the same compensation scheme as individuals? I know that the UK has a 3 tiered system depending on turnover etc but does Spain have the same system? FYI the business is an SLU.

Thanks for any info and links that might be of use.

Benjamin

davemember

There is strict money laundering rules in spain whereby if you transfer more than six thousand euros to a spanish bank then the bank must tell the spanish authorities so that they can check that the money is not being laundered into a property purchase.