Pull out savings?
#1
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Joined: Nov 2011
Posts: 3
Pull out savings?
I just wondered what others thought. We invested a lump sum into a Spanish bank in one of their plans where you have so much invested for 3, 5 years etc. I'm happy enough with this other than the fact that what would happen if the Euro goes to the wall.....where would my investment be then! I know the bank say our money is invested up to 100,000 euros but would it really be worth anything if Spainn went back to pesetas?
From a very confused Bell!
From a very confused Bell!
#2
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Pull out savings?
I just wondered what others thought. We invested a lump sum into a Spanish bank in one of their plans where you have so much invested for 3, 5 years etc. I'm happy enough with this other than the fact that what would happen if the Euro goes to the wall.....where would my investment be then! I know the bank say our money is invested up to 100,000 euros but would it really be worth anything if Spainn went back to pesetas?
From a very confused Bell!
From a very confused Bell!
Firstly though, this isnt very likely. If it did happen, you would still have the money, put in Pesetas instead.
There probably would be quite a lot of inflation if this happened, but there would probably be global inflation as it would be a huge event and everything is related
I'd recommend having your savings in both GBP and Euro. With the balance depending on where you have the majority of your financial commitments. If your bills are in Euros then have more savings in Euros, and vice versa.
#3
Re: Pull out savings?
I just wondered what others thought. We invested a lump sum into a Spanish bank in one of their plans where you have so much invested for 3, 5 years etc. I'm happy enough with this other than the fact that what would happen if the Euro goes to the wall.....where would my investment be then! I know the bank say our money is invested up to 100,000 euros but would it really be worth anything if Spainn went back to pesetas?
From a very confused Bell!
From a very confused Bell!
#4
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Pull out savings?
And of course if you have income in Euros then you need a Euro account.
And if you have costs in Euros such as a mortgage you have more peace of mind having savings in Euros. Imagine if the GBP:Euro rate got worse...
Basically, the answer is, it depends on your circumstances. Ask yourself why you opened the Euro deposit in the first place. Nothing much has changed in the past few months.
#5
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Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pull out savings?
If you have a sterling account if N&P Gibraltar you can withdraw in euro and you get the full exact rate better than any currency xchange people use. We kept all our money in Gib and withdrew monthly. Only kept a small float in Spain for bills and emergencies. Not very useful though if you aren't convenient for Gib.
#6
Re: Pull out savings?
AFAIK Euro accounts in Gib/UK cost money. And if you have a GBP account, it will cost you each time you take money out in Euros
And of course if you have income in Euros then you need a Euro account.
And if you have costs in Euros such as a mortgage you have more peace of mind having savings in Euros. Imagine if the GBP:Euro rate got worse...
Basically, the answer is, it depends on your circumstances. Ask yourself why you opened the Euro deposit in the first place. Nothing much has changed in the past few months.
And of course if you have income in Euros then you need a Euro account.
And if you have costs in Euros such as a mortgage you have more peace of mind having savings in Euros. Imagine if the GBP:Euro rate got worse...
Basically, the answer is, it depends on your circumstances. Ask yourself why you opened the Euro deposit in the first place. Nothing much has changed in the past few months.
Barclay's have euros accounts , I've got one with them.
#7
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
Re: Pull out savings?
If you have a sterling account if N&P Gibraltar you can withdraw in euro and you get the full exact rate better than any currency xchange people use. We kept all our money in Gib and withdrew monthly. Only kept a small float in Spain for bills and emergencies. Not very useful though if you aren't convenient for Gib.
What is needed depends completely on individual circumstance though
#8
Re: Pull out savings?
I just wondered what others thought. We invested a lump sum into a Spanish bank in one of their plans where you have so much invested for 3, 5 years etc. I'm happy enough with this other than the fact that what would happen if the Euro goes to the wall.....where would my investment be then! I know the bank say our money is invested up to 100,000 euros but would it really be worth anything if Spainn went back to pesetas?
From a very confused Bell!
From a very confused Bell!
I've seen far too many ppl scammed by Spanish banks offering guaranteed long term rates, only to find at the end of the term they were well out of pocket after the various offtakes that they never expected and the taxmen were done.
Better off taking a leaf out of the Spanish books and bury it in the garden.
When the euro came out the Spanish grabbed them wholesale, especially the 500 eu notes, the vast majority of which almost immediately disappeared from circulation.
Efectivo is the name of the game in Spain.
#9
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Joined: Apr 2009
Posts: 7,749
Re: Pull out savings?
I wouldn't be happy with one of those schemes even if the euro stayed.
I've seen far too many ppl scammed by Spanish banks offering guaranteed long term rates, only to find at the end of the term they were well out of pocket after the various offtakes that they never expected and the taxmen were done.
Better off taking a leaf out of the Spanish books and bury it in the garden.
When the euro came out the Spanish grabbed them wholesale, especially the 500 eu notes, the vast majority of which almost immediately disappeared from circulation.
Efectivo is the name of the game in Spain.
I've seen far too many ppl scammed by Spanish banks offering guaranteed long term rates, only to find at the end of the term they were well out of pocket after the various offtakes that they never expected and the taxmen were done.
Better off taking a leaf out of the Spanish books and bury it in the garden.
When the euro came out the Spanish grabbed them wholesale, especially the 500 eu notes, the vast majority of which almost immediately disappeared from circulation.
Efectivo is the name of the game in Spain.
You will find most Spaniards still have current and savings accounts
And fwiw Santander and BBVA are rated as safer as any UK bank so there isnt so much to worry about. In the times we are living in, any bank can go bust, but life is about measured risk after all.
#10
Re: Pull out savings?
This was mainly due to the corruption involved in construction DD
You will find most Spaniards still have current and savings accounts
And fwiw Santander and BBVA are rated as safer as any UK bank so there isnt so much to worry about. In the times we are living in, any bank can go bust, but life is about measured risk after all.
You will find most Spaniards still have current and savings accounts
And fwiw Santander and BBVA are rated as safer as any UK bank so there isnt so much to worry about. In the times we are living in, any bank can go bust, but life is about measured risk after all.
Wether or not they trust them or totally rely on them is a totally different kettle of fish.
The two you mention may be the pick of the bunch, but thats not saying a lot.
IMHO funds are much safer in the UK and regarding the two you mention, they are often the worst with regard to long term investment scams.
#11
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Joined: Dec 2006
Location: Living in a good place
Posts: 8,824
Re: Pull out savings?
This was mainly due to the corruption involved in construction DD
You will find most Spaniards still have current and savings accounts
And fwiw Santander and BBVA are rated as safer as any UK bank so there isnt so much to worry about. In the times we are living in, any bank can go bust, but life is about measured risk after all.
You will find most Spaniards still have current and savings accounts
And fwiw Santander and BBVA are rated as safer as any UK bank so there isnt so much to worry about. In the times we are living in, any bank can go bust, but life is about measured risk after all.
http://www.bloomberg.com/news/2011-1...ish-banks.html
#12
BE Forum Addict
Joined: Jun 2009
Location: Valencia area
Posts: 1,157
Re: Pull out savings?
I just wondered what others thought. We invested a lump sum into a Spanish bank in one of their plans where you have so much invested for 3, 5 years etc. I'm happy enough with this other than the fact that what would happen if the Euro goes to the wall.....where would my investment be then! I know the bank say our money is invested up to 100,000 euros but would it really be worth anything if Spainn went back to pesetas?
From a very confused Bell!
From a very confused Bell!