Savings in Spain

monstercop

Hi
I have a relative who is currently living (retired) in Spain. She has a small amount of saving < £3k on a Spanish bank in Euros. Whilst it is not a lot to many, it is all she has and doesn't want to lose it (putting it in the mattress aside). What experience do folk have of savings in Spain. I don't know which bank it is currently in, but it is in Euros, so any transfer to an UK-protected facility would incur a conversion charge, in both directions. Does the Spanish government offer any protection in any bank?
Thanks.

xylophone

http://www.spanishpropertyinsight.com/spain/topics/bf-bank-deposit-guarantees.htm
"Spanish Bank Deposit Guarantees

Bank deposit guarantees in Spain are known as Fondos de Garant!a de Dep!sitos (FDG).

The monetary amount guaranteed is limited up to a maximum of €100,000 per depositor in each credit institution. This was increased from €20,000 to €100,000 in October 2008, in reponse to the credit crunch.

The guarantee is applied per depositor. When an account has more than one holder, the sum would 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.
Holders of credit balances no covered by the guarantee (eg, amounts over €100,000) will continue to have the status of ordinary creditors of the credit institution."

srcandas

But monstercop (luv it) it would not be scaremongering to keep a little extra cash in the home than usual. In the unlikely event of Spain throwing in the towel the banks could well suffer restricted access (not unknown in Spain). It is also possible that bank withdrawals may be restricted but with £3k you need I think not worry about that.

Apart from that the money would need to get out of Spain, although not the Euro. And as you say that leads to expenses.

A major collapse is still at this moment unlikely but the rich of Spain are getting money out, so it is wise, and less stressful, to be cautious. :beer: