| Pages in topic: < [1 2 3] > | Off topic: Where would you place EUR 100,000+? In a European bank? Thread poster: Sheila Wilson
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| the euro will fail soon | Jul 8, 2013 |
Rubbish, every currency has its pitfalls. The UK will not exit the EU, for sure, as it will lose too much and the US has already said it does not want it to, it kind of represents it.
Anyway, back to your situation, you need the money at hand, not tied up, so you can use it once you can buy the house-it is true that money in EU banks is protected up to €100,000. Since the price of houses has gone down so much, if you can afford, I would suggest that now is the time to buy, and sell later... See more Rubbish, every currency has its pitfalls. The UK will not exit the EU, for sure, as it will lose too much and the US has already said it does not want it to, it kind of represents it.
Anyway, back to your situation, you need the money at hand, not tied up, so you can use it once you can buy the house-it is true that money in EU banks is protected up to €100,000. Since the price of houses has gone down so much, if you can afford, I would suggest that now is the time to buy, and sell later, if you possibly can afford to do go about it the other way. GL with house hunting ▲ Collapse
| | | | | Not in Spanish banks | Jul 8, 2013 |
I have experience with Spanish banks and they're really badly regulated and the complaints system is pretty much non-existent in the case of bad customer service or even action bordering on fraud. I once asked the Bank of Spain what they actually did when they were particularly unhelpful and they told me that they didn't feel the need to reveal that information. I have even had my Spanish bank literally steal money from me by applying ridiculous commissions (once I had 5x€4 debited from my acc... See more I have experience with Spanish banks and they're really badly regulated and the complaints system is pretty much non-existent in the case of bad customer service or even action bordering on fraud. I once asked the Bank of Spain what they actually did when they were particularly unhelpful and they told me that they didn't feel the need to reveal that information. I have even had my Spanish bank literally steal money from me by applying ridiculous commissions (once I had 5x€4 debited from my account for taking €20 out from a cash point in another EU country and this wasn't even stated when I took the money out, it was just sneakily removed from my account) and you only have to look at the shocking "preferentes" scandal that has affected many people in Spain to see that it's hard to fight the system even in the face of blatant misuse of customer money and even outright fraud.
I would therefore recommend staying WELL AWAY from Spanish banks.
I'm not sure about France.
In the UK there is the Sterling problem although if you have a bank account in the UK already, you may just be able to open a Euro account with the same bank without needing to be a resident.
I think that if I had to choose between Spain, France and the UK, I'd choose the UK but mainly because I think the regulator does a good job which is a lot to do with the UK press doing such a good job of outing bad service to consumers.
If I had to choose any country in the EU, I'd choose Belgium because the regulator also does a good job and Belgium uses the euro. I also have a theory that if everything goes pear-shaped, the home of the EU will be the last to be affected.
The problem I think you're going to have though is that it's generally a struggle to open a bank account in a country without being resident there. At best, you'd have to assign a resident contact person who would be able to control movement on your account, which may not be a wise move.
Based on what I think is possible therefore based on the information you've provided, I would stick to the UK and try to open a Euro account in your existing bank to avoid your savings fluctuating with exchange rate fluctuations (although this could be a good thing if it fluctuates in your favour - which is not unlikely).
If you have to swap Euro into Sterling in the end, definitely use an FX broker because the bank will be likely to stitch you up on the exchange rate which will be noticeable on such an amount. ▲ Collapse
| | | | Ty Kendall 
United Kingdom
Local time: 07:39
Hebrew to English
neilmac wrote:
PS: I reckon the UK is likely to remain in the EU, referendum or not.
Agree, 100%. I reckon even if the referendum came back with over 50% wanting out, the politicians would find a justification of keeping us in. I pretty much think it would take something highly improbable, such as UKIP winning a general election, to even approach an exit.
P.S. 100,000K ....who says translation isn't lucrative!
| | | | Trinh Do
Australia
Member (2007)
English to Vietnamese
+ ...
| ING direct in Australia | Jul 8, 2013 |
This bank is stable here if you want to move to Australa.
Or Deutsche Bank. Pretty record and it is connected with Australian banks too.
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| A bigger place where? | Jul 8, 2013 |
Sheila Wilson wrote:
I'm just selling my house in France, so there will be some money coming in that will have to be kept handy, and hopefully safe. As we're currently crammed into a one-bedroom place - not great when you work from home - the intention is to buy a bigger place, so we'll need the money available to us rather than locked up in some special scheme.
A bigger place also in Spain?
If you mean Spain, I would consider an "alquiler con opción a compra" and would move to the new place in a short time, keeping your money in deposits in separate banks/countries just for safety and paying the rent from your monthly income.
By leaving your present place, you can revamp it nicely for a quicker sale, since selling an appartment that is occupied by yourself is the hardest. Potential buyers will like to imagine their life there, which is difficult if you are there with all your stuff.
If you finally sell the old place in a reasonable time, you have both your savings from the past and the proceeds from selling your current place, and thus can better decide what to do: if you enjoy the place where you are renting, you can buy the place and save on the sale price, which could also help you keep part of the money for future emergencies; should you change your mind about the rented place or your situation at the time makes it unreasonable for you to buy, you are free to decide what to do.
| | | | | Going too far? | Jul 8, 2013 |
Marie-Helene Dubois wrote:
I have experience with Spanish banks and they're really badly regulated and the complaints system is pretty much non-existent in the case of bad customer service or even action bordering on fraud. I once asked the Bank of Spain what they actually did when they were particularly unhelpful and they told me that they didn't feel the need to reveal that information. I have even had my Spanish bank literally steal money from me by applying ridiculous commissions (once I had 5x€4 debited from my account for taking €20 out from a cash point in another EU country and this wasn't even stated when I took the money out, it was just sneakily removed from my account) and you only have to look at the shocking "preferentes" scandal that has affected many people in Spain to see that it's hard to fight the system even in the face of blatant misuse of customer money and even outright fraud.
I would therefore recommend staying WELL AWAY from Spanish banks.
I think one ought not say banks are unsafe because they applied high fees. Fees are always stated in the annexes of your account's contract and are regularly reported to customers when they change for any reason. If you think that a bank charged you fees that were not according to their published fees or those specifically agreed with you in writing, you should clearly complain at the bank, the Consumer service of your regional authorities, or the Banco de España, instead of claiming that Spanish banks rob you or are risky.
I want to speak out for Spanish banks. My experience dealing with Spanish banks in all sorts of situations has always been a very positive one, and in my opinion they are as safe as the banks in any other country in the EU.
| | | | Balasubramaniam L.
India
Local time: 12:09
Member (2006)
English to Hindi
+ ...
SITE LOCALIZER | That is sound advice | Jul 9, 2013 |
Tomás Cano Binder, CT wrote:
If you mean Spain, I would consider an "alquiler con opción a compra" and would move to the new place in a short time, keeping your money in deposits in separate banks/countries just for safety and paying the rent from your monthly income.
Yes it would be safer to keep the money spread out over two or three banks, so that if something happens to one bank (god forbid) at least part of the money would be safe.
But this may only offer partial safety as banks have a tendency to collapse in a domino like fashion with one drowning bank dragging several others down too - the financial sector is so interconnected these days.
I have spread my money over both private banks and government-owned banks as this seems to be a safer bet. The private banks could go under without a warning, but anything happening to the government banks would raise a huge hue and cry and potential implications at the next hustings for the ruling party, so they would take greater care of the health of public sector banks.
I have also put some money in post office savings, which yield less interest than banks, but are solidly safe as these are government institutions.
I don't know if you have private and public banking institutions in Spain, and whether post offices double as banks there as they do in India, but if so, then it would be wiser to spread your hard earned money over many baskets.
| | | | Balasubramaniam L.
India
Local time: 12:09
Member (2006)
English to Hindi
+ ...
SITE LOCALIZER | Where is your math, Ty? | Jul 9, 2013 |
Ty Kendall wrote: P.S. 100,000K ....who says translation isn't lucrative!
Shiela has only 100,000, not 100,000K (100,000,000) euros, though I would wish she had the latter sum.
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Ty Kendall
United Kingdom
Local time: 07:39
Hebrew to English
| It's called a typo Bala | Jul 9, 2013 |
Balasubramaniam L. wrote: Ty Kendall wrote: P.S. 100,000K ....who says translation isn't lucrative! Shiela has only 100,000, not 100,000K (100,000,000) euros, though I would wish she had the latter sum.
I was obviously thinking "100K" and seeing "100,000" on the page and ended up writing both. That's what happens when men try to multi-task!
| | | | Balasubramaniam L.
India
Local time: 12:09
Member (2006)
English to Hindi
+ ...
SITE LOCALIZER
Ty Kendall wrote: Balasubramaniam L. wrote: Ty Kendall wrote: P.S. 100,000K ....who says translation isn't lucrative! Shiela has only 100,000, not 100,000K (100,000,000) euros, though I would wish she had the latter sum. I was obviously thinking "100K" and seeing "100,000" on the page and ended up writing both. That's what happens when men try to multi-task!
Oh, I thought it was a new native usage of English of which I was unaware. 
| | | | | Not going too far | Jul 9, 2013 |
Tomás Cano Binder, CT wrote:
I want to speak out for Spanish banks. My experience dealing with Spanish banks in all sorts of situations has always been a very positive one, and in my opinion they are as safe as the banks in any other country in the EU.
I'm glad that you've had good experiences with Spanish banks Tomás but clearly that's not the case with everyone. You only have to look at the mis-selling of "preferentes" to see that. My mother-in-law (who is in her 70s) was sold a product (she was told it was a savings account) with a 2999 maturity when she clearly told her bank that she wanted the money available, and then had to pay over a quarter of her life savings to recoup her money. I also had to sue a Spanish bank once (thankfully I won but not without paying huge lawyer fees) because they refused to pay out on a bank guarantee. The so-called 'defensor del cliente' was non-existent (as in literally did not reply, even to a burofax) and the Bank of Spain was no help at all in either case and in many others I have had where bankers have moved money between my accounts without my permission or charged me commissions I hadn't agreed to.
Of course, not everyone has bad experiences with banks in any one country and if you haven't had bad experiences, it's hard to know whether there's a good infrastructure in place to resolve these. I'm only speaking from personal experience but if I'm asked my opinion as to where to bank, based on my personal experience of banking in several different countries in Europe and working in banking myself, I will always suggest avoiding Spain. I don't consider that going too far.
| | | | | Split it up between several banks. | Jul 9, 2013 |
I would split it up between several banks, at it's over EUR 100,000 and the guarantee is only good for EUR 100,000, if that. (For some banks, there only is a guarantee for EUR 20,000). Read the small print of your contract to find out what amount is "guaranteed".
And I wouldn't open any bank accounts in any countries where I don't have citizenship. If you google for Kaupthing Edge, you'll understand why.
You'll have to place in in a European bank, as you'll need the m... See more I would split it up between several banks, at it's over EUR 100,000 and the guarantee is only good for EUR 100,000, if that. (For some banks, there only is a guarantee for EUR 20,000). Read the small print of your contract to find out what amount is "guaranteed".
And I wouldn't open any bank accounts in any countries where I don't have citizenship. If you google for Kaupthing Edge, you'll understand why.
You'll have to place in in a European bank, as you'll need the money in Euros to pay for your new house. ... Better find that house soon. I'm not comforable with money at all at the moment. ▲ Collapse
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| A bigger place | Jul 9, 2013 |
Now is the time to but, not sell, so I think Tomas'advice is the soundest so far. If you move out and revamp your flat a little, that little will raise its value, so you can rent/sell it as it is true that people who tour flats imagine themselves living there; this is difficult to do when you have all your clutter around you. Even if you do not have all the money available for the new house, now is the time to borrow from banks as interest rates are low too.
| | | | Inge Luus
South Africa
Local time: 08:39
Member (2008)
German to English
+ ...
| Low interest rates always rise again | Jul 9, 2013 |
Further to Josephine: In terms of repaying loans, it is better to take out loans when interest rates are high so that the installments remain affordable in the long term - assuming fluctuating interest rates during the term of the loan, of course. If you take out a loan with a fixed interest rate for the term of the loan, then of course it is better to take out the loan when interest rates are low.
| | | | Michele Fauble
United States
Local time: 23:39
Member (2006)
Norwegian to English
+ ...
Would a Swiss bank be an option?
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