Euro Crisis Looking For Safe Bank In Tenerife

[Drumbo]

I send my pension to Santander (I do it online) given all the grim news I'm getting paraniod and starting to think that I should look for a more secure bank.

As a newbie here I'm surprised I can't find more postings regarding the economic and banking situation here on the Forum, perhaps it is here but I can't find it.

I live in Golf de Sur and wonder if there is a German bank here that facilitates customers like myself.

There must be many on the Forum who are in my situation and unsure of what to do.

[golf birdie]

your money is safe where it is unless you have more that 100k in the account. They will never let a bank go and leave their clients to lose their money. It would be the end of the whole banking system.

[junglejim]

I would imagine that all banks in Spain(Including Tenerife) are covered by Spanish Financial Laws - the same way that all Banks in UK (Including Santander UK) are covered by UK FinancialLaws and guarantees?
I would have thought Santander in Spain was one of the more secure Banks ?

[tonypub]

bankinter at fanabe plaza,its german owned

[Drumbo]

The news is that Santander Uk is financialy separate from the Spanish Santander, and they do not share each others debts. Santander Spain has just been downgraded again and they say it's vunerable and needs propping up.

Well golf birdie I wish I had that much to worry about . . . .it might be safer putting it in the mattress :)

[CIM]

There is also Deutsche bank - they have offices in Los Cristianos and Playa de Las Americas

[junglejim]

Here´s a link tobanks
http://www.spainexpat.com/spain/information/banking_options_for_expats_in_spain/
No matter what nationality the bank is - they are all under the financial rules in Spain for guarantees.

[Drumbo]

Thank you for that link junglejim.

Very interesting that all the banks here are under the same Spanish financial rules for guarantees. On that understanding a German bank won't neccessarily be any more secure, or a Spanish bank any less secure?

[kingbaker]

Thank you for that link junglejim.

Very interesting that all the banks here are under the same Spanish financial rules for guarantees. On that understanding a German bank won't neccessarily be any more secure, or a Spanish bank any less secure?


NOT SO FAST FOLKS!!! A guarantor is only of use, if he/she/it has money. For example, when the Irish Govt. announced guarantees up to €100000, it was about confidence for the markets etc. In reallity, if all or some of the Irish banks had gone bust, the govt would of had no bank accounts, from then on, to pay teachers nurses ect on their next payday. How would they have paid up on Kingbakers BANK ACCOUNT that they had gone guarantor for, when you consider that medicine deliveries and food deliveries and all service deliveries to hospitals etc would come to an absolute stop immediately?
I have a bank account over there and I got a letter stating that they were going to
be called something else. I have'nt heard from them since. So I spent most of the cash with a debit card. I can't access my account online even though they supposedly had an English version of their online facilities.

THE BOTTOM LINE IS


(1) You are responsible for your money!!


(2) Put it in a safe bank--------One that is not in financial trouble


(3) Monitor the situation daily, as things can change rapidly


(4) Open accounts in a few different banks, and be prepared to move money around


(5) Dont rely on much financial advice from financial people, as it was the banks that got us into this mess in the first place


There are some Deushe Bank offices around, and I think the canarian post
offices are run by them (check out if they have a guarantee, and pref get it in writing)





Hope this laymans opinion helps KB :confused:

Added after 5 minutes:


Thank you for that link junglejim.

Very interesting that all the banks here are under the same Spanish financial rules for guarantees. On that understanding a German bank won't neccessarily be any more secure, or a Spanish bank any less secure?


NOT SO FAST FOLKS!!! A guarantor is only of use, if he/she/it has money. For example, when the Irish Govt. announced guarantees up to €100000, it was about confidence for the markets etc. In reallity, if all or some of the Irish banks had gone bust, the govt would have had no bank accounts, from then on, to pay teachers nurses ect on their next payday. How would they have paid up on Kingbakers BANK ACCOUNT that they had gone guarantor for, when you consider that medicine deliveries and food deliveries and all service deliveries to hospitals etc would come to an absolute stop immediately?
I have a bank account over there and I got a letter stating that they were going to
be called something else. I have'nt heard from them since. So I spent most of the cash with a debit card. I can't access my account online even though they supposedly had an English version of their online facilities.

THE BOTTOM LINE IS


(1) You are responsible for your money!!


(2) Put it in a safe bank--------One that is not in financial trouble


(3) Monitor the situation daily, as things can change rapidly


(4) Open accounts in a few different banks, and be prepared to move money around


(5) Dont rely on much financial advice from financial people, as it was the banks that got us into this mess in the first place


There are some Deushe Bank offices around, and I think the canarian post
offices are run by them (check out if they have a guarantee, and pref get it in writing)





Hope this laymans opinion helps KB :confused:

[golf birdie]

as I said before if one bank went bust and the small investors lost their money the banking system would collapse. There would be no such thing as a safe bank which is why they would never let it happen.

[willowlily]

as I said before if one bank went bust and the small investors lost their money the banking system would collapse. There would be no such thing as a safe bank which is why they would never let it happen.

you are right they would never let it happen in europe, but do keep your fingers crossed, they have already stated that if greece came out of the euro and reverted to the drachma any monies if there is any left in the greek banks would be devalued to the new exchange rate that would be put in place, which nobody knows what it would be, any savings pensions etc could be worthless.
of course outside europe it has happened to argentina twice in the not so distant past, maybe you think the same could not happen here. i am not so sure.
the politicians are saying
" WE ARE IN UNCHARTED TERRITORY " any fixing of the euro now will only " KICK THE CAN FURTHER DOWN THE ROAD " says obama and cameron.

[janes]

your money is safe where it is unless you have more that 100k in the account. They will never let a bank go and leave their clients to lose their money. It would be the end of the whole banking system.

I think this is wishful thinking. Many governments tell you that there is an amount that is guaranteed should the financial institution collapse.
How decent of them I hear you say!

But what they fail to tell you is how long it will take to be reimbursed. Many feel that by the time you get reimbursed, the value will be severely eroded.

There have been many global bank failures in the past where clients were never refunded and lost their entire investment and holdings.

There are a group of economists I've followed since 2006 and can honestly say that their warnings and advice were very timely and spot on.

They recently offered a ratings list on global financial institutions which does come with a fee but for those who are on the high end of the spectrum, it might be an inexpensive way to have peace of mind.
I have a lot of admiration for Mike Larson of Weiss Research and believe he is one of the most honest economists of recent times.

Remember, the ratings are "global" so they cover all financial institutions worldwide.
If any of you are interested then take a look at his article: :)

http://www.moneyandmarkets.com/which-banks-are-at-risk-of-failure-which-markets-are-set-to-tank-what-should-you-do-about-it-right-now-my-answers-49660?FIELD9=2

[seanocelt]

Useful. And not depressing but informative. Thank You.

[offshore diver]

Go with hsbc in uk they are one of the strongest banks and have big operations in middle east dubai or abu dhabi and far east where the government has mega reserves to help the banks if the worst happens with greece

[Drumbo]

I think this is wishful thinking. Many governments tell you that there is an amount that is guaranteed should the financial institution collapse.
How decent of them I hear you say!

But what they fail to tell you is how long it will take to be reimbursed. Many feel that by the time you get reimbursed, the value will be severely eroded.

There have been many global bank failures in the past where clients were never refunded and lost their entire investment and holdings.

There are a group of economists I've followed since 2006 and can honestly say that their warnings and advice were very timely and spot on.

They recently offered a ratings list on global financial institutions which does come with a fee but for those who are on the high end of the spectrum, it might be an inexpensive way to have peace of mind.
I have a lot of admiration for Mike Larson of Weiss Research and believe he is one of the most honest economists of recent times.

Remember, the ratings are "global" so they cover all financial institutions worldwide.
If any of you are interested then take a look at his article: :)

http://www.moneyandmarkets.com/which-banks-are-at-risk-of-failure-which-markets-are-set-to-tank-what-should-you-do-about-it-right-now-my-answers-49660?FIELD9=2

To be honest I'm just a simple country boy, and self proclaimed experts, in any field, always seem to me, to be akin to salesmen who sell 'cure alls' from the back of their wagon.

It's just their whole presentation, the marketing and the blurb. There's something faintly unwholesome about their persona.

Even your suggesting that it's for the 'high end of the spectrum' your coy way of refering to the 'very rich', as if somehow those unfortunates like myself on the 'low end of the spectrum' should not reasonably be expected to be able to afford to be privy to this so called money saving info.

If I understand you correctly, you are a 'high end spectrum' person who has paid Mike Larson in order to be privy to the latest financial facts and figures. Is it not then within your remit to pass on the pertinant facts to those less fortunate than your goodself, so that we too may safeguard the little we have. Or do you feel that we are simply not deserving of such assistance?:)