1:SPANISH BANKS

As always, I read your newsletters each month and find them very informative. This is the first time I have written to you, because I would like to request that you give some consideration in your next newsletter to include some information about the state of the Spanish banks. As you are aware, there is a lot of media talk about banks across Europe, and America getting themselves into difficulties, and it would be reassuring to have some insight as to "how safe is my money in Spain?". The Spanish government in the last week have increased the guaranteed limit (in the event that the bank goes bust) to 100,000 euros per person - this is good.  However, what I have found difficult to establish is what banks are linked to each other, so that in the event you have to "spread your money around" you don't put it in a bank that is connected to the one that you have just taken it out of. At this point, I hasten to add that I don't have such large sums of money to spread around!  It would be just nice to know what banks are independent to each-other, and also which bank has the best reputation etc. 

This is a good question so here is our advice when banking in Spain.

Firstly, a list of Spanish banks which we hope you will find useful and it does indicate that, in some cases, where the banks are part of a group.

Banca Pueyo - banking Organization with a network of branches, services and products.

Sabadell Atlántico - new features and promotions including electronic banking, products and services, network of offices and client services. They have a web-site in English.

Banco de Valencia - financial products and investments for companies and individuals. They have a web-site in English.

Banco Espirito Santo - a Portuguese organization with activities in Spain and a network of offices and tellers.

Banco Gallego - Products and services, branches and electronic banking.

Banco Guipuzcoano- Products, results, new features and a network of offices. The BG Group is expanding more and more and it collaborates with several European banks; therefore, it is a solid entity and it can fulfil the needs of its clients in any field at any time. Banco Guipuzcoano has nearly 25,000 shareholders and, at present, is a medium-sized solid Bank. This allows it to provide close and personal service to its clients, and to be agile to incorporate new technologies and new products. They have a web-site in English.

Banco Herrero - Saving, investment funds, credits, mortgages and Internet banking. Part of the Banco Sabadell group.

Banco Pastor - Products, services, network of offices.

Banco Central Hispano Part of the Santander group - personal, enterprise banking, stock-exchange services, bank online, mortgages, credits and loans.

Bannesto - Internet office and other specialized services for non-residents. English, German & French web-sites.

Barclays/Banco Zaragozano - Individual and enterprise banking and financial services. English website.

Bankinter - extensive banking Services via Internet. One of the largest online banking systems in Spain. English website.

Bankoa, S.A. - Individual and enterprise banking services.

BBK (Bilbao Bizkaia Kutxa) - Internet office and other services. English website.

Citibank España - The American bank’s Spanish offices. Investments, loans and credits cards, accounts, local branches and other products and services. Surprisingly there is no English website.

Compañía Española de Financiacion del Desarrollo (COFIDES)  Compañía Española de Financiación del Desarrollo, COFIDES S.A., is a state- and private-owned company founded in 1988 that provides cost-effective financial support for viable private direct investment projects in developing and emerging countries where there is a Spanish interest. The ultimate aim is to conduct a profitable business that contributes both to host country development and the internationalization of Spanish enterprise and the Spanish economy.

Deutsche Bank España- products, services and markets. Deutsche Bank is a leading global investment bank with a strong and profitable private clients’ franchise. 80,253 employees in 75 countries. Unparalleled financial services throughout the world. A leader in Germany and Europe, the bank is continuously growing in North America, Asia, and key emerging markets.

Structure: Deutsche Bank comprises two Group Divisions: Corporate and Investment Bank (CIB) and Private Clients and Asset Management (PCAM), with the following business divisions: They have a web-site in English

Banco Bilbao Vizcaya (BBVA) Corporative structure, financial and stock-exchange information, in addition to services for companies and individuals. Services for non Residents. They have a web-site in English.

Grupo Banco Popular - Products and services for the group of banks around Spain. They have a web-site in English which states - Founded in 1926, Grupo Banco Popular is the third largest banking group in Spain and is formed by:  

Banco Sabadell- personal, enterprise and corporative services banking. They have a web-site in English, which states Banco Sabadell is Spain’s fourth largest banking group, which is comprised of different banks, brands, subsidiaries and part-owned companies covering all areas of the financial business sector under a common denominator: professional performance and quality. A young, highly-qualified team, with the most modern, up-to-date technological and commercial resources and a multi-brand, multi-channel organisation focusing on the client enable Banco Sabadell to occupy an outstanding position in the personal and business banking markets. The group includes Sabadell Atlantico, Banco Herrero, Solbank, Activo Bank, Banco Urquijo.

Grupo ING Direct - financial products, interest accounts and deposits.

Halifax Hispania – English bank in Spain. Deposits, loans, pension plans and insurance, online mortgage solicitation. Web-site is in English.

Lloyds TSB Bank – English bank in Spain. Specializing in private management of national and international investments. Their web-site in English states - Lloyds TSB, one of the largest banking groups worldwide, has been in Spain since 1916. This long and close contact has resulted in Lloyds TSB’s outstanding knowledge of the Spanish markets and local customs.

OpenBank - used to be Patagon. They specialize in online banking services, particularly good online investment banking. Part of the Santander group.

Unión Financiera Asturiana - private credit organization.

Bank reputations:

It seems that banks in Spain are very similar to banks in other countries, when it comes to customer service, queuing and dealing with paperwork. Legally all transactions are carried out in Spanish, however on the Costa Blanca, many Spanish banks will have at least one person who speaks English, or Dutch, or German, etc. Some banks, including the BBVA will provide statements in other languages, if requested. Automatic teller cards can also be set up in English in many banks. The English banks in Spain, such as Lloyds TSB or the Halifax, will have personnel that speak English, and documentation, statements, etc will be available in English.

Banks charges in Spain are generally higher than in the UK, however fees can be generally avoided if accounts are kept in credit. Mutual funds/money markets are not very developed, so it may be better to keep most of your money back in your home country.

It should be noted that under EU legislation, charges cannot be made by the banks, for the transfer of pensions.

Some banks will offer you a bank book (libreta), which is fine for balancing accounts and keeping track of current accounts, but much more convenient is the use of debit cards, using the Visa transaction infrastructure, the menu for which can be set up in a number of languages, including English.

In general, the Spanish banking system is modern. Almost all banks offer online banking, transfers between banks happen quickly, and relative anonymity is assured.

Finally Cajas are a non-profit bank, and being non-profit, they spend their profits on cultural programs, including art exhibitions, theatre, etc.

Cultural note: for writing large numbers in Spain they use a dot or point to separate groups of thousands whereas we normally use a coma. Example 1,000,000.00 (expats) = 1.000.000,00 ( Spain)

2: PASSPORT RENEWALS

Many Expats living in Spain do not always have an address in the UK, or even visit the UK.

However, there comes a time, for all of us, to renew our UK passport. To avoid returning to the UK to do this, the renewal can be done in Spain, through the Embassy in Madrid.

All new British Passports are now of the biometric type, which carries information linking a person to their passport. Biometric verification can be used at border controls and to check that the image on a passport renewal application matches the images we hold on record.

Biometric information can also allow automated immigration checks in the future. Enabling British citizens to travel to the USA visa-free and ensure British passport holders are not at a disadvantage as other countries switch to biometric passports.

The Government states tha,t because of the increasing threat of identity fraud, we need to strengthen security features in passports. The International Civil Aviation Organisation (ICAO), which sets international standards, chose facial recognition as the main biometric measure. Iris and fingerprint recognition are a back-up, but they are not compulsory.

Facial recognition maps the various features on the face - for example, the distances between eyes, nose, mouth and ears. These measurements are digitally coded and can then be used for comparison and verification purposes. Biometric technology is perfectly safe because facial biometrics can be taken from a good quality passport photo.

From the 3rd Novembe,r new charges will apply for the delivery of replacement UK passports in Spain. Any passport applications received on or after the 3rd November will be subject to these new charges, although it will still be possible to pick up your passport in person from the Consulate-General in Madrid without delivery costs.

We are advised that the new passport courier service will mean a greatly improved service for customers. It will be provided by DHL Express, who will do the following:

• Provide 2 employees permanently based at the British Consulate-General Madrid to ensure an efficient, dedicated and tailor-made service for our customer.
• Call every customer in advance in English to ensure that they will be at home at the time of delivery.
• Ensure an integrated end-to-end delivery process straight from our passport printers to your door. DHL Express has comprehensive coverage of the Iberian peninsula through its network of 7000 staff, 99 offices, 5000 vehicles and 25 planes.
• Run an online tracking system so you can see the progress of your passport delivery in real time.
• Provide uniformed, identifiable staff and provide a secure service.

We are advised that British Consular Services Iberia has negotiated a very competitive and comprehensive deal for passport customers with DHL Express. This compares very favourably to prices charged by other companies for secure delivery of important documents, particularly as it includes a number of additional features such as advance customer contact in English.

The cost for the new service to the Costa Blanca is 16€ and is exclusive to customers of British Consular Services Iberia.

Further information on passport renewals and this service, including delivery times, prices and tracking, (which will be published on the web site from the 3^rd November) log on to the British Embassy website.

3: PRESTIGIOUS AWARD TO COSTA BLANCA BEACHES

We are very pleased to announce that two of our local beaches, known as "Ampolla” in Moraira and "La Fustera” in the Benissa Costa, have recently been awarded the prestigious "Ecoplayas 2008” flag for their excellent facilities, environmentally-friendly infrastructures, quality and cleanliness.

This is all the more remarkable as only four beaches in the whole of Spain received this award and, as these two beaches are within 5km of our office, it confirms what we always knew, that we do truly live in one of the best areas in Spain for beauty and environment.

We understand that the judges had also to consider how the beach featured within the natural landscape, the quality and practicality of the equipment and services at the beach, the quality of the water and ease of access to the beach by both the able and disabled users.

"La Fustera” beach also impressed the judges for its conservation of the endangered "Posidonia” plant, a marine flora that gives both shelter and oxygen to marine life.

This newsletter is intended as a guide and to be informative and helpful in the process of searching for and purchasing a property in Spain. Total accuracy cannot be guaranteed and in all legal, fiscal and other matters a fully qualified professional should be consulted. Reproduction of any part of this newsletter is not permitted without written permission.