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Spain: Read This Before You Open An Account

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Not all banks in Spain look this solid — check before you trust. Credit: Canva

It’s not supermarkets and rental platforms that have gone global, now so have banks. Scroll through stream TV, Instagram, or browse the web, and you are bound to see a name like ING, Banco Pichinicha or Novo Banco offering shiny applications and zero-fee accounts. But hold up, and before you rush to open that “smart account”, the Bank of Spain wants you to take a closer look. Why? Because not all foreign banks operating in Spain are created equal, and depending on where they are from, your money might be protected differently, or not at all.

What is a foreign bank in Spain?

A foreign bank is a financial institution authorised outside of Spain. But offers its services here, either online or through a physical branch. Some are European and some are not. The rules vary, and so do your protections. Here are the two types of banks in Spain: 

  • EU-Based Banks

If the bank is authorised in another EU country, it can operate in Spain with almost zero red tape. It only needs to notify the Bank of Spain, and then it sets shop, that is it. These banks fall under a term called “Single Supervisory Mechanism”, which means that the banks are supervised either by the European Central Bank or their national regulator.

But here is the cruel twist: your deposit protection comes from the country where it is currently based. ING? It is covered by the Dutch Deposit Guarantee Scheme. Deutsche Bank? It is covered by Germany. Barclays? That is the UK—no longer in the EU. You are still protected, usually up to €100,000 per person, but you are relying on another government’s safety net. 

  • Non-EU banks

If the bank is not from the EU, things get muddier. These institutions will need prior authorisations in order to operate in Spain. The Bank of Spain states that non-EU banks must join the FGD, Spain’s Deposit Guarantee Fund, unless they can prove they can offer better or equal protection than Spain’s current scheme.

Why this matters? 

Knowing where your guarantee lies is crucial, whether it is your paycheque, long-term savings, or pension. The FGD protects up to €100,000 per depositor per bank in the event of a bank failure. But if your bank in question is covered elsewhere, things could get dicey. And as financial platforms become more international, especially the digital-only banks, they get more blurred. 

How to check if a bank is safe or shady? Do not trust the branding; verify the bank’s status here: 

These official databases will inform you if the bank is authorised. Where is it based? What services can it legally offer? Is it supervised by Spain or another EU/EEA country? If the bank is not listed here, one tip run. 

Opening an account: what will you need? 

Foreign banks or even those in Spain will ask for the passport or NIE/DNI, proof of address, proof of income or tax residency(sometimes). Online only banks may not let residents open accounts more easily, but do not confuse accessibility with security. And keep in mind that if your bank is not Spanish, tax reporting obligations might be different. That “zero-fee deal” could come with some extra paperwork surprises. 

Spain’s banking landscape is changing quickly. Foreign banks can offer great service, better rates, or applications that seem promising in the future. Still, if you are going to trust them with your money, especially your pension or savings, then you owe it to yourself to double-check their status or guarantees. So, in short, if you do not know who guarantees your deposit, then you do not really know where your money is.

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Many Fall Ill At Ascot This Past Week

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The grandiosity of the Royal Ascot has been a tricky one this week due to the extreme heat, as dozens of racegoers were treated for heat-related issues amid soaring temperatures. On Wednesday’s Ladies’ Day alone, at least 42 people required medical attention on-site, with one individual having to hospitalised with suspected heatstroke, then again if we mix sun and alcohol we can expect no good to come from it! 

The prestigious five-day racing event, renowned for its elegance, fashion, and royal appearances, was met with a heatwave sweeping southern England. Temperatures climbed to nearly 30°C, yes, those of us in Spain may laugh but this left spectators sweltering in their formal attire. Emergency services and medical tents remained busy, treating symptoms ranging from dizziness and dehydration to full-blown heat exhaustion.

In response, organisers deployed extra misting fans, increased access to free drinking water, and installed shaded rest areas across the grounds. Officials issued repeated announcements encouraging people to drink plenty of fluids (and by that I don’t mean a good old glass of bubbly) and sun protection. Despite the conditions, more than 40,000 guests attended Wednesday’s proceedings.

The UK Health Security Agency issued an amber heat-health alert during the week, warning of risks to vulnerable individuals, particularly young and the elderly

Racing Carries On

Despite the challenging heat, the horse races have continued uninterrupted.  Of course they would, why would running at a flat out gallop in 30º heat affect the horse? Trainers and veterinarians remained on high alert, but emphasised that the thoroughbreds were coping well with the conditions and that they couldn’t just stop the races especially as the bets had already been placed, and as you all well know, money before animal welfare!  (I might have thrown that last bit in). 

Race officials took proactive steps to protect the horses, including installing mobile misting units, providing over 3,000 litres of iced water, and watering the track overnight to maintain “Good to Firm” going, because if anything is going to bring a horse down it would just be the condition of the track and not the intense heat.

Leading trainers, including those from Aidan O’Brien’s stables, said horses are generally well-conditioned and able to tolerate the heat, provided post-race cooling measures are in place. Then again he’s not a horse so how would he know?

Thankfully, Thursday’s Gold Cup went ahead without incident, with Godolphin’s Trawlerman claiming victory in a record time of 4:15.02.

Royal Ascot, a staple of the British summer social calendar, may now be forced to reconsider its approach to climate extremes. While the spectacle and racing have endured, the week has underscored the growing need for preparedness as high temperatures become more frequent. Hopefully in these preparations they will also reconsider the hours in which the races are held avoiding the hottest hours of the day so that the horses may be a little more comfortable. 

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UK Votes In Emotional Session To Legalise Assisted Dying

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A full Parliament for the vote, and campaigners in Parliament Square. Credit: Parliament TV & Dignity in Dying:

In a landmark vote, members of the UK Parliament in the House of Commons have passed the Terminally Ill Adults (End of Life) Bill, making assisted dying a significant step closer to being legal in England and Wales. 

The bill, put forward by Labour MP Kim Leadbeater, was approved by a slim margin of 314 to 291, a majority of just 23, following an emotionally charged debate that saw MPs share personal stories and grapple with the ethical conundrum of the issue.

The legislation, which could allow terminally ill adults with less than six months left to live to request medical assistance to end their lives. It now moves to the House of Lords for further scrutiny. If passed and granted royal assent, the assisted dying service would not be implemented for at least four years to guarantee the strictest safeguards are put firmly in place.

Assisted dying campaigners in UK hail vote as “momentous vistory”

The Commons chamber was filled to bursting for over four hours of debate, with MPs from across the political spectrum delivering impassioned arguments. Labour MP Maureen Burke of Glasgow North East moved colleagues to tears as she recounted her brother’s painful death from advanced pancreatic cancer, stating she was supporting the bill to “do right by her brother”. Supporters, including Prime Minister Sir Keir Starmer, who voted in favour after initially being accused of dithering on the topic, stressed the bill’s focus on personal freedom and dignity for terminally ill patients. Campaign groups like Dignity in Dying called the vote a “momentous victory”.

The stringent safeguards listed in the bill include requiring the approval of two independent doctors and an expert panel comprising a lawyer, a psychiatrist, and a social worker.

Opponents to assisted dying vote warn of “slippery slope”

Opponents to the bill, including Conservative leader Kemi Badenoch, who voted against it, warned of a “slippery slope” towards broader eligibility criteria and cited examples from countries like Canada where assisted dying has been offered to the poor. Other critics, such as Labour MP Naz Shah, raised concerns that the bill could lead one day to endangering vulnerable groups, including those with disabilities or conditions like anorexia, who might one day be offered euthanasia instead of costly health care. The Royal College of Psychiatrists and the Royal College of Physicians expressed concerns about inadequate safeguards for patients and professionals and insisted on further, more detailed revisions to the bill.

Opponents also highlighted the strain on the NHS and underfunded palliative care, with Hospice UK alerting that 250 to 300 people die daily without adequate end-of-life care, suggesting improvements in care should take precedence.

Supporters of assisted dying campaigner, Dame Esther Rantzen, in Parliament Square

Outside Parliament, supporters of the bill who had gathered in Parliament Square erupted into cheers and hugs as the result was announced. Campaigners, including terminally ill individuals like Sophie Blake and Dame Esther Rantzen, who has stage-4 lung cancer, have been vocal advocates, with Blake pleading for MPs to “allow us the choice to have a good death”. Inside the chamber, MPs lined up to shake hands with Leadbeater.

However, opponents like Conservative MP Joy Morrissey called the vote “a dark day for democracy”, arguing the bill fails to protect the most vulnerable. The free vote, allowing MPs to decide based on conscience rather than party lines, saw divisions within parties, with several senior Labour ministers, including the health and justice secretaries, opposing the bill.

Assisted dying bill passes to Lords after summer

The bill’s next step is to go to the House of Lords, where peers will debate and potentially amend the legislation. It is believed there is a majority in favour in the Lords, but the outcome is still not a done deal. If approved by both houses by the end of the parliamentary year, likely in autumn 2025, the bill could become law, with an estimated 160 to 640 assisted deaths expected in the first year, potentially increasing to 4,500 within a decade.

The vote represents a seismic shift in the UK’s approach to end-of-life care as it balancing personal choice with the need to protect vulnerable individuals. As the bill progresses towards law, the debate will continue to stir deep emotions and heated debates across the nation.

The UK has followed a tendency in Europe for the legalisation of assisted dying. In Spain, both euthanasia (where a physician administers a lethal drug) and assisted suicide (where the patient self-administers with medical assistance) were legalised in 2021 and require two written requests, medical evaluations, and approval by a regional committee. It is now recognised as a constitutional right. In the first 18 months after the law was passed, 383 people opted for assisted dying.

Belgium legalised assisted dying in 2002, Luxembourg in 2209, Austria in 2022 (assisted suicide only), and in Germany it has been legal since 2020 by court ruling. The Constitutional Court in Italy ruled in 2019 that assisting suicide for those in “intolerable suffering” is not always a crime, but parliament has not passed firm legislation yet. Tuscany was the first region to adopt rules. The first legal assisted suicide occurred in 2022, but technically, euthanasia remains illegal.

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A Spanish Flamenco Festival, For A Good Cause

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The Association of Alzheimer’s Relatives is hosting the second edition of the Spanish Flamenco and Dance Festival. Photo Credit: Lu George via Unsplash

A very exciting festival will be taking place in Santa Pola for flamenco lovers, or anyone who is interested in learning more about this beautiful and traditional Spanish dance. The Spanish Flamenco and Dance Festival will be held at the El Palmeral Auditorium on June 30 at 8:30 PM.

The event is being organised by the Association of Alzheimer’s Relatives (AFA), with the help of the Santa Pola City Council and the Immaculate Jaén Dance Academy. It is only the second edition of the Festival, but the first was a success and they are hoping to bring in more crowds and raise awareness for the Association as well as the Dance Academy.

All ticket proceeds will directly go to the AFA, which is a nonprofit organisation that not only supports people with Alzheimer’s, but other dementias as well. It will be a wonderful opportunity for visitors to gather and appreciate authentic Spanish culture by way of flamenco, a particular and artistic dance form that is sure to hypnotise anyone who attends.

Tickets will cost just €4 and can be purchased at the Association of Alzheimer’s Relatives’ headquarters at the La Senia Coexistence Centre in Santa Pola, or at the entrance of the El Palmeral Auditorium 30 minutes before the Festival begins, at 8:00 PM.

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