Your money is protected by regulated banks
Bueno works with licensed Electronic Money Institutions (EMIs) to offer financial products. All customer funds are held in specially segregated accounts with traditional banks in Spain. We keep your money in these accounts until you pay it out - we don't have access to your money, only you can access your funds.
Why do banks need deposit insurance?
We don’t lend out your money. Banks do. This is why governments make banks insure their deposits by participating in country-specific deposit insurance schemes. Because we’re not lending your money out, we handle it differently, by safeguarding it. Safeguarding means that we look after your money, keep it separate from our own money, and keep it available to you whenever you need it.
EMI - Electronic Money Institutions
EMIs are licensed to provide financial services. They can offer accounts and cards, directly or through partners. SEFIDE EDE S.L.U., our partner in Spain, is regulated by the Bank of Spain (Banco de España) and through this partnership Bueno can offer the Spanish accounts used by our clients.
Electronic Money Institutions follow governmental regulations and have all necessary functions for ensuring customers’ financial security. SEFIDE EDE S.L.U., who provide Bueno Spanish accounts and Bueno have strong measures in place to protect your details, keep them private and ensure that your funds, transfers and cards are secure. This includes encryption of all customer data.
EMI's must keep the full balance of all customer deposits in a segregated account at any given time. When it comes to your money, EMI’s are safe, and you can trust an account with Bueno. Segregated funds are protected up to €100,000 by the Deposit Guarantee Scheme (DGS) which protects the assets of Europeans.