Bueno works with licensed Electronic Money Institutions, referred to as EMIs, to offer financial products. Our customers funds are held in favour of them in specially segregated accounts with traditional banks.
There are many advantages of having an account with a company like Bueno. For example, account opening is much quicker, may require fewer documents and you don’t have to visit a bank branch, ever. Lower costs and more innovative products are other advantages.
EMIs are licensed to provide financial services, they can offer accounts and cards, directly or through partners. SEFIDE EDE S.L.U. (which is regulated by the Bank of Spain (Banco de España)) through a partnership with B2B Fintech Solutions S.L. provides the Spanish accounts used by Bueno’s clients.
Electronic Money Institutions follow governmental regulations and have all necessary functions for ensuring the customers’ financial security. SEFIDE EDE S.L.U., who provide the Spanish accounts, B2B Fintech Solutions S.L. and Ourselves have strong measures in place to protect your details and keep them private and ensure that your funds, transfers and cards are secure.
They have to 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 in the same way as a traditional bank account.
There are some differences between EMIs and banks. EMIs cannot offer loans or investment products, they can however partner with other financial institutions to offer these types of products. EMI accounts have no deposit guarantee scheme but since the EMI needs to hold the full customer balance in segregated accounts there is no risk of customers losing their money in the unlikely event that the EMI goes bankrupt.
We offer accounts to EU/EEA and UK residents. We add a lot of value to customers owning or renting a property in Spain, or who own a property in another country. Even without a property you can open an account and we are confident you’ll love our simplicity, service and low cost. We expect to launch our property features in France and Portugal in 2022.
We need to verify your identity to meet financial regulations. This is done by submitting a copy of your passport or national ID card where this is approved as financial identification. You will take a picture of your ID with your phone or web camera during our onboarding process.
Normally, a personal account can be opened in as little as 5 minutes. In some cases, it might take a little longer to verify your data. Business accounts will take 1-2 days to open (not launched yet).
No, our account opening process is managed online. There is no need to travel or to leave your home to become a Bueno customer. Everything can be done online or via your Bueno app.