- Protected up to an equivalent of €100,000
About Banca Farmafactoring
BFF Banking Group (” BFF “) is the leading financial service provider for suppliers to the European public health and public administration sectors. With more than 30 years of experience in the sector, BFF is the market leader in collection management and non-recourse factoring of trade receivables at European public institutions.
In 2010, BFF started its activities in Spain and expanded its cross-border activities in 2014 to Portugal. The Bank started in 2013 with a full Italian banking license offering online deposits to private and business customers in Italy, Spain and Germany. In 2016, BFF expanded its activities with the acquisition of the largest player in the field of public sector financing in Poland, Slovakia and the Czech Republic. In April 2017, BFF listed its shares on the Italian stock exchange (MTA) and started operations in Greece and Croatia in 2018.
In 2019, the Group further strengthened its international growth and strengthened its leading position in Spain with the acquisition of IOS Finance, one of BFF’s competitors in that market. In the same year, BFF started cross-border activities in France and received permission to open an office in Poland. BFF is now active in 9 countries in Southern and Eastern Europe.
Note: BFF is an Italian bank (ie has a banking license in Italy) but offers deposits on Raisin.ie through its Spanish branch in Madrid. This means that your savings at the bank fall under the Italian deposit guarantee (up to EUR 100,000 per customer), but that Spanish tax regulations apply (due to withholding tax).
- Prolongation is only possible 28 to 5 days before termination
- 100% online
- Interest payout possible
Tax process and documents
The term deposits are offered through the Spanish branch of Banca Farmafactoring. Spanish witholding tax is 19%, however this will be reduced to 0% by providing the Spanish tax form "Auto Declaración de Residencia Fiscal de Persona Física y Jurídica" when opening the account. This form is only required once per customer upon opening their first deposit with Banca Farmafactoring. Ordering additional deposits or prolonging an existing deposit can be done 100% online and does not require submitting another form.
An electronic order in online banking is sufficient to open the account. The Spanish tax form to reduce withholding tax must be sent in original to Berlin.