IF THE EURO FAILS...

Navy1

As i have very little faith in the future of the euro, i am considering moving some savings to U.S.$ or maybe GB£.

Does anyone know how to go about this, or have any alternative currencies you think would be worth looking at?

My big worry is that if the euro falls and our Irish savings will be totally devalued if we revert to punt or some second-tier euro or whatever.

Thanks in advance for your help...

irishh_bob

Navy1 wrote: »

As i have very little faith in the future of the euro, i am considering moving some savings to U.S.$ or maybe GB£.

Does anyone know how to go about this, or have any alternative currencies you think would be worth looking at?

My big worry is that if the euro falls and our Irish savings will be totally devalued if we revert to punt or some second-tier euro or whatever.

Thanks in advance for your help...

i wouldnt transfer from the euro to either the dollar or the pound, the euro has trounced both in the past six months despite the turmoil with ireland , greece and portugal , in november the euro was worth 1.29 dollars , todays its over 1.42 , if i were to buy into a currency , id go with either the aussie dollar , the canadian dollar or something like the swiss franc , you could open an account in any of theese currencys with investec who have a presence in ireland , you could also open an account with the likes of hsbc in the uk , they have offices in northern ireland

TrustNoOne

Stay well away from the US$

Raskolnikov

The thing to worry about is not the Euro failing, it's Ireland leaving the Euro.

Hal Emmerich

Raskolnikov wrote: »

The thing to worry about is not the Euro failing, it's Ireland leaving the Euro.

How likely is this?

turbobaby

Its certainly more possible than most people will tell you.

For Ireland, Greece and Portugal to recover they should default, exit the euro, reintroduce their old currencies and start again. Alot of initial pain but the only solution in the long run.

Merkels party are under pressure in Germany. The people there are sick of paying for the weak countries's problems. Most in Germany would welcome the end of the Euro I imagine.

The same interest rate for all just doesnt work.

Typewriter

How easy is it to open a German bank acount?

chalkitdown

The German banks haven't come under proper scrutiny yet, there may be some big surprises to come. If you're looking for safety look outside the Euro.

rokossovsky

Ive a few bob in Rabobank. If we leave the Euro will my deposit in Rabo still be in Euros?

Ffs they should have been teaching us Finance in primary school instead of all those hours in cathecism and urish

Johnny Favourite

TrustNoOne wrote: »

Stay well away from the US$

Why??

Highly Salami

Johnny Favourite wrote: »

Why??

It doesnt have much value and is likely to get weaker in the future.

Tabnabs

Norwegian Kroner is also in a strong place right now. I have no idea if a non resident can open an account there, but of the three kroner currencies, it's the best performing against the euro at the moment.

Raskolnikov

rokossovsky wrote: »

Ive a few bob in Rabobank. If we leave the Euro will my deposit in Rabo still be in Euros?

If you opened the account in Ireland, it will be converted to the new currency.

dathi1

There's 2 currencies that have been around for the best part of 2000 years and they've kept their value even after downside blips.

Gold and Silver. Not commodities....currencies.

irishh_bob

rokossovsky wrote: »

Ive a few bob in Rabobank. If we leave the Euro will my deposit in Rabo still be in Euros?

Ffs they should have been teaching us Finance in primary school instead of all those hours in cathecism and urish

no , your money will be converted into whatever new currency we adopt , rabbo operate inside the state , to avoid a conversion , you would need your money in a euro account outside the country

FlashD

Hi, I remember trying to find out information on opening a bank account outside the country, I was refered to the 'Ask about Money' website where I found this thread.

Sorry, I'm not sure if i'm allowed link to another forum but sure here it is anyway. Hope it helps.

http://www.askaboutmoney.com/showthread.php?t=146747

irishh_bob

dathi1 wrote: »

There's 2 currencies that have been around for the best part of 2000 years and they've kept their value even after downside blips.

Gold and Silver. Not commodities....currencies.

gold was something like 1200 dollars an ounce in early 1980 and within six months , was at 400 , thier it stayed for nearly twenty years , i dont think gold will fall for a while yet but its most definatley a bubble at this stage

arrowloopboy

TrustNoOne wrote: »

Stay well away from the US$

Aaaaaaaaaaah no,

Getting ready ta fill me boots

Its not a question of making money,its a question of how much:pac::pac::pac::pac:$.

turbobaby

irishh_bob wrote: »

.....but its most definatley a bubble at this stage

I disagree 100%

irishh_bob

turbobaby wrote: »

I disagree 100%

really

TrustNoOne

Johnny Favourite wrote: »

Why??

They have a huge deficit and they're just printing money to plug it. They have exceeded some allowable debt ceiling and must legislate for a new one in order to continue selling bad loans to the likes of China. The S&P threat to cut their AAA rating will have sent shockwaves through the system and China & co. will be watching very closely and could start refusing to take on more US debt....By right their current rating should look something like our own, but if that happened there would be chaos. Everyone would dump their US bonds onto the market and the dollar would be worth less than toilet roll.....so instead I think we'll see a slow decline in the US$.

Silver is at $47 now.....it's highest was $130 in the 80's when you adjust for inflation. Who knows how much more it will rise, but a declining dollar is great news if you have invested in precious metals

ravima

silver down 10% tonight.

burrentech

Navy1 wrote: »

As i have very little faith in the future of the euro, i am considering moving some savings to U.S.$ or maybe GB£.

Does anyone know how to go about this, or have any alternative currencies you think would be worth looking at?

My big worry is that if the euro falls and our Irish savings will be totally devalued if we revert to punt or some second-tier euro or whatever.

Thanks in advance for your help...

Both the dollar, and GBP are falling. I use the BBC link to keep up with the fluctuations http://www.bbc.co.uk/news/business/market_data/ticker/markets/default.stm

To be honest, the euro won't fail, the Chinese have too much invested. That's not to say the two pillars (BoI, AIB) are out of the woods, corporate deposits are still being withdrawn.

Ireland is in deep s***, but the consequences of being kicked out of the euro are a greater risk for France and Germany that for us. On balance deposit rates from Irish banks are good, but don't lock your savings up long term.

ravima

tend to agree with burrentech, as german banks have huge debts to ireland. It we cant pay, then they must write off.

I remember learning history in school and that the war reparations payable by germans to french and british were too high and thus causes WW2. pity they didn't teach this to the germans of today.

Ireland can bring down germany, germany can save Ireland. Whats the choice?

TrustNoOne

ravima wrote: »

silver down 10% tonight.

All that means is that it's 10% cheaper to get on board.

The dip is due to the Hollywood style job on Bin Laden. More faith in US economy, dollar goes up and silver and gold come down.

Only temporary.

foxyboxer

TrustNoOne wrote: »

All that means is that it's 10% cheaper to get on board.

The dip is due to the Hollywood style job on Bin Laden. More faith in US economy, dollar goes up and silver and gold come down.

Only temporary.

The phrase to catch a falling knife springs immediately to mind

irishh_bob

TrustNoOne wrote: »

All that means is that it's 10% cheaper to get on board.

The dip is due to the Hollywood style job on Bin Laden. More faith in US economy, dollar goes up and silver and gold come down.

Only temporary.

silver went up by a crazy amount in the past three months , a correction was inevitable , i got in at 15 last year but due to other things , took my eye off the ball and missed my chance to get out when it went above 30 , i rang goldcore this morning and instructed them to sell at 24 , il buy back when it reaches around 20 though

grungefreak1

Here's one I just thought of. If I took out all my Euro savings from Rabo e.g. 100k, and just put it in a safety deposit box, would I be better off than the people who have Irish domiciled accounts in Euro?

GF

Hal Emmerich

grungefreak1 wrote: »

Here's one I just thought of. If I took out all my Euro savings from Rabo e.g. 100k, and just put it in a safety deposit box, would I be better off than the people who have Irish domiciled accounts in Euro?

GF

I'd imagine half the country is doing that already.