Advice - Canadian Account??

zipee

I have an elderly parent with a nice nest egg. State pension, one rented property that supplements the income. But it is the nest egg that I would love advice on.

She is terrified about the euro going bust (country too!). She worries that she will be left with nothing. So was thinking about investing in maybe Canada. Clueless here! Just Canadian economy is doing well and would be willing to make a trip to open an account if necessary.

I know people all talk about Switzerland but very close to Euro if all goes pear shaped. Again clueless joe soap thinking here. Would rather invest in a different part of the world.

I know some banks open accounts in different currencies but is this not just as bad if things go really pear shaped here?

Can an Irish person open a Canadian account? Do you have to do it in person? Is there any sense to doing it? We are talking about €120k. Not interested in any investments with any risk. A term deposit account would do fine.

This money is to provide medical care in her old age. And support in her own home. So need to look after it.

Mr. Loverman

If the euro goes bust a good place to have your money is in Germany. Any new German currency would be strong.

You can go to Germany and open a bank account easily enough.

irishh_bob

zipee wrote: »

I have an elderly parent with a nice nest egg. State pension, one rented property that supplements the income. But it is the nest egg that I would love advice on.

She is terrified about the euro going bust (country too!). She worries that she will be left with nothing. So was thinking about investing in maybe Canada. Clueless here! Just Canadian economy is doing well and would be willing to make a trip to open an account if necessary.

I know people all talk about Switzerland but very close to Euro if all goes pear shaped. Again clueless joe soap thinking here. Would rather invest in a different part of the world.

I know some banks open accounts in different currencies but is this not just as bad if things go really pear shaped here?

Can an Irish person open a Canadian account? Do you have to do it in person? Is there any sense to doing it? We are talking about €120k. Not interested in any investments with any risk. A term deposit account would do fine.

This money is to provide medical care in her old age. And support in her own home. So need to look after it.

the canadian dollar tends to track the american dollar very closely so its been pretty weak of late , the australian dollar is a better bet right now

mac123

I dont think you can open an account in Canada unless you're a resident or citizen. As far as I know you need a social insurance number.

CiaranC

mac123 wrote: »

I dont think you can open an account in Canada unless you're a resident or citizen. As far as I know you need a social insurance number.

I opened mine when I arrived in Toronto on their working holiday visa program. All I needed was a passport. Opened another in Alberta with just a local payslip.

mac123

CiaranC wrote: »

I opened mine when I arrived in Toronto on their working holiday visa program. All I needed was a passport. Opened another in Alberta with just a local payslip.

You're a temp resident if you're on a working visa too. They didnt need to see the visa though?

Maybe I was wrong, im just going from my own experience.