Transfer personal savings to another Country??

average_runner

Hi All;

Looking for some advice here.
Looking at how dodgy things are with Greece and a default is likely, Ireland could follow that route and pull out of the euro.

We have savings of xx,xxx amount and i want to move it somewhere secure. Was thinking of transfering half to sterling in the bank.

Is there any other options?
Asking this so we wont lose if ireland pull out of the euro, ie the value of the savings if we move to the punt and devalue it.

Thanks

carveone

average_runner wrote: »

Hi All;

Looking for some advice here.

Wrong place then!

Looking at how dodgy things are with Greece and a default is likely, Ireland could follow that route and pull out of the euro.

You know I've been hearing that and rumours about the mint printing punts and all that but I think it's a big pile of arse. First of all Ireland can't just drop the euro. It took like 5 years preparation to get into the thing. Secondly if the eurozone were to fragment, we'd likely stick with the northern countries and remain in the euro. We don't have a southern style economy like Greece (who quite frankly just have tourism) and Portugal (who have a low skill labour economy competing with the BRIC countries - not a good plan).

I would say that, regardless of the fact that they are a pile of a-holes, the banks here are probably the safest in Europe. Add to which that European banks are massively intertwined now - their blood is thoroughly mixed if you like - and you can see that the banks can't just drop the euro either.

I'd say worry about other stuff.

Nody

Any Swiss or Nordic domestic bank that allow a EUR account would be safe.

Why Nordic and Switzerland? Because Nordic banks are under good control and same is true with the Swiss banks and most importantly (with exception of Finland but they got balls of frozen steel anyway) are not in the euro group and need to put up with EUR based central bank playing the tunes to keep the euro safe.

I'd probably limit it to 10.000 EUR per bank though to be on the safe side. Also by opening a EUR account you don't gamble on currency (i.e. GBP account if they print more money etc.) either.

MizenHead

average_runner wrote: »

Hi All;

Looking for some advice here.
Looking at how dodgy things are with Greece and a default is likely, Ireland could follow that route and pull out of the euro.

We have savings of xx,xxx amount and i want to move it somewhere secure. Was thinking of transfering half to sterling in the bank.

Is there any other options?
Asking this so we wont lose if ireland pull out of the euro, ie the value of the savings if we move to the punt and devalue it.

Thanks

Why don't you buy physical gold (not paper)?

RichardAnd

MizenHead wrote: »

Why don't you buy physical gold (not paper)?

That's possibly another bubble though...

MizenHead

RichardAnd wrote: »

That's possibly another bubble though...

Yes - but not a bad thing to have a bit of anyway if you are very long term, but it should keep up with India/China inflation, whether the West wants it to or not!

srsly78

Use an fx broker to transfer money to another currency. Do NOT use your own bank, they will give you terrible rate - basically taking 5% of your cash for themselves.

meditraitor

Probably better to ask in the banking forum

http://www.boards.ie/vbulletin/forumdisplay.php?f=544