Which is safer,sterling a/c in Irish bank or UK Bank?

Darith

Which is safer,sterling a/c in Irish bank or UK Bank? Well there you have it. Is it safer to hold sterling in a Irish bank or in a UK bank? If Ireland Ireland leaves the Euro would the bank guarantee scheme be still valid? Would it cover my sterling a/c in such a scenario?

tenchi-fan

I'd imagine it's safer to have sterling across several UK banks. Your savings are guaranteed up to £85k per account.

Ireland is a basket-case country at present and has already raided private pension funds to make up a budget shortfall. If someone is going to lose out in Ireland, it will always be the regular Joe Soap.

Lisa2011

I thought I heard that savings post euro collapse would be wiped out. Would that just be money in a savings account or money in deposit and current accounts aswell?

What could be done with the money to ensure that does not happen.

A foreign currency account in an Irish bank or a foreign bank account outside the eurozone.

Anyone who has more information about this than me please let me know.

corklad32

How could you even setup an english bank a/c from here?

Lisa2011

corklad32 wrote: »

How could you even setup an english bank a/c from here?

I assume its possible because there are well known figures in Irish business doing it and have done it for years. There are brokers that can help you set it up.

pfurey101

Spread your savings around I suppose! Its hard to gues whats best depending on what happens to which zone/currency.

Im sure even the experts disagree.

mickdw

Whats the cheapest way to hold foreign currency?

Darith

BOI will let you have a foreign currency a/c for minimum 6500 euro in various currencies. Ulster bank will only do Us dollar or sterling for same amount. But Ulster bank is a UK Bank. I am considering Norwegian Kroner with BOI or sterling with Ulster Bank.

Lisa2011

Darith wrote: »

BOI will let you have a foreign currency a/c for minimum 6500 euro in various currencies. Ulster bank will only do Us dollar or sterling for same amount. But Ulster bank is a UK Bank. I am considering Norwegian Kroner with BOI or sterling with Ulster Bank.

Would that be just your savings or all your money. Then if the euro collapses you could then convert from the foreign curreny to the new Irish currency and it would still be devalued right?

mickdw

Lisa2011 wrote: »

Darith wrote: »

BOI will let you have a foreign currency a/c for minimum 6500 euro in various currencies. Ulster bank will only do Us dollar or sterling for same amount. But Ulster bank is a UK Bank. I am considering Norwegian Kroner with BOI or sterling with Ulster Bank.

Would that be just your savings or all your money. Then if the euro collapses you could then convert from the foreign curreny to the new Irish currency and it would still be devalued right?

If you are holding a foreign currency, you have option. You can wait until euro or new currency have a very low value then get much more of them.

Darith

Lisa2011 wrote: »

Would that be just your savings or all your money. Then if the euro collapses you could then convert from the foreign curreny to the new Irish currency and it would still be devalued right?

Well if the Euro goes, all currencies will be hit as almost all currencies depend on trade for their value. Remember currency is a commodity just like oil or food at the end of the day. Very few currencies are actually backed by gold or anything else. If the euro goes, other currencies will go down but not as much as our own euros in our banks or the new punt for that matter. Remember currency peculation is very risky at the end of the day. Norway is back by major investment funds which they have gleamed from oil business. Uk is probably more financially stable than Ireland but there Banking sector is exposed to the euro as there was and is major trades there. My first choice would may be Scandinavia, Swiss,sterling preferably in a bank a/c in those countries,if i had the funds to open such a a/c. BOI gaves a good deal but it is a a/c in a Irish Bank backed by the Irish government.

mickdw wrote: »

If you are holding a foreign currency, you have option. You can wait until euro or new currency have a very low value then get much more of them.

Yes, sounds like a good idea to me.

Darith

Darith wrote: »

BOI will let you have a foreign currency a/c for minimum 6500 euro in various currencies. Ulster bank will only do Us dollar or sterling for same amount. But Ulster bank is a UK Bank. I am considering Norwegian Kroner with BOI or sterling with Ulster Bank.

Lisa2011 wrote: »

Would that be just your savings or all your money. Then if the euro collapses you could then convert from the foreign curreny to the new Irish currency and it would still be devalued right?

I just received some conflicting info. Apparently Ulster bank will do other currencies besides Us dollar or sterling for deposits ranging from 6000-6500 euro equivalent. However these accounts are protected by the Irish Government only and not by the British Government. It seems one should arrange a appointment with a expert within a bank to get proper advice. This is what i have been told so i presume it is true?!

tenchi-fan

Darith wrote: »

I just received some conflicting info. Apparently Ulster bank will do other currencies besides Us dollar or sterling for deposits ranging from 6000-6500 euro equivalent. However these accounts are protected by the Irish Government only and not by the British Government. It seems one should arrange a appointment with a expert within a bank to get proper advice. This is what i have been told so i presume it is true?!

If you're afraid of losing your euros from an Irish bank account, you should be equally afraid of losing any other currencies in an irish bank account. The solution is probably to open a UB account up north.

It's funny you think there are experts within banks They'll no doubt try to sell you a "guaranteed investment bond"
More than likely no banks outside the state will really want to have anything to do with you unless you're resident there, unless you have a lot of money.

gh1979

Darith wrote: »

BOI will let you have a foreign currency a/c for minimum 6500 euro in various currencies. Ulster bank will only do Us dollar or sterling for same amount. But Ulster bank is a UK Bank. I am considering Norwegian Kroner with BOI or sterling with Ulster Bank.

Norwegian Kroner is said to be the safest currency in the world. I indirectly heard that the Norwegian government received 90% profit from oil every year. Then, they give some cheque to the Norwegian citizens for gift. I am considering about the possible convert to Norwegian Kroner with my PTSB banking account.

shawnee

How are you going to go about doing that procedure ?

gh1979

shawnee wrote: »

How are you going to go about doing that procedure ?

It is still too early for me to know what to do the best way, but I need to be well-prepared, well-researched and well-informed before I will be able to find a sensible decision to make. I indirectly heard that many people do not have faith in euro currency, but this time is still uncertain.

micratoyota

gh1979 wrote: »

It is still too early for me to know what to do the best way, but I need to be well-prepared, well-researched and well-informed before I will be able to find a sensible decision to make. I indirectly heard that many people do not have faith in euro currency, but this time is still uncertain.

Have you done or heard anymore about investing in other countries currencys outside of IRELAND. The euro crisis seems to be getting worse instead of getting better.

BuffyBot

As per the charter, don't drag up old threads.