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Moving to Canada, need advice on how to keep my money safe and accessable?

  • 06-08-2012 6:11am
    #1
    Beakflakes
    Registered Users, Registered Users 2 Posts: 184 ✭✭


    Hi there.

    Moving to Canada in a month on the IEC scheme for a year or two. No job lined up. Just looking for advice on how to take care of my savings (over 4000) while I'm there.

    I'm with bank of Ireland. They advised me to put a thousand or so on my credit card to start off. Not sure if this is a great plan.

    I'm sure I'll start a Canadian bank account there but just wondering how best to keep my savings safe and accessible in case I need it while I'm living there?

    Cheers in advance for any advice!:)


Comments

  • #2
    TechnoPool
    Registered Users, Registered Users 2 Posts: 1,675 ✭✭✭TechnoPool


    Bank like in Ireland? its not a third world country


    or you could put it under your mattress?


  • #3
    Tonto86
    Registered Users, Registered Users 2 Posts: 731 ✭✭✭Tonto86


    Bank of Ireland are idiots. That is pure stupid thing to say to you.

    Open the very basic national Irish bank account. Tell them what you intend to do. Set up online banking and transfer the money online in one go. It'll cost about €10 and take 4 days. Ring them a few days before you fly and tell your going to Canada and your going to use your card there, otherwise they'll cancel your card for suspected fraud.

    You could do the same with AIB aswell but I found national Irish to be the best


  • #4
    silja
    Registered Users, Registered Users 2 Posts: 2,921 ✭✭✭silja


    *** Moving from US/ Canada Travel to Living Abroad, where Canada Living questions go until Canada gets its own forum ****


  • #5
    leggit
    Registered Users, Registered Users 2 Posts: 936 ✭✭✭leggit


    If you end up needing your savings over there then I'd open a currencyfair account for exchanging/transfering your money.

    You'll get much better rates than a bank and the transfer costs less than €4 iirc.


  • #6
    Helix
    Closed Accounts Posts: 17,661 ✭✭✭✭Helix


    leave your money in the irish account for now, and withdraw using your atm card. the exchange rate is absolutely awful at the moment (€1=$1.23 compared to $1=€1.40 from last year), but it's always awful this time of year, come october you're looking at about $1.29-1.32 so do any major exchanges then


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  • #7
    me-skywalker
    Registered Users, Registered Users 2 Posts: 3,339 ✭✭✭me-skywalker


    I need to transfer back funds to Ireland regularly for a couple of months when I arrive.
    Currently with Ulster Bank. I'm thinking of sending back a cheque on a monthly basis or doing an online transfer from my Canadian Bank to my Irish bank account.

    Can anyone tell me the cheapest way to get money back to Ireland?

    Thanks


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