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Savings Account with AIB?

  • 02-01-2017 2:08pm
    #1
    macade
    Registered Users, Registered Users 2 Posts: 11 ✭


    Hello, Lads,

    I've lived in Ireland between 2014 and 2015, but I am not currently living in Brazil. Although, I still have my old AIB bank account. And because of special student account perks, I don't pay any bank related tax until september 2017. The thing is, I want to invest my money or, at least, save a bit. I have a few questions:
    1. Is it worth it to send money to this AIB account, given that it would be a saving account, even if I live in a different country? (I want to go back to Ireland to pursue a masters, but it is not 100% yet)
    2. Is there a different type of investment within AIB that I can apply to in order to save a greater ammount of money? If so, what should I do?
    3. My AIB VISA Debit Card is going to expire later this year. If I keep this account, how am I supposed to get a new one? Would I need to travel to Ireland?
    4. Other than that, is there a irish investment agency where I can send money to, so that I would not need AIB and could still manage to get a foreing invesment plan?


Comments

  • #2
    JTMan
    Registered Users, Registered Users 2 Posts: 5,558 ✭✭✭JTMan


    Some considerations:

    - You should save money in the currency you are going to spend the money. If you are earning in BRL but will be spending the savings in EUR, then you should convert to EUR to minimise FX risk. Use an online currency broker such as Currency Fair so you do not get hit with high FX fees / margins.

    - You are non resident at the moment. You might not be able to open more accounts back in Ireland if you do not have proof of Irish residency.


  • #3
    macade
    Registered Users, Registered Users 2 Posts: 11 ✭macade


    JTMan wrote: »
    Some considerations:

    - You should save money in the currency you are going to spend the money. If you are earning in BRL but will be spending the savings in EUR, then you should convert to EUR to minimise FX risk. Use an online currency broker such as Currency Fair so you do not get hit with high FX fees / margins.

    - You are non resident at the moment. You might not be able to open more accounts back in Ireland if you do not have proof of Irish residency.
    I am not sure yet if I am going to live in Ireland again, but I certainly will visit, as well as other EU-currency countries. I know that you can invest money with private investment agencies in the US even without ever going there. I wonder if that would be the same thing in Ireland.
    Si, JTMan, what's best here? I've seen before that AIB is only there due government intervention and, if that weren't the case, it would be shut down by now. So, is it worth it? How can I make my hard-earned money work for itself? Given that BRL to EUR is a 3.5-1 ratio, I wouldn't be sending much more than 200 EUR monthly. What can I do with that?


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