$AUD deposit account

[Troy McClure]

Investec have a range of $AUD deposit accounts. They say you will pay DIRT and not the higher non EU tax rate on interest. However in the event of a Euro collapse you are in $AUD even if your money is actually in Ireland.
Is there anyone who is an expert on deposits who can say if this is possible, as it sounds the best of all worlds for those who want to move some funds into Australian dollars.??

 

[Gervan]

I'm not an expert on deposits, but am about to move my AUD$ from Ptsb to Investec, becuase of higher interest rate, and UK bank guarantee rather than Irish.
Minimum deposit AUD$ 20,000.
If you already have an account with them, opening another is very easy.

 

[Lightning]

If Irish domiciliated EUR gets converted to An Punt Nua, non EUR deposits will not be converted.

Investec does seem like the best option for AUD deposits.

 

[Troy McClure]

If Irish domiciliated EUR gets converted to An Punt Nua, non EUR deposits will not be converted.

Hi Ciaran, Is this a fact though. I was in contact with them and they could not say this for sure. The fact that funds are in Ireland and come under regulation here, subject to DIRT has me asking the question. Who can say what the legal position would be in the event of an EU break up with such funds held here. If Investec cant say so then who can.?

Would like to know 100% that if I go to the trouble, that it can only be changed by me. Otherwise it would defeat the purpose for me anyway.

 

[Lightning]

When we converted from IRP to EUR, the only deposits that were converted were IRP deposits. GBP/SEK/TRY etc etc were not touched.

I think it is inconceivable that the Irish government could mandate the conversion of non state currency into new state currency.

The Irish government has no right to say how much SEK/TRY/GBP etc etc etc is worth. They are not legal tender inside Ireland.

Also, it would be a logistical nightmare to define a value for all the world's currencies versus new legal tender.