# How is it going with the movement of your savings abroad?



## Godfather (29 Sep 2010)

Hi, today I moved some money but I didn't specify "same day transfer" so when I called back they told me that noon was passed and that they can make a "same day transfer" the day after. 

I'm now waiting for the other money to arrive to my current accounts in order to send them away.

What about you? How is it going with the movement of savings abroad or the opening of accounts abroad? I read some people were opting for the belgian bank or Barclays France. How's it going?


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## Happy Girl (29 Sep 2010)

I have taken savings out of local credit union & transferred to new Easy Access account with Nationwide (UK) Ireland. Also ceasing regular saver with Ulster Bank (previously First Active) & contributing that amount to Rabo Savings Acc. instead. Have just opened Keytrade Account (Belgium) and when my Irish Nationwide 1Year bond matures at end of Oct its going into that. The bottom line is that I do not have any confidence in the Government Deposit Guarantee Scheme and a bit of diversification gives me a "little" more peace of mind.

Was in touch with Barclays Bank in France and it appears you can only open a current account with them as a non resident.


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## Happy Girl (8 Oct 2010)

truthseeker said:


> Have a substantial sum in An Post Certs that I do not want to move unless necessary - am waiting things out a bit before touching them.


 
Truthseeker can I ask why with your An Post Certs you are waiting things out while make relatively firm plans to move other savings. Would An Post Certs surely not be "less liquid" in that it would take at least 7days to get access to your funds if there was a default and also surely your Certs much be at much risk than other savings given that they are 100% govt owned. Just I am in the same situation and have application at home to withdraw certs and am still a little uncertain as to what to do.
[broken link removed]


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## truthseeker (8 Oct 2010)

Happy Girl said:


> Truthseeker can I ask why with your An Post Certs you are waiting things out while make relatively firm plans to move other savings. Would An Post Certs surely not be "less liquid" in that it would take at least 7days to get access to your funds if there was a default and also surely your Certs much be at much risk than other savings given that they are 100% govt owned. Just I am in the same situation and have application at home to withdraw certs and am still a little uncertain as to what to do.
> [broken link removed]


 

Yes I agree with you - the reason for my hesitancy is just the size of the return pure and simple. 

Im very uncertain - I deliberately got the An Post Certs with the belief that it was the 'best' thing I could do with my money in terms of a return. 

The rest of what Im considering moving would float me for a year or so in a worst case scenario - so I suppose Im just thinking of having a safe cushion outside of Ireland.

But as for An Post - I just dont know.


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## wbbs (8 Oct 2010)

HG  its not that it took 10 days for the funds to hit the other account, it was because I could only transfer 5k each day so had to dripfeed it.   Now if there was some clampdown on transfers out of Irish banks then how would you get money out fast if limited to 5k per day with AIB.  Just wondering am I missing something?


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## Ask the dog (8 Oct 2010)

I have an Internet savings account in the Netherlands. The interest rate is relatively low (2.1%) but you can deposit or withdraw at any time without penalty once the balance is kept above 20K. There is no fixed term period. 

The hard part is that you need to have a current account in the Netherlands in order to service the Internet savings account and opening a current account in the Netherlands is not straight forward.
You need to get a Dutch PPS number (BSN mumber) to do so.
The get a BSN number you must have proof of permenant address or a rental agreement. If you can find a way around this problem then the application process is quick and straight forward and only takes a day.

Selecting a Dutch bank should be done carefully as many have been given government assistance due to liquidity problems the past 2 years. (e.g. ING, ABN AMBO).

I do not see any point in panicing about the safety of my deposits in Ireland yet. I think they are safe for the next 6 months or so. However, I think that it is worth having some sort of safe haven in place just in case things deteriorate later next year - 2011.


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## Lightning (9 Oct 2010)

dewdrop said:


> Has what happens when you die been considered when opening foreign bank accounts?



Most/all banks in European countries would have procedures in place to deal with transfer of deposits to the estate of the deceased.


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## Bcommercial (17 Oct 2010)

Lamps said:


> This means ill have to send 5k per day from my Rabo account to my AIB account and then to my keytrade account.
> 
> Not exactly ideal....
> 
> You must mean only 5K per day by online transfer? Surely you can transfer as much as you like when you call personally to your AIB branch...transfers up to and including €50,000 are possible in euro to other EU euro areas without incurring any charges.


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## Lightning (18 Oct 2010)

Lamps said:


> This means ill have to send 5k per day from my Rabo account to my AIB account and then to my keytrade account.
> 
> Not exactly ideal....
> 
> You must mean only 5K per day by online transfer? Surely you can transfer as much as you like when you call personally to your AIB branch...transfers up to and including €50,000 are possible in euro to other EU euro areas without incurring any charges.


 
Yes, you can pop into an AIB branch and transfer more than 50,000 EUR.


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## Johnny Euro (2 Nov 2010)

About to open a bank account with Barclays Bank in France. They currently have a promotional offer called Barclays Premier Life. They pay 5% for  first 3 months and thereafter 1.8% gross (AER) on a demand deposit account. As non-resident there are no deductions, interest paid is declared by yourself in Ireland. This seems to be the best offer I can find in France, no fixed term deposit accounts available. I transferred my money into France last Friday and currently in France myself. 
Any comments on above or on Barclays Bank??


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## Bcommercial (6 Nov 2010)

colmm said:


> Hi, Just woundering if anyone here has checked out opening a deposit account in Germany and how easy it is to do?


Check out this link. Same procedure would apply for opening any bank a/c in Germany
http://www.thepropertypin.com/viewt...edc7873f5453a9c4110fd484d095&p=444565#p444565


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## galleryman (12 Nov 2010)

@ JOhnny Euro



Johnny Euro said:


> About to open a bank account with Barclays Bank in France. They currently have a promotional offer called Barclays Premier Life. They pay 5% for first 3 months and thereafter 1.8% gross (AER) on a demand deposit account. As non-resident there are no deductions, interest paid is declared by yourself in Ireland. This seems to be the best offer I can find in France, no fixed term deposit accounts available. I transferred my money into France last Friday and currently in France myself.
> Any comments on above or on Barclays Bank??


 
Hi Johnny, I am very intertesed in this option. Can you tell me any more about the process, any contact over there (email address etc) that you could pass on.

Thanks


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## Westgolf (14 Nov 2010)

on a related note, has anyone considered a euro account in a swiss financial institution ?

Westgolf


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## Bcommercial (14 Nov 2010)

Westgolf said:


> on a related note, has anyone considered a euro account in a swiss financial institution ?
> 
> Westgolf



Why euro a/c?


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## Westgolf (14 Nov 2010)

*Moving savings abroad - switzerland*



Bcommercial said:


> Why euro a/c?



Hi Bcommercial,

I'm thinking of a euro account to remove the prospect of currency exchange losses wiping out any interest earned on the lump sum.  I'm considering the idea as a safety issue for my funds and not as a revenue stream due to the need to declare any interest earned to the revenue,

westgolf


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## Bcommercial (14 Nov 2010)

@ Westgolf

If thats your only reason and the money is staying in euro then surely there's no difference between a euro a/c held in Switzerland and one held in any other eu state, except that it's much easier to open a euro a/c in say Germany than in Switzerland. Don't forget, the currency risk can also work both ways, and your euros could be quietly depreciating away into the future while say the Swiss Franc might be retaining it's value or increasing.


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## Westgolf (15 Nov 2010)

Bcommercial said:


> @ Westgolf
> 
> If thats your only reason and the money is staying in euro then surely there's no difference between a euro a/c held in Switzerland and one held in any other eu state, except that it's much easier to open a euro a/c in say Germany than in Switzerland. Don't forget, the currency risk can also work both ways, and your euros could be quietly depreciating away into the future while say the Swiss Franc might be retaining it's value or increasing.



Well, to be honest the idea of a swiss account came from the point of view of a worst case scenario, where a knock-on effect ,if you will, places a level of investor uncertainty about other european economies and their banks. The relative independance of the swiss system i.e not so closely linked with the euro as to suffer from its ills was what drew my attention originally. The option of holding funds in a swiss institution in euros was a bonus when thinking of avoiding currency exchange losses. 

To be honest I had not considered the scenario where the swiss franc increases in value against the euro.

Time to put the thinking cap on again I guess 


Westgolf


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## onekeano (16 Nov 2010)

Alfatronic said:


> Is everyone happy with Keytrade so far?  Any teething problems?  Have been transferring savings over the last week or so (from Rabo to BOI to Keytrade) and, apart from BOI trying to get me to lock up my money with them, everything seems to have gone smoothly.  Think I just want someone to reassure me that I've done the right thing!!!



Can I just ask why you are moving from Rabo - I', with them and I thought the were compeltely secure? In fact I was thinking of moving some funds from BOI to Rabo this week.... am I missing something?

Roy


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## Alfatronic (17 Nov 2010)

I still have most of my money in Rabo - transferred some to Keytrade in case of Ireland leaving the euro.


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## Bcommercial (17 Nov 2010)

Guys, you are aware that if Ireland were ever to leave the euro (hopefully not), but if ever, we would be the last to know, and since Rabo don't facilitate offshore transfers the delays would be excessive.


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## zenzen (17 Nov 2010)

I am a bit confused about this subject, is Rabo bank considered a foreign bank and is there tax implications to moving my savings to them? I have a relatively small amount of savings but am very very nervous it will be lost, its currently in a 21 day notice account in ptsb and I want to move it somewhere secure.


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## Bcommercial (18 Nov 2010)

damson said:


> Quick question for someone who's opened an account with Keytrade: Is an ordinary photocopy of passport ok, or does it need to be certified by someone? And what did you send as proof of address: utility bill/bank statement?



Ordinary photocopy of passport (inside & out), and utility/bank statement suffice fully.


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## TripleAceIRL (25 Nov 2010)

did anybody try this? 

barclayswealth.com/international/savings.htm

any comments please? Thank you.


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## chewchew (25 Nov 2010)

Thanks galleryman I'll give them a buzz tomorrow

@Troy: Good point about currency fluctuations. I am thinking of moving the money to the UK mostly because I can easily travel up North to open the account, someone here told me that NI banks will allow people with addresses in the republic to open accounts. Is that the case with Germany and France also? Are there any French or German banks that will allow you open an account online and without presenting yourself at one of their branches?


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## superhooper (26 Nov 2010)

How about putting some deposits into to a Swiss bank? Any suggestions?


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## damson (26 Nov 2010)

Troy McClure said:


> I was going through France recently and opened a savings account in an hour with passport and tax clearance cert. They prefer you to make an appointment first normally.


 Hi Troy. Can you tell us the name of the bank that allowed walk-in account opening like this? Is it a non-resident account or have you connections in France that would have facilitated the process?
Thanks.


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## farmerette (26 Nov 2010)

chewchew said:


> Can somebody explain to me the cost associated with moving a large some of money from an Irish bank in Euros to a UK bank in Sterling?
> 
> I have €100,000 I'd like to deposit in a UK bank. According to xe.com 100k in Euros is £84,741, but how much of that can I expect to pay in currency conversion charges etc?


 
check out this website for todays market rate , your local bank is likely to be a few points below the market

an alternative is to go through this crowd

http://www.knightsbridgefx.com/


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## Troy McClure (27 Nov 2010)

It was Societe Generale bank in France. It is a non resident account which means you have to sort your own tax out on this side in respect to interest earned.
I have no connections but speaking some French helps and I just used my address in Ireland. However if thats not the case I would just call up a large branch and ask do they have someone who has some English and explore options with them. 
I needed passport and Irish tax clearance cert (attainable from revenue.ie) and forms need to be signed. I dont see why this could not be done through correspondance. Might take longer but if you cant go over it's an option. If you can take in a weekend in Paris and visit a bank on the Saturday morning then make sure you make an appointment first.
As for Swiss bank I believe there is more higher tax rate for outside EU not to mention those currency flucations.


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