# Moving deposits offshore



## griswold (28 May 2010)

I'm getting a little concerned that I should move my main cash deposit off shore in case ireland leave the euro and develue overnight.

Any advice on the best/safest/easiest Isle of Man or German (or where ever) accounts?

The sum would be a few hundred thousand.


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## george.shaw (28 May 2010)

All paper currencies are going to come under pressure in the coming years and few if any will retain purchasing power. Should consider having an allocation to gold bullion and store it in Switzerland. Does not get much safer than that.


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## corbally61 (15 Jun 2010)

*Foreign deposits*

Given the current uncertainty ,and if one wanted to  buy eg German bonds or transfer money to a different eurozone country, is this possible and how can this be done?


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## Lightning (15 Jun 2010)

Yes, it is possible to transfer funds to another eurozone country, if the bank in another eurozone country accepts non resident accounts, which many do. 

There is a good list of offshore accounts here:


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## pat k (15 Jun 2010)

even gold is relevately expensive right now what happens if somehow A MASSIVE GOLD RESERVE IS DISCOVERD in the comming years too risky for me ,by the way if you buy gold you dont even see the gold you get a cert to the value of the gold you invest in


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## Chris (16 Jun 2010)

pat k said:


> even gold is relevately expensive right now


gold is relatively expensive only when compared to prices a year or two or three ago. It is relatively cheap when compared to it's inflation adjusted high of the 80s, and when compared to the amount of money being printing in EU, UK, US.



pat k said:


> what happens if somehow A MASSIVE GOLD RESERVE IS DISCOVERD in the comming years too risky for me ,


gold, unlike oil, has been mined and prospected for millenia. I have more faith in the existence of Santa Claus being proven.



pat k said:


> by the way if you buy gold you dont even see the gold you get a cert to the value of the gold you invest in


While there is a risk with certificates, you can greatly reduce that risk by storing with the Perth Mint. Or you could always buy physical gold.


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## Savvy Row (17 Jun 2010)

Again and again and again the question is asked - but it is never definitively anwered! The question is - if I have a deposit account in Ireland with a foreign owned bank (like Rabo or NIB or Northern Rock), is my cash safe in the event that Ireland (a) goes bust and (b) leaves the Euro?

Does anyone know have the answers?


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## Chris (17 Jun 2010)

Savvy Row said:


> Again and again and again the question is asked - but it is never definitively anwered! The question is - if I have a deposit account in Ireland with a foreign owned bank (like Rabo or NIB or Northern Rock), is my cash safe in the event that Ireland (a) goes bust and (b) leaves the Euro?
> 
> Does anyone know have the answers?



I don't think you will get a definitive answer on this. Even if you did get something, even in writing, from a bank or even the Irish regulator, I would say that all bets are off if it came to default or Ireland leaving the Euro.
Governments also resort to extreme measures in bad times, and I wouldn't put it past them to turn to confiscation of assets.


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## Daithi7 (28 Jul 2010)

Has anyone looked into moving money into countries (& hence currencies) that are paying high interest rates? For instance deposit interest rates in AUD are running at about 6.4% at the moment, which is 1.8 times the euro equivalent. I realise that there is a currency risk but aside from that what do people make of this strategy???

For AUD rates check out infochoice.com.au


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## voodoobazza (3 Aug 2010)

I have moved cash to MacQuarie Bank cash management Trust in AUS, however I had an active account with them since I lived there years ago. I recently looked at currencies that were backed by strong mineral and oil reserves and Norway, Canada & Australia came out top for decent rates for deposits. All these currencies can be invested in by setting up an offshore account the RBC in Jersey. The only issue here is the fee for a custody account is 1000 sterling per annum..........


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## serotoninsid (2 Sep 2010)

Daithi7 said:


> Has anyone looked into moving money into countries (& hence currencies) that are paying high interest rates? For instance deposit interest rates in AUD are running at about 6.4% at the moment, which is 1.8 times the euro equivalent. I realise that there is a currency risk but aside from that what do people make of this strategy???
> 
> For AUD rates check out infochoice.com.au


I tried to do this but the .au bank said I had to be resident.  Is this the case in with ALL .au banks?


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