6% term investment a/c in overseas bank

S

SPUDZ

Registered User
Messages
153
I have an account in an overseas bank...non european a/c and can get 6% interest rate there.
I lived and worked there for a few years, still have the account open and am wondering if it is better to transfer savings there and get a better return than is possible in Ireland.
Any thoughts or tax implications I need to be aware of?
 
Is it a EUR account? If not, what currency is the deposit in?

What bank is the money in?

No Irish EUR account offers 6%.
 
It's a gamble on the fx rate. A higher interest rate suggests higher inflation in the NZD. All other things being equal, the Fx rate will adjust as the relative infation of the currency kicks in.

What you gain on the interest rate you lose on the fx rate. Obviously there are many other factors but these could go in your favour or against.

I'd save yourself the transaction fees and look elsewhere
 
You must log in or register to reply here.
Back
Top