Holding foreign currency physically - mad?

C

Calico

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Hi All,

I never thought I would be posting such a question, but with all the talk of eurogeddon etc., I was wondering people's thoughts on holding foreign currency physically. Ideally, I would travel to Belfast and open a sterling account up there, but should the euro collapse, I don't see any account held in the name of someone with an Irish passport/address or even gold accounts being safe. Is it crazy to consider holding foreign currency physically or in a safe/safe deposit box? Apart from not earning interest, and the general safety issues, is it a ridiculous idea? How easy would it be to convert a five-figure sum from euros to a foreign currency? Is it just a matter of going to AIB or BOI? If not where would you get the best rate for making such an FX exchange physically?

Calico
 
You can open a sterling or dollar account in aib.
Then transfer from your euro account to the dollar account at that days dollar sell rate offered by aib, only other charge is an 80cent electronic transaction charge.
Not so sure that the dollar balance could be impacted by a euro crash.
If that were the case we may start the barter system again as no currency is worth holding, maybe I'm wrong but I could not see other currency accounts being pillaged. That would impact many businesses here and be very anti business.
 
I dont think you are mad at all, as long as you choose the correct currency ( i would choose several to spread the risk) and you have a good place to hide it.
 
Why hold currency?
Why not consider holding items of long term value instead? (ie, spend your money before the Euro collapse, or the tax man gets hold of it)
That way you know you will get value for money.
 
Have you got any suggestions umop3p!sdn as what you would call items of long term value? there was a time when I tought my small investment (pension plan) property was a item of long term value! Very hard to know what is goin to be worth anything the way the world not just europe is going
 
Agree with Bigmc re. items of long-term value.

There is a lot of advice about opening up foreign bank accounts, particularly sterling accounts in NI, but it seems to me, that if the euro collapses, the govt. in cooperation with other government (e.g. David Cameron) could just start ruling by decree. So no matter how clever you are in opening up foreign accounts etc. you will still end up with Irish Pounds.

The question now, is which currency is least vulnerable in this unfolding mess? 3 months ago, many would have said the Swiss Franc, but that has turned out to be wrong. I have no idea.
 
I think that going from Euro to Sterling is not a good move. Sterling as arguably more flawed than the Euro. Your best bet is to spread across multiple currencies and precious metals. Also consider stocking up on non-perishable items.
 
Beans, that's an inspired idea.
That's all we will all be able to afford when this is all over, so you'll truly clean up!
 
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