F
FromAbroad
Guest
Hi All,
I have recently moved to Australia, where I intend to stay for the foreseeable future (2-3 years). However, I currently have approximately 15,000 in savings sitting in a Rabodirect account. I had it in a fixed deposit account which expired a few months ago, and was reluctant to re-invest until we got on our feet here (just in case money!)
I am looking at several options in terms of what to do with the savings
- Invest in a term deposit account in Ireland at a rate of approx 3-4% based on the Best Buy thread. The rates provided by Rabodirect are not particularly attractive at the moment. However, from what I've read, many of these accounts would require me to be resident in Ireland to open them? Also, if I did open an account, would I be able to reclaim the DIRT as a non-resident?
- Transfer the money to an Australian account. I can get a good exchange rate with OzForex (I'll lose approximately 200 euro on their rate versus the actual market rate). I can then get a fixed term deposit rate of approximately 5-6% with an Australian bank. Also, the interest rates have started to move here, which will probably cause the Aussie dollar to strengthen further and deposit rates to move slightly. Hence, if I go down this road, I'd like to do so quickly before the rates worsen.
Anyway, ideally, I'd like to see if I could open an Irish account, as it will remove the exposure to currency fluctuations and costs of transferring etc etc.
I'd appreciate any advice that might be available.
Thanks in advance
I have recently moved to Australia, where I intend to stay for the foreseeable future (2-3 years). However, I currently have approximately 15,000 in savings sitting in a Rabodirect account. I had it in a fixed deposit account which expired a few months ago, and was reluctant to re-invest until we got on our feet here (just in case money!)
I am looking at several options in terms of what to do with the savings
- Invest in a term deposit account in Ireland at a rate of approx 3-4% based on the Best Buy thread. The rates provided by Rabodirect are not particularly attractive at the moment. However, from what I've read, many of these accounts would require me to be resident in Ireland to open them? Also, if I did open an account, would I be able to reclaim the DIRT as a non-resident?
- Transfer the money to an Australian account. I can get a good exchange rate with OzForex (I'll lose approximately 200 euro on their rate versus the actual market rate). I can then get a fixed term deposit rate of approximately 5-6% with an Australian bank. Also, the interest rates have started to move here, which will probably cause the Aussie dollar to strengthen further and deposit rates to move slightly. Hence, if I go down this road, I'd like to do so quickly before the rates worsen.
Anyway, ideally, I'd like to see if I could open an Irish account, as it will remove the exposure to currency fluctuations and costs of transferring etc etc.
I'd appreciate any advice that might be available.
Thanks in advance