In Australia - Savings in Ireland

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

Hi FromAbroad found this link.....it might help. Sorry could not copy it direct from the BOI site.
www.bankofireland.ie/html/gws/help/faqs/accounts/index/html

what i would recommend would be to transfer the funds into an aussy bank but using a currency specialist to watch the market for you getting you out at the right time, as the interest rate is Australia is looking like will increase another 0.5%.

200, thats sounds pricey,
try transfermate.com , they are in oz and ireland and would be cheaper,

Agreed, that you are better to transfer to an AUD savings account, where you will get a much higher rate.

Obviously, you take on the AUD EUR exchange rate risk.

Thanks all for your help. I might look at moving it across so, and see what the best exchange/transfer rate available is. There's talk of the base rate here moving to 4.25% by middle of next year (from just 3% just over a month ago). The fact that I anticipate I'll be here for a few years means I'll be in a better position to manage it if it's in Australia.

Thanks again

If you are looking to transfer it to oz , be very careful it always pays to compare the exchange rate with a few companies to make sure you get the best rate

if you want any more info feel free to pm me