Investec Australian Deposit Account?

[cork]

Did anybosy hear about an Investec Australian Deposit Account?

Is the deposit held in Aussie dollers?

Does it come under a gaurentee scheme?

 

[Lightning]

Yes.

Yes, it is in AUD.

AUD equivalent of 100,000 EUR is covered by the UK guarantee.

 

[nansus]

I have had an account with them but, I closed it.
The account is in Aussie dollars but, Investec have a big buy /sell spread so, you will lose in conversion back.
Also, it is 30 day notice so you have no way of knowing the conversion rate when you wish to withdraw.
Nansus

 

[Lightning]

Could you withdraw in AUD rather than EUR ? then transfer the AUD to a currency broker and convert back to EUR ?

 

[Gervan]

Or open a AUD account with Ptsb, transfer the funds in there atmaturity, and wait till the exchange rate suits you.

 

[nansus]

Could you withdraw in AUD rather than EUR ? then transfer the AUD to a currency broker and convert back to EUR ?

Not too sure about that.

It was something I didn't think of.
I was more concerned about the exchange rate 30 days in advance.

 

[mcriot29]

what the rates

what there rates how does this work for tax etc when its brought back into ireland

 

[Lightning]

what there rates how does this work for tax etc when its brought back into ireland

Huh? You need to declare your foreign interest income with the Revenue.

 

[Gervan]

But it isn't really foreign investment income, if deposited with Investec. They will deduct Dirt before apying you interest.
There could possibly be a Capital Gains tax liability. You start with x euro, turn it into AUD. If when the account matures you get 2x euro, you've made a gain.