Investing Abroad

L

logonmar

Registered User
Messages
5
I have circa 150k to invest (retirement lump sum plus savings) and it is currently spread among a few Irish banks & the Post Office so is therefore covered by our Government guarantee.
Unfortunately I fear that Ireland has very real potential to default on its debts over the next few years so therefore would prefer if I could move bulk of this money to a safer environment in a foreign country.
Questions
1. Can one legally put money into a German or Dutch Bank through their foreign branches (e.g. not simply using Rabo through Irish operation). If so, how can one do this without going abroad with a suitcase of cash?!!
2. HSBC have a product (Stockmarket Linked Savings Account) that I'm interested in but they don't have a branch in ROI.
Does anyone know if an ROI citizen can invest in this product. I would be prepared to lock in my money until 2014 as is a requirement in this product (can't post URL as I don't have the required 15 posts to allow me post a URL)

I'm prepared to leave some money in the Post Office but really want to cover a doomsday situation so would like to think that I'm not totally at the behest of our politicians considering their track record to date!
 
If you are seeking HSBC in Ireland, here are the details:

HSBC Ireland - Head Office
1 Grand Canal Square
Grand Canal Harbour
Dublin 2. phone: no +353 (0) 1 6356000

You can legally move your money anywhere you like. \there are no exchange control regulations in this country an longer.
 
Your best bet is to ring some foreign institutions, either their offices here (if they have any), or directly in the countries. You will not need to go off with a suitcase full of money, and a euro transaction will not cost any more to send abroad than it would domestically.
One of my foreign accounts is with Keytrade Bank in Belgium. They are a bank and stock brokerage, but you can just avail of their savings account if you want. It was very easy for me to set up at the time. Offshore accounts are very common, especially in Switzerland, so I don't see there being much of a problem for you.
 
Many thanks for your feedback & am delighted to hear that it should be quite straightforward to move deposits off shore.
In terms of offshore banks if anyone has suggestions would welcome them (will definitely investigate Keytrade as mentioned by Chris
 
Remember that this is your money and nobody or institution has any rights to it. And most important is that anything that looks to good to be true, normally is.
 
Product I was interested in with HSBC not available outside UK & Northern Ireland.
Looked very attractive as conditions are:

  • The product matures on 7 February 2014. Within two Business Days of this date, your deposit (less any withdrawals) will be available for your further instructions. The amount available will be either your original deposit plus 18% gross interest (if the FTSE100 has at least stayed the same after final averaging), or just your original deposit and no interest (if the FTSE100 has fallen after final averaging). No interest is payable during the term.
  • You can invest anything above £3000 (lump sum only). This product is not available as a regular premium version.
  • You can transfer in your previous tax years' cash ISAs if you wish (this can only be done via a postal application).
  • If you cannot leave your money in for the full 3.5 years, you should not choose this product. If you make withdrawals before the end of the fixed term you could get back significantly less than you put in.
  • The Terms available will be the same whether you purchase direct from HSBC or through a financial adviser.
  • The FTSE 100 Index may fall (after final averaging) over the fixed term and you will not get any interest on your savings. Although you will get your money back, inflation will reduce the amount you can buy with this amount.
Pity as was prepared to run risk of FTSE 100 Index not rising if offered a potential rate of 4.84% AER
 
You must log in or register to reply here.
Back
Top