Irish Expat - Offshore Deposit or Irish Account?

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marbar

Registered User
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I'm an Irish expat in the UAE. I don't have a huge amount of savings, but the current difference in AED/USD to Euro (10 year low) means I'm looking to move savings back into euro asap.

I've been looking at Channel Islands etc (don't know why. isn't offshore supposed to make more sense?), but every account seems to have a fee and no interest rate for Euro accounts.

I have a deposit account of what's left of my savings back home in PTSB (2.05% AER), and I shouldn't have DIRT because I'm not tax resident in Ireland.

Is there any reason why I shouldn't transfer what I have back home? (aside from a potential further drop in Euro)

Appreciate if anyone has any advise
 
Can I ask what the account is with PTSB that is earning 2.05% AER. I don't see this rate in the best buys thread.
 
marbar said:
I have a deposit account of what's left of my savings back home in PTSB (2.05% AER), and I shouldn't have DIRT because I'm not tax resident in Ireland.
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Is it a fixed term deposit opened a while ago? Do PTSB know that you are non-resident?

marbar said:
Is there any reason why I shouldn't transfer what I have back home?
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Where are you going to live in the long run? Generally speaking, it is best to keep savings in the currency that you ultimately intend to spend the savings in.
 
I had a look at some of the deposit accounts and you have to be resident in the country to open them. Looks like you're right about the zero interest rate thing. Are there any accounts for a non-resident that you can actually save your money in and get interest rate?
 
clueless said:
Are there any accounts for a non-resident that you can actually save your money in and get interest rate?
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You might be best ringing around the banks. There have been some prior reports here that PTSB allow non-residents with some of their products.
 
The following allow non-residents from my understanding: PTSB, KBC, Bank of Ireland. Ulster Bank used to but their policy may have recently changed in this regard.
 
KBC: Online Savings Accounts: Smart Move Online Demand Account
1.75%* less fees of €24+** per year on €0.01 to €100,000
  • *Rate applies from 2 February 2015.
  • Access: Instant access.
  • Interest paid: Annually in December.
  • **It is mandatory to open a KBC Current Account in order to be able to open this account. A KBC current account will incur fees of:
    (1) €24 per year in maintenance fees, plus
    (2) ATM fees of 30 cent per transaction or free if you maintain a balance of €2,000 each and every day,
    (3) Government levy of €5 per year if you make use of the ATM / debit card and
    (4) Potentially [broken link removed] depending on usage.
  • Ability to ‘sweep’ any excess funds from your KBC Current Account each month.
  • Deposit Protection: €100,000 via Irish Deposit Guarantee Scheme.
Does anyone know what the highlighted line means?
 
clueless said:
Does anyone know what the highlighted line means?
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It means an automatic wire from your current account to your savings account. For example, your instruction might be to sweep / move all balances over 2,000 EUR from your current account to your savings account on a fixed date each month.
 
Thanks for that. That sounds good. At least you would be getting some kind of interest on the money rather than have it sit in the current account.
 
I've just seen a catch. You need to have a current account with them but must be resident in ireland to do it so I don't think it would suit you.
 
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