Lump Sum in a Foreign Bank..??

J

JacktheLizard

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Hi everyone.
My wife and I are recently retired and I have approx $150K lodged in an Australian savings account but the exchange rate has been gradually declining versus the Euro in recent years.
I am an Irish resident (and my wife is an Irish citizen) and would like to transfer it here to put in an investment or savings fund, etc. There are so many options being put in front of us that we're at a loss what to do with it.
Would be extremely grateful for any suggestions?
Jack.
 
I don't know if this is possible, but as a starting point could you ask your bank for a Euro denominated account? Similar to sterling bank accounts in Ireland.

That way, you've stopped the rot while you decide what ultimately you want to do.
 
What rate are you getting at present in your savings a'c in Australia, do you need it in the short term, can you keep your current savings rate if you change it into Euro currency while leaving it on deposit in Australia? At present in Ireland you will earn practically nothing in the short term in Ireland on savings.
 
If you don't need the cash now, I would leave it in Aus . Their interest rates are higher than here,and the long-term interest added may compensate for fall against Euro.
Ah, forgot you could be paying 40% of the interest in Irish tax, unless you're income tax exempt.
 
noproblem said:
What rate are you getting at present in your savings a'c in Australia, do you need it in the short term, can you keep your current savings rate if you change it into Euro currency while leaving it on deposit in Australia? At present in Ireland you will earn practically nothing in the short term in Ireland on savings.
Click to expand...

I may be misreading your post - is so apologies - but if you have a foreign currency account anywhere, you will get the interest rate of the currency rather than the "home market" i.e. a EUR account in Australia won't pay AUD interest rates but rather EUR rates. The only possible exception is where a bank has need of a particular overseas currency and might pay higher than market rates. But that's not a frequent occurrence.

So having a EUR account in Australia or Ireland won't matter in terms of income.
 
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