R
This should be a simple question. In these strange times it is far from simple.
After thinking about all the concerns that I am aware of, or have seen raised on AAM, your best option in my opinion is to put the money on deposit in the UK in sterling. Using a UK address if you can.
This does expose you to a currency risk, which I would not consider appropriate for your situation in normal times. These are not normal times and keeping your savings in sterling is not a foolhardy thing to do. The possibility of a currency gain exists as well as the possibility of a currency loss.
London is going to be one of the worlds great cities for the rest of your lifetime and is a responsible place to put your savings.
I still cant find it in my heart to welcome the Queen!
Would there be any particular UK banks that you would specifically avoid or any that you would specifically recommend?
The UK govt guarantee is reliable, (unlike the Irish govt guarantee which, the Irish govt is unable to make good without outside support). Within the limits of that guarantee, all UK banks are the same.
Beyond that HSBC is probably the strongest on its own merits.
O.K. So do I get in my car and drive to Newry with a small amount of Sterling to open my account and then do a bank transfer in Sterling when I get home.
O.K. So do I get in my car and drive to Newry with a small amount of Sterling to open my account and then do a bank transfer in Sterling when I get home. I am not sure if my own bank (Ulster) offers great FX rates of exchange. How else can I transfer a largish sum of money to a U.K. bank account as I am not known in any other bank so they won't exchange my personal cheque for a Sterling draft. Any step by step advice?
If you only have 40K and you deposit it in an irish bank that is covered by the Irish deposit guarantee scheme then I believe you should be fine, this is guaranteed by the central bank which is propped up by europe.The goverment guantee is a different thing which I dont believe is as strong.
hi ciaran
the guarantee is for 100k, thats my poin reallyt, why are we telling a man with 40k to put his money offshore
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