Wrong forum what is a safe cash currency

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K Murphy

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I was wondering should I take my euro savings out of the bank and buy some foreign currency and put it in a safe.
The savings which I have slowly put away are for my childrens education and although they wont be needed for another 6 years they need to be 100% secure as I have no other collateral whatsoever to pay for their college fees when the time comes.
I do have access to a secure safe so I would consider buying some swiss francs, aus dollars or brazilian and hoarding them till I need them.
Can anyone help me as to what I should do as I have no faith in the euro
 
I have had the very same thought & was wondering the same. Surely this is for the most part a lower risk situation than holding money in the banks at present. If Ireland exits the euro and converts to a devalued Punt Nua I would have my Singapore dollars/canadian dollar/jap yen to convert at a strong exchange rate. If the exit from the euro never comes to be I would still have my currency and unless the Euro makes a mega recovery (and I personally am doubtful of that) then my currency would have held value. I have made enquiries to Permanent TSB who said their commission is 1% up to a maximum fee of 6.25 per transaction with no uppermost limit on how much currency I can buy. If it is a large amount however I would need to give a week or two notice. Any ideas/opinions appreciated.
 
Happy Girl said:
I have had the very same thought & was wondering the same. Surely this is for the most part a lower risk situation than holding money in the banks at present. If Ireland exits the euro and converts to a devalued Punt Nua I would have my Singapore dollars/canadian dollar/jap yen to convert at a strong exchange rate. If the exit from the euro never comes to be I would still have my currency and unless the Euro makes a mega recovery (and I personally am doubtful of that) then my currency would have held value. I have made enquiries to Permanent TSB who said their commission is 1% up to a maximum fee of 6.25 per transaction with no uppermost limit on how much currency I can buy. If it is a large amount however I would need to give a week or two notice. Any ideas/opinions appreciated.
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In spite of all the financial difficulties, the Euro has proven itself remarkably robust from a exchange rate point of view. It is still well ahead of sterling and the dollar, both of which have dropped considerably against the Euro over the past 2-3 years.

If you are talking about putting cash in a safe, then Ireland exiting the Euro will not be an issue - the €50 notes you have in the safe will still be €50 notes (i.e. not "Punt Nua").

Incidently, the chances of Ireland withdrawing from the Euro are practically nil, as are the chances of the Euro 'failing'. Its one of those things where once done, its almost impossible to revert. Remember, a currency is not an economy and its economies that are failing.
 
csirl said:
......If you are talking about putting cash in a safe, then Ireland exiting the Euro will not be an issue - the €50 notes you have in the safe will still be €50 notes (i.e. not "Punt Nua")....
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Thanks for your observations csirl. No I would be putting Singapore&/canadian$/yen etc. in the safe so therefore if there were an exit from the Euro to a devalued Punt Nua then my money in the safe would increase in value.
 
Another possibility might be the AUD $ or maybe research the NZ $. You are also exposing yourself to FX risks. So maybe spread it around a bit.
 
onq said:
What about the Swiss Franc?
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Now linked to the value of the Euro by the Swiss Govt, supposidly one of the reasons that UBS trader lost billions.

there is no such thing as a safe currency, every investment carries some risk and cost, be it trading costs, or loss in value over time due to inflation
 
What a number of my clients have done is invest in stable publicly quoted businesses that have shares issued in the safe"r' ccy. This gives an income and some hope of a gain. So if u fancy the Norwegian Kroner u might buy into their oil company, or Nestle if u fancy the chf

The down side is that the transaction costs require chunky tranches
 
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