Non-sterling savings (how to avoid hyperinflation)

gunnaknow

I'm not sure but I think that the charges that apply are 0% for transferring money into the account (in some instances), 0.4% for tranferring money out, 2% for foreign exchange transactions, plus about 50 euros in total for other charges.

I think that you might be able to get a better rate for the foreign exchange transactions in the UK, so you should probably convert your sterling to euros with your UK bank before transferring. It might also be better to transfer the money back to the UK in euros, before changing it into sterling in the UK. You might possibly get an exchange transfer charge of 1% that way, rather than 2%. If you did this, the only charges from the spanish account would be about 50 euros and 0.4% when transferring money out, I think. You should call them to find out for sure. They have a UK customer service line.

gunnaknow

Deleted post.

gunnaknow

gunnaknow wrote: »

If you don't mind investing in an Irish bank then First Active's demand bonus account has a decent rate. It is available to non residents of Ireland, unlike most of their other accounts.

http://www.firstactive.ie/savings/demand_bonus/index.aspx

Fitch downgraded their long term issuer default rating in October though. Many other Irish banks have recently had, or are due to have their long term issuer default rating downgraded.

http://www.fitchratings.com/corporate/ratings/issuer_content.cfm?issr_id=80360046&grp_typ_id=4&mm_id=&sector_flag=3&marketsector=1&detail=

Strike First Active off of the list. I just called them and the only way to open and access any of their accounts is by visiting one of their branches, in Ireland!

MiserlyMartin

climbgirl wrote: »

Not necessarily. The Australian economy relies heavily on mining and minerals and they have a large proportion of certain commodities in these sectors. While it is a fairly mature industry, a lot of mining companies are looking to countries like Australia more and more as developing countries become increasingly difficult to do business in (look at Chavez' recent upheaval to the oil sector by way of example).

They're actually reasonably well insulated from the global downturn, more so than the UK. Not entirely insulated, but won't be hit quite as hard. Interest rates are falling, but they started from a much higher base than in the UK so returns are still much better there than they are here.
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I stand corrected but am still nervy about its prospects. It has got a HUGE housing bubble. Ok it has more industry than the UK but its still worrying.

MiserlyMartin

Surely the most important thing to take into account when picking these accounts is the exchange rate you get when paying money in/out and if there are any charges for these services and others. Does anybody know how the accounts compare?

aliblack9

for me, I will aviod HI by planting stock in Uranium. Why??? simple ; supply will be acute between 2009-2014, that coupled with increasing demand- potential 4-10 digtit increases in oil and gas HI. I believe that The US & UK gov. cannot pay back the debt. Eg US over leveraged 5:1, even if they taxed population 100% income tax, I believe they still cannot repay debt. Also they cannot afford to let deflation take hold, because their debt increases, the other option is to go bankrupt....and lets get real that's no a real option!.....so they will print money eventually, my guess is to start in 2010, however they could get away with it for a few years with some additional smoke and mirrors. U will be the major energy of 21st Cent. Its going to be a rough ride so HOLD onto your HAT.v

Do your own DD

Ali Black

janolsen

Deposits in Luxembourg are insured for 100% of 20,000 euros. Advanzia being Luxembourg-based appear safer than Iceland, foreign clients of Icelandic banking entities in Luxembourg suffered zero losses within the 20,000 euro limit when these banks collapsed.

Above 20,000 euros you'd have to assess the bank itself, which is not so easy. The bank has most of its clients in Germany and charges 25% interest on their credit cards, allowing them to pay 5.4% to depositors and still have some margin left. Several German banks have rates above 5%, while French and Austrian banks are all below 5% - so competition is likely the reason for the rate level.

The bank has about 200,000 clients and was incorporated in 2005.

jago25_98

Offload anything you can to barter.
You can take this especially far with a business.

Join a local LETSystem:
http://beehive.thisisdorset.co.uk/default.asp?WCI=SiteHome&ID=4248

or timebank:
http://www.timebanking.org/

See if you can be paid in something other than Sterling. A mix would be ideal.
What is frustrating is that I those I know who work outside the UK, thier only options of payment are £ and $. Not gold, or Rupees.

I know it may seem mickey-mouse but timebanking helped Switzerland through the war, saving many lives.

Lansdowne

Is that a general observation, or a suggestion to answer a question posed >6 months ago?

jago25_98

It's directed at the 6 month old question, yes.