How many people are moving their savings abroad?

newsaver2008

My brother and sister-in-law were icesave veterans. Having not learned their lesson from that debacle, they are still looking to put their money offshore. I can understand their rationale; my brother having lost his job and they have a son. Who in this forum have decided to send their savings abroad and to where?

tradetime

I had some money in an Icesave fixed rate account, and also have some money in an ICICI fixed rate account. I wouldn't really class that as "moving my savings abroad" though. In hindsight Icesave was a mis-calculation on my part given the compensation provision (ie; passport scheme) As long as the bank you put your money into is fully covered by the FSCS I see no problem. But if you are talking about the recent fascination / fashion for moving all your savings into another currency because you've become afraid of Sterling, then I think that is a mugs game.

ScarletBea

The problem with moving savings abroad is the exchange rate impact: unless the interest rate is really much higher, what you earn in extra interest you lose in commisions and money transfers.

See why would it be better for GB to have the Euro?

tradetime

See why would it be better for GB to have the Euro?

Nope can't see that at all, and anybody who could see it before this crisis, should probably think seriously about whether they still see it.

dunstonh

I can understand their rationale

I cant. That means they are playing on the assumptions that they will gain from exchange rate fluctuations. However, its just as easy to lose money on this basis.

newsaver2008

Yes I agree with all of the above. Try convincing my relatives!
I think the only reason for moving money out of the country is if you actually live there!
I am resident in Turkey now so have most of my money in Turkish lira which is an unstable currency. It did have high interest rates until recently but the credit crunch also affects here and so the Central Bank of Turkey made 2 interest rate cuts recently and have announced that they intend to continue doing so as long as the crisis and resultant deflation continues.