and not only Irish…

http://deloitte.12hna.com/newsletters/2009/WTA/a091030_3.pdf

The one thing I will say, though, is that the moment you convert currency, you’re into currency speculation. If up to now all you’ve been doing is putting your money into a deposit account - fixed-term, savings, etc - then you have to ask yourself: do I want to move into currency speculation? I can’t advise you on that. I’m not a currency trader. Nor do I gamble - which is what investec and foreign currency saving accounts are really about. And, as with gambling, you should only ‘invest’ what you can afford to lose.

If you are worried about the future state of Ireland’s banking system, and, indeed, the possibility - however remote - of Ireland breaking with the Euro and reverting to the Punt - then NIB won’t address those fears. Even though NIB is probably the safest bank in Ireland today, it is still subject to the laws of the land. And if NIB is told by the government to freeze accounts for three days while a new currency is brought in, then it will have to comply.

I suppose what I’m saying is:

if you think Ireland’s banking system is unsafe, then move your money out of the jurisdiction.

But if you think the Euro itself is unsafe, then change currency.

And, if you want to speculate on currency and asset fluctuations, then neither of the above matter because you’re choosing to actively gamble with your savings. And because nobody can guarantee speculation, only speculate with what you can afford to lose.

Where do I go looking for professional advice in relation to keeping my money safe as opposed to investing it in shares etc. What type of financial advisor should I choose?

Also Investec, and NIB foreign currency accounts, how safe is my money with these in your opinion?

also, Rabobank is NOT a non-resident account. Just because it’s an internet account doesn’t change that fact. It’s as Irish as Enda Kenny.

I know very little about any of this. I put up this post, and wrote to ING in Belgium, out of curiosity. If you an afford it, get professional advice - the internet is the worst place to go looking for financial guidance.

This is what I have found out, though, in the course of writing this post:

there are no legal restrictions on opening up a non-resident savings account in the EU. now, this is not to say that it is a legal requirement that banks provide this service - many don’t. They simply don’t want the hassle of dealing with non-residents, which is also why those that do have a minimum deposit requirement - usually €20,000 to €25,000. If you have that level of savings, though, it shouldn’t be a problem. Just pick a country which should withstand the shocks for a while, find a Ryanair flight which goes there, bring your passport and household bill, and you should be able to open an account there and then. It is best to email or ring for an appointment first, though, but remember, there is nothing illegal about opening up a non-resident account - it is HIGHLY illegal, though, to avoid paying tax on any interest gained from such an account.

with the exception of Belgium and Luxembourg, once you open up a non-resident account anywhere in Europe, the bank is obliged to forward your details to your country of residence. what that means is, once the interest is paid on your account, you need to calculate how much tax is due on that in Ireland and then pay Revenue accordingly. Once you do that, you should be fine. Opening a non-resident account is not the crime - tax evasion is the crime.

If you want to stay with an English-speaking country, there’s always Belfast of course. Or, you could open up a non-resident Euro savings account with Barclays Wealth in London. They want a deposit of at least €5,000. It’s called the ibank saver account, and there are no monthly fees:

http://www.expat.barclays.com/ibank-saver/

Make sure you go to the London branch, though, as that is the one covered by the UK deposit guarantee. The banks in Isle of Man and Jersey are covered by the Isle of Man and Jersey.

similarly, you can go to one of the two Indian Banks in London - both of which are backed by the Indian State and the UK bank guarantee:

There’s the bank of baroda:

https://www.bankofbarodauk.com/retail-banking/deposit-products/savings-accounts/

and the State Bank of India (this requires a deposit of €20,000):

http://www.sbiuk.com/account-opening-non-resident.aspx

Now, THIS IS JUST STUFF I HAVE FOUND ON THE INTERNET. KEEP THAT IN MIND. Depending on your savings and financial position, you should get professional advice. And you need to work out if you want a deposit savings account or an investment account. with savings, it’s a piggy bank, with an investment account, you’re asking the bank/financial institution to invest in bonds, shares, etc on your behalf.

and again, always remember - THE INTERNET IS THE WORST PLACE IN THE WORLD FOR FINANCIAL OR MEDICAL ADVICE.