Euro crisis...should i empty my bank account?

Richard Dower

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

galwayrush

I have a special safe account. you can lodge it there.:cool:

Columbia

I have an account outside the eurozone, your money is safe with me. Safe as houses.

Duggy747

I have a mattress where you can safely store your money.

Smells a bit but the money should still be legal tender......hopefully.

UglyBolloxFace

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

You have 100k in savings?

zenno

I install titanium safes for people that cannot trust the banks anymore at a reasonable cost. if you are interested pm me for more information.

my crew take care of great opportunities like this, so call us anytime.

Snakeblood

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

The little guy seldom has 100 large in cash lying around. You're medium, friend. NTTAWWT.

steve9859

No harm in opening an account in the UK to hedge youir bets. HSBC let you open an account with an Irish address and an irish utility bill - I dont know if the other banks do. I opened one 3 years ago and moved across part of my cash (well before I decided that I was going to move to London). Personally I think you are taking a big risk not doing that - I wouldnt like to have all my eggs in the Euro basket right now. Actually I dont understand why anyone would not open a UK bank account

stupidusername

Not much point in having it in cash if the currency itself is going

But then you're probably trolling mentioning you have that much money

summerskin

UglyBolloxFace wrote: »

You have 100k in savings?

it's not that uncommon, many of us do.

problem with a UK account though is that the bank guarantee there is only £50k.

uncle_sam_ie

I would talk to a money manager and convert that euro into something safer.

Ghandee

I'm just gonna withdraw my hundred euro savings and buy 2 bags of weed.

at least I'll be stony broke then!

Crazy Horse 6

I have a Canadian bank savings account. Would'nt trust a European bank at present i'd say it's 50/50 to see if the euro survives.

TheZohanS

I'm worried about my mortgage...I mean if the euro is worthless then my loan will be.....*gulp*...

Galtee

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

Relax, regardless of what happens the Euro, monopoly money won't be affected.

chin_grin

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

Bragging much?

2 stroke

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

You have 100k? Sounds like you've already buggered the little guy.

El Horseboxo

100 grand ain't that hard to amass if you were single and living at home and had a decent job all through the boom years. I've a few mates that would've had over that amount based on the about criteria. 35k jobs a year for a number of years and feck all overheads. Quite easy to squirrel away 20 grand a year.

zef

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

You are no 'little guy' if you have 100k in savings.

heyho11

your in luck ... i just recivied an e-mail from a prince in nigeria who has a way of not only helping you save your money but making some extra.
pm me for contact details.......oh and 10% advice fee to me....good advice costs lol

El Weirdo

"Oooh, look at me, I've got 100k in savings and I need to tell all the little people on the internet how brilliant I am."

GTFO. Absolutely no fucking need to mention how much money you have in your savings.

Hobbes

summerskin wrote: »

it's not that uncommon, many of us do.

Many people live day to day and lucky to have 1K in the bank.

OP - I have to ask though, if you have over 100K how did you get it?

Considering you are asking for stupid money advice on a forum known for giving sound advice in the same way a dehydrated jellyfish gives dating advice, I can only assume your parents gave you the cash.

gbee

Gold.

The Euro will collapse and the first thing to happen will be the striking of a new Euro for those three countries reaming inside it.

All current notes will be non legal tender. This will happen more or less overnight.

rsole1

Richard Dower wrote: »

Is it time yet?...i'm not keen on the idea of having over 100k in notes, but the way things are going it might be wise to stuff it under the matress. Lets face it....if it goes pear shaped it's the little guy who'll get bugger all

I have taken out my 30k and have it secreted around the house in 2k amounts. Have been collecting 500, 200, and 100 notes and when it's in large notes it really doesn't look like much.

I may be acting irrationally and paranoid by doing this but I don't want to end up with 15,000 New Punts for my 30k euro because if left in the bank this is what would happen.

phasers

I think you should emigrate Richard, I really do.

summerskin

Hobbes wrote: »

Many people live day to day and lucky to have 1K in the bank.

I have to ask though, if you have over 100K how did you get it?

Considering you are asking for stupid money advice on a forum known for giving sound advice in the same way a dehydrated jellyfish gives dating advice, I can only assume your parents gave you the cash.

i didn't ask for advice, that was the OP.


I bought my house in central london before the housing boom and sold it before the crash making £168k profit.

foxyboxer

El Horseboxo wrote: »

100 grand ain't that hard to amass if you were single and living at home and had a decent job all through the boom years. I've a few mates that would've had over that amount based on the about criteria. 35k jobs a year for a number of years and feck all overheads. Quite easy to squirrel away 20 grand a year.

Precisely. It's when you have a significant sum of savings that the euro crisis becomes very interesting.

steve9859

gbee wrote: »

Gold.

The Euro will collapse and the first thing to happen will be the striking of a new Euro for those three countries reaming inside it.

All current notes will be non legal tender. This will happen more or less overnight.

Only if you buy the real thing and stick it away in a safe. If the sh1t hits the fan, I wouldn't be exactly confident of an investment in some gold index, where all you have is a piece of paper saying you own some virtual gold, and some broker who may or may not survive

jester77

I'm in the same situation as you OP, was reading through some older threads here looking for advice and the common consensus was to buy property as the prices will only go up and you can't lose. You can't go wrong there OP

cena

what I would like to know is sort of job have you richard that you have that much in the bank

foxyboxer

Hobbes wrote: »

Many people live day to day and lucky to have 1K in the bank.

I have to ask though, if you have over 100K how did you get it?

Considering you are asking for stupid money advice on a forum known for giving sound advice in the same way a dehydrated jellyfish gives dating advice, I can only assume your parents gave you the cash.

Full Time Job (say 35k industrial wage) + Frugality + Living within your means + No Debt + (Modest) Inheritance possibly + Interest on Savings + No spouse + No Kids + Time = Circa 100k in savings easily.

summerskin

Hobbes wrote: »

Many people live day to day and lucky to have 1K in the bank.

I have to ask though, if you have over 100K how did you get it?

Considering you are asking for stupid money advice on a forum known for giving sound advice in the same way a dehydrated jellyfish gives dating advice, I can only assume your parents gave you the cash.

still no apology from you? read my posts, no advice sought from me.

Wibbs

foxyboxer wrote: »

Full Time Job (say 35k industrial wage) + Frugality + Living within your means + No Debt + (Modest) Inheritance possibly + Interest on Savings + No spouse + No Kids + Time = Circa 100k in savings easily.

This. I've been able to save a fair amount over the years(and then spent a lot of it :)) even when my income was small enough. Where there's a will and all that. I mean a smoker averaging 30 a day(not uncommon) could save 4000 + quid a year, if they ploughed the money they spent on smokes into a piggy bank. If they're a social drinker that can really add up. Someone driving a ten year old 1.3 litre car that they bought for small money(the 30 a day smker could after a year) would save a packet on tax and insurance and initial costs over someone driving something a bit more flash. If you were up to it and work was within a serviceable distance then cycling to work would free up even more cash for saving. Not going wild on flash household goods would free more again. You could easily drop over a grand on a flat screen TV. Actually waiting until you can afford something(gasp I know :eek:) so you're not beholden to a bank loan can make a big diff. Only using a credit card where absolutely necessary and paying it off by the end of the month makes a big diff. If you keep bumping up against your card month after month you're simply not living within your means. Credit cards are a real drain. All these things add up over time.

Don't get me wrong, I'm not advocating hair shirts here, but too many IMHO fritter away quite sizable amounts of money.

atila

First principle of maintaining that sort of wealth is to diversify. Perhaps where 100,000 euro is involved a small percentage fee via a money manager may allow for a higher degree of diversification then you can manage on your own. Becoming a defacto currency specualtor by maintaining cash balances in foreign currency is generally a difficult way to preserve wealth. Should you need to draw down money you could find the exchange rates unfavourable etc. Ideally you would be exposed only in the currency you live in but perhaps through an investment fund you could have the benefits of having your money spread accross currencies and asset classes.

Id certainly check it out before depositing a large amount offshore in a foreign currency. Remeber if the Euro was to go and thats your main concern, there would be all manner of capital controls imposed as new currency regimes try to find some stability.

Wibbs

gbee wrote: »

Gold.

The Euro will collapse and the first thing to happen will be the striking of a new Euro for those three countries reaming inside it.

All current notes will be non legal tender. This will happen more or less overnight.

steve9859 wrote: »

Only if you buy the real thing and stick it away in a safe. If the sh1t hits the fan, I wouldn't be exactly confident of an investment in some gold index, where all you have is a piece of paper saying you own some virtual gold, and some broker who may or may not survive

+1 and if the shíte really hits the fan governments may ban personal gold holdings above a certain carat, like the US did in the great depression. I'd not be going for gold anyway. Smells too much like a bubble as it is. Diamonds are artificially inflated in value anyway so they're a dead loss...

What would I put savings into if I had to? Antiques, good non faddy robust ones that have historically held their value and overall the value of antiques has gone up, in some cases by a lot. There will always be rich people wanting to buy and it's a world market now. The other aspect is they're harder to trace if some future government is trying to rip you off. You can claim "oh that old thing? Been in the family since my grannies time".

Wibbs

atila wrote: »

Id certainly check it out before depositing a large amount offshore in a foreign currency. Remeber if the Euro was to go and thats your main concern, there would be all manner of capital controls imposed as new currency regimes try to find some stability.

This in a big way.

squod

Under the mattress? You could sell your 100k in Euro in a hundred years time to collectors for half it's value! If the euro fails we're fubared. Having cash at home won't make any odds.

https://www.youtube.com/watch?v=EWbU_ob5n78

Hobbes

summerskin wrote: »

still no apology from you? read my posts, no advice sought from me.

Soory, I am not sitting beside the machine waiting second by second to reply. Get a grip.

atila

Wibbs wrote: »

This in a big way.

I am aware that there are many countries who have a dual currency rate system. There exists an onshore and offshore rate for Brazil, Thailiand, Iceland etc in which foreign sourced money can only be converted to local currency at a lower rate then domestic source of funds. I believe (open to correction) that the policy is in place to protect the currency from wild swings in valution due to surges in and out of capital from foreign currency sources.

Again this conversation is so specualtive that in my mind the safest course of action (assuming you feel unhappy with a straighforward local deposit) is a repuatable and safe money manager equiped to use economies of scale and ability to access the more complex products across national borders. You will pay some fees but in my opinion your buying better access then you'll ever manage on your own.

Hobbes

Wibbs wrote: »

Don't get me wrong, I'm not advocating hair shirts here, but too many IMHO fritter away quite sizable amounts of money.

While saving will get you that money, for literally a lot of people in Ireland quite simply don't have a liquid income to save/invest.

Wibbs

Hobbes wrote: »

While saving will get you that money, for literally a lot of people in Ireland quite simply don't have a liquid income to save/invest.

Certainly there are people like that. Like you say a lot of them. My contention is just that many many people have more liquid income than they may believe. EG I know a lot of "broke" people with heavy duty smoking habits with a side order of weekend pintage. There's the guts of 5 grand a year liquidity.

orourkeda

steve9859 wrote: »

No harm in opening an account in the UK to hedge youir bets. HSBC let you open an account with an Irish address and an irish utility bill - I dont know if the other banks do. I opened one 3 years ago and moved across part of my cash (well before I decided that I was going to move to London). Personally I think you are taking a big risk not doing that - I wouldnt like to have all my eggs in the Euro basket right now. Actually I dont understand why anyone would not open a UK bank account

The sh1t is bound to hit the fan in the uk at some point

Teyla Emmagan

I'm just jealous

corktina

houses will never again be as cheap as they are now, buy one and rent it out until better times. You can pick up a new 3 bedder down from me for 100k

Danbo!

corktina wrote: »

houses will never again be as cheap as they are now, buy one and rent it out until better times. You can pick up a new 3 bedder down from me for 100k

I can't wait for my one bed apartment in borris in ossory to be back up to the €700,000 I paid for it. Any day now, i can't believe the saps selling at the minute.

neilthefunkeone

Its ok they can have my €169 savings..

corktina

Danbo! wrote: »

I can't wait for my one bed apartment in borris in ossory to be back up to the €700,000 I paid for it. Any day now, i can't believe the saps selling at the minute.

you aren't holding your breath are you?:eek:

My name is URL

There's no way in hell I'd keep that sort of money in an Irish bank. Not necessarily because I'd be afraid of losing it, I just wouldn't give them the satisfaction or business.

orourkeda

Would there be an unforeseen impact to not having an irish bank account?

Kent Brockman: Hordes of panicky people seem to be evacuating the town for some unknown reason. Professor, without knowing precisely what the danger is, would you say it's time for our viewers to crack each other's heads open and feast on the goo inside?
Professor: Mmm, yes I would, Kent.

foxyboxer

Wibbs wrote: »

Certainly there are people like that. Like you say a lot of them. My contention is just that many many people have more liquid income than they may believe. EG I know a lot of "broke" people with heavy duty smoking habits with a side order of weekend pintage. There's the guts of 5 grand a year liquidity.

Was the pun intentional?