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RaboBank Questions

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  • 12-06-2012 11:24pm
    #1
    bbam
    Closed Accounts Posts: 7,410 ✭✭✭


    Not sure exactly if this is the place to ask but a mod can move it if there is a better place...

    We have a good lump sum sitting in an Irish Bank doing little but sitting there..
    I was wondering if it would be a good idea to diversify a bit just for security against devaluation should there be a currency change..

    I thought about opening a RaboBank account and transferring most of it over but I read that the Irish government would be able to force Rabo to convert it to any new currency we should have.. do people think this is likely??

    I was then wondering about moving it to one of their investment funds, low risk low yield but it wouldn't be in currency and then should be safe from conversion to whatever currency is adopted.. does that make sense??

    Any opinions/suggestions welcome


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    #2
    J-blk
    Registered Users Posts: 3,906 ✭✭✭J-blk


    bbam wrote: »
    I thought about opening a RaboBank account and transferring most of it over but I read that the Irish government would be able to force Rabo to convert it to any new currency we should have.. do people think this is likely??

    If Ireland chose or was forced to leave the Euro, all Irish Euro accounts would revert to the punt or whatever our new currency would be - it makes no difference if your money is in a Dutch bank like Rabo, an English bank or whatever.

    I'm not too sure about the investment funds TBH, but I guess if they are denominated in Euro, the same rule applies - your investment would be converted on maturity and returned to you in punts.

    The only way around all this is to have accounts in another currency altogether, be it UK pounds, dollars, Danish kroner or whatever. But that's not necessarily "safe" either, as you then have to deal with currency fluctuations and assuming the Euro survives the current storms, you could actually lose money instead by opening accounts in other currencies.


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