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Off topic: Where would you place EUR 100,000+? In a European bank?
Thread poster: Sheila Wilson

Sheila Wilson  Identity Verified
Spain
Local time: 13:04
Member (2007)
English
+ ...
Jul 7, 2013

I'm just selling my house in France, so there will be some money coming in that will have to be kept handy, and hopefully safe. As we're currently crammed into a one-bedroom place - not great when you work from home - the intention is to buy a bigger place, so we'll need the money available to us rather than locked up in some special scheme.

We have bank accounts in the UK, France and Spain but, frankly, none of those places seem to be great at the moment. The UK keep talking of pulling out of the EUicon_frown.gifand anyway my account with them is in GBP. France has at last admitted that it's in recession, and likely to stay there for some time. And Spain's problems are well-known to everyone (and the TV reports aren't overblown - our town council is literally bankrupt and threatening to stop providing rubbish collection etc.).

Does anyone have any ideas?

BTW: no begging letters, please - I need this money myself!icon_biggrin.gif


 

Joshua Pepper  Identity Verified
United Kingdom
Local time: 13:04
French to English
+ ...
:) Jul 7, 2013

I got contacted by a Nigerian prince the other day who seemed to have experience with moving money between countries...

 

ATIL KAYHAN  Identity Verified
Turkey
Local time: 16:04
Member (2007)
Turkish to English
+ ...
Diversify Jul 7, 2013

I am not a financial advisor by any means. I will just try to tell you the very first thing that came into my mind. I am sure you have heard of the saying "Do not put all of your eggs in one basket." The reasoning is simple, if you happen to drop the basket, you definitely do not want all of your savings to vanish. Thus, the idea is to try to diversify. This is probably one of the simplest rules of investing. Unfortunately, I am not able to tell you how to diversify, i.e. how to invest that money. If it were in Turkey, I might have some ideas but I do not for UK, France and Spain. Good luck.

 

JaneD  Identity Verified
Sweden
Local time: 14:04
Member (2009)
Swedish to English
+ ...
How soon will you be buying? Jul 7, 2013

If it was me I don't think I'd look for anywhere particularly special, but of course it depends on how quickly you are likely to be moving. That said, I can see why you would be worried about the potential stability of Spanish - and conceivably, French - banks.

I don't think you need to worry about the UK pulling out of the EU unless something extremely drastic of a political nature happens, in which case you'll probably have plenty of warning. So I'd go for the UK, but of course then you have the problem of GBP.

How about one of the UK banks that can offer you a euro account? There are plenty of them; in my previous life as a French estate agent I had a number of clients who kept their house-buying money in banks based in Jersey, (and they weren't any larger sums than yours) but I don't know if there are any particular benefits in that.

Then again, you could just invest the money in a rubbish collection business, as it sounds like there might be a good opportunity there...


 

Sheila Wilson  Identity Verified
Spain
Local time: 13:04
Member (2007)
English
+ ...
TOPIC STARTER
UK staying in the EU? Keeping my fingers crossed. Jul 7, 2013

JaneD wrote:
I don't think you need to worry about the UK pulling out of the EU unless something extremely drastic of a political nature happens

Really? That's encouraging. I thought there was a referendum in the offing, with over 50% of the public wanting out.

We're willing to buy immediately but there's a big problem: selling the current one! We've only had it a year and already it's lost quite a bit of value. Because of the crisis you can choose from thousands, many of which have never been lived in since being built about 10 years ago. Why will anyone choose ours?

I had a number of clients who kept their house-buying money in banks based in Jersey, (and they weren't any larger sums than yours) but I don't know if there are any particular benefits in that.

My UK account is actually in Jersey (which is supposed to be a tax haven but has never seemed that way to us - I guess we shouldn't be so honest about our declarations). But when we wanted to open a new account there (i.e. as existing clients), without being present in person, they made us jump through ridiculous hoops. I think they've tightened up even more now, but I will try that route.

Does anyone know of UK banks that allow you to set up EUR accounts without being resident?

Then again, you could just invest the money in a rubbish collection business, as it sounds like there might be a good opportunity there...

True. Though I'd still need to buy a bigger house. I can't imagine my husband sharing a bedroom with me after I'd been collecting rubbish left out all day in 40°C sunshine. Mind you, workers in that industry do seem to earn a decent wage - the buyer of our French house is one!icon_wink.gif

@ Atil - I think it's wise, too, and that's why we've been leaving bank accounts open behind us as we've toured Europe. Unfortunately, you (I, at any rate) only learn by experience, which means that we closed our Dutch account.


 

David Wright  Identity Verified
Austria
Local time: 14:04
German to English
+ ...
Government guarantees of bank deposits Jul 7, 2013

Most European countries have a system whereby deposits up to a certain amount are guaranteed by the state in the event of the bank going bankrupt. I think the maximum guarantee is € 100,000, but I might be wrong. I'd check up about this (does the country you're thinking of do it, what is the amount guaranteed, are there any snags) before doing anything.

 

neilmac  Identity Verified
Spain
Local time: 14:04
Spanish to English
+ ...
Risky business Jul 7, 2013

I'm no financial whizz, but what about ING Direct? Their savings accounts have good interest rates and AFAIK they don't seem likely to go belly-up in the immediate future. I like them because they are Dutch and don't seem so eager to take the p.... as other banks operating in Spain.

PS: I reckon the UK is likely to remain in the EU, referendum or not. The thing is that the anti-EU crew are the most vociferous, but not the most numerous. Likewise, Scotland is unlikely to vote overwhelmingly for independence, although many would dearly love to be rid of the yoke of union. "Just wait and see", quoth Zebedee...

[Edited at 2013-07-07 13:34 GMT]


 

Olly Pekelharing  Identity Verified
Netherlands
Local time: 14:04
Member (2009)
Dutch to English
Triodos Jul 7, 2013

I'm gradually shifting all my funds to Triodos, an 'ethical' and 'sustainable' Dutch bank based partly on the learnings of Rudolf Steiner. Even if you're not interested in your savings being used for good causes, one other distinct advantage of this bank is that they tend to remain stable in times of crisis, even while other seemingly solid banks start to wobble. They have offices in the UK, Spain, etc. http://www.triodos.co.uk/

Regards,

Olly


 

Kathinka van de Griendt  Identity Verified
Local time: 15:04
German to English
+ ...
Same here Jul 7, 2013

Hello Sheila - I was in the exact same position a few months ago. I spoke to a very good financial adviser here in South Africa, who suggested the following: Firstly, ensure that all your bank overdrafts, car purchase debts, credit cards and any other credits are fully paid. Depending on what's left, take a minimum of € 25.000 and put it into a money market account with a bank in a country of your choice. An example: in SA, the MM rates are currently at around 6% for deposits under 50k, so that's a decent interest rate. I just hope the ZAR doesn't plummet any furthericon_smile.gif
The rest (if any) you should spread around. If you are willing to be just a tiny bit less conservative, you should be able to get around 4-7% in quite a few countries of the world. If you need more details, send me a message. Good luck and have fun, Kathinka


 

Kay Denney  Identity Verified
France
Local time: 14:04
Member (Apr 2018)
French to English
UK and EU Jul 7, 2013

The current government promised a referendum but not during this current term of office, it'll only happen if they get elected in the next elections. It's clearly an election promise just to stop people voting for the UKIP. People will vote Conservative in order to vote out, so nobody will vote for UKIP, and then Cameron can say that since they didn't get any votes, there clearly isn't that much demand after all.

http://en.wikipedia.org/wiki/United_Kingdom_withdrawal_from_the_European_Union


 

ATIL KAYHAN  Identity Verified
Turkey
Local time: 16:04
Member (2007)
Turkish to English
+ ...
Internet-only Banks Jul 7, 2013

I am just curious. Does anyone have any experience with Internet-only banks as opposed to bricks-and-mortar banks?

 

Wolf Kux  Identity Verified
Brazil
Local time: 11:04
Member (2006)
German to Portuguese
+ ...
Since money does not bring happyness ... Jul 7, 2013

... what about to give it to me and so you become happy ?icon_wink.gif

[Editada em 2013-07-07 21:26 GMT]


 

Tom in London
United Kingdom
Local time: 13:04
Member (2008)
Italian to English
I agree Jul 7, 2013

neilmac wrote:

.... I reckon the UK is likely to remain in the EU, referendum or not....


Exactly. The "let's leave the EU" thing is rhetoric of a particularly elaborate kind.

Re banks: there is an agreement between all EU Member States that any amount up to €100,000 (= GBP 85K and yes, Britain is signed up) can be deposited in any banking GROUP (so be careful to check) and will be protected should that bank fail.

Anything above that amount is not protected (see Cyprus).


 

Yaotl Altan  Identity Verified
Mexico
Local time: 07:04
Member (2006)
English to Spanish
+ ...
Euro crash Jul 7, 2013

It's possible that the euro, and the European banks, crash soon. So, I would buy silver and/or gold.

 

Triston Goodwin  Identity Verified
United States
Local time: 06:04
Spanish to English
+ ...
Stuff it in a mattress ^_^ Jul 7, 2013

It makes for an amazing night's sleep haha

 
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