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Disaster on the $ front

Disaster on the $ front

Old Sep 24th 2009, 3:05 am
  #16  
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Default Re: Disaster on the $ front

Originally Posted by luvwelly View Post
It's not a disaster if you need to keep transferring funds back and I do.
With offshore accounts (if that's what these are - some HSBC ones mentioned earlier), do check whether UK/Eire Government Deposit Bank Guarantees apply (doubt they do) and then ask if that risk is acceptable to you.
Appaernetly Anglo Irish state in their blurb that the guarantee does apply in IOM/Offshore schemes. But I am checking just to be sure, to be sure to, be sure (well it is an Irish Bank). Thus I have e mailed them regarding this.
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Old Sep 24th 2009, 8:08 am
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Default Re: Disaster on the $ front

Originally Posted by Genesis View Post
Appaernetly Anglo Irish state in their blurb that the guarantee does apply in IOM/Offshore schemes. But I am checking just to be sure, to be sure to, be sure (well it is an Irish Bank). Thus I have e mailed them regarding this.
It will be great if they do..I have steered clear of offshore stuff solely for this reason so far. Certainly offshore arms of major UK Banks used to imply their link with UK parent was sufficient...when the depositor cover didn't in fact apply....so we were being lulled into a false sense of security and the world has certainly moved on....no investment can be deemed safe unless it has Government backing....who would have thought.
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Old Sep 24th 2009, 11:49 pm
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Default Re: Disaster on the $ front

Originally Posted by luvwelly View Post
It will be great if they do..I have steered clear of offshore stuff solely for this reason so far. Certainly offshore arms of major UK Banks used to imply their link with UK parent was sufficient...when the depositor cover didn't in fact apply....so we were being lulled into a false sense of security and the world has certainly moved on....no investment can be deemed safe unless it has Government backing....who would have thought.
Hi, the deposits are covered until oct 2010 under the Isle Of man bank guarantee deposit scheme. Just had the bank confirm that.
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Old Sep 25th 2009, 12:44 am
  #19  
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Default Re: Disaster on the $ front

It makes me wonder what the Goverments guarantee is worth with what I keep hearing on the world financial news every morning, the UK is just getting further into a mess and it makes me think of how long this can go on for. They are still printing billions of Pounds and it aint getting them out of the S**t. They said this morning that its going to get a lot worse in the UK yet so we will have to see what happens, as we know a guarantee is only worth what you really have, i.e. if the country goes skint then they will be nothing left to back these shemes, but I do hope Im wrong.
I have some wedge coming to me from the sale of a house in the UK soon, I dont have a UK bank account anymore and certainly dont want to change it into $, I went to the HSBC and they said I could open an offshore account with them, they would pay no interest and they would charge me $15 a month for looking after it! I told them to stuff it. I was chatting to a guy I know who is a manager at BNZ, he told me that they could open an account for me offshore, they are paying 0.5% at the moment and if I put it in a 60 day term deposit I wont have to pay charges, all I then have to do is renew the 60days every 60days if you know what I mean.
I think this is a better plan, the money is somewhere where I can control it and if there is a sudden change in the exchange rate then I can act quickly and cash up, well thats my plan.
Scary times I reckon.
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Old Sep 25th 2009, 5:28 am
  #20  
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Default Re: Disaster on the $ front

Originally Posted by terrier2 View Post
It makes me wonder what the Goverments guarantee is worth with what I keep hearing on the world financial news every morning, the UK is just getting further into a mess and it makes me think of how long this can go on for. They are still printing billions of Pounds and it aint getting them out of the S**t. They said this morning that its going to get a lot worse in the UK yet so we will have to see what happens, as we know a guarantee is only worth what you really have, i.e. if the country goes skint then they will be nothing left to back these shemes, but I do hope Im wrong.
I have some wedge coming to me from the sale of a house in the UK soon, I dont have a UK bank account anymore and certainly dont want to change it into $, I went to the HSBC and they said I could open an offshore account with them, they would pay no interest and they would charge me $15 a month for looking after it! I told them to stuff it. I was chatting to a guy I know who is a manager at BNZ, he told me that they could open an account for me offshore, they are paying 0.5% at the moment and if I put it in a 60 day term deposit I wont have to pay charges, all I then have to do is renew the 60days every 60days if you know what I mean.
I think this is a better plan, the money is somewhere where I can control it and if there is a sudden change in the exchange rate then I can act quickly and cash up, well thats my plan.
Scary times I reckon.
Why not go for the 3.5% odd offered at Anglo Irish for 6 months. That is covered by the Isle of Man Govt. bank guarantee scheme not Eire's or the UKs, both the latter are in the fiscal shite at present as you eluded to.
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Old Sep 25th 2009, 6:27 am
  #21  
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Default Re: Disaster on the $ front

The Isle of Man depositor's compensation scheme is limited to £50k per depositor. There is no standing fund, so if everything hits the fan and there are multiple bank failures you may not get paid or it may take a long time to get paid. More details here and here (PDF link).
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Old Sep 25th 2009, 6:43 am
  #22  
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Default Re: Disaster on the $ front

I'm trying to work out what this NAMA is all about and the best I can do is that if it all goes pear shaped the tax payer will be liable... no change there then!

We got $1.40 to the Euro when we came here 4 years ago and last year it was $2 but then the recession kicked in and my mum's Euro 50 dropped to Euro 20 so I was no better off

Had a conversation with a woman one day when this was all just kicking off and at the end of it we agreed that we were glad we had no money. If we didn't have it, we couldn't lose it and wouldn't stay awake at night worrying about it
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Old Sep 26th 2009, 12:21 am
  #23  
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Default Re: Disaster on the $ front

Had a conversation with a woman one day when this was all just kicking off and at the end of it we agreed that we were glad we had no money. If we didn't have it, we couldn't lose it and wouldn't stay awake at night worrying about it [/QUOTE]

Funny that Batty, I said exactly that to Kate this morning.....wished we had no money. Of course that wish was granted a year ago or so when Hanover took our life savings..alas it was "good" money in kiwi $$. Since then Kate's dad has been kind enough to do a living will type of thing to both Kate and her sister. A blessing in some ways but as you pointed out it can be a bit of a worry. Its 'bad' money at present ...GBPs, so what with shite exchange rates, crap interest, the possibility of banks folding etc, etc. Sometimes less is more aye??
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Old Sep 26th 2009, 12:28 am
  #24  
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Default Re: Disaster on the $ front

Originally Posted by terrier2 View Post
It makes me wonder what the Goverments guarantee is worth with what I keep hearing on the world financial news every morning, the UK is just getting further into a mess and it makes me think of how long this can go on for. They are still printing billions of Pounds and it aint getting them out of the S**t. They said this morning that its going to get a lot worse in the UK yet so we will have to see what happens, as we know a guarantee is only worth what you really have, i.e. if the country goes skint then they will be nothing left to back these shemes, but I do hope Im wrong.
I have some wedge coming to me from the sale of a house in the UK soon, I dont have a UK bank account anymore and certainly dont want to change it into $, I went to the HSBC and they said I could open an offshore account with them, they would pay no interest and they would charge me $15 a month for looking after it! I told them to stuff it. I was chatting to a guy I know who is a manager at BNZ, he told me that they could open an account for me offshore, they are paying 0.5% at the moment and if I put it in a 60 day term deposit I wont have to pay charges, all I then have to do is renew the 60days every 60days if you know what I mean.
I think this is a better plan, the money is somewhere where I can control it and if there is a sudden change in the exchange rate then I can act quickly and cash up, well thats my plan.
Scary times I reckon.
I got in touch with BNZ. They are offering one tenth of a % interest on sterling accounts in NZ. HSBC was offering just short of 1% a few months back on NZ sterling accounts..its zero now.

The exchange rate is soooooooooooooooooo crap now what do you do?? You know if you change it up and get it over here earning 5-6% (as you can) the rate will go in our favour come December and there will be 2.60 ish on offer. I am not going to knee jerk and get it over here at the current $2.19. I am in for a wait..a long wait maybe. The kiwi CANNOT stay this strong for years. A bloke at HiFX reckons the GBP will see a rise in value in the coming months. Its all about confidence. Once they are rid of Brown one hopes things will improve for the UK. At worst I will leave all our GBPs in the UK for our kids as their inheritance if things do not improve long term re the exchange rate.
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Old Sep 26th 2009, 2:01 am
  #25  
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Default Re: Disaster on the $ front

I don't think it will go higher than 2.5 for a year or so at least. I say that in the hope that it will be as wrong as all my other currency predictions.
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Old Sep 27th 2009, 2:36 pm
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Default Re: Disaster on the $ front

It's depressing how hard it is to get a decent savings rate when expatriated. National Savings (UK Government) is offering 2 year savings bonds paying around 4% but of course you guessed it - not available to non-residents...but lower-interest paying ones are !!!! - so Gordon I am trying to lend GB my money in its hour of need (lol) and you won't let me...so I look at my UK Bank...rubbish interest rates especially if not UK Resident....their website directs me to their offshore/international banking and I start to think maybe I should go for it but eh no...yet again, my memory has served me correctly and only 'mickey mouse guarantees' are in place ...it is all firmly outside UK Bank Gtee scheme.....ho hum...another 4 hours wasted on line.....but I can't risk the exchange rate moving against me...so I'm off to bank tomorrow to transfer funds back to UK and they will sit there earning next to zilch.....also even though I am an existing account holder with UK bank, if I want to switch to International or open an International savings account, I have to fill in all the moneylaundering paperwork, get form certified, tell them my lifestory and blood group etc etc and I really can't be bothered..these flipping crims have a lot to answer for
sorry but that winge made me feel better about my hours of wasted research.

Last edited by luvwelly; Sep 27th 2009 at 2:39 pm.
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Old Sep 27th 2009, 7:46 pm
  #27  
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Default Re: Disaster on the $ front

Originally Posted by luvwelly View Post
It's depressing how hard it is to get a decent savings rate when expatriated. National Savings (UK Government) is offering 2 year savings bonds paying around 4% but of course you guessed it - not available to non-residents...but lower-interest paying ones are !!!! - so Gordon I am trying to lend GB my money in its hour of need (lol) and you won't let me...so I look at my UK Bank...rubbish interest rates especially if not UK Resident....their website directs me to their offshore/international banking and I start to think maybe I should go for it but eh no...yet again, my memory has served me correctly and only 'mickey mouse guarantees' are in place ...it is all firmly outside UK Bank Gtee scheme.....ho hum...another 4 hours wasted on line.....but I can't risk the exchange rate moving against me...so I'm off to bank tomorrow to transfer funds back to UK and they will sit there earning next to zilch.....also even though I am an existing account holder with UK bank, if I want to switch to International or open an International savings account, I have to fill in all the moneylaundering paperwork, get form certified, tell them my lifestory and blood group etc etc and I really can't be bothered..these flipping crims have a lot to answer for
sorry but that winge made me feel better about my hours of wasted research.
I know how you feel. Due to Kate's dads extreme generosity and his 'Living will' she has in excess of the UK bank guarantee scheme at present. So time to open an offshore account. But as you say they (understandably) are not covered by the UK scheme and as someone pointed out the I O Man govt. will have problems paying out if lots of folding goes on. So we have decided to stay with the Nationwide although a fair chunk of her money in 'uninsured', its worth the risk I think.. The Nationwide is the biggest building society in the world and safe..as well houses..yeah right!! Having lost and arm and a leg to Hanover these are indeed tense times. But the rich bastards keep getting even richer aye..whilst little people like us quake in our boots wondering what will happen next. By the way I am aware that we are very lucky to have a roof over our heads and food in the fridge and that some people are fighting for their very existance as we speak..this is a moan about all the fat cats who suck off us little fish and when it all goes tits up we bail them out with the tax we have paid!! Isn't the system is just a tad skewed what?? Mild mid term rant over.
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Old Sep 27th 2009, 11:33 pm
  #28  
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Default Re: Disaster on the $ front

Just a thought.....may be 'talking rubbish' but if the account were in joint names don't you benefit from double the guarantee?
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Old Sep 28th 2009, 8:05 am
  #29  
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Default Re: Disaster on the $ front

Originally Posted by MnB View Post
Just a thought.....may be 'talking rubbish' but if the account were in joint names don't you benefit from double the guarantee?
B x
Thank you for your kind words, you are indeed correct. The UK bank gtee is 50K GBP per named account holder, thus Mrs and Mr git 100k GBP.
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