The Sterling (gbp Thread

[MJP]

Bangkok Bank also has a foreign currency account , paying I think 4% interest . Money held in sterling ( or other currencies ) until you want to convert .

It's definitely the future.

Thanks guys.

[chiang mai]

i'm no expert on these things.

but the thai banks do have foreign currency accounts , gbp , us$ , yen etc.

i dont know if they are only for companies or not.

hsbc have a bangkok branch too.

http://www.hsbc.co.th/1/2/personal-en/banking/deposits

Current Account For Thai Baht (THB) and Foreign Currencies (FCY)*

As a busy executive, have you ever wished that you could spend less time handling your finances and more time enjoying life? With our current account, HSBC gives you the opportunity to do just that. Designed to meet all your financial needs, our current account offers you complete flexibility. One of the special features, Autosweep, enables you to transfer the surplus funds from your current account to savings account at the end of each day to maximise earned interest.

You will enjoy more flexibility by our automatic funds transfer back and forth between your savings and current account or through online@hsbc, Personal Phonebanking and over 900,000 ATMs worldwide. So you are always earning maximum interest.

Remarks: Foreign accounts are available in US Dollar, Pound Sterling, Australian Dollar, Swiss Franc, Hong Kong Dollar, Euro and Singapore Dollar.

If they offer this to un-busy executives like myself, we'll be, how do you say . . . quid's in.

Add to that internet banking and ladies and gentlemen, we have a winner.

Not to drag this out but there's a difference between HSBC Hong Kong and HSBC Bangkok, their services, charges and products are very different so make sure you look closely at both. Example, HK will let you hold and work with 13 different currencies including THB. BKK limits you in this respect, especially on the THB transfer and deposit front based on whether your account is a resident or non-resident account. Finally, and the real biggee for me, their internet banking services are miles if not light years apart with HK being far superior. I have my primary account with HK and then set up a free secondary account with HSBC BKK just for Baht and ATM purposes and that system works very well for me.

CM,

Do us a favour and post the links to the HSBC HK account you mean. I've become very confused by that site . . . which ain't hard for me and is in no way a reflection on the bank.

Yes. Why not have both accounts. Very good idea. Cheers.

See link below.

http://www.hsbc.com.hk/hk/home/

The advantage for me of having the two accounts is that I do all my investments and international stuff via HK and use BKK for inward Baht transfers (same day) and ATM only.

Is it this one, CM?

http://www.hsbc.com.hk/1/2/hk/banking/accounts#fcy_acc

This stuff is ideal as I start in Taiwan around Feb/March. Can get paid in Sterling etc . .

That's the one - you won't get the best deposit rates there but that's not my purpose at least. It's a bank account that accepts all the currencies I use, lets me switch currencies easily and very cheaply, it's secure in that it's HK and it keeps my funds away from the prying eyes of Gordo and Darling. I use the account has a holding mechanism and then transfer in and out as needed as and when I decide to place a time deposit somewhere else, in the meantime I use their short term deposit rates. I recommend that if you want to open a HK account you open a UK HSBC account first and then ask the UK to open the HK account for you.

[MJP]

i'm no expert on these things.

but the thai banks do have foreign currency accounts , gbp , us$ , yen etc.

i dont know if they are only for companies or not.

hsbc have a bangkok branch too.

http://www.hsbc.co.th/1/2/personal-en/banking/deposits

Current Account For Thai Baht (THB) and Foreign Currencies (FCY)*

As a busy executive, have you ever wished that you could spend less time handling your finances and more time enjoying life? With our current account, HSBC gives you the opportunity to do just that. Designed to meet all your financial needs, our current account offers you complete flexibility. One of the special features, Autosweep, enables you to transfer the surplus funds from your current account to savings account at the end of each day to maximise earned interest.

You will enjoy more flexibility by our automatic funds transfer back and forth between your savings and current account or through online@hsbc, Personal Phonebanking and over 900,000 ATMs worldwide. So you are always earning maximum interest.

Remarks: Foreign accounts are available in US Dollar, Pound Sterling, Australian Dollar, Swiss Franc, Hong Kong Dollar, Euro and Singapore Dollar.

If they offer this to un-busy executives like myself, we'll be, how do you say . . . quid's in.

Add to that internet banking and ladies and gentlemen, we have a winner.

Not to drag this out but there's a difference between HSBC Hong Kong and HSBC Bangkok, their services, charges and products are very different so make sure you look closely at both. Example, HK will let you hold and work with 13 different currencies including THB. BKK limits you in this respect, especially on the THB transfer and deposit front based on whether your account is a resident or non-resident account. Finally, and the real biggee for me, their internet banking services are miles if not light years apart with HK being far superior. I have my primary account with HK and then set up a free secondary account with HSBC BKK just for Baht and ATM purposes and that system works very well for me.

CM,

Do us a favour and post the links to the HSBC HK account you mean. I've become very confused by that site . . . which ain't hard for me and is in no way a reflection on the bank.

Yes. Why not have both accounts. Very good idea. Cheers.

See link below.

http://www.hsbc.com.hk/hk/home/

The advantage for me of having the two accounts is that I do all my investments and international stuff via HK and use BKK for inward Baht transfers (same day) and ATM only.

Is it this one, CM?

http://www.hsbc.com.hk/1/2/hk/banking/accounts#fcy_acc

This stuff is ideal as I start in Taiwan around Feb/March. Can get paid in Sterling etc . .

That's the one - you won't get the best deposit rates there but that's not my purpose at least. It's a bank account that accepts all the currencies I use, lets me switch currencies easily and very cheaply, it's secure in that it's HK and it keeps my funds away from the prying eyes of Gordo and Darling. I use the account has a holding mechanism and then transfer in and out as needed as and when I decide to place a time deposit somewhere else, in the meantime I use their short term deposit rates. I recommend that if you want to open a HK account you open a UK HSBC account first and then ask the UK to open the HK account for you.

I can't thank you enough, CM.

Yes, I'm in Blighty for another week or so. Down to HSBC on Monday morning.

All my future work is NOT IN BRITAIN. This is perfect for client payment.

[jesimps]

the way that the self reliant and the hard working in the uk have been screwed by the government in order to prop up the lifestyles of the lazy and the benefit addicted is hard to accept.

those who provided for themselves and managed to remove themselves from that ugly society now have to deal with a tumbling currency.

life just aint fair !!!!

but thats how it is and we will just have to deal with it as best we can until the situation improves.

Taxexile,

I need to get all my cash out of the UK whilst leaving it in Sterling. We have enough Baht to live in for a year and I don't wat to change up until next year. Barclays FX guy reckons on some wild swings in '09, so there may be a chance to get out on a spike.

Do any Thai banks offer multi-currency accounts?

My choice in your situation MJP would be HSBC Hong Kong which will allow you a multi-currency account, internet access for all manner of transaction types PLUS a sound deposit guarantee. I've used them for years and it's easy to move funds around the world and exchange currencies in real time, cost effectively.

Have scoured their website and can't find any info on how to open an account with them. Have decided to transfer most of my money out of Nationwide UK to some sort of multi-currency account offshore. I know about Nationwide International, but would prefare to be with HSBC in Hong Kong, if only I can find out how to open an account with them. I hope operating an account with them is easier than starting one. Grateful your advice. By the way, I live in Pattaya.

[chiang mai]

the way that the self reliant and the hard working in the uk have been screwed by the government in order to prop up the lifestyles of the lazy and the benefit addicted is hard to accept.

those who provided for themselves and managed to remove themselves from that ugly society now have to deal with a tumbling currency.

life just aint fair !!!!

but thats how it is and we will just have to deal with it as best we can until the situation improves.

Taxexile,

I need to get all my cash out of the UK whilst leaving it in Sterling. We have enough Baht to live in for a year and I don't wat to change up until next year. Barclays FX guy reckons on some wild swings in '09, so there may be a chance to get out on a spike.

Do any Thai banks offer multi-currency accounts?

My choice in your situation MJP would be HSBC Hong Kong which will allow you a multi-currency account, internet access for all manner of transaction types PLUS a sound deposit guarantee. I've used them for years and it's easy to move funds around the world and exchange currencies in real time, cost effectively.

Have scoured their website and can't find any info on how to open an account with them. Have decided to transfer most of my money out of Nationwide UK to some sort of multi-currency account offshore. I know about Nationwide International, but would prefare to be with HSBC in Hong Kong, if only I can find out how to open an account with them. I hope operating an account with them is easier than starting one. Grateful your advice. By the way, I live in Pattaya.

Open an account at the HSBC that is nearest to you and then ask them to make the introduction to HSBC HK so that an account can be opened there. The alternative is that you go to HK and open one in person which, in all honesty, may be easier than trying to deal with BKK sometimes. BKK is ok for everyday ATM account activities but anything more than that tends to stretch them a little.

[Naam]

Bangkok Bank also has a foreign currency account , paying I think 4% interest . Money held in sterling ( or other currencies ) until you want to convert .

who would be stupid enough to move all his dough to Thailand and suffer medieval banking procedures and a bunch of restrictions?

p.s. i prefer banking in Singapore over Hong Kong any time as the competition in SIN is a multiple of HK and that means more possibilities and better conditions.

[dageshi]

My personal opinion is that 2009 is similar to 2008, preservation of money not investment returns, I would split my cash equally between usd, euro and I'd throw some gold in there. For those who are interested in gold may I suggest bullion vault .com they have vaults in switzerland, uk and the us, buy and store where you please and if you have sufficient gold stored in one place you may reserve a bar in your own name which will be segregated, cheapest way of owning gold conveniently that I know of.

[VegasVic]

My personal opinion is that 2009 is similar to 2008, preservation of money not investment returns, I would split my cash equally between usd, euro and I'd throw some gold in there. For those who are interested in gold may I suggest bullion vault .com they have vaults in switzerland, uk and the us, buy and store where you please and if you have sufficient gold stored in one place you may reserve a bar in your own name which will be segregated, cheapest way of owning gold conveniently that I know of.

You may want to consider the Yen as well, after the devaluation of course

[monkeytunes]

My personal opinion is that 2009 is similar to 2008, preservation of money not investment returns, I would split my cash equally between usd, euro and I'd throw some gold in there. For those who are interested in gold may I suggest bullion vault .com they have vaults in switzerland, uk and the us, buy and store where you please and if you have sufficient gold stored in one place you may reserve a bar in your own name which will be segregated, cheapest way of owning gold conveniently that I know of.

Thanks for posting the info, checked the website already, you dont happen to know of a company that deals in oil in the same way? Regards MT

[chiang mai]

My personal opinion is that 2009 is similar to 2008, preservation of money not investment returns, I would split my cash equally between usd, euro and I'd throw some gold in there. For those who are interested in gold may I suggest bullion vault .com they have vaults in switzerland, uk and the us, buy and store where you please and if you have sufficient gold stored in one place you may reserve a bar in your own name which will be segregated, cheapest way of owning gold conveniently that I know of.

You may want to consider the Yen as well, after the devaluation of course

It would have to be a pretty significant devaluation before buying YEN was an attractive proposition to GBP holders!

[patklang]

1/ sit it out for 8 years until i get my state pension and serps/sp2.living off private pension,interest on my money and a bit of thai baht left.

2/ sell assets in thailand and live off the 3 million baht for 4 years approx.

3/ move to a cheaper part of thailand

4/ cash my 70,000 gbp exec 5year bond,lose some money and live off that until i get pensions.

5/ go back to uk to work,no chance lol.

not too bad off as i dont need to cash gbp for at least another year so hopefully i can cash about 20k gbp and get a better return.

[MJP]

1/ sit it out for 8 years until i get my state pension and serps/sp2.living off private pension,interest on my money and a bit of thai baht left.

2/ sell assets in thailand and live off the 3 million baht for 4 years approx.

3/ move to a cheaper part of thailand

4/ cash my 70,000 gbp exec 5year bond,lose some money and live off that until i get pensions.

5/ go back to uk to work,no chance lol.

not too bad off as i dont need to cash gbp for at least another year so hopefully i can cash about 20k gbp and get a better return.

I'm still a youngun' so I'll keep working and the wife, bless her, will no douby keep spending.

No work in the UK, next stop Taiwan. Failing that we're okay for basic living for ten years and I'll concentrate on the farm and home brew.

[patklang]

if the shhhh hit the fan i could go back and claim dole and a flat/apartment and sell cheap ciggies and perfume,as some of my mates do,all cheap charlies and lazy gits.they earn big money though.

[MJP]

if the shhhh hit the fan i could go back and claim dole and a flat/apartment and sell cheap ciggies and perfume,as some of my mates do,all cheap charlies and lazy gits.they earn big money though.

Nah . . . just keep the spend low and find new things to enjoy.

I'm getting into home brew wine, tomato plants, olives. Making my back garden in Issan into Little Italy.

[chiang mai]

Well I'm not going anywhere either although I have yet to make it into home brew and tomato plants! I've committed 90% my funds to various accounts for anywhere between six and twelve months and have Baht on hand for daily living. I'd like to get some more Baht in the door but at present I can't see when might be a good time to change, perhaps look again after Xmas.

I was looking at my finances recently and realize that we're now spending about one third less each month than say six months ago. Much of that is because Mrs CM is now doing some work for a hotel in Phuket so she's not out spending money every day and we're not constantly zipping about to different places doing this and that - if that trend continues I'll be well pleased. My fallback plan, should I chose to consciously reduce my outgoings, is to rent somewhere differently from present. I'm paying far too much money for the current house and I suspect there may be some bargains to be had next year when tourist season ends.

[Super Hans]

Well I'm not going anywhere either although I have yet to make it into home brew and tomato plants! I've committed 90% my funds to various accounts for anywhere between six and twelve months and have Baht on hand for daily living. I'd like to get some more Baht in the door but at present I can't see when might be a good time to change, perhaps look again after Xmas.

I was looking at my finances recently and realize that we're now spending about one third less each month than say six months ago. Much of that is because Mrs CM is now doing some work for a hotel in Phuket so she's not out spending money every day and we're not constantly zipping about to different places doing this and that - if that trend continues I'll be well pleased. My fallback plan, should I chose to consciously reduce my outgoings, is to rent somewhere differently from present. I'm paying far too much money for the current house and I suspect there may be some bargains to be had next year when tourist season ends.

Are you still flogging pies? How's business?

[chiang mai]

Well I'm not going anywhere either although I have yet to make it into home brew and tomato plants! I've committed 90% my funds to various accounts for anywhere between six and twelve months and have Baht on hand for daily living. I'd like to get some more Baht in the door but at present I can't see when might be a good time to change, perhaps look again after Xmas.

I was looking at my finances recently and realize that we're now spending about one third less each month than say six months ago. Much of that is because Mrs CM is now doing some work for a hotel in Phuket so she's not out spending money every day and we're not constantly zipping about to different places doing this and that - if that trend continues I'll be well pleased. My fallback plan, should I chose to consciously reduce my outgoings, is to rent somewhere differently from present. I'm paying far too much money for the current house and I suspect there may be some bargains to be had next year when tourist season ends.

Are you still flogging pies? How's business?

Only part time, we still fill orders for established repeat customers but are not actively looking for new ones. Having said that, one of our largest customers has cut back substantially in recent months which is always a sign that the tourist business is not good. That was always a venture aimed at giving Mrs CM something constructive to do with her time rather than having her spend money, some work for a hotel has now taken over that role.

On a slightly different note, whose side is the BOE on anyway? I mean, the Deputy Governor goes in front of a Commons committee this morning and tells them the Bank didn't realize there was a credit bubble building, we didn't see it he said! Immediately the Pound dropped three cents like a lead weight through blancmange! Can somebody somewhere please stop these people from speaking in public, or speaking period perhaps.

Edited December 22, 2008 by chiang mai

[lannarebirth]

Well I'm not going anywhere either although I have yet to make it into home brew and tomato plants! I've committed 90% my funds to various accounts for anywhere between six and twelve months and have Baht on hand for daily living. I'd like to get some more Baht in the door but at present I can't see when might be a good time to change, perhaps look again after Xmas.

I was looking at my finances recently and realize that we're now spending about one third less each month than say six months ago. Much of that is because Mrs CM is now doing some work for a hotel in Phuket so she's not out spending money every day and we're not constantly zipping about to different places doing this and that - if that trend continues I'll be well pleased. My fallback plan, should I chose to consciously reduce my outgoings, is to rent somewhere differently from present. I'm paying far too much money for the current house and I suspect there may be some bargains to be had next year when tourist season ends.

Are you still flogging pies? How's business?

Only part time, we still fill orders for established repeat customers but are not actively looking for new ones. Having said that, one of our largest customers has cut back substantially in recent months which is always a sign that the tourist business is not good. That was always a venture aimed at giving Mrs CM something constructive to do with her time rather than having her spend money, some work for a hotel has now taken over that role.

On a slightly different note, whose side is the BOE on anyway? I mean, the Deputy Governor goes in front of a Commons committee this morning and tells them the Bank didn't realize there was a credit bubble building, we didn't see it he said! Immediately the Pound dropped three cents like a lead weight through blancmange! Can somebody somewhere please stop these people from speaking in public, or speaking period perhaps.

You have to understand CM that you and the gov are working at cross purposes. He WANTS the GBP to fall. In the short run its good for the majority of Brits ex expats. Same like the US "strong dollar policy". If ever there was a policy named incorrectly, that was it.

[chiang mai]

Well I'm not going anywhere either although I have yet to make it into home brew and tomato plants! I've committed 90% my funds to various accounts for anywhere between six and twelve months and have Baht on hand for daily living. I'd like to get some more Baht in the door but at present I can't see when might be a good time to change, perhaps look again after Xmas.

I was looking at my finances recently and realize that we're now spending about one third less each month than say six months ago. Much of that is because Mrs CM is now doing some work for a hotel in Phuket so she's not out spending money every day and we're not constantly zipping about to different places doing this and that - if that trend continues I'll be well pleased. My fallback plan, should I chose to consciously reduce my outgoings, is to rent somewhere differently from present. I'm paying far too much money for the current house and I suspect there may be some bargains to be had next year when tourist season ends.

Are you still flogging pies? How's business?

Only part time, we still fill orders for established repeat customers but are not actively looking for new ones. Having said that, one of our largest customers has cut back substantially in recent months which is always a sign that the tourist business is not good. That was always a venture aimed at giving Mrs CM something constructive to do with her time rather than having her spend money, some work for a hotel has now taken over that role.

On a slightly different note, whose side is the BOE on anyway? I mean, the Deputy Governor goes in front of a Commons committee this morning and tells them the Bank didn't realize there was a credit bubble building, we didn't see it he said! Immediately the Pound dropped three cents like a lead weight through blancmange! Can somebody somewhere please stop these people from speaking in public, or speaking period perhaps.

You have to understand CM that you and the gov are working at cross purposes. He WANTS the GBP to fall. In the short run its good for the majority of Brits ex expats. Same like the US "strong dollar policy". If ever there was a policy named incorrectly, that was it.

I understand that LRB, it just seems to me that if I was in the Deputy Governor's position and I was asked that question, I think I might just lie. The mans role is to specifically look after the economy, no more or less and he misses the fact that the entire population of the country was borrowing huge amounts of money and that a real estate bubble the size of Mars has been building for years. How could he not see it, everyone in the UK was talking about it for years, people in other countries were asking why it was happening and every economist and market commentators was saying for at least two years beforehand that there was a major problem getting ready to explode. Christ, I even sold my UK real estate three years ago because the problem had been building for so long. It's all deeply deeply embarrassing for the entire country and makes it a hard place to defend, it's the stuff of a Monty Python sketch and the man and all his staff should be hung drawn and quartered.

There, I feel much better now, thanks for listening.

"The Bank of England did not understand the severity of economic problems before the current financial crisis, its deputy governor says. Sir John Gieve told the BBC that the Bank knew "crazy borrowing" was taking place and the price of houses and other assets was rising unsustainably. But the Bank thought this problem was less serious than it turned out to be."

[12DrinkMore]

My choice in your situation MJP would be HSBC Hong Kong which will allow you a multi-currency account, internet access for all manner of transaction types PLUS a sound deposit guarantee. I've used them for years and it's easy to move funds around the world and exchange currencies in real time, cost effectively.

HSBC offer NO GUARANTEE for foreign depositors and this is explicitly explained in the application document.

[12DrinkMore]

I understand that LRB, it just seems to me that if I was in the Deputy Governor's position and I was asked that question, I think I might just lie. The mans role is to specifically look after the economy, no more or less and he misses the fact that the entire population of the country was borrowing huge amounts of money and that a real estate bubble the size of Mars has been building for years. How could he not see it, everyone in the UK was talking about it for years, people in other countries were asking why it was happening and every economist and market commentators was saying for at least two years beforehand that there was a major problem getting ready to explode. Christ, I even sold my UK real estate three years ago because the problem had been building for so long. It's all deeply deeply embarrassing for the entire country and makes it a hard place to defend, it's the stuff of a Monty Python sketch and the man and all his staff should be hung drawn and quartered.

There, I feel much better now, thanks for listening.

"The Bank of England did not understand the severity of economic problems before the current financial crisis, its deputy governor says. Sir John Gieve told the BBC that the Bank knew "crazy borrowing" was taking place and the price of houses and other assets was rising unsustainably. But the Bank thought this problem was less serious than it turned out to be."

Maybe the Bank of England did not understand but the IMC was already issuing warnings some four years ago. Makes me worry about either the competence or aims of these people.

I have now realised that the only person I can truly rely on to look after my interests is myself. Because all these bankers, politicians, lawyers are doing exactly the same: looking after themselves.

Regarding the catastrophe we are now facing, would you listen to the rantings of Brown, telling us to borrow and spend more? Or would you hunker down, save every last penny, ensure you have enough in Thailand to live on for at least five years and consider very seriously how to preserve you wealth over the next few years.

Hmm, somehow that is surely not a difficult decision to make?

[Marvo]

On a slightly different note, whose side is the BOE on anyway? I mean, the Deputy Governor goes in front of a Commons committee this morning and tells them the Bank didn't realize there was a credit bubble building, we didn't see it he said! Immediately the Pound dropped three cents like a lead weight through blancmange! Can somebody somewhere please stop these people from speaking in public, or speaking period perhaps.

I understand that LRB, it just seems to me that if I was in the Deputy Governor's position and I was asked that question, I think I might just lie. The mans role is to specifically look after the economy, no more or less and he misses the fact that the entire population of the country was borrowing huge amounts of money and that a real estate bubble the size of Mars has been building for years. How could he not see it, everyone in the UK was talking about it for years, people in other countries were asking why it was happening and every economist and market commentators was saying for at least two years beforehand that there was a major problem getting ready to explode. Christ, I even sold my UK real estate three years ago because the problem had been building for so long. It's all deeply deeply embarrassing for the entire country and makes it a hard place to defend, it's the stuff of a Monty Python sketch and the man and all his staff should be hung drawn and quartered.

There, I feel much better now, thanks for listening.

Thanks for saying all that so eloquently chiang mai, surely it's what everyone are all thinking. Being British becomes more and more embarrassing by the day .

I have now realised that the only person I can truly rely on to look after my interests is myself. Because all these bankers, politicians, lawyers are doing exactly the same: looking after themselves.

TiB ("This is Britain" I think is fast replacing "TiT").

[LaoPo]

€uro = Pound...

'Euro tourists' crossing border

Some shops are offering direct 'pound-for-euro' exchange rates

By Mark Simpson

BBC News Ireland correspondent

While the decline in the value of sterling is posing problems for UK tourists bound for Europe, it is providing an unexpected boon for Northern Ireland's retailers.

As the pound keeps falling, the traffic-jams keep growing with euro-shoppers coming to Northern Ireland for a Christmas bargain.

With some shops offering a straight 'euro-for-pound' exchange rate, the queues are getting longer and longer.

So much so that some local people in border towns like Newry and Enniskillen are annoyed at having to fight their way through the "euro tourists" to get to their nearest shops.

Cross-border shopping trips in Ireland are as old as the border itself but what's happening at the moment is unprecedented. The scale of the influx is staggering.

Take the Asda store in Enniskillen, Co Fermanagh:

* 60% of its customers this month have come from the Irish Republic

* It is the 6th busiest store in the global Wal-Mart chain

Along the border in Strabane, sales were up 54% last week at the local Asda, compared with the same week last year.

Not bad for a store in a town which used to be one of the UK's economic blackspots.

Strabane ASDA manager, Eugene Teague, says: "It's down to the exchange rate and the southern customer just getting in their car and being prepared to drive that bit further."

Last year, a Euro was worth around 70p, now it has soared above 90p. (It's at 94p now, LP)

Most of the cross-border shoppers are making a 30-minute drive from neighbouring towns but there is evidence of some shoppers being prepared to come from more than an hour away, if not further.

They reckon they can save at least 30% on their weekly grocery shop.

At the Supervalu store in Strabane, manager Martin McBrearty not only allows customers to pay in euros but gives them their change in the same currency.

So what are the southern shoppers coming north to buy?

"The big one this year is the alcohol," says Mr McBrearty.

"We're hearing lots of stories about people coming up with trailers, and filling them full of alcohol from the local stores and then scampering across the border again."

The Dublin government is watching the exodus with increasing concern.

Patriotic shopping

Irish Finance Minister Brian Lenihan recently rebuked the cross-border bargain-hunters.

He said: "When you shop in Northern Ireland, you're paying Her Majesty's taxes, you're not paying taxes to the state that you live in."

It was a blunt appeal for patriotic shopping.

However, the large numbers of cars from the Republic parked at northern shopping centres last weekend suggested Irish people are currently more concerned with personal economics than national politics.

One southern shopper in Strabane said: "I would shop in the South if they would bring down their prices and match the prices in the North.

"If they were any way patriotic, they would bring down the prices and not be so greedy. In the South they raised VAT, here they cut it."

The VAT rate in the UK is down to 15%, while it recently went up in the Irish Republic to 21.5%.

It is making life difficult for southern retailers.

Paul Bradley, who runs a Eurospar in Buncrana, Co Donegal, has already had to reduce his workforce.

He said: "There are job losses in this area and there's probably going to be more if this exchange rate continues as it is. It just continues to drop day after day.

"I've been in the retail trade for about 30 years and this is the toughest patch I've ever gone through. I'm normally a good sleeper but I'm sleeping less at night now."

The so-called Celtic Tiger economy in the Republic has limped into recession. The procession of shoppers across the border is making things worse.

There is little sign of any sympathy from their northern neighbours. The South's difficulty is seen as the North's opportunity to cash in.

It's not politics. It's simply business.

-BBC news-uk

LaoPo

[Chaimai]

My choice in your situation MJP would be HSBC Hong Kong which will allow you a multi-currency account, internet access for all manner of transaction types PLUS a sound deposit guarantee. I've used them for years and it's easy to move funds around the world and exchange currencies in real time, cost effectively.

HSBC offer NO GUARANTEE for foreign depositors and this is explicitly explained in the application document.

If HSBC ever went under EVERYONE would be in the sh!te - more importantly my pension would be dust

[chiang mai]

My choice in your situation MJP would be HSBC Hong Kong which will allow you a multi-currency account, internet access for all manner of transaction types PLUS a sound deposit guarantee. I've used them for years and it's easy to move funds around the world and exchange currencies in real time, cost effectively.

HSBC offer NO GUARANTEE for foreign depositors and this is explicitly explained in the application document.

That's not my understanding:

"Hong Kong’s financial regulators announced on Tuesday that they would provide government backing for all of the territory’s $773 billion in bank deposits through 2010"

Numerous articles on the subject, here's just one:

http://www.nytimes.com/2008/10/15/business...15deposits.html

[12DrinkMore]

"Hong Kong’s financial regulators announced on Tuesday that they would provide government backing for all of the territory’s $773 billion in bank deposits through 2010"

From the application form

Deposit Protection Scheme (For Time Deposits and International Deposits Account Customers only)

Please note that.... International Deposits are not protected by the Hong Kong Deposit Protection Scheme. Please acknowledge receipt and your understanding of the foregoing by signing below.

Looks like a get out clause to me. If HSBC did go down, then I doubt whether Hong Kong could afford to bail out the lot. And then maybe, just maybe, the few little words might come back to haunt us, "sorry but you are not covered"

After a painful experience at the hands of Guernsey, Iceland, Brown and Darling I do not trust the banks at all. Which I suppose sums up the sentiment in the world, if the banks don't trust each other, and they are in the same club (which has until this year been very good at looking after themselves and their mutual interests) then who can possibly trust them?

[chiang mai]

"Hong Kong’s financial regulators announced on Tuesday that they would provide government backing for all of the territory’s $773 billion in bank deposits through 2010"

From the application form

Deposit Protection Scheme (For Time Deposits and International Deposits Account Customers only)

Please note that.... International Deposits are not protected by the Hong Kong Deposit Protection Scheme. Please acknowledge receipt and your understanding of the foregoing by signing below.

Looks like a get out clause to me. If HSBC did go down, then I doubt whether Hong Kong could afford to bail out the lot. And then maybe, just maybe, the few little words might come back to haunt us, "sorry but you are not covered"

After a painful experience at the hands of Guernsey, Iceland, Brown and Darling I do not trust the banks at all. Which I suppose sums up the sentiment in the world, if the banks don't trust each other, and they are in the same club (which has until this year been very good at looking after themselves and their mutual interests) then who can possibly trust them?

Hm, I think I understand part of that - if you are an International Deposit Account Holder then it looks like they have a different set of rules. If however you have a multi-currency and/or checking account I am sure you are covered - I have the latter. Have to say I don't understand the Time Deposit part so perhaps I will ask them and let you know. Thanks for the heads up.

[mickba]

Apologies if I'm going slightly off topic, but some of the products and accounts suggested have a requirement for UK residency I believe.

At present that is not too difficult to achieve through the use of ano's address etc (I know there are lots of folk receiving all manner of benefits and not having their state pension frozen and receiving winter heating allowance hahaha etc etc whilst living here) but isn't the writing on the wall with the new chipped passport?

The RFID chip will store all available info' on us (effectively an ID card plus) including, of course, details of all visas and border crossings. This info' will be available to the IR and benefits agencies and will probably become the obvious way for institutions to ask for proof of residency. All passports are due to be renewed by 2010 so, sadly, my hopes of drawing that winter heating allowance in 2013 seem to be zero.

Big brother really is going to be watching us.

[sassienie]

if the shhhh hit the fan i could go back and claim dole and a flat/apartment and sell cheap ciggies and perfume,as some of my mates do,all cheap charlies and lazy gits.they earn big money though.

Nah . . . just keep the spend low and find new things to enjoy.

I'm getting into home brew wine, tomato plants, olives. Making my back garden in Issan into Little Italy.

Sounds great.

Got a spare room for me?

[MJP]

if the shhhh hit the fan i could go back and claim dole and a flat/apartment and sell cheap ciggies and perfume,as some of my mates do,all cheap charlies and lazy gits.they earn big money though.

Nah . . . just keep the spend low and find new things to enjoy.

I'm getting into home brew wine, tomato plants, olives. Making my back garden in Issan into Little Italy.

Sounds great.

Got a spare room for me?

Yep.