Offshore savings

I actually thought you might have something to teach us @MirageF1, but I see now you're just a troll.

Telling people to 'go google' and 'do some research' and then insulting them over it is not how you go about getting people to believe your advice.

If you have something that could aid us in our financial endeavors and you already know the facts, then why don't you just tell us the gist/bullet-point it and help us?
 
MirageF1: Bank accounts offer no safety, no matter where they are.
MirageF1: Also, I recommend Standard Bank Shyft account.
MirageF1: Also, I have a Barclays UK account.

This is not a consistent position.
 
JayM said:
MirageF1: Bank accounts offer no safety, no matter where they are.
MirageF1: Also, I recommend Standard Bank Shyft account.
MirageF1: Also, I have a Barclays UK account.

This is not a consistent position.
Click to expand...

You twisting my words. Unsurprisingly.
I repeat for you and others short of comprehension.

Seeking offshore safety at these times is a fallacy.
I gave a few options for those insistent on buying foreign currency.
Now put that in your noggen and digest it.

That's my final say on the matter.
 
MirageF1: That's my final say.
MirageF1: That wasn't my final say.

:ROFL:
 
On the subject you nitwit.

Not your retorts.

You really are a kid huh.
 
The simple fact of the matter is that there is a higher risk of money being confiscated from a locally domiciled account than an offshore one.
 
Don't argue risk levels and diversification thereof with this one.

He's probably one of those dudes completely invested in gold and silver, which is stored in the house safe next to his firearms.
 
JayM said:
The simple fact of the matter is that there is a higher risk of money being confiscated from a locally domiciled account than an offshore one.
Click to expand...
I think mirageF1 is probably thinking of bank bail-in in a lot of countries. Like what happened in Greece, it's now become a norm since the GFC and governments had to bailout banks. Now if the bank needs liquidity to keep running they can use depositor funds and issue bank shares to them. It's freaking scary and it makes me uncomfortable with my accounts in Australia.

Google it or start here
https://www.bloomberg.com/quicktake/bail-in
 
reactor_sa said:
I think mirageF1 is probably thinking of bank bail-in in a lot of countries. Like what happened in Greece, it's now become a norm since the GFC and governments had to bailout banks. Now if the bank needs liquidity to keep running they can use depositor funds and issue bank shares to them. It's freaking scary and it makes me uncomfortable with my accounts in Australia.

Google it or start here
https://www.bloomberg.com/quicktake/bail-in
Click to expand...

As I've mentioned in numerous other threads, bank bail-ins are certainly a possibility. And with the noises the ANC is making, along with the dire straits SA's finances are in, the possibility is higher here than in most other countries. You can also bet that if there are world-wide bail-ins, the thresholds will be a lot lower in SA than 1st world countries.
 
JayM said:
As I've mentioned in numerous other threads, bank bail-ins are certainly a possibility. And with the noises the ANC is making, along with the dire straits SA's finances are in, the possibility is higher here than in most other countries. You can also bet that if there are world-wide bail-ins, the thresholds will be a lot lower in SA than 1st world countries.
Click to expand...
I think you'd actually be surprised if you look at SA banks reserve's vs a lot of other countries. The countries finances are not that of the banks.
 
UK Unit Trusts have been getting 4% - 6% in the past few years
 
reactor_sa said:
I think you'd actually be surprised if you look at SA banks reserve's vs a lot of other countries. The countries finances are not that of the banks.
Click to expand...

That is correct. Our banks have good liquidity compared to many. But if a bail-in happens here, the money's going to the government, not to prop up the bank.
 
JayM said:
That is correct. Our banks have good liquidity compared to many. But if a bail-in happens here, the money's going to the government, not to prop up the bank.
Click to expand...
But by definition that's government expropriation not bank bail-in
 
chrisc said:
UK Unit Trusts have been getting 4% - 6% in the past few years
Click to expand...
Thanks Chris! That's a decent option. Do you know of any that allow an account to be opened from .za?
 
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