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Need advice on transfer to DUBLIN in this economy?

post #1 of 18
Thread Starter 
I currently work for an investment bank based in the sydney office. After my first year, they've proposed that I move to dublin for the next 2 years in a similar role, but more exposure to european transactions. After i seemed hesitant, the company told me that i should consider it as a one year move, and if i don't like it they can arrange to transfer me back, but would like me to keep an open mind about being there for 2 years.

I can't decide what i should do, given that i am only in my early 20s:

Pros:
- career development and exposure to european deals
- gives me an edge in a competitive work environment
- generous relocation allowance covering approximately one year's worth of basic living expenses (food, rent).
- ability to live abroad when i have relatively few obligations in sydney
- ability to travel across europe over weekends/short trips

Cons:
- economic conditions in dublin and europe are pretty dismal (although my position is a relatively secure one compared to european banks in general).
- i will be paid in EUR which is expected to potentially depreciate further against the AUD meaning that i could be coming back to sydney with significantly less wealth.
- it is uncertain as to whether or not i will actually be able to return after 12 months if i do not like it (despite what the company tells me)
- when i return i do not know whether or not there will still be a position here for me (i'm sure they will look after me, but cannot be certain if ***t hits the fan)
- i have lived in australia my whole life and of asian descent, and i am not sure how i can adapt, mesh with the culture in ireland.
- i have a relatively serious girlfriend at the moment who is unable to relocate at this point in time. Definitely very sad to see this end.


Can anyone weigh in on this? It's been such a stressful week.
post #2 of 18
Not sure about the whole moving thing, but...
Quote:
Originally Posted by AriGold View Post

- i have a relatively serious girlfriend at the moment who is unable to relocate at this point in time. Definitely very sad to see this end.
Can anyone weigh in on this? It's been such a stressful week.

Whatever you do, end it with her now, even if you were to stay in Aus. She deserves someone better than you.
post #3 of 18
Due to tax regulations a lot of mayor companies has their European HQ in Ireland (google, Apple etc.) so there is no shortage of foreigners in Ireland especially in Dublin.

Ireland almost went belly up a couple years back and the unemployment rate rose substantially, I'm not up on how it is currently, but as a foreigner you can always take your bags leave.

If you have a room and board paid for you, so you just have to pay for beer and save up, so if you look at it like that, it's probably not a bad deal.

If you like living in Europe you can always transfer to the city (London), where opportunities are greater.

If you stay due to your GF and then regret it, it will ruin your relationship and you will blame her for not going (seen it more than once.)
post #4 of 18
Thread Starter 
Quote:
Originally Posted by thunderthighs View Post

Not sure about the whole moving thing, but...
Whatever you do, end it with her now, even if you were to stay in Aus. She deserves someone better than you.

Totally uncalled for.
post #5 of 18
here's my feeling

1. ireland is in deep shit now. so you aren going into a shithole, and you will be coming out of a shithole. is there any chance that you will get blamed for it still being a shithole when you leave?

2. going someplace poor with hot women is always fun

3. foreign postings are usually pretty good for your career

4. your relationship most likely won't survive.


good luck
post #6 of 18
Make sure they pay you in AUS $ rather than euros. If they refuse see whether they'll lessen your fx risk exposure by guaranteeing your pay at a predetermined fx rate.

It's good to accept an overseas posting when you aren't burdened by wife and children.
post #7 of 18
Quote:
Originally Posted by curzon View Post

Make sure they pay you in AUS $ rather than euros. If they refuse see whether they'll lessen your fx risk exposure by guaranteeing your pay at a predetermined fx rate.
It's good to accept an overseas posting when you aren't burdened by wife and children.

+1
post #8 of 18

turning down something like this early in your career is probably not a good idea

 

they are doing this because they need someone there and not where you're at

they will find someone else to do it and perhaps won't need you any longer

 

yes, relocation and the currency exchange is tough in this enviornment, but being unemployed even more so

 

make the best deal you can negotiate and go for it

post #9 of 18
Quote:
Originally Posted by globetrotter View Post

1. ireland is in deep shit now. so you aren going into a shithole, and you will be coming out of a shithole. is there any chance that you will get blamed for it still being a shithole when you leave?
2. going someplace poor with hot women is always fun
3. foreign postings are usually pretty good for your career
4. your relationship most likely assuredly won't survive.

Agree with this, though I fixed point #4; she'll be sleeping with someone else in less than a week.

Briefly spent time in Dublin back in 2007--enjoyed myself immensely. I recall seeing, what seemed at the time, a large number of homeless youths begging for money on the streets. I can only imagine what it's like now. From my other encounters, Irish kids are: either very nice or shifty as fuck, I could never tell which. Oh, there were more (a lot more) thin sexy lily white skinned irish girls than I ever expected. And Irish girls grow up ultra fast, if you catch my meaning.

Having said all of that: I can easily see myself living there for one-two years. If Dublin got boring or found myself wanting; I'd rent a car and travel to the countryside. Have a stay at Adare Manner for the weekend, take in some golf, walk the grounds, drink in the tac room, pretend I'm the Earl Of Downton, etc.

P.S. Now is the most interesting time to be working in euro-finance in Europe--the next 12 months are pivotal for the future of the EU and your experience there will put you on the cutting edge of the 'information curve', a huge boon if not to your current employer then certainly to any other...i should think anyway.
post #10 of 18
if you care only a little bit about yourself, you should do it.
post #11 of 18
I'd do it, lot to gain, relatively little to lose depending on how much of a future you see with your girlfriend

And regarding currencies I don't think that should be that big of a factor. A lot of factors could change and you should focus more about life. Banking pays well enough either way.
post #12 of 18
Quote:
Originally Posted by stevent View Post

And regarding currencies I don't think that should be that big of a factor.

You ever live in a country undergoing currency collapse?

I have. Sucks watching one's savings lose almost 60% of their value. Europe is sidling along the precipice and the collapse of the euro is quite plausible.
post #13 of 18
Quote:
Originally Posted by curzon View Post

You ever live in a country undergoing currency collapse?
I have. Sucks watching one's savings lose almost 60% of their value. Europe is sidling along the precipice and the collapse of the euro is quite plausible.

Then you diversify risk, he's a banker should be able to limit some of the risk.
post #14 of 18
Quote:
Originally Posted by curzon View Post

I have. Sucks watching one's savings lose almost 60% of their value.
Europe is sidling along the precipice and the collapse of the euro is quite plausible.

Unless you sell your stocks or the company goes belly up, the money is not lost and the same goes for houses etc. wink.gif

Rumour has it the Germans have been printing mark for sometime now and are getting ready to go back, so I'm pretty sure, when Greece is out the water, Germany will say bye bye and go back.
post #15 of 18
Make sure you have job security. My father owns a couple of businesses over in Ireland and in the last 4 years life got a damn sight harder for everyone. While there are some businesses operating smoothly, there are hundreds failing. It is the 2nd worst EU economy and is still going down hill.

Having said that, if you're well paid in a stable company then you'll be a rich young guy in a land of attractive, poor females. Just make sure you're got a two year contract or something.
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