Opening foreign bank accounts
Opening foreign bank accounts
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Discussion

dalenorth

Original Poster:

930 posts

197 months

Wednesday 7th August 2013
quotequote all
Today I've read an article on some of the worlds best deposit rates in such countries as Serbia, Ukraine, Argentina etc.

I understand your money isn't safe, like it is in a uk bank, but how easy/difficult is it to open an account in such countries??

KFC

3,687 posts

160 months

Thursday 8th August 2013
quotequote all
It's a massive risk. You're effectively gambling all of your savings on currency fluctuations that you don't understand.

http://www.google.co.uk/#bav=on.2,or.&ei=AtUDU...

If you had tried your plan with Serbian currency you'd have lost all your interest and some of the capital too,

It won't be easy to hedge your bets either - you'll likely have to visit each country in person. You should take into consideration what the limits are on a Cyprus situation. Too

dalenorth

Original Poster:

930 posts

197 months

Thursday 8th August 2013
quotequote all
Nuff said KFC, I will stick to playing the stock market.

black1

979 posts

227 months

Friday 9th August 2013
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I have bank accs abroad and have never lost a penny ! There is a lot of waffle on here bout overseas banks all from people who not got the balls to try it pm me i will tell you the truth cos I have been doing it since 05 and never lost a penny !

Siscar

6,315 posts

159 months

Friday 9th August 2013
quotequote all
black1 said:
I have bank accs abroad and have never lost a penny ! There is a lot of waffle on here bout overseas banks all from people who not got the balls to try it pm me i will tell you the truth cos I have been doing it since 05 and never lost a penny !
smile

If you have never lost a penny you are very good or very lucky. Obviously just as you can lose a lot you can gain a lot, but the point is that the currency fluctuation tends to outweigh the interest rates. If you reckon you have a good handle on which way they are going that's great, if not it is just a gamble.

black1

979 posts

227 months

Friday 9th August 2013
quotequote all
Siscar said:
black1 said:
I have bank accs abroad and have never lost a penny ! There is a lot of waffle on here bout overseas banks all from people who not got the balls to try it pm me i will tell you the truth cos I have been doing it since 05 and never lost a penny !
smile

If you have never lost a penny you are very good or very lucky. Obviously just as you can lose a lot you can gain a lot, but the point is that the currency fluctuation tends to outweigh the interest rates. If you reckon you have a good handle on which way they are going that's great, if not it is just a gamble.
Now if you only invest for one year what you say is true,but long term you can make big bucks All I will say is my investments are with banks and long term and interest rates you could only dream of ! There is no luck involved ,you just need balls