Opening foreign bank accounts

[dalenorth]

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]

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]

Nuff said KFC, I will stick to playing the stock market.

[black1]

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]

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 !

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]

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 !

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