Foreign bank accounts

lalman

We all know UK saving rates are at historic low levels.

I was speaking to my flat mate the other day (he is from Nigeria (second generation)) and mentioned you can get 12-15% interest on savings... i also know in India its similar..

I know the risks of foreign exchange changes but how would i use these accounts?, anyone got any past experience? positive and negative feedback would be appreciated.

innovate

Apart from exchange rate risk, you also have no guarantee that you would get any or all of your money back should the bank go bust, or if some regime decides to seize all foreign-owned assets. There may also be prohibitive taxes due from foreign-owned assets, and you can be guaranteed to be in the AML spotlight as and if you want to repatriate your funds.

Apart from that, it sounds a splendid idea (not).

Mrs_Z

You might also need to be a resident in the country to be able to open a bank account.

john96

I wonder if your flatmate is going to "offer" to open an account on your behalf...

innovate

john96 wrote: »

I wonder if your flatmate is going to "offer" to open an account on your behalf...

That would, of course, make it a dead-cert and irresistable deal.

jimjames

john96 wrote: »

I wonder if your flatmate is going to "offer" to open an account on your behalf...

There are lots of Nigerians on here that will happily open an account for you if you send them money. I'm sure they'll even put a few million in it too.

http://www.419eater.com/html/hall_of_shame.htm

Unfortunately the rate may be higher but if the currency drops or inflation is much higher than UK you wouldn't have the same UK currency when switching back even with the higher rates

innovate

Don't 'email' a new poster about anything. If they have something useful to say, they can say it in public.

lalman

Thanks for the advice and information.

I am ignoring the digs about my housemate.

ttoli

Accounts here pay 11.5% for money Invested in Turkish Lira, though it is on the rise against the Pound.I live here and 99% of my expenditure is in Lira so it works for me, though exchanging back to Sterling not as good.

On Sterling the banks offer 5%, You needn't be resident to open an account.

One of the largest banks here being ; http://www.creditwestbank.com/