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Opening a Foreign Bank Account

Cotta
Posts: 3,667 Forumite
Is it possible and safe for a UK resident to open a bank account within another country to avail of better interest rates?
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Comments
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You really do need to be more specific. Which country, what type of account, connection with that country (if any), EU or non-EU (to the extent that that may still be relevant).0
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What are your objectives?0
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Comparing the various central bank rates globally, it is rather tempting to consider opening a savings account in Brazil or Russia in the pursuit of 7% APR. Perhaps that's what the OP has in mind?: )0
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Flobberchops wrote: »Comparing the various central bank rates globally, it is rather tempting to consider opening a savings account in Brazil or Russia in the pursuit of 7% APR. Perhaps that's what the OP has in mind?0
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YorkshireBoy wrote: »The starting point would be to cover the cost of currency exchange, both in and out.0
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....or he could be a money launderer?0
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Is it possible and safe for a UK resident to open a bank account within another country to avail of better interest rates?0
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Turkey was paying as much as 20%. I have an acquaintance who was sold the idea of going to live there, investing £100k and living off the interest.
The trouble is the rate of depreciation of the currency may wipe out all the gains.0 -
Some of the potential pitfalls are covered in this thread: https://forums.moneysavingexpert.com/discussion/5838916/can-i-open-a-savings-account-abroad
Thanks and good points made within the link.
What I was basically looking for was a viable alternative to help my savings to increase in an era of diminishing interest rates.0
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