Opening a Foreign Bank Account

Cotta

Is it possible and safe for a UK resident to open a bank account within another country to avail of better interest rates?

Ben8282

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).

colsten

What are your objectives?

YorkshireBoy

colsten wrote: »

What are your objectives?

The starting point would be to cover the cost of currency exchange, both in and out.

Flobberchops

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?

colsten

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?

After you

colsten

YorkshireBoy wrote: »

The starting point would be to cover the cost of currency exchange, both in and out.

May be, may be not. The OP may have plans to shift not just money but also themselves to a different country? Or just spend the money in a different country?

jonesMUFCforever

....or he could be a money launderer?

eskbanker

Cotta wrote: »

Is it possible and safe for a UK resident to open a bank account within another country to avail of better interest rates?

Some of the potential pitfalls are covered in this thread: https://forums.moneysavingexpert.com/discussion/5838916/can-i-open-a-savings-account-abroad

Nebulous2

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.

Cotta

eskbanker wrote: »

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.