Opening a savings account in another country?

interest rates are really bad right now in US so i was wondering if i can open a savings account in another country i was looking at NAB i believe its an australian bank. do i have to be a citizen? anyone know other banks with high interest rates?

Opening a savings account in another country?horses for loan

I would check with one of the US banks, i.e., JP Morgan Chase. They are there to help. The US dollar is not worth much outside of the US. The Euro dollar is worth twice, a big consideration in moving funds at this time. Even if there interest rates are better the exchange rate would defeat the purpose.

Opening a savings account in another country? loan

I hold bank accounts in the UK and I%26#039;m not British.....my husband has bank accounts in the US and he%26#039;s not American.

We do though hold them as joint accounts and one of us being the right citizen for each country helps I think.

Another issue you may have missed though is even if you get to open the accounts, when you transfer your money into them it will be converted to the local currency from US dollars at the current exchange rate.

And since the dollar is weak at the moment you lose an awful lot of it%26#039;s value in the exchange.

Interest rates may be higher in some countries but it%26#039;s debatable if the cost is worth it.|||Depends on the country. I have bank accounts in four countries that I am not a citizen of. Some countries require nothing and anyone can open a bank account. Some countries require that you have a local address, some require that you be a resident, a select few require that you actually be a citizen.

Some countries will pay extra interest for foreigners although I haven%26#039;t seen that recently.

I really don%26#039;t understand what you are trying to do. Odds are you do not have enough money to make this worth while. The difference in interest will never be greater than the transaction costs. If you do have enough money to make it worth while why is it in a bank account? That has to be one of the worst possible places to keep large sums of money. Any funds that are needed for the sake of liquidity should not be in a bank account.

Something else that you needs to be considered is that in a US bank you money to a specific amount is insured should the bank fail. This is not true of all countries and further even of the countries it is true for some do not provide that protection to foreigners.|||THE BEST BET NOW IS ONLINE SAVINGS ACCOUNTS.

THEY ARE THE HIGHEST AMONG THE ACCOUNTS AVAILABLE IN THE U.S. I HAVE ONE WITH HSBC AND IT IS GETTING ME 3.05% FOR NOW. IT WAS 5% JUST BEFORE THE FED CUT THE RATES.

IF YOU HAVE SAVINGS ACCOUNTS IN OTHER COUNTRIES, YOU RUN THE RISK OF WHAT THEIR RULES ARE. AND SINCE YOU ARE NOT A CITIZEN, YOU MAY BE AT A DISADVANTAGE.