00k
10-25-2012, 02:27 PM
If you guys want a higher interest rate on your money then open up a foreign bank account at your bank. Most big banks will allow you to do this. Then you don't have to wire money away.
As always don't put your eggs all in one basket. Countries that pay higher interest rates do so to attract foreign capital. The reason the rate is so high is because obviously the risk associated with the currency.
So for example what I would recommend for you guys is stick $50,000 into the icelandic krona. The current rate there is 5.75% I believe. Also there currency seems to be on the recovery and will most likely appreciate because they didn't give into banker demands. I would also shove $50,000 into the Brazilian real. There interest rate sits at 7.25%. So the blended rate for the 2 countries is 6.5%. Keep going along and invest the money into other countries in $50,000 chunks and try to keep the average rate around 6.5%.
Now the kicker is you need to watch what is going on in other countries. If the currency begins to move down significantly you need to move the money into one of your other accounts. Also you will want to travel to countries where your basket of currencies is appreciating against it. So you won't be visiting the swiss or perhaps anywhere that uses the EURO. But most likely you can still visit most of asia, (especially vietnam) and central and south america.
As always don't put your eggs all in one basket. Countries that pay higher interest rates do so to attract foreign capital. The reason the rate is so high is because obviously the risk associated with the currency.
So for example what I would recommend for you guys is stick $50,000 into the icelandic krona. The current rate there is 5.75% I believe. Also there currency seems to be on the recovery and will most likely appreciate because they didn't give into banker demands. I would also shove $50,000 into the Brazilian real. There interest rate sits at 7.25%. So the blended rate for the 2 countries is 6.5%. Keep going along and invest the money into other countries in $50,000 chunks and try to keep the average rate around 6.5%.
Now the kicker is you need to watch what is going on in other countries. If the currency begins to move down significantly you need to move the money into one of your other accounts. Also you will want to travel to countries where your basket of currencies is appreciating against it. So you won't be visiting the swiss or perhaps anywhere that uses the EURO. But most likely you can still visit most of asia, (especially vietnam) and central and south america.
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