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Is it safe to open a saving account in 3rd world country?
a friend of a friend that made lot of money told me that he's going to open a savings account of 100,000,000$ in India because he can get there 10% interest.
i don't know if he have that money...personally i think he was just showing off.
anyway it made me wonder.
it's sounds kinda risky.
is this kind of money investing safe?
i mean depositing huge amounts of money in a 3rd country world bank?
First of all your friend who "made lot of money" doing what?
The risk of open foreign accounts is multi-fold.
1. Local inflation risk
2. Currency risk
3. financial risk
4. political risk
5. economic risk
India inflation had been running around 11%. Thus earning 10% in an Indian bank means that you would be losing 1% of your principle each year.
http://www.economywatch.com/indianeconomy/india-inflation.html
You also have to declare and pay US and foreign taxes on that interest, netting you further negative returns.
The you have the currency risk where if the Indian Rupee declines in value and the US Dollar rises in value you take another double hit on the currency exchange.
I was not able to find any Indian bank default grantees. The USA is one of few countries who have bank default guarantees (FDIC) and covered a modest amount (currently 250k thru Dec 2009; 100k thereafter unless law is extended). The US Gov does not guarantee 1 cent of assets held in foreign accounts even if you are a citizen.
I don't know what your motive is here, but it does not make scene if you are a US citizen who has no regular business in India.
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| NEW pop can Diversion Safe Stash Hide! HUGE SIZE! 32 FL.OZ. (946ml) | | | US $19.99 | 14d 20h 25m |
| ARIZONA ICED TEA Hidden SECRET CAN SAFE 23 OZ Size HUGE | | | US $21.95 | 2d 6h 7m |
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| HUGE Sargent & Greenleaf S&G Safe with Mechanical S&G Combo Lock 41"x29"x29" | | | US $499.99 | 29d 18h 55m |
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Geithner reassures China its huge dollar holding are "very safe" - 01 Jun 09
X-girlfriend name is tatoo'd on his neck and ITS HUGE! Is it safe to date him?
Im thinking, it musta had been pretty serious to put her name on your neck.All places,your neck.WOW! Im thinking it was his mom name.No his x-girlfriend who is still in the picture.She hangs with his family still.He introduced us and she seem to have this look of hurt.As if she was hiding it.What do you think.Is it safe to continue dating him ??
yeah as long as they were going out for a long time. just ask him when he is getting it taken off
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