Is investing in foreign banks a good way to beat low interest rates?

The low interest rates prevalent in western Europe and the US have got me wondering whether keeping money in savings accounts or CDs in countries with high interest rates isn’t a better investment. Does anyone have experience holding assets in foreign accounts. Which countries allow non-residents to open savings accounts or to invest in term deposits and which of those would you recommend?

In many countries, banks only provide services to residents. However, there are countries which do accept non-resident customers. Some banks even offer special non-resident accounts which allow you to deposit and withdraw money (plus interest) without regular import and export restrictions.

As a general rule, the higher the inflation rate of a country’s currency, the more interest you earn. There are exceptions to this rule. You can compare rates in a number of countries here:

/en/savings-accounts-international-comparison