R: I've been to Argentina..... forget it, it's a black market currency exchange country. 10 to 1 for us dollar in banks and 14 to 1 conversion with taxi driver. Its madness, govt controlled and hard work to get us dollars out of banks.
Q: I'm sorry. This can't be real. There's no way a bank can be profitable while giving people returns as high as 23.25% a MONTH. What would prevent someone from depositing $100,000 in September, withdrawing $23,250 in October, then withdrawing $23,250 in November, etc., etc? It's ludicrous. So I presume I'm misunderstanding what it means when it says there's a monthly rate of 23.25%. I'd appreciate it if someone could enlighten me. Also, I am in a state of equally potent disbelief regarding the yearly rate of 28.5%. What I'm thinking is you deposit your $100,000 then a year later you would essentially have to go through a band of Argentinian gangsters wearing red HSBC shirts, ski masks, and holding AK47's, and they won't give you your $28,500 until you give them your little sister. Either that, or the bank collapses. Are you telling me there are people in Argentina who are willing to borrow money at a rate high enough to offset the 28.5% I would get every YEAR? If I'm not seeing things correctly because I'm blinded by the .000000025% interest rates they give us in the U.S., I would very much appreciate someone pointing out my ignorance.
R: You are simultaneously wrong and correct. Here is how it all shakes out. The bank has a minimum of 200,000 pesos as the initial deposit ( about $ 13600 in US Dollars at present give or take a bit ). They will indeed give you that crazy high rate of return of about 23% ( Which is an annual and not a montlhy rate by the way ) but here is the rub - - they will pay you back in one year with super devalued Argentine Pesos. You will gain not the 23,250 US dollars but 23% more Argentine Pesos. When you go to convert these into US dollars you get slapped not only with a charge for the exchange but also get a bad exchange rate. Let say you dump the equivalent of $100 K i nUS Dollars there and take it out in a year - -the gains you made will be largely wiped out by the currency conversion and the new worsened exchange rate. The reason banks in unstable countries offer these high rates is because they need cash for short term use,knowing that the exchange rate is likely to wipe out most foreign investor gains. If you live in the same country you would benefit a bit but again you would still have to deal with crazy high inflation rates
R: thank u for explaining so nicely, people might think where is the catch, even though interest rate is great but investing in it would be a very big gamble, specially to those countries who are devaluing their money.
Q: if I place £100.000 in a deposit account what rate will I i get for the year.
also how am I protected if the bank goes bankrupt is it protected could you send me relavent info on this please many thanks
R: first you have to convert the pounds to peso to get the high interest rates. according to hsbc argentina wesite they are offering 20% annual rates for peso deposits. also its safe to deposit with international bank like HSBC
Q: I am from india.. i need some informations ... plz can you tell me if i deposit 3000000 rupess any argentina bank so how much can i get intrest rate .... and can i do it like this ...so plz inform to me ... i will wait sir ....
Q: Please enlighten me as to which procedure I would need to follow if I would like to open a bank account seeing as I'm a foreigner (currently living in Canada). And what would be the interest rate offered if I invested in USD.
Q: Good day im from kuwait and nationlity is kuwaiti i was wondering i can open a fixed depost account in Argentine or should i be foreigner ? and which banks are safe and what will the fixed depost interst rate be ?
Q: I am from pakistan .... i need some informations ... plz can you tell me if i deposit 5000000 rupes in any argentina bank so how much can i get intrest rate .... and can i do it like this ...so plz inform to me ... i will wait sir ....
Q: I am a United States citizen looking to open a high interest fixed deposit account for 1+ years to receive the high interest rates on my money. I am not familiar with all the laws surrounding no citizens opening bank accounts in Argentina and need some assistance to complete this process to open an account.
Q: So I am looking at your deposit interest rates and pardon mt my math, but to make sure If I deposited 100,000 for one year and because of you 3.25% interest rate for savings I would have 103,250 by the end of it right? Please answer ASAP. Oh and by the way I am a US citizen and want to deposit us money.
R: You never want to deposit US Dollars in a foreign bank account... government can easily exchange the money for you without your permission... it doesn't happen much but it's a big possibility... the best thing to do is go down there in a vacation and take a look around.. I live on the interest rates for about 4 years before in iran...
R: Hi , are you iranian as you mentioned you were getting interest from iranian bank ,
Because i am iranian and i put my money in iranian bank but now i am a bit concern if the intrest rate go down as they mentioned , i am looking fo the way to survive my money and looking for a safe bank to invest my money