By Looking to invest in this time of economic turmoil? Well who would have thought it, but South Korean banks may be worth checking out:
Americans may not have to wander far outside the base gates for a relatively safe investment with above average yields.
As the South Korean currency plummets to 10-year lows, the nation’s banks are aching for scarce U.S. dollars, and they’re willing to pay hefty interest rates for them.
On Friday, Stars and Stripes found that South Korea’s top banks are paying roughly 5.6 percent for one-month term deposit accounts, and as much as 6.6 percent for six-month deposit accounts.
The average rate for a certificate of deposit in the United States is 3.64 percent, according to Bankrate.com.
South Korean deposit accounts are not savings accounts. They are similar to CDs, but in some cases are easier to break without penalty.
Once a foreigner establishes identity via a passport or military identification card, he or she can buy a U.S. dollar deposit account without any minimum or maximum balance, fees or further documentation, said Hwang Il, of Kookmin Bank’s foreign exchange product department. [Stars & Stripes]
I would be interested to hear what you more business savvy people think of investing in Korean banks.
2:30 pm on May 31st, 2009 1
howout american citizen and korean citizen dual citizen who have bank account in korea for usd account and krean won account how they pay the tax in korea and us tax apply is it only the amount in us bank interest for the us irs tax and korea bank interest pay at korea tax place let us know show on the website
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2:36 pm on May 31st, 2009 2
korea bank do they have cdars deposit and reserve deposit and regular deposit and checking account do they cover by fdic insurance for the limit one billion usd and also korean won
how about inherit from father who die in korea and daugter live in hawaii and both dual citzen father is korean pay tax in korea how much and pay to which dpt in korea and also if money remain in korea for daugther account name do i have to pay the tax in us
and only money do i have in us bank interest apply for the only us bank account tax apply how about receipt of korea bank account interest tax di have to report to us file tax
Reply
2:37 pm on May 31st, 2009 3
korea bank do they have cdars deposit and reserve deposit and regular deposit and checking account do they cover by fdic insurance for the limit one billion usd and also korean won
how about inherit from father who die in korea and daugter live in hawaii and both dual citzen father is korean pay tax in korea how much and pay to which dpt in korea and also if money remain in korea for daugther account name do i have to pay the tax in us
and only money do i have in us bank interest apply for the only us bank account tax apply how about receipt of korea bank account interest tax doi have to report to us file tax
Reply