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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Condor who wrote (20113)	10/17/2004 7:16:49 PM
From: Michael Collings	Read Replies (2) of 110194

Condor: About a year and a half ago I opened a bank account online with the Bank of New Zealand. The bank 6 mo term deposit yielded 5.625% Currently they are paying over 6% on their term deposits. In addition I have made around 20% on the exchange rate. I am not sure whether you can still open accounts over the internet, I do remember that I had to fax two picture id's also, but if you can it is well worth it. They made it quite easy to open the account at the time and I had my local bank wire transfer the funds. Later, I tried to open an account at ANZ Bank (based in Australia) but they would not accept it over the internet and required you to open the account in person. On the interest, they require foreigners to pay a 10% tax. If you report the income to IRS you can then be credited for the 10% foreign tax. Interestingly though, the foreign bank does not report the income to the IRS. Besides the fact that NZ is the most beautiful country in the world, their economy is very strong.

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