Banking in other countries?

[astros99]

Most of us on the forum come from all different countries. I just wanted to see what the banking is like in the other countries. In the USA, you can have a savings account, a checking account, and a money market account. To me, savings accounts are the worst, because you don't get much interest. Checking accounts are no interest at all. A money market account is the best because you get more interest, but also you have to deposit a certain amount. CDs are the best if you have ALOT of money. They give the best interest rates. So in foreign countries, what is the banking like? Types of accounts? Best options?

[humpty]

they r generally the same, just slightly different names i guess, and interest rates and such, differ from bank to bank,

which is best for an individual, it depends on the situation and what he/she needs form the bank i guess

[astros99]

Hm, I see. You could really change your interest rates here depending on how much money you want to open the account with. The best one I guess is just going for a flat rate of 5%, but that's only with CDs. But internationally, they follow the same types of accounts, and all that, right?

[maggots]

CDs?? what's that?

[astros99]

A CD is a certificate of deposit. What you do is you deposit a certain amount in the bank for a fixed period of time. Until that time is over, you cannot withdraw the money. If you decide to withdraw the money, the certificate of deposit is no longer valid, and you will also be charged with a penalty. But, if you do not withdraw it then the money has interest. For example, my bank gives me 5% interest monthly on the money that I put into my CD. I put it in for 6 month. So every month I get 5% of the amount I put into there. After 6 months, I'm going to have all my money plus interest. You can choose how long you want a CD. The time ranges anywhere from 1 week to 10 years..

[mini_0]

It is almost the same here as with the banks all over the world , because a similar platform allows the banks all over the world to communicate and do transactions in between themselves .
Yes but there might be a difference like in the rules and regulations to many extents and also the governmental controls over the banks . Plus there is difference beween private sector and government banks .

[astros99]

I see. What are some common banks you all use internationally? The easiest bank I've found for using in different countries is Citi Bank. You can deposit money from the US and get it in another country easily, as long as the country has Citi Bank. It is fast and reliable, and they also have good interest rates.