Can I move my money to Reykjavik?
November 6, 2007 8:29 PM Subscribe
I read in the Wall Street Journal this weekend that Iceland's Central Bank raised interest rates...to 13.75 percent! Can I move my money to Reykjavik?
I've seen high rates from countries with unstable economies before, but I don't think Iceland is going anywhere. They have moderate inflation (~ 3.5% IIRC) and I'd doubt the US dollar is going to make a comeback real soon. Even after currency conversion fees, I still ought to handily beat online savings account yields.
So is there any reason I can't move my US dollars to an Icelandic bank and enjoy a 13.75% interest rate? Maybe laws, taxes or other factors that make this infeasible?