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I have been writing to a woman steadily for nearly four months.  While neither of us has ever told each other that this friendship is exclusive, since we've been e-mailing each other about 3 times a day, we are certainly more than just friends.  When I told her of my plans to visit Ukraine later this year, she immediately volunteered to travel to Kiev to meet me and locate accommodations, etc. While I have other people I have been writing to, right now I consider her my main reason to visit Ukraine.  Well today she e-mailed me with an idea which she says one of her friends suggested to her since the friend is doing it herself. The plan is that since banks in Ukraine pay a 13% yearly interest rate she would like it if I could send her money to keep in the bank so she would be able to collect the interest on the money each month. She points out that if she had $5000 in the bank she would be able to receive $55 a month interest. She assures me the principal money itself would be mine and never touched. She says her friend's boyfriend has sent her $2000 to put in the bank. My friend concludes by saying that whatever I decide will not effect our friendship --this is just a suggestion only.  I am certainly not going along with this idea and it has already given me second thoughts about her.  After all, it's not as if she is my fiancee--in fact we've never met. And even if she really has a friend who received $2000 like this, her monthly interest rate would be so low that the man who sent it to her would be better off sending her $20 a month instead.  I suppose I'll just have to see if I notice any changes in my friend's behavior once I decline her plan and in the meantime start writing  more to my other Eastern European friends.  I'd appreciate your comments on this situation.

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

asdf

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

Either your "friend" is very clever or not too bright.  First,  "banks" there are not quite the same as banks here.  Some are just a criminal enterprise and many have lost their money with "banks".  Really,  your friend should know this.  And I doubt any legitimate bank is paying 13% interest.  They will go out of biz real soon.  On that, you can check.  Not too difficult.

Unfortunately,  you gotta realize that you are being set-up to loose 5K.  And you have never even met "her"? Just the idea that you and "she???" exchange 3 emails a day should draw questions.  Most girls don't have that type of email access.  I have a couple friends with their own computers at work and we exchange emails every few days,  at the most.  They just don't have the time and their useage is recorded.  I am sure if I mentioned this "bank" to them,  they would get a good laugh.

... in response to Re: Losing Interest?  Loose interest!, posted by tim360z on May 15, 2003

No, they may very well give 13% interest, because loans carry double that in interest.  A co-worker from Romania says savings interest there is 17-20%, but loans such as mortgage or car interest can range 25-50%.

... in response to Re: Losing Interest?  Loose interest!, posted by tim360z on May 15, 2003

Re: "Either your "friend" is very clever or not too bright."

There is a third choice which no one has mentioned.  What may appear as "not too bright" may in reality be very unsophisticated and/or uneducated in the fine art of Capitalism and economics in general.  Sometimes I am convinced that this applies to maybe 1/2 of America.....

robo

... in response to Re: Re: Losing Interest?  Loose interest..., posted by robobond on May 15, 2003

Since the advent of their brand of capitalism,  the people I know there tell me there are many unscrupulous scams perpetrated on the locals.  Investments and banks are just a few.  Some do loose their money.  Something which we (being a bit more savy)and experienced with the bad side of capitalism would be somewhat aware of.  One friend and her sister just bought a very small apartment in St Pete,  she says she had to be very very careful with the transaction.  Lotta real estate scams have been run.  You have to know just who you are buying from and....its an all cash deal. Look behind you.  It should not be any wonder that other "investments" are perpetrated on westerners.

... in response to Re: Losing Interest?  Loose interest!, posted by tim360z on May 15, 2003

There were a bunch of dudes at computers all day long.  Have you talked to this girl on the telephone ?

If she can type english, she can just as well speak it.

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

If you don't want to attack her honesty (which is in question), you can always just say that you can get the same return in the USA with lower risk.  Bond funds in the USA can pay 10%, property REITs 8% and mortgage REITs from 10% to 20%.  REIT = Real Estate Investment Trust

Higher interest rates in foreign countries normally reflect currency instability like rapid devaluation.  I did notice that the Ukranian currency has remained relatively stable against the dollar although the dollar has been falling in value.  Banks in Russia and Ukraine are not the most trustworthy places to keep your money as mentioned below.

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

The situation sounds fishy, but banks in Ukraine often pay 10% interest on dollars in what i believe are essentially CD's because they list the rates as being for 6 month or 12 month deposits...
They do not have deposit insurance so many banks "sell" their stability to customers by saying how long they've been in business.
All of the banks pay even higher rates almost double the $ rates for deposits in hryna. I've seen 24% listed for 13 month deposits.

FWIW

... in response to Re: Losing Interest?, posted by Gman on May 15, 2003

I've enjoyed reading all your comments.  One correction to make--my Ukrainian friend claims her girlfriend is collecting interest on $20,000, not $2,000, of her American boyfriend's money from a bank in the Ukraine.  As if that's not crazy enough--supposedly the couple have never met!!

... in response to Re: Re: Losing Interest?, posted by SimonSays on May 15, 2003

I doubt that the story is true but, if her girlfriend's boyfriend gave $20,000 surely you could come up with just a measly $5,000 ------?????? Sounds like a come on to get you to accept the five G's to me. I mean if he came up with 20 surely you can come up with at least 5!

I would consider her a scammer until proven otherwise. I think that you should tell her that since you have never met, her suggesting that you put up $5,000 in an unstable banking system is not an appropriate  --- period.

I am not saying drop her, but we have been told time and time again by veterans that the good ladies never ask for money. However, we have also heard from ladies from the FSU who are 35 and older that the younger women in the FSU more and more are not like women used to be in the FSU. This meaning that they are more into drugs, money, using people etc. --- and simply not holding to the same values that women ascribed to previously --  the values that are supposed to be one of the major reasons that men want a woman from the FSU.

So how old is Ms. Iwannabankaccount anyway?

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

.

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

You should just send
her the money as a gift.
It will prove to her
that you are a real man
and that your intentions
are true. This will then
set the standard for
such relationships - a
blazing trail for all to
follow. After all, these
are just economic relationships?

... in response to Re: Losing Interest?, posted by WmGo on May 14, 2003

...how true. I also liked the part below about being flush with cash. 5 Gs is flush? It's Chump change these days, I say just give it to her and wear the title with pride. ;-)

... in response to lol...., posted by LP on May 14, 2003

A wonder then that so many guys from the US can't afford to get themselves over there a bit more often, if at all.

We're always reading about those that do the K1 after just the one trip, what's the hurry? What with airfares so cheap these days.

... in response to Re: lol...., posted by Pordzhik on May 14, 2003

I heard that a travel agency in Bournemouth was offering a day trip to Moscow. Just 3 hours away it is a bargain.

... in response to day trip to Moscow, posted by Cold Warrior on May 14, 2003

booze cruiser ;)

... in response to Now that would make a nice change for th..., posted by Pordzhik on May 15, 2003

Bath travel is offering the day trip to Moscow with PalmAir, however I don't see it listed.

http://www.bathtravel.com/holiday2002/day_trips_from_bournemouth.htm

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

Of course this is a ridiculous idea of hers. What I'd add is that she is being selfish. If she cared about you, she would tell you that YOU could get the high interest, not HER. Why is she entitled to your interest? That's really, really cheeky. She boldly is telling you she wants to use you for money. Pretty loud and clear. And, yes, it also sounds like a "bank" scam to me. And what's the tax on the interest in Ukraine? 50%?

I'd change my perspective on her and focus more on other women, like you said you would. I would still write to this lady, and decline the offer nicely. "It sounds like a great opportunity, but the stock market here just shot up twenty percent, so there are opportunities here that are better for me. I am very glad that this choice will not change our relationship." Answer her selfish perspective with a statement of your self interest.

I wonder if you have already sent her money and if this is her way of helping you so your support would be free. If so, that would change all of our responses.

... in response to I love the double meaning of this thread..., posted by Scaught on May 14, 2003

sadf

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

While others obviously are talking about the huge scam potential here, I will take a slightly different tangent.

Marina told me long ago that the banks used to do this a lot.  They would offer incredible rates of interest to get you to put your money with them.  Unfortunately, a lot of these plans were a type of pyramid scheme, using newer investors to pay the interest of the older investors.  

Eventually, a person would show up to get their money, only to find the bank had closed and there would be nobody to contact.  Many people lost their life's savings to these scams.

Caveat Emptor.

... in response to The banking ordeal, posted by John K on May 14, 2003

Has just said.

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

I strongly agree with the other posts, who basically said:

1.  Don't trust a woman you're never bet.

2.  Even if she's trustworthy, a Ukranian bank may not be.

I'm adding 3:

3.  Even if the woman is honest and the bank makes good, your deposit is still denominated in an emerging market currency with high inflation.  I couldn't find any recent inflation numbers on the web for Ukraine, but year-on-year increase in consumer prices in Russia (with a similar economy) is 14.6%.  So, in Russia, a 13% interest rate actually has a negative return in real terms.

http://www.economist.com/markets/indicators/index_wide.cfm?page=Emerging%20Market&story_id=1769669

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

Nearly four months is a long time, and three emails per day a lot of work to invest in a scam, yet five grand is a huge big payoff in Ukraine. This is certainly a new one on me and this board. I take it that this girl is not daft and fully understood how this suggestion might damage your relationship? or maybe she really is a nice daft girl who has been taken in by a friends suggestion?

Why not try telling her that you've got huge debts and cannot afford this amount? See what happens?

I also wonder, whatever gave her the impression that you're flush with cash???

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

Tell her you have a millionaire friend who wants to find a decent girl and if she has any friends who'd like to live off of his money?

... in response to Losing Interest?, posted by SimonSays on May 14, 2003

Please do not send any money to a woman you have not met in person!!!

Its a very big red flag when a woman asks for money before she has even met you. For her to ask to "hold" $5,000 of your money does not sound right.

Also I don't think you would want to leave $5,000 in a Ukrainian bank even if she is honest about her intentions.

I really hope you place several more ladies on your trip. If possible, don't get too attached to any girl before you actually meet. It works out sometimes, but you are placing yourself at a greater risk.

Best of luck.

... in response to Re: Losing Interest?, posted by DanM on May 14, 2003

Agree