Good luck with that if you're American. Thanks to the new IRS regs, a lot of foreign banks won't do business with Americans.

http://www.accountingtoday.com/debits_credits/Taxpayers-Stra...

I don't think it's ever been feasible; most countries won't let you open a bank account unless you have an address in the country, unless you're in some kind of special situation, like a "high net-worth individual" interested in private banking services.

The big risk in any kind of investment like that is you can be burnt on small variations in the exchange rate.

Australian banks pay 5.5% PA. The exchange rate can vary 1-2% per day, and trying to predict long term trends is difficult at best.

(I'm Australian if it matters)