Transferring the funds for higher interest rates
Whoah.
Have you researched foreign exchange risk? Higher interest rates often come with a higher risk of inflation which can negatively affect exchange rates.
Do you intimately know the geopolitical situation of both your host country and your intended deposit country?
Have you read and understood what happened to normal savers from around the world when the Icelandic savings banks failed? This was a textbook case, and something I often think about. I came _this_ close to using icesave in 2006. I'm glad my greed didn't get the better of me.
To start, what country do you live in and what country are you planning to deposit into? And how much money are we talking here?
Don't want to be a downer, but usually this is a poor idea.