Is Standard Chartered Bank Safe?

[universe2000]

Is Standard Chartered safe to deposit money into? They currently provide 2.5% interest on savings from 5,001 to 75,000 baht. Above that, the interest rate is 1.5%. They also offer free ATM use throughout Thailand and free iBanking (internet banking). Sounds too good

The headquarters is in London, so I am not sure how they will be affected by the financial crisis there. I think most banks in the US and UK are broke and need government help. I don't think the Thai government will guarantee any money with Standard Chartered since they are a foreign bank.

Any information will be helpful.

Thanks.

[LennyW]

Is any UK, US or Euro bank safe?

[CWMcMurray]

Is Standard Chartered safe to deposit money into? They currently provide 2.5% interest on savings from 5,001 to 75,000 baht. Above that, the interest rate is 1.5%. They also offer free ATM use throughout Thailand and free iBanking (internet banking). Sounds too good

Thanks.

So the more money you keep in your account the lower the interest rate??? Are you sure that it isn't the other way arround?

Its not that I doubt you, it just strikes me as odd, its usually the other way around... the higher your balance the higher the interest rate.

[nonthaburial]

Last year I wanted to deposit a rather healthy sum of sterling into an offshore account in Hong Kong. I travelled there and talked to the RBS, CitiBank and HKSBC. The RBS and CitiBank left me feeling a little uncomfortable, but even now I cannot put my finger on why I was left with that feeling. The HKSBC turned their nose up at my healthy amount. So all three were mkicked into touch.

I ended up using the services of the SCB and was very glad I did so, they have been very professional with me. And the SCB has never been mentioned with regards to bailouts and staff cutting

[jubby]

We don't hear much about Standard Chartered in the UK. Its not one of the common High street Banks. I could be wrong but they operate mainly in Asia a bit like HSBC. You could Google it, I can't be bothered. If my memory serves me right (which it doesn't often) Its one of British 'Hong Kong' Banks and is probably as safe as any in Asia.

[nonthaburial]

http://en.wikipedia.org/wiki/Standard_Chartered_Bank Interesting history !

[universe2000]

Is Standard Chartered safe to deposit money into? They currently provide 2.5% interest on savings from 5,001 to 75,000 baht. Above that, the interest rate is 1.5%. They also offer free ATM use throughout Thailand and free iBanking (internet banking). Sounds too good

Thanks.

So the more money you keep in your account the lower the interest rate??? Are you sure that it isn't the other way arround?

Its not that I doubt you, it just strikes me as odd, its usually the other way around... the higher your balance the higher the interest rate.

I think this is how I should reply. If not, my apoligies.

The interest rate is some kind of promotion they are doing. The 2.5% sounds nice but it only applies from 5,001 to 75,000. This is for the free account with ATM access throughout Thailand. They have different promotions based on how much you want to deposit. I think there is a promotion to get a tiered interest rate if you pay to use an ATM outside the home branch city.

They had one promotion that was tiered from 2 to 4% last year. I assume they will do it again sometime in a month or two.

[Owain]

Is any UK, US or Euro bank safe?

HSBC, Barclays, Co-op banks all seem fine. It looks like it is only HBOS and Lloyds group who are having problems at the moment.

[jubby]

Is any UK, US or Euro bank safe?

HSBC, Barclays, Co-op banks all seem fine. It looks like it is only HBOS and Lloyds group who are having problems at the moment.

Barclays Fine !? .... Share price down from 700p to 50p in six months. They've cancelled the Dividend this year. Given a third of the company at least to an Arab Sheik recently , who also collects 15% on his investment rather than take a UK Government Bailout on much better terms.

All that and there set to announce pretax profits of over 5 Billion Pounds. They should be fine now but certainly came close to the abyss.

[EnqueaIstarion]

A hybrid is Standard Chartered. A foreign bank that does enjoy Thai status. While UK registered and a FTSE member mainly Asia, Africa and Middle East is where its business is.

Of credit ratings, it is the highest rated in Thailand. Standard Chartered has largely escaped the credit crunch, and in 40 -50 branches are they found in Thailand.

Citi and HSBC are but branches of foreign banks, with single presence in Thailand. Both have had large problems recently, and of most noteworthy is Citi.

Of interest is that one of its leaders Peter Sands - who you may call CEO - helped the UK Government develop plans to help some of the other banks for UK banks, which the US later copied. Although Standard Chartered helped design the help and made recommendations how to alleviate the crisis, it did not itself need to partake of any such help.

[universe2000]

The comments sounds good. I'll deposit some money with Standard Charter. I can than withdrawal money from any ATM anywhere in Thailand. Its convenient since it doesn't matter which ATM (Kasikorn, Bangkok Bank, Siam Commericial, etc). And there is no fee to withdrawal and no fee to sign up.

I'll test it out and add comments if I have any problems.

Thanks.

[mommysboy]

No wear a condom at all times for all ATM transactions.

Never consort with female members of staff.

Best buy a face mask should you need to enter any premises.