Fdic Insurance At Foreign Banks?

[Yangpuss]

If a US citizen opens a foreign currency account with a US based bank like Citibank, in Thailand or any other country, is that account insured by FDIC?

I tried to contact Citibank but their ###### web "contact us" form doesn't work!

Also, does Citibank have any branches in Thailand in other cities besides Bkk?

And are there other US based banks in Thailand besides Citibank?

Thanks.

[Harmonica]

If a US citizen opens a foreign currency account with a US based bank like Citibank, in Thailand or any other country, is that account insured by FDIC?

I tried to contact Citibank but their ###### web "contact us" form doesn't work!

Also, does Citibank have any branches in Thailand in other cities besides Bkk?

And are there other US based banks in Thailand besides Citibank?

Thanks.

Lord have mercy on me for saying this to you!

US banks & FDIC -- you have now exposed yourself to an even bigger headache, yangpuss.

I'm going to turn you onto the nitty-gritty on this subject of FDIC and you are not going to be a happy camper by the time you are done reading --

With the depth of bank failures expected during the next several years, FDIC will be something that only the first few chargers will be able to avail of -- it is nothing but a pipe dream -- better be prepared.

Initial info can be gotten from Robert Prechter via Elliottwave International -- he has written about the subject extensively.

The "Crest of the Tidal Wave" is the best book to start with.

Contact Safewealth Consultants ..... [email protected]

[bkk_mike]

Let's ignore the last post....

I doubt very much if Citibank is going to go balls up, so what does the FDIC matter?

As for multiple branches - I don't think any US bank has more than a representative branch in Thailand. (i.e. single branch). This might change as I think some of the Thai banks are still for sale as a few are basically government owned still following the crash in 1997, and HSBC and Citibank are semi-likely buyers.

As for other US banks, I know JPMorgan Chase has a branch on North Sathorn road, and HSBC (which owns Republic Bank of NY) has a branch too.

Only bank I can think of with a branch network here that has any presence in the US is the dutch bank ABN Amro, who run Bank of Asia (although, I think they only own 50% of Bank of Asia, so might not be treated as transfers to the same bank).

Edited February 17, 2005 by bkk_mike

[thaistick]

Let's ignore the last post....

I doubt very much if Citibank is going to go balls up, so what does the FDIC matter?

As for multiple branches - I don't think any US bank has more than a representative branch in Thailand. (i.e. single branch). This might change as I think some of the Thai banks are still for sale as a few are basically government owned still following the crash in 1997, and HSBC and Citibank are semi-likely buyers.

As for other US banks, I know JPMorgan Chase has a branch on North Sathorn road, and HSBC (which owns Republic Bank of NY) has a branch too.

Only bank I can think of with a branch network here that has any presence in the US is the dutch bank ABN Amro, who run Bank of Asia (although, I think they only own 50% of Bank of Asia, so might not be treated as transfers to the same bank).

<{POST_SNAPBACK}>

HSBC (Hong Kong Shanghai Banking Corp) is a British bank though they do own many banks and have their local branches around the world.

Bank Of America has a branch in Bangkok.

United Overseas Bank,a Singapore bank, bought out Bank Of Asia.

I would go with a British or Singapore bank over any US bank.

[qwertyuiop]

Let's ignore the last post....

I doubt very much if Citibank is going to go balls up, so what does the FDIC matter?

As for multiple branches - I don't think any US bank has more than a representative branch in Thailand. (i.e. single branch). This might change as I think some of the Thai banks are still for sale as a few are basically government owned still following the crash in 1997, and HSBC and Citibank are semi-likely buyers.

As for other US banks, I know JPMorgan Chase has a branch on North Sathorn road, and HSBC (which owns Republic Bank of NY) has a branch too.

Only bank I can think of with a branch network here that has any presence in the US is the dutch bank ABN Amro, who run Bank of Asia (although, I think they only own 50% of Bank of Asia, so might not be treated as transfers to the same bank).

<{POST_SNAPBACK}>

AbnAmro sold its stake in Bank of Asia to UOB Bank of Singapore early last year. They do have an office here but not for retail banking.

HSBC is as rightly indicated in the post above a British bank.

Also while I too am of the opinion that Citigroup is unlikely to bankrupt in my lifetime they also said that of Barings Bank in the UK.

Best of the bunch of the local banks are in my opinion - Kasikorn( The former Thai Farmers Bank with a new sexy name), Bangkok Bank & Siam Commercial Bank

If you really must use a US bank due to the perceived comfort level it brings you then use Citigroup.

[Harmonica]

Avoid Citibank!

Check out the fine print -- there may be more micro-print pertinent to this NOTE, but recommend you ask Citibank Singapore directly for an answer. Check out their website first.

"Note: All deposits are with Citibank, N.A. in India or Singapore. Both are branches of Citibank, N.A. which is incorporated in the USA. Citibank, N.A. has paid up capital of $21.6 billion. Deposits made with Citibank India and Singapore are not covered by the Deposit Protection Scheme under the UK Banking Act 1987 and are not insured by FDIC or CDIC nor by any insurance corporation outside India or Singapore."

[OldAsiaHand]

You appear to have started a truly remarkable thread here. Even by the standards of this board, you have collected a really stunning pile of rubbish in response to a simple question.

Just for the heck of it, here's a simple answer.

FDIC insurance isn't applicable to accounts held by US banks outside the US. The reasons are both variable and complicated, but as a principle, that's the answer to your question.

[sajal]

Let's ignore the last post....

I doubt very much if Citibank is going to go balls up, so what does the FDIC matter?

As for multiple branches - I don't think any US bank has more than a representative branch in Thailand. (i.e. single branch). This might change as I think some of the Thai banks are still for sale as a few are basically government owned still following the crash in 1997, and HSBC and Citibank are semi-likely buyers.

As for other US banks, I know JPMorgan Chase has a branch on North Sathorn road, and HSBC (which owns Republic Bank of NY) has a branch too.

Only bank I can think of with a branch network here that has any presence in the US is the dutch bank ABN Amro, who run Bank of Asia (although, I think they only own 50% of Bank of Asia, so might not be treated as transfers to the same bank).

<{POST_SNAPBACK}>

i got an ABN amro(indonesia) account.

i wanted to check up the balance from bkk? i called up the ABN'a bkk number, they tell me that they dont have any bangking services in thailand....only mutual funds n stuff...

in thai u dont have much options, but to go wid da local banks.

[Yangpuss]

Thanks for the replies, fellas. That's good info to know. So I guess there's no way to have FDIC insurance except with Everbank.

Harmonica, how do you square your prediction that banks will fail at a spectacular level with your prediction that the dollar will skyrocket? Just curious.

[Harmonica]

Thanks for the replies, fellas. That's good info to know. So I guess there's no way to have FDIC insurance except with Everbank.

Harmonica, how do you square your prediction that banks will fail at a spectacular level with your prediction that the dollar will skyrocket? Just curious.

on FDIC, keep in mind that even if you limit the discussion to ONLY American banks within the US -- FDIC will take care of, no more than at the most, 2-4 medium-sized banks collapsing within the same timeframe. Like I said before, if you're interested in the subject, a couple bigname studies were done in the past year or so -- one of the more notable characters was Robert Prechter.

As far as your 2nd statement/question above about banks and the US Dollar -- another uninspected, unexamined piece of hocus-pocus the Media slyly swung in the backdoor when the patients were under chloroform? ...

Here's the historical chart

[Harmonica]

The Media in action -- check out these BBC headlines and (subs) over the course of 2004 -- notice the level of condidence displayed in each of their pronouncements and then, bam!-- within a few months, their last 2 utterances. How can an investor operate with such BS?

Export-led growth spurt for Japan

Japan's economy grew at its fastest rate in 13 years in the last quarter of 2003, helped by a rise in exports to the United States and China (Feb. 18, 2004).

Optimism at 7-year high in Japan

Business confidence in Japan is at its highest level for seven years, the Japanese central bank's latest quarterly survey has found (April 1, 2004).

Mixed message for Japan's economy

A surprise slowdown in industrial output growth has raised doubts about the strength of Japan's recovery (June 29, 2004).

Slower growth in Japanese economy

The Japanese economy grew at a slower than expected rate during the quarter to June, according to new figures (Aug. 13, 2004).

Japanese growth grinds to a halt

Growth in Japan evaporated in the three months to September, sparking renewed concern about an economy not long out of a decade-long trough (Nov. 12, 2004).

Japan economy slides to recession

The Japanese economy has officially gone back into recession for the fourth time in a decade (Feb. 16, 2005).

[Yangpuss]

Harmonica,

Good points. I believe very little that the media report about issues that the powerful have a strong stake in. I've been aware for many years that the mass media are a propaganda operation. On practically every issue, not just finance.

But interpreting graphs is not one of my strong points. Are you saying that there's no correlation between the strength and weakness of the dollar and US bank failures? Or a weak, or inverse correlation?

Edited February 20, 2005 by Yangpuss

[Harmonica]

Harmonica,

Good points. I believe very little that the media report about issues that the powerful have a strong stake in. I've been aware for many years that the mass media are a propaganda operation. On practically every issue, not just finance.

But interpreting graphs is not one of my strong points. Are you saying that there's no correlation between the strength and weakness of the dollar and US bank failures? Or a weak, or inverse correlation?

Not to worry too much about inability with graphs -- just eyeballing a chart is enough in many cases to get a good idea of what's going on.

If you want a good example of a strongly positive correlation I can offer:

Thai SET Index (stockmarket) and Baht/US$ ...... 90%+ correlation

Thai SET Index and Foreign Netbuying .... ...... 75%+ correlation

what this means is that the odds are very, very strong that when Baht is strengthening, the stock market is also going up -- and conversely .... ditto.

and when Foreigners are buying more than they are selling, the market is going up -- and conversely ... ditto.

[johnnyk]

Can't say this with authority but I hold offshore accounts and my guess is that most foreign (US & Euro) banks operating offshore are incorporated separately in the country they are operating, away from US/Euro laws & regs.

Any deposit protection would not apply outside the US or Euro domains.

The banks are covering their &lt;deleted&gt; is the bottom line.