How Safe Is Our Money In Foreign Banks

[Lethalstrike]

23 minutes ago, Jamesc said:

I have been saving up a lot of money for when she needs to go away.

Hope your reserves are enough. Currently, the printing presses are closed under CB measures

[1fast1]

35 minutes ago, Jamesc said:

I have been saving up a lot of money for when she needs to go away.

I always knew you had money to burn. 😁

[ER-3682]

Singapore's Foreign Banks should be safe,MAS got keep track of them,not like Indonesia Banks...

Edited April 16, 2020 by ER-3682

[BanCoe]

8 hours ago, Jamesc said:

I never trust banks.

I hope they all go bust.

Then I don't have to pay them back.

I only have loans and not deposits.

better be a good SIL...... your MIL got lotsa in BankCoe...... @Angcheek  say 1 🤣

[macrosszero]

In such turbulent times what can be safer than gold bars and dollar bills stuffed in Milo tins?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(toilet paper, maybe)

[Inlinefour]

No wonder Milo sElected such a special spokewoman 

must stock up the tins now 

pS. in current situation Guess anything is possible 

[ER-3682]

21 hours ago, Macrosszero said:

In such turbulent times what can be safer than gold bars and dollar bills stuffed in Milo tins?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(toilet paper, maybe)

Later Robber carry away the Safe..also all gone.

[Thaiyotakamli]

If one of those foreign bank bankrupt then i can default my credit card payment?😂😂

[Ody_2004]

7 hours ago, Thaiyotakamli said:

If one of those foreign bank bankrupt then i can default my credit card payment?😂😂

Does any foreign bank offer car loan? if so they bankrupt how?

I know i may not get ans here as all MCF FULL CASH PAYMENT de 🤣

[Thaiyotakamli]

2 hours ago, Ody_2004 said:

Does any foreign bank offer car loan? if so they bankrupt how?

I know i may not get ans here as all MCF FULL CASH PAYMENT de 🤣

Maybank have!

[Ody_2004]

3 minutes ago, Thaiyotakamli said:

Maybank have!

Oh this one! Alot of dealer tie up with them for “IN House” loan!

So hoh I take in house loan the dealer close i still owe MaybanK? Need to wait till become Maybankrupt? 🧐

 

Edited April 18, 2020 by Ody_2004

[mersaylee]

Any bank that corrupts may bankrupt...so choose wisely to put where your mouth is

not I say one hor...someone says one...

[TangoCharlie]

On 4/16/2020 at 1:20 PM, Albeniz said:

Be careful of that clause.  I think it has been misinterpreted by many people.

In layman terms, the liability works as follows:

People who deposited 1 million in the bank, the bank will pay up to $75k for this group.

People who deposited $75k in the bank, they will probably only pay a fraction of $75k.

 

 

 

 

If this is true, then what's the point of having this insurance? I read the SDIC link some bro posted...no where did it say u get a fraction of 75k if you have a valid claim of that amount.

"Up to 75k" means if I have less than 75k, say 10k, I cannot claim 75k. Can only claim 10k. That's standard insurance wording.

Only scenario I can think of where you get less than 10k in this instance is when those big insurers/reinsurers who underwrite this insurance scheme also fail.

It will be a total calamity. Nothing matters much then.

Foreign banks with local incorporated entity should be as safe as the local ones, imo. Because they put in capital for Singapore ops and ring fenced from any heavy losses made by foreign parent.

Edited April 19, 2020 by TangoCharlie

[Karoon]

i have housing loan and savings.

maybe can mitigate by transferring my deposits in same bank as my loan.

So if bank run road, i can say we're even.

[Chongster]

34 minutes ago, TangoCharlie said:

If this is true, then what's the point of having this insurance? I read the SDIC link some bro posted...no where did it say u get a fraction of 75k if you have a valid claim of that amount.

"Up to 75k" means if I have less than 75k, say 10k, I cannot claim 75k. Can only claim 10k. That's standard insurance wording.

Only scenario I can think of where you get less than 10k in this instance is when those big insurers/reinsurers who underwrite this insurance scheme also fail.

It will be a total calamity. Nothing matters much then.

Foreign banks with local incorporated entity should be as safe as the local ones, imo. Because they put in capital for Singapore ops and ring fenced from any heavy losses made by foreign parent.

firstly there is no insurers involved, this is bigger than the insurers,  they dont have the ability to underwrite deposits.  this is ultimately underwritten by the govt. if the bank goes under, the SDIC will step in and repay teh deposit.

secondly, you are right, it is up to $75k, and not pro rated. whoever says otherwise ought to be pofma-ed.  and also it is $75k per bank, so spread your money. 

thirdly foreign banks operating in SG are subject to the SDIC insurance schemes.  But not foreign currency.  So only SGD deposits.  because Govt can only print SGD lah. 

fourthly,  do remember that during the Great Financial Crisis, the MAS, along with Fed and many other CBs, moved to guarantee every single dollar of local currency bank deposit.  and that is notwithstanding all the moral hazard.  There is really no other choice, if one bank fail, the SDIC can kick in, if the banking system start to fail, it becomes a political problem.

dont fear and dont spread fear lah

[Patwong]

Hi guys, I actually called SDIC a few week ago.

Spoken to one staff. They will pay up to $75K.

Example, one FD of $75K at POSB. Bank folded. They pay $75K.

If you also have a saving account of $100K at POSB. Therefore total: $175K

They still pay $75K only.

Hope this clarify. 

[TangoCharlie]

27 minutes ago, Chongster said:

firstly there is no insurers involved, this is bigger than the insurers,  they dont have the ability to underwrite deposits.  this is ultimately underwritten by the govt. if the bank goes under, the SDIC will step in and repay teh deposit.

secondly, you are right, it is up to $75k, and not pro rated. whoever says otherwise ought to be pofma-ed.  and also it is $75k per bank, so spread your money. 

thirdly foreign banks operating in SG are subject to the SDIC insurance schemes.  But not foreign currency.  So only SGD deposits.  because Govt can only print SGD lah. 

fourthly,  do remember that during the Great Financial Crisis, the MAS, along with Fed and many other CBs, moved to guarantee every single dollar of local currency bank deposit.  and that is notwithstanding all the moral hazard.  There is really no other choice, if one bank fail, the SDIC can kick in, if the banking system start to fail, it becomes a political problem.

dont fear and dont spread fear lah

Thanks for the clarification on the govt role.👍

[Noah_yap]

It is quite risky during this unstable economic condition.