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That's quite a sweeping (and inaccurate) generalization. I have no experience banking in Vietnam but what he said certainly applies to both China and Thailand,
by wilfra 13y ago
That's quite a sweeping (and inaccurate) generalization.
I have no experience banking in Vietnam but what he said certainly applies to both China and Thailand, if you stick to the largest banks (ICBC and Construction Bank in China are both probably safer than any US bank - Bangkok Bank, Bank of Ayudhya (owned by GE) and Siam Commercial are all rock solid in Thailand - along with HSBC in both countries). Singapore and Hong Kong are both also extremely safe places to bank and very foreigner friendly.
Source: Lived over there for 6+ years. Still bank with all of those banks, more or less doing exactly what he suggested. In China I earn 3.5% on my RMB term deposits + appreciation vs the dollar, which is almost as predictable as the interest. Personally, I prefer that to 0.1% at Wells Fargo.
- cageface 13y agoI've been living in Vietnam for more than two years now and there is no way I would put any significant amount of money in a Vietnamese bank. Interest rates have already fallen to under 10%. What's worse - just about everybody I've talked to that understands the Vietnamese economy thinks that the banks here are headed for a serious insolvency crisis. A number of expats here that had planned on living comfortably off the interest of their Vietnamese bank deposits are now scrambling to come up with a plan B.
- deleted 13y ago[deleted]
- jacknews 13y agoIt may be sweeping but it's certainly not inaccurate. Try Cambodia for example. People lost their deposits not that long ago. Not much in the way of government safeguards, certainly not for foreigners. Indeed, the government are the biggest crooks, and I don't mean that in the weak "Banksters" sense that applies to western govt, I mean a good percentage are ex warlords and gansters, lead by same.