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Old 10-08-2008, 11:08 AM
 
485 posts, read 1,712,305 times
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When I travel overseas I see many banks advertising very high interest rates. One such place is Iceland where many foreigners have accounts that get 7% interest. Now the banks are closed and the people can not access their money.

I wonder if this will happen to deposits in banks all over the world? Is there any protections for foreign bank accounts in for depositors in places like Bermuda, Switzerland, The Caymans and other places large number of Americans have accounts?

My FDIC Protected Bank Accounts are looking good?
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Old 01-09-2009, 08:23 PM
 
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Default Wow,

I'm surprised no one else has answered this. In my experience, in India, they have a thing called FFD, that's like CD here in US, and it generally pays 9 to 10% interest. Although it sounds like a good investment, their version of FDIC will only insure up to $2500 USD per account at a bank. So still risky.
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Old 01-10-2009, 11:47 AM
 
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I do in Honduras.
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Old 01-10-2009, 11:59 AM
 
Location: WA
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One of the issues is currency conversions as accounts in US dollars are treated differently than those in the domestic currency. I used to have a Swiss account where the bank felt saddled with exchange margins and actually charged interest to have an account denominated in dollars.
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Old 01-10-2009, 02:09 PM
 
Location: Raleigh, NC
9,043 posts, read 12,026,224 times
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Quote:
Originally Posted by Refugee56 View Post
When I travel overseas I see many banks advertising very high interest rates. One such place is Iceland where many foreigners have accounts that get 7% interest. Now the banks are closed and the people can not access their money.

I wonder if this will happen to deposits in banks all over the world? Is there any protections for foreign bank accounts in for depositors in places like Bermuda, Switzerland, The Caymans and other places large number of Americans have accounts?

My FDIC Protected Bank Accounts are looking good?
The only protection I need is that most Singapore banks were too stupid to understand CDOs and thus are even more stable without insurance than FDIC insured US banks.
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Old 01-10-2009, 03:32 PM
 
Location: Virginia
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Hsbc
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Old 01-10-2009, 06:26 PM
 
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The bank in Iceland is going to pay up to 100,000.- Euros....My sibling had money invested and so did many government departments in The Netherlands.

I have money invested in a high interest account over seas and it is also a secured account.

I have no worries...as long as you keep within the secured amount
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