open new saving account in any American banks Hong Kong branch? Deposit Insurance?

[young707]

Have anyone able to open new saving account in any American banks Hong Kong branches, such as Bank of Ameria, Citi Bank, Chase Bank, J. P. Morgan Bank?

Is typical Hong Kong bank saving deposit has government insured on the deposit?
Like the US Federal Deposit Insurance protection on deposit prinpals?

[emx]

Have anyone able to open new saving account in any American banks Hong Kong branches, such as Bank of Ameria, Citi Bank, Chase Bank, J. P. Morgan Bank?

Is typical Hong Kong bank saving deposit has government insured on the deposit?
Like the US Federal Deposit Insurance protection on deposit prinpals?

Only Citi Bank has retail in HK, and deposits covered up to HKD $500K are covered.

[young707]

Is deposits covered by the government of Hong Kong or the government of China?
Or, is the deposits covered by US government FDIC federal government?

Is there any government online publications announcements of this coverages of saving account deposits?

Thank you

[emx]

https://www.dps.org.hk/en/faq_parte.html#faq_partf

[young707]

Does any one has saving account with Citi Bank in USA?
Can you open another saving account in Citi Bank Hong Kong without physically in Hong Kong?
Or can you use the same Citi Bank USA saving account in Citi Bank Hong Kong?

[aw451]

Do you have any connection to the USA or are you hoping to open this account as "insurance"?

[young707]

Just want to understand the money deposited in Citi Bank Hong Kong in currency other than HK$, for example in US$ or RMB or British pounds. Are these money deposit in this Citi Bank Hong Kong insured protected by Hong Kong government?

[emx]

Just want to understand the money deposited in Citi Bank Hong Kong in currency other than HK$, for example in US$ or RMB or British pounds. Are these money deposit in this Citi Bank Hong Kong insured protected by Hong Kong government?

Did you actually read the link above from the Hong Kong Deposit Protection Board?

[young707]

Yes, we read that link. What are you talking about?
Only item not totally clear is : a foreign bank which is not an authorized institution in Hong Kong
We assume Citi Bank Hong Kong is an authorized institution in Hong Kong, correct?

[shri]

Yes if any bank operates in HK and accepts deposits in HK it should be licensed..

Operates as in has a HK sorting code and is connected to HKs financial networks (FPS / Atm etc).

HKMA has a list of licensed banks on its site.. Easy to check.