October 10, 2014
-The latest on banks and banking in Latin America- Part 1:
Every Latin country has 10 to 20 banks or more. So with all those choices, how are you (a presumably crap-Spanish speaker) supposed to choose a good,solid, stable bank on your own? Not you will most likely need one pronto when you first get down. Oops, don’t forget the fact that Latin banks are third-world, and are well, err… owned, operated and regulated by Latins with the usual manana mentality. And yes and some Latin banks do occasionally fail. That said, is it prudent for you to have maybe two or even three Latin banks? Well then how about none, zero, nada? Not to worry, today we’ll give some valuable tips regarding that dilemma
-What kind of interest rates are bank CD’s paying in the USA these days- half a percent? Zero? Maybe you’re even dumb enough to be paying the banksters to hold your fiat money for you. I hope not. What kind of craziness is that? That why it’s a shock when fresh expats land in Latin America and see that local banks pay from 4 to 8% annually on regular bank CD’s…. in both their funny-money and in US fiat dollars too! Too good to be true you say? Nope, it’s a fact. So then, why not dive in and get in on those excellent pre-millennium rates? Not so fast… here’s the dope on that….
-Beware of free advice, references and recommendations coming from scruffy gringos who hang out in expat bars. They do mean well, but since many of them drink and hang exclusively with other somewhat purposeless gringos (in said expat bars), their “free” information is often unreliable (just like many of them are)…
- About my January 2015, Expat Wisdom- Latin American Insider’s Seminar. Be sure to check out the latest “off the tourist trail”, boots-on-the-ground, fast-track experience for expat gonnabees, expat wannabees and those who are looking for the new version of “American Dream”…. the one that’s “south of the border”. Just go to my website www.ExpatWisdom.com then and click on the Latin American Seminar link at the top left on the main page for complete details.
-Do follow the link on the main page at www.ExpatWisdom.com to schedule a private phone, Skype or Mumble consult with me. If you want to discuss the details of living, working, playing, doing business and/or retiring in Latin America, now you and I can talk about your situation one on one.