Banking reliability

[Alfrankenstein]

Are banks in brazil as reputable and reliable as the nordic countries, singapore, maybe switzerland, ect...? What offshore banking sectors are the best and worst in the world? Why would banking in brazil get such a bad rap yet these other places are in much better standing...? Any opinions?

 

[Sols]

Are banks in brazil as reputable and reliable as the nordic countries, singapore, maybe switzerland, ect...?

No.

What offshore banking sectors are the best and worst in the world?

Hard to say which ones are best. But Brazil is definitely one of the worst.

Why would banking in brazil get such a bad rap yet these other places are in much better standing...?

Why wouldn't it?

 

[Alfrankenstein]

No.


Hard to say which ones are best. But Brazil is definitely one of the worst.


Why wouldn't it?

How can you be so sure brazil is one of the worst?

 

[JackAlabama]

How can you be so sure brazil is one of the worst?

bc it is well known. Brazil destroyed more currencies than Argentina.
You are comparing like a bicycle with a ferrari car in terms of speed if you even just mention brazil vs singapore or switzerland.

The banks speak for itself.
Go there and check it out.

 

[Alfrankenstein]

bc it is well known. Brazil destroyed more currencies than Argentina.
You are comparing like a bicycle with a ferrari car in terms of speed if you even just mention brazil vs singapore or switzerland.

The banks speak for itself.
Go there and check it out.

Ok. Thanks.

 

[Sols]

How can you be so sure brazil is one of the worst?

Because the banking sector in Brazil is terrible and best avoided, unless you live or do business in Brazil and need to transact in BRL. Non-resident ("offshore") banking is practically unheard in Brazil. Rich Brazilians flee Brazil.

 

[troubled soul]

I am not expert but....My view is ...For Banking safety You need to best Justice system to gain people trust....
Just see most reputable jurisdiction As you mention like Nordic countries, Singapore and Switzerland.....People trust their Banks because they trust their Justice System.....
If something bad happen In this country, As A foreigner you have equal right as citizen ....They do not freeze account for no reason....If they do...you have right to fight bank your case in court and Most of the time by and large they are fair....They do not tend to favor their own people.....

Imagine You open bank account in brazil.....and someone play funny with you. Bank freeze your account or some unauthorized transaction happened .Do you really think that You have any chance to fight back...Court will be biased toward to their country and their people.....Not just Brazil most developing country have a some sort of hyper nationalism...they tend to bias toward their people..no matter how wrong they are....That's why most offshore people do not recommended this type of country.....It only makes sense when you are citizen of that country and living abroad or Very power well connect person.....otherwise putting millions in developing country is like playing with fire....

https://en.wikipedia.org/wiki/Expulsion_of_Asians_from_Uganda
In early August 1972, the President of Uganda Idi Amin ordered the expulsion of his country's Indian minority, giving them 90 days to leave the country......Just imagine what happen to their bank account and property they bought...... all gone overnight....Do you think that in Singapore and Switzerland this type of order pass ?

Developing country democracy does not work on logic ..It works on emotion...To please their large audience......take any news paper of developing country today the hyper nationalism on the rise.....Do not shock when any country in past allowed Non resident bank account ...can banned all Non resident account overnight ....to show their Nationalism......To investing in developing country or opening bank account are high risk high return area.....You can risking all your money there..

Read the Inside trading criminal view on US justice system...

Rajaratnam told the newspaper he respected the U.S. justice system. “In Sri Lanka I would have given the judge 50,000 rupees and he’d be sitting having dinner at my house,” Rajaratnam was quoted as saying. “Here, I got my shot. The American justice system is by and large fair.”

https://www.reuters.com/article/us-galleon-rajaratnam-idUSTRE79N4RP20111024
I never have experience with Brazilian justice system but I am 99% sure that here also Judges can have dinner at your house

Hope I convey message right ..sorry for bad English