Thread: Credit Union update request?

Hi all,

This is mostly for Ed but anyone who'se had experience is welcome.

In Jan of 2011 you stated that credit unions were a good place to park money. Do you still feel that way? If not, why?
If so, what is the best way to move $100K or more to a Panamanian Creidt Union?

Thx in advance for your time and effort.

Bill

Originally Posted by billmiller54

Hi all,

This is mostly for Ed but anyone who'se had experience is welcome.

In Jan of 2011 you stated that credit unions were a good place to park money. Do you still feel that way? If not, why?
If so, what is the best way to move $100K or more to a Panamanian Creidt Union?

Thx in advance for your time and effort.

Bill

I went to one credit union today in Albrook terminal, the one called CACSA. They are giving 3.75 for a one year Plazo Fijo.
People were talking about 6-8 % interest rates, not true.
With that kind of low interest, better I keep the money in a bank.

I have a savings account at Cacsa which pays 3.5%. If you have more than $100,000 you can get 7% on a one year term with Coacecss. You can see all their Plazo Fijo rates on their website here:
http://www.coacecss.com/detalle.php?cid=5&sid=11&id=11

I don't have a problem with credit unions at the moment, if your money is already in a Panamanian bank just ask for a cheque and take it over to the credit union. Credit unions don't normally offer banking facilities like ATM's, cheque books etc. one reason you get a better rate of return.

not really related to panama YET , but very interesting anyway

Consider the recent headlines just in the last few months:

• “World’s Second (China) and Third Largest (Japan) Economies to Bypass Dollar, Engage in Direct Currency Trade”
  
  
• “China and Russia Drop Dollar in Bilateral Trade”
  
  
• “China and Iran to Bypass Dollar, Plan Oil Barter System”
  
  
• “India and Japan sign new $15 billion currency Swap Agreement”
  
  
• “Iran & Russia Replace Dollar with Rial & Ruble in Trade”
  
  
• “India Joins Asian Dollar Exclusion Zone, Will Transact with Iran in Rupees.”
  
  
• “China and Chile to Establish Strategic Partnership, Launch Currency Swap and Settle in Renminbi”
  
  

Its already obvious what China is doing by trying to cut out the dollar as the reserve currency. Unfortunately most people have no idea what impact this will have on the US currency (or any currency pegged to it)

So it should come as no surprise that the list above is just a starting point

Central bank pledges financial push in Africa|Business|chinadaily.com.cn

it will be something like , when the shit hits the fan .if we in panama did not use the usd it would be funny to watch from afar ,

The US currency will kill many other currencies along with it, among them all of the central american ones.

Originally Posted by nakedguydb

it will be something like , when the shit hits the fan .if we in panama did not use the usd it would be funny to watch from afar ,