Yet Another Bank Strike!!!

Being a banker is good business. 6 hour work days, 10 min break every hour, 30 days holidays and three strikes a year!

Damned good it isn't baseball then, because three strikes and you're out!!! LOL

  Cheers, 
  William James Woodward – Brazil Animator, Expat-blog Team

Thanks so much for the info about YET-ANOTHER bank strike.

Let us know, please, when the strike is over, ok? I know it could be weeks, even longer. But hopefully only days. It really IS DISRUPTIVE, to say the least.

It will take a while, but you'll get used to it. Brazil is the "Land of Strikes". Christmas EVERY year airlines, banks 3 times a year, bus whenever they feel like it, post office...

  Cheers, 
  William James Woodward – Brazil Animator, Expat-blog Team

After further research, it appears that every September +\- 30 days there is a bank strike. What makes this intriguing is it almost seems routine and predictable. I went back to 2010. Last year they went on strike at the very same time.

I also read the post office is preparing to strike. I didn't bother to look why.

That's quite interesting. In its ABSURDITY, of course, as I know you'll agree.

I don'T care about the Post Office's reasons, but what have been the BANKS' reasons?? THIS time, as well as other times?

They are striking because they want higher wages and better benefits. The average bank employee already makes 2x what the average Brazilian income is, but they want MORE$$.

Read more here:

http://online.wsj.com/article/BT-CO-201 … 03636.html

Yes, that's correct. They do make much more than the average Brazilian citizen. However, if you look at the enormous profits that the banks make from their high service charges and poor service, compare that with what they actually pay the employees it's not like the banks couldn't afford to pay them what they want and avert the strike. They just won't do that.

Having said that, I'm still not in favor of their going on strike since they hold the entire country and economy to ransom.

  Cheers, 
  William James Woodward – Brazil Animator, Expat-blog Team

I have no problem with banks being on strike. I avoid them like the plague, I guess that's why god invented the internet.

Ive never done ANY banking online. I refuse to. I don'T trust it enough with my personal info and besides I'm still a dinosaur I guess in that I prefer having things in PAPER, especially financial and important documents and contracts.

Aside from that, I figured it was for something as mundane as that for which they were striking but again was hoping it was for something more SELFLESS like insisting on better customer service or things like that.

And while I am always for the "little man," in THIS case I don't care that the banks are making such large profits that they could AFFORD paying their employees MORE as they are demanding because if they are ALREADY making 2X what the average Brazilian makes they are just being selfish and GREEDY especially being that they go on strike as often as they do and also being that so many things and people are affected detrimentally by these RIDICULOUS strikes.

I too couldn't care less about the bank strikes because I rarely ever go to the bank. If I can't do a transaction online then I just won't do it. The only thing that makes me angry is that in the event of strikes they should suspend the daily limit for ATM withdrawals and for direct debit purchases. This should be limited to the balance of your account.

The post office is poised to go on strike, but at least the government has ruled that they must maintain basic service. Which at least for the post office is "business as usual" because that's all you get from them at the best of times. They take a week to send a registered letter across town and two to send it to North America since I can remember.

Airlines go on strike in the days leading up to the Christmas holidays every blessed year. For the life of me I don't know why the government hasn't legislated them to do a contract that is valid for 18 months in order to force them away from the Christmas period with their negotiations. I've gotten to the point where I just won't use airlines at all, buses are a fraction of the price, they are five times more reliable, schedules are adhered to, and if you travel at night you can sleep through the trip so you've not been to badly effected by the longer travel time.

Police go on strike far too often in this country as well. I think that the only ones in this country who DON'T go on strike are the crooks!

  Cheers, 
  William James Woodward – Brazil Animator, Expat-blog Team

Well stated James. They deserve more money however when they strike it affects everyone, including the customer. I have no sympathy for them when they do re-open and are verbally harassed by customers because of the strike.

Prior to my move I probably went to the bank 3 times in 5 years. It just isn't necessary anymore in the US. I made all my deposits on my iPhone. Hell, I was even able to send wires. Now that I am here I need to go into the bank to deposit cash and get my online PIN. After that I should be down to one visit a month. I am so annoyed that I withdrew a lot of money the day the banks went on strike and now I have several thousand R$ sitting in my house waiting to be deposited - I do not like this.

Going to the bank in this country requires 4-6 hours of your time and patience, therefor I try not to think about my next visit.

Lacret, you'll fit right in here if you don't trust the banks OR prefer face to face transactions.

Hi Matt,

Very unsafe having large sums of cash at home, especially there. I know the area well since I lived in a neighboring bairro (Japiim).

If you've already got your bank card you should deposit the money in the ATM. Management staff are still working at the bank branches as far as I'm aware.

Withdrawls are unfortunately limited to your daily limit at most ATMs other than those inside the bank branch itself. Usually there you can withdraw up to R$1000.

  Cheers, 
  William James Woodward – Brazil Animator, Expat-blog Team

LOL. I do prefer that, Matt. So I'm glad I'll "fit in." Every little bit helps.

And, yes, be very careful with that money laying around. I hope you have a safe or some sort of safePLACE to keep it where NO ONE will even THINK of looking.

Personally even though I thoroughly UNDERSTAND the DANGERS of having money in the house, I'm actually even CONSIDERING getting a safe and doing just THAT and then the bank strikes won't matter to me as much while living there. Of course this (like EVERYTHING) is still i the "considering" and planning stages, but just a thought that's preferable to ME though I realize it would not be for everyone or even ANYONE else. Before DECIDING though I'll certainly think twice (and three times) and reconsider the danger vs convenience.

I would definitely suggest getting a safe - if not for theft, for fire protection. I have this obsession with my passport and protect it like it is gold. I don't even like anyone touching it here in Brazil. I guess I know it is my only true ticket out of Brazil should an emergency occur back home. 

James,

I did deposit money in the ATM but I got to tell you my confidence level depositing cash into an ATM in Brazil is very low. I even had trouble doing it in the US, and most ATMs specifically state do not deposit cash (in the US). The honor system just does not exist here - especially with a bank that is on strike. I deposited R$500 to test it out initially and probably slept 3 hours that night. But it did eventually make it into my account. I have deposited small amounts ever since then.

I know what barrio you are referring to now. That is not too far from me.

Matt-

I would DEFINITELY get a safe. I even have one now. So I'd find it hard to go WITHOUT one now, especially making the BIG MOVE to acompletely unfamilar environment and culture. Are you KIDDING me??!

And I wouldn't call your care of your passport an "obsession." Considering it's basically a CONFIRMATION of your EXISTENCE there, aside from your "ticket" OUT, like you said, in case of an emergency.

Hi Matt,

When you deposit cash or checks in any ATM in Brazil at any bank you have to place either in an envelope which gets inserted into the ATM during the transaction. At the end of your transaction you get an ATM receipt (Comprovante de Deposito) which is all you need, the envelope deposited gets numbered corresponding the deposit and once it is visually verified the transaction is completed internally at the bank. Since management staff are required to be at the bank and do this during the strike while it may delay a bit, the transaction will still take place as it usually does. Don't worry.

  Cheers, 
  William James Woodward – Brazil Animator, Expat-blog Team

So I went to Bradesco today. It was like a dream come true. I really think the banks should be on strike all year. They had staff there performing all the functions they normally do albeit less employees than usual - and certainly less customers. I was in and out the door within 40 minutes and now I never have to walk in the bank again unless I need to do something out of the ordinary. Amazing.

Excuse my ignorance, but what"s "Bradesco"??

Bradesco is one of the largest banks in Brazil.

I got some great news today, the Cambio (currency exchange) in Rio where I have to take my pension check isn't affected by the bank strike so I'm off to Rio bright and early Saturday morning to deposit the check and do some sightseeing.

Thanks for the reply, William. But I don't GET it! So, the banks are open in RIO but not ELSEWHERE still?? Or have I missed something?? Is the STRIKE OVER??

And that IS great news about the exchange rate, because it's been AWESOME lately!!

The strike continues.

No, it's not a bank it's a currency exchange... the only place I can cash foreign checks. They take the check and deposit the money to my wife's account four days later. Nobody in Brazil takes foreign checks. This is one of the few currency exchanges that does and it's a 4 hour bus trip away.... nuts!!!

It is my great pleasure to announce that the Brazilian bank strike is coming to end, for now at least. We can now all look forward to long lines, no deposit envelopes and 3-4 hour waits!

http://m.wsj.com/articles/BT-CO-20131014-702565




Matt V. - Manaus, Amazonas, Brasil
Visit my Personal Blog - brazilbs.blogspot.com

Thanks Matt. Actually it's funny because just this morning I asked my partner about that and she said it was essentially over, yes, though I didn't ask when that had happened exactly. So, I thought it ironic when then I saw you posted over that. Did the news just come out today?? Was also glad to see the dollar/reais rate was not affected THAT much. After speaking with her I checked and although every exchange rate site I check gives a somewhat different rate I saw it at approximately 2.18 reais per dollar and I believe when they went on strike it was almost at 2.50 but at least it's still above 2 and last I checked today's rate shows an improvemente from yesterday so I hope it's back on the rise.

And I was considering another potentially great idea for when I move there. Because I DO plan to have a safe, as we already talked about, I was thinking of transferring money over there while the exchange rate was beneficial as it is now and then store it in the safe in the reais denomination and keep some in the bank and then also take American dollars to keep in the safe to exchange when the rate is good again (or even better than it is now) and in the meantime use the reais that I already have in the safe and in the bank. That way I'd hopefully still have approximately DOUBLE the reais per American dollar (or MORE is the rate goes up even more) even when the reais/dollar exchange rate is less beneficial to me. But again it's all still in the planning stages.

Hi,

I do a fair amount of Forex trading so I will make a suggestion about transferring your money here. I really wouldn't transfer any money to Brazil unless YOU, yes YOU, and only YOU withdraw it from a US bank account (USD) at an ATM machine in Brazil (participating in the Visa/MC network). Most South American countries, actually I can not think of any that do not, charge an astronomical fee and even a tax on what the receiver gets. If you do the math it is better just to wait. Yes, the currency exchange rate has sunk in the last 4 weeks but that is result of the US Government shutdown, Brazilian Bank Strike, Espionage claims made by Brazil, etc. etc. Currency is a volatile market and if someone farts or looks the wrong way the value can decrease significantly. The good news it is only short term. I have read several reports that predict the value of the R$ will sink again and by the end of the year be back at $1.00USD = R$2,38.

If you transfer the money you will pay at least $20USD just to send it and the fee will likely be much larger depending on how much you send. Then you have the trust issue. I don't know your situation but I would triple think sending any money until you are 999% certain you can trust the person your sending it to. Remember your partner has friends and I am sure those friends have some influence over what your partner thinks and does. I know this sounds rude but in SA it is a cold hard reality that truly is unfortunate.

That said, if you do decide to transfer DO NOT USE an INTERNATIONAL WIRE. Not only will you lose what you would gain by the difference in value you will also pay enormous fees in the US and in Brazil. Instead use MoneyGram or Western Union.




Matt V. - Manaus, Amazonas, Brasil
Visit my Personal Blog - brazilbs.blogspot.com

One last thing. Instead of checking the dozen of currency exchange rate websites you can easily simplify the process by going on Google and search "USD BRL"

The exchange rates found on Google search are updated in real time. Some of the other sites are significantly delayed and some even by one full day.






Matt V. - Manaus, Amazonas, Brasil
Visit my Personal Blog - brazilbs.blogspot.com

Thanks Matt. I have several comments on your response.

First, yes, I always use Western Union and is ALL I'd EVER use, you're right. And, yes, their fee increaes depending on how much you send but I've also found that their fee to transfer money to be totally nonsensical at times and not having anything to do with the AMOUNT but still at least I have peace of mind.

Second, you're warning about being 999% certain of WHO I send it to was taken with the same good faith with which I know you intended it, so not to worry as I did not consider it rude. But my partner is the LAST person to be "influenced" by ANYONE! TRUST me!! NOSSA!!!, as she would say! Even I can't influence her sometimes!!! LOL!!! She is a VERY self-assured and independent person and no matter how wonderful her friends are (and they ARE!) MY case I know at least is that she would NEVER give money I send to someone else at least not without first discussing it with me and having my PERMISSION. And THAT situation has NEVER ocurred, I'm just basing that opinion on OTHER aspects of our life. But again THANK YOU for ANY and ALL suggestions as always, including that one.

Third, yes, I also know Brazil banks charge a 7% fee (and it USED to be 10%!!!) but no tax which I've been subjected to anyway of whatever is sent, so you have to calculate the 7% IN when you calculate what THEIR 7% is going to be which is always fun. So I can certainly agree that that 7% can annihilate any good exchange rate. BUT... how CONVENIENTLY LOCATED and NUMEROUS are these "ATMs in Brazil participating in the VISA/MC network"?? Especially in Fortaleza. AND how do you go about having a "U.S. bank account in Brazil". Please explain that ok?

Fourth, OMG, don't even TALK to me about the U.S. Governement shutdown!!!!!!!!!!!!!!! The Brazil bank strikes PALES in comparison!!!

Fifth, that's great to know the prediction is for the reais to get back around 2.38 by year's end. Have you heard any predictions on how the World Cup AND Olympics next summer will affect it? Will it RAISE or LOWER the reais?? Do you know? I remember about 2 if not 3 years ago at this point when it was at a measely 1.58, and thereabouts. So as long as it stays at 2.0 or above I'll be happy.

Sixth, thanks for that exchange site. The one I use and have for a while is www.x-rates.com and that one IS in REAL TIME too and I LOVE it for that. But I still sneak a peak at the one I USED to use before finding THAT one, which is www.exchangerates.com, and I still am addicted to that one because it shows and compares yesterday's and today's rates and indicates the percentage of rise or fall. Though THAT site usually doesn't even give TODAY'S rate til 1pm sometimes even 3pm which is absurd.

Look forward to your response

Dalia

Dalia,

Thank you for providing your name. Now I can talk to you instead of a handle.

First and foremost I am very happy that you have the level of trust with your partner to make you feel comfortable sending money. My only objective was to warn you and I know it can be a sensitive topic (I went through the same thing, trust me.)

As far as the location of ATM machines, I honestly can say I see more ATMs here than I did in Chicago. I think that has a lot to do with Brazilians preferring cash instead of credit. Therefor they withdraw more frequently from ATMs than Americans do. I have no idea if that is true but it is my assumption. The only problem I have with Brazilian ATMs (at least in Manaus) is after 6PM they limit your withdrawals to R$100,00. Some banks start at 8PM. It is real annoyance especially on a Friday night before or after a night of fun.

As for as the currency valuation. Brazil is in the world spotlight right now. The protests that plagued the country in June got the rest of the world wondering if Brazil is prepared to handle the World Cup. Looking at the arena in Manaus, I will leave my opinion to myself - hint. These protests caused a lot of their currency issues. When it sank to 2.50 the Brazilian government intervened by pumping money into the economy which airs at stopping the currency from devaluating more. Then came our buddy Snowden and the US Government shutdown. I think the prediction is accurate, but like I said its a volatile market. 

http://www.argentinaindependent.com/cur … -currency/

As far as using a US bank account in Brazil - it is very easy. Obviously if you have a job you will be paid in R$ and will require a bank here. But I still have lots of money in the US and when I use a debit card I can use it like a credit card here. You just need to notify your bank before you leave that you will be traveling for a long period of time to Brazil so you do not have to constantly keep calling them to unblock your card. My bank, Chase and Bank of America do not allow any travel notifications in South America so I am always having to check my voicemail in the US to see if they called or blocked my card. Brazil is full of fraud and I do not blame my bank for protecting me from the criminals that roam the streets in this country.





Matt V. - Manaus, Amazonas, Brasil
Visit my Personal Blog - brazilbs.blogspot.com

Hey, Matt!!

I actually did sign off with my real name a couple of times a while back and then stopped but the funny thing is you even addressed me that way in one or two of your subsequent responses (although you apparently don't recall that...LOL!!!), but BELIEVE ME I understand so not to worry because I KNOW you had a LOT going on at the time with your move and all, and that you STILL do.

I feel very proud to have found and to maintain that kind of relationship with someone as I have with my partner. For that and MANY reasons I know I hit PAY DIRT with her. She's only 23 but she's an OLD SOUL, so truly wise beyond her years (more even than me) and truly IS my SOUL MATE to boot so our connection even across the many miles is INDESCRIBABLE and UNEQUALED. She also HATES for me to ever have or want to send her money and it's always a TREMENDOUS battle for her to EVEN ACCEPT it, so that's another reason I know it's safe with her once she finally DOES accept my sending it, and will only go for what I send it for. But again no harm done or taken AT ALL, my friend, and I WANT you to ALWAYS speak your mind. Communication is ALWAYS KEY, after all.

So, regarding the currency valuation, what you're saying then is that if the negative press internationally CONTINUES about Brazil, even AFTER the Olympics and World Cup have BEGUN, that the reais may SINK...BUT that, if the press is suddenly and even perhaps miraculously GOOD, the reais is liable to INCREASE or at least HOLD during those two major sports events, correct?

Regarding the US bank account, I honestly didn't know I could still HAVE a U.S. bank account still while going to LIVE in Brazil! Is what makes that possible the fact that we're choosing to go and live there still as EXPATRIATES? Anyway, are ATMs available for ALL U.S. banks there? Right now I have a checking account at Citizens as well as Wells Fargo, but all my SAVINGS (which I will be syphoning from while finally living in Brazil) are in CapitalOne 360 (which bought out ING Direct), for example. Are these viable banks for what I want to do or should I change to another bank just before moving?

Regarding ATMs (and, again, going back to just how much I AM a dinosaur, but by CHOICE most of the time), I don't use them HERE, and for TWO reasons. One because they make my money TOO accessible, though that's not the  reason I wouldn't want to use it while living THERE. The reason I really would rather not use it THERE (which is the OTHER reason I also don't use them HERE) is for SECURITY reasons, which involve not only the recent increase in cases (here in the U.S. too though I know they're a big problem in Brazil also) of people stealing your credit or debit card info due to criminals tampering with the swiping site for the cards, but ALSO because I've never felt comfortable withdrawing money ANYWHERE but in a bank and especially knowing how crime is rampant in Brazil (and, yes, here, too). Are there safer places to access an ATM than others? I remember William Woodard wrote about that once but it's all just so much information that I'm basically just making mental notes of this and that but as I also realize a lot of info may change by the time I'm ready to make the move I'm not going CRAZY remembering it all right now either. I'm basically at this point still finding out how much I DIDN'T know. You know...?

How long before YOU made the BIG MOVE finally did you really start investigating EVERYTHING you needed to know and in DETAIL?

Dalia

Hi Dalia,

Sorry for the delayed reply -

I started researching the bureaucracy June 14, 2013 (the day I joined this forum.) It has been probably the best thing I could have done. Not only has it provided absolutely essential information on what to expect, it and its members have recently started giving me sanity checks.

As long as you have an SSN # in the United States and residency (if you have a passport, citizenship) you can have a US Bank Account. Thank GOD Brazil has very little control over our lives and rights in the US, but if they could they probably would!

If you have a Visa/MC debit card they can be used at almost any ATM with the Visa/MC logo in Brazil. I have never been able to withdraw money at ITAU or CAIXA but that is because I gave up trying a long time ago. They probably didn't have the Visa/MC sticker.

About the currency valuation - yes, correct. Obviously if Brazil has protests, the world predicts they won't be ready for the WC or Olympics the currency will sink along with moral and ultimately lead to more riots.

BTW: As of right now $1.00USD = R$2.16 ..... TIME TO MAKE AN ATM RUN!





Matt V. - Manaus, Amazonas, Brasil
Visit my Personal Blog - brazilbs.blogspot.com

Hi Matt.  So,I am planning on moving to Northeast Brazil in about a year or so from now. I will probably rent a beach house for a year and if everything works out .I will buy a place in Brazil. I have my main back account with Wells Fargo here in Texas.I will be getting my retirement check auto deposited to this account. Are you saying instead of opening an account at Brazilian bank.It would be easier and better to just use my atm card from Wells Fargo?

Absolutely much better to just withdraw money from the Wells Fargo account by ATM.

If I understand from the Brazilian consulate in Houston .
I would have to transfer my retirement check from my Wells Fargo Account into a Brazilian back account !  Ugh

I agree 100 % , there systems get the populace disgusted and desperate,  you would think that a country so rich in natural resources would succumb to these actions. ...I hope one day that they would take the best of Europe and The UK and America. ...excluding the Power of the US Federal Reserve to print money at their own wimb. ....Brazil needs to shed the political system and inept legal system that complicates their own country chance to be a first world country. ....