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Cserebogar

Not sure how many cdns are here but i need to keep my bank account here in cda n wire transfer money to my Itau accnt. Prov is to keep my cdn cell is expensive and i need to be able.to get the bank verification text from a cdn number. Anyone else done this??? Wife said once long ago the govt  cleaned out all the bank accounts n ppl.never ever got their money back which is why i hesitate to keep all my cash there.

abthree

05/13/23 @Cserebogar.  Your wife has a good memory.  That was the Plano Collor in 1990, a poorly designed and executed plan by President Fernando Collor to control hyperinflation.  It wasn't an ideological confiscation; in fact it wasn't intended to be a confiscation at all, but everyone's accounts were frozen for 18 months, and with inflation running at a rate of about 28% per month, that was the practical effect.  The failure got Collor impeached, and hyperinflation was ended in 1994 under his successor with the Real Plan, which gave Brazil its current currency and a fear of inflation that's kept things relatively stable since.


Still, I think that you're wise to keep any money that you don't immediately need here in your CAD account at home until you DO need it, less to protect it from an unlikely confiscation, and much more to protect it from very likely exchange fluctuations.  I transfer a set portion of my income to Brazil every month and leave the rest in USD in my US account for that reason, and sleep a lot better that way.


My husband and I each have a US phone from Consumer Cellular that cost us ~US$45/mo. for both. They receive text messages from US banks and other entities and individuals via WiFi in Brazil, and of course are our local phones whenever we're in North America.  Carriers seem to be totally different north and south of the border, but if a Canadian carrier offers a similar deal and it fits your budget, it might be a solution.

Cserebogar

I wish out cell costs were lower. Ill have to recheck around as bells lowest is 75 per cell.

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