Avoid THIS Kind of Bank
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- เผยแพร่เมื่อ 16 ส.ค. 2023
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In this eye-opening video, Andrew discusses why private banking can often be a scam. Many individuals who attain newfound wealth are drawn to private banking as a way to solidify their elevated status. However, what they often encounter are unfavorable rates and questionable deals.
Join Andrew as he delves into the world of private banking, shedding light on what it truly entails and debunking common misconceptions.
00:21 Definition of Private Banking
5:01 Importance of Diversification
6:49 Challenges with Private Banks
8:35 Private Banks' Hassles and Lack of Service
11:12 Considerations
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Andrew, GreaT work w/the vids!
(constructive observation, watch out w/the affectations on tail end of your wording, I’ve observed your improvement but it can be repellent to certain folks who aren’t hip to WmFBuckleyJr)
I would like to know ur take on the Hustler's university, and how is it Andrew Tate has these young guys making so much money .....
I’m 21 and I know I’m currently not the target audience for this content, but I’m working towards it and I want to say I value all the knowledge Nomad Capitalist puts out. Thank you and keep up the good work!
Thank you for your kind words and support! Best of luck to you.
It’s never too early.
By the time I was 21, I had bank accounts in New York, Singapore, Jakarta, and two in Morocco. I learned from my father and he helped me with deposit, of course. This really helps if you are a U.S. citizen and can open an account in country that doesn’t sign FATCA, or, this is the kick; BEFORE a specific country join FATCA…… I am now 52.
Just get a trade, save up 5000 and you’re going get started
wish I was here when I was 19..you got time on your side :)
"Banking institutions are more dangerous to our liberties than standing armies" Thomas Jefferson, centuries ago.
and for private, central 'centralized' banks - multiply that by 10!
Restore Equal Protection Under The Law.
Restore Law and Order.
End the _Federal _*_Reserve_* - end them all! End them all, including the *BIS!* The *Bank of Instigated S-Chicanery!!!*
Restore *The Republic!*
Had my stash with a swiss bank for years..worse experience ever. Withdrew it all this past march..couldnt be more happier with small bank im with now.
I once had a Swiss bank account. I opened it in 1975 with $500.00 right after high school.
It was really no big deal. Kept it until a few years ago. My account grew from $500 to $5000, mostly due to the exchange rate.
They finally sent me a notice that for accounts under $1,000,000 US they were going to start charging me fees to "park" my money, so I closed the account.
@@TONE11111 an account opened in 1975 isn't a terrorist. The policy was to get rid of the accounts that pose risk of kyc compliance fines. This is all Obama & ensuring American money is poison. Traitors do treasonous things. All of the Panama papers were oligarchs Kings and politicians rich on American bribes (foreign aide or wars) and they don't want Americans to have a place to send their increasingly worthless money when they want brics to rule the globe
@@TONE11111lmao thats what they always say...
Once the money leaves your physical pocket, you are out of that money. You can keep it safe in your business and assets but don't think that the bank account is your money.
As soon as they get it, they lend it out and you cannot just walk in the next day and withdraw all of it in cash...because they won't have it anymore.
It's amazing to me that people can get so much and not know how to manage it.
I am not 21 years old or rich either however I watch these videos also I am hoping that they will help me make good choices towards future wealth
@@BlackJesus8463 -- smoke, mirrors, misdirection and _confidence_ is what the current fiat, ponzi scheme is based on.
You tell 'em Andrew! 100%!
I am an American who has lived in Panama for the past 23 years. I can tell you that banks here in Panama completely lack consistency. You can go to three different branches of the same bank and you will get three different answers concerning the requirements to open an account. The best strategy if you are turned down us to just keep trying until you are successful. Persistence pays off. That is how I obtained Panamanian citizenship which is supposed to be difficult. By being very persistent. In the end my luck changed as a result of a conversation with a taxi driver in Panama City who was this old Colombian guy. He steered me in the right direction which resulted in my Panamanian citizenship. Of course being fluent in Spanish helps a lot.
I also hate when they ask us how we made our money. That's not the bank's function. If it were something required by governments all banks would do it, but if you go around enough you notice it's not the case. It's also funny how weird they act when you tell them you have multiple residencies, they treat you as if it's an absurd idea to spend your time between multiple countries.
I am "poor". I didn't know private banks were this way! That's awful. I'd expect much better.
I agree that HSBC is not a bank to deal with
On Gucci and all other luxury (legacy) brands: Go and try a wallet, really look at them! You will find, you are not really buying a leather wallet, but nylon with SOME leather and that brand image. Not good quality materials, a plastic coating and miserable service.
Word of mouth goes a long way when selecting a bank...aka YOUR Finance Business Partner!
If you've got the money to pay for designer labels then you've got the money to pay someone to tailor make something for you. A leathersmith would be quite happy to make a wallet for you and you're putting money towards a small business owner instead of LVMH.
@@deanchur you certainly get better quality that way.
When it comes to fine leather goods, hand made will outlast any quickly made item by any "brands". You decide exactly what material you want to see and where.
Legacy brands just ride the coattails as long as they can.
Very happy with my bank account at Charles Schwab. Low fees and easy to move around money to my brokerage and retirement accounts.
Interesting ... I wonder how safe these are.
I have spread my money out a bit, yet these banks are a total racket!
Good video. The due dilligence is the most annoying part. I am a busy person. Take my money and stop pestering me.
I had one that sent an email they are taking on all their Russian clients money (after the recent war), as if it is something to be proud of. I thought it was insane and that I should take what had there out. Luckily it was not much, but just as expected they started taking other clients money too. Banks are still some what important, but I moved to crypto where I actually own what I have.
I have had great success borrowing and lending direct to others who have money to lend or want to borrow. Build relationship, learn to read numbers, present opportunities and cut out the middlemen. Banks are something to use to your advantage not so much to store wealth.
Quick heads up: Anything you put into a safety deposit box at an US bank can be seized by law enforcement under asset forfeiture laws at any time. Meaning, you have to sue the government at your own expense and show that you have legally earned whatever asset that was confiscated.
@Nomad..CapitaIist You're wasting effort here.
A bank is definitely a place where you park cash or oother fairly liquid stuff. My brokerage accounts have nothing to do with my bank.... noooo. Why would you store metals in a bank? Half the time they don't want to let you take your money, it only gets worse if you have a safe deposit or similar.
Valuable information, as usual.
Glad you liked it!
Thanks for this. Was curious about private banking. Would be interesting to do a video on what, if any, equivalents there are across countries to FDIC and SIPC insurance.
Great video, love the content.
I absolutely love what you're doing and how you're doing it. I want people to live their best life!
Thank you! Inspiring people to live their best lives is our goal too! 🌟
great video!! been through this. cayman is "very procedural". lookng at bahamas and singapore, but singapore is complicated.
Never understood the draw of private banking or keeping large amounts in cash TBH.
This is good advice, even for those of us with modest means and investments (comfortable 6 figures). Don't put all of your money in one place. Make your banks and their products work for you. If they treat you like crap, have lousy rates, go where you're treated best.
Nomad, I am very close to needing you. I will be there..but I get a lot of value from all of your videos. Thank you ❤
Best of luck to you! But before you get there, you can join us at our upcoming Nomad Capitalist Live Event in Kuala Lumpur this September. It's a great way to engage with our community and gain valuable insights. Looking forward to potentially connecting with you there!
Thanks Andrew 😊 🙏 n absolutely LV LV LV your advice 👏 🙌 🙌
Aw, thank you ❤
Canada is one of the countries with very few banking options, apparently that's why banking there is very safe😜..at least for the banks😂. Banking services are bad, banks know there's no competition and act accordingly. $1000 to open a Georgia account and get good service? sounds like a good idea!
I'm planning on opening a bank account in Canada next month Bank of Montreal how bad can it be?
$10000
@@quartermaster1976 😁 I guess you'll find out😜. To open might not be bad, it's the after service that might test your patience. BMO might actually be the better one from the bunch, kinda like the US dollar is (still) the prettiest belle at the dance.
ask Andrew if he has an account in Canada😁@@quartermaster1976
@@pepsime6895 I'll keep the minimum then I heard of the bad customer service thanks.
I am absolutely ecstatic about your invaluable dedication and treasurable work literally changing our mind set, upgrading our world vision - even though I have always felt this way and wondered about the possibilities - you're giving us the road map and handling the keys from our future!
I'm working on my readiness to move forward after your lead and I can't express how much I appreciate this opportunity!
So nice of you! Thanks and good luck.
I agree. Private banking can be problematic, especially if you don’t adhere to the woke agenda. As Nigel Farage found out recently here in the U.K. with Coutts when they closed his account.
Go woke go broke!
Coutts is forever tarnished.
Amazing infos as usual, remember the downings of CSS lately..I'm a swiss woman but I'm not really anymore convinced about our system at all...😒😑🥴
Either way its very difficult to initiate large wires in some jurisdictions and these banks won't help you, it has to be done discreetly.
Like Bitcoin !?
@@gavinclaassen6440 Nope...
I haven’t had nearly as much trouble with HSBC.
If you have business banking services with a a swiss bank
It probably makes sense to have private banking with the bank as well , I have to say UBS do a great job if you live in Switzerland Safra sarasin are also excellent I think the service in Switzerland for swiss resident clients is generally excellent
Generally Americans are not accepted to open an account in several countries such as Switzerland because the banks are obliged to share information with the American government, which the banks refuse to do. So they just don’t take non resident clients.
Absolutely correct!! penalized based on citizenship and or tax obligations to the USA. I know of no other country that banks despise more than the USA.
When dealing with a private bank, learn how the bank is being compensated. If its AUM then that is the reason why they want all your money in their bank.
Is there an option for making large transactions and just opening an account in a credit union? What are the pros and cons of going through a credit union if you have large amounts of money?
This is so interesting. With this kind of "customer service" I can see why crypto people can get so excited about decentralized banking.
HSBC (HKG / Jersey / UK) totally sucks.
Citi IPB sucks.
EuroPacific (P Rico) used to suck (currently being liquidated, Godspeed!).
ABC (Mauritius) sucks (60 days dd and were still asking for more papers & forms, my partner told them to f_off).
Certain oline banks and certain fintechs have been a pleasant experience...so far.
There is a fintech in UAE which is on the verge of becoming a bank, they custody physical gold, issue gold backed cards etc...we'll see how it plays out...
What's the UAE fintech?
Good morning Andrew, Please allow me to switch gears for a moment. On a previous video, someone who pretended to be you requested that I communicate with this person. They were typing in all CAPS and the phone number was an area code out of New Jersey (973) area code.
I wanted to make you aware of this issue.
Thank you for all you do.
Regards, ~Keith
Thank you for bringing this to our attention, Keith. It's really unfortunate that there are people out there trying to trick others. Our team is actively working to identify and remove these scam comments to ensure a safe and genuine community for everyone. Thank you once again for your support. ❤
Its common across all of TH-cam.
Editing much better on this one. Frame movements much more subtler and better fit
As a middle class American who is looking to relocate to Europe in the near future, which banks do you recommend using, that also allow for paying bills back in the US?
I would like to stay Unbanked in a 1000 years old Country so kindly suggest a suitable plan for me to move overseas
How you going to collect interest without a bank account?
That's funny I have always had the same mindset. I put a little in a new bank to see how they behave. I recently had trouble with a bank I've been using for 15 years now. Name sounds like when police chase after you. I have a more recent bank I've found so I'm slowly shifting funds from the old bank and eventually I will close that account. If someone doesn't want to serve me, I'm done. I'm a good customer and I refuse to be treated unfairly. If they don't want my deposits, I certainly don't want them hopding my money. I think most are crooks that perform legalized theft anyway. Whatever you do don't make any kind of threats like I'm closing my account or I'm removing all my money today. Just move your money little by little or you may never see your money again.
What is your opinion of un-leveraged “off-ledgers”?
HSBC froze my business account and cards in 2016 with no notice or reason given. I had to fly to Hong Kong to collect a cheque for my balance. I have been persuading people for 10 years to stay clear. I hope I caused HSBC to lose millions!
Im a poor, degenerate world traveling expat. I watch your videos pretending they will be relevant to me someday. Keep up the great content
Best of luck to you, thanks!
@@TONE11111 vietnam
@@jackspedicey4478you teach English?
I’m poor. But if I was rich I’d want a bank that won’t do anything at all unless I tell them in person. As a poor person having to deal with minor theft and I’d fraud is upsetting. I don’t feel like getting a house in Africa, kidnapping and transporting people to my dungeon. So the easier solution is to get an incredibly inconvenient bank with decent cd rates. If a bank can’t completely turn off all digital banking and work on in person. I wouldn’t use them. At that point I might as well bury my cash. I lost $1000 dollars once and based on that experience alone I’d have to basically give people third world warlord treatment if it was a 100k or more.
Is Denmark safe for banking?
Whatever you do AVOID AUSTRALIAN BANKS...
You mentioned Coutts in the UK who are cancelling accounts on political grounds, a terrible establishment. You didn't mention what is a good bank
I consider my future strategy for private banks then….. any other alternatives….?
stocks and bonds in a brokerage account with margin
Hello everyone! I am interested to keep some portion of my money in another banking system, outside of my country of residency. Which countries have a stable banking system and do not require residency to open a saving bank account? Thanks!
Hi, stay tuned to our R&D channel. Soon, we will be publishing a video about the banks we love and recommend. You can find it here: www.youtube.com/@NomadCapitalistRD/videos
Most banks in the United States aren’t any good because they don’t help with real investments and diversification it’s just something for u to sit your funds in and watch the purchasing power evaporate overtime the second thing is because a country that has many banks and many people having accounts with them that doesn’t keep no continuously depositing a decent amount of capital in the checking accounts of course all the banks are going to go bad this just be why many other countries don’t have Ms y banks and have requirements regarding the deposit required and how much capital u have to continuously put into your account consistently unlike the United States for that matter 😅
how about the float
The service at my local retail bank branch in Kansas sounds better than this. Granted the clientele has virtually no overlap though! 😂
Can you made a video on the new Islamic banks opening internationally? They have zero interest and I am interested to know more
Bitcoin Cash fixes this
Do European banks have their own version of a FDIC ?
You wouldn't quality for the Bank of Singapore today. Then again, you are used to rejection.
any comment on CIM Bank?
Sure thing! We're about to release a new video on our R&D channel that talks all about CIM Bank. Stay tuned to learn more about it! www.youtube.com/@NomadCapitalistRD/videos
Buying all their exotic financial products, lol. You're so funny, man.
No, multi millionaires have practically zero balances in the banks, they put their money in stocks, bonds, or company ownerships, so they don't worry about things like that. But when it comes to taxes, then want to avoid wealth tax, because that forces you to ta out take out dividends from company, and you have to pay tax on your dividends as well, so in Norway they have 1,1% wealth tax, and a 28 percent dividence tax on the money you take out to pay the wealth tax. So the wealth tax is effectivly 1,4 percent in reality. That's not sustaineble when i get a return of about three percent on my investments, and with this inflation that i have now it will be five percent inflation, plus 1,4 percent giving 6,4 percent profit margins to surtain my money, and with the stockprises laying stable og going slighty down there is only one option, move from Norway to Switzerland.
Coutts bank Uk is Natt West which is shutting 1000 bank accounts down a day if your political views are not in line with there’s . Talk TV reported lots on bank accounts being suddenly shut
Coutt's probably would not be a good bet for anyone with their current fiasco.
How is banking in Hong Kong for American citizens?
Hi there, here is the video about it: th-cam.com/video/K923RwqZOm8/w-d-xo.html
As you mention during the first minute of your video Coutts (that's the bank to really AVOID at all costs) It is "the Bastion of Cancel-culture" ..if you are a British patriot who does not want illegal immigrants to UK ..and you say it loud.., don't worry, Coutts will CANCEL your bank account as we all know what happened to Nigel Farage... Another bank to stay far away ..is known for its slogan: "We scam our widows and orphans first" - Goldman Sachs ... It is the most spineless scammer-bank in the entire universe. (Hopefully a car size meteorite will slam into their HQ and eradicate all its top management. ..that would be truly a poetic justice)
The problem is to take the money out. It's their money
Why use banks at all, when their is gold , Bitcoin , silver and permission less options to banks and CBDC's !?!?!?
To collect interest.
🖕the Banks. Bitcoin in self-custody is the way of the future.
DeFi or BUST
This. Even better is crypto where you actually use the money and make purchases in a few seconds. Bitcoin is old grandpa.
@@prhasn Have fun staying poor! 🤣
Crypto is dumb. lol
Bitcoin Cash @@prhasn 💚