Banking around the World

Video Transcript

This is Nikolai Pankraz with American Resource Network for Expert Village. I want to take that extra time for this and I'm just saying that because of the twenty years experience in international business and international trade, thirty something countries, I've been all over the globe, and so I want to emphasize that to you because I want you to succeed in what you're doing. One of the things by dealing with Eastern Europe countries, China, etcetera, etcetera, some of the more developed countries, you've got to watch for a few things, like for example, banking. Just a few years ago there was a huge banking crash in the former Soviet Union where people just literally lost millions, millions of people. A friend of mine, he lost over three hundred million dollars on that alone. Well, things have changed, but I want you to keep that in mind, so when we get to the letters of credit and how to work with letters of credits and make your shipments safe, you need to remember the banking situation, because a few years ago, well actually about ten years ago, fifteen years ago, people in the former Soviet Union, Russia, actually they split up in fifty different countries, they could open the bank with just twenty-five thousand dollars. Well, in our country that's unimaginable.

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