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Difference between a banco and a caja?

Posted: Tue Sep 06, 2011 11:48 am
by NexLevel
Does anybody know what is the difference between a bank like ScotiaBank and these cajas that I see around, Caja Huancayo and Caja Piura?

Basically, I'd like to know what the cajas are and if anybody has had a good experience using them? Am I better off going to them for loans then a bank?

Re: Difference between a banco and a caja?

Posted: Tue Sep 06, 2011 2:25 pm
by Alpineprince
Banks (Bancos), are like banks in any country.
Caja, Is more like a Savings and loan association (USA).

Caja, is owned by the Municipality, Banks are owned by shareholders.

Caja, is principally in the business of "Micro finance" and make loans as small as S/.250 but can also charge interest up to 52% per annum.

Peruvian banks are rated safer then Peruvian Caja's. Different Municipal Caja's are safer then others.

Peruvian Gov't insures deposits up to S/.85,000 (per institution) for both.

Rates for savings are higher in Caja and Loans are cheaper in Banks.

Re: Difference between a banco and a caja?

Posted: Tue Sep 06, 2011 5:32 pm
by Lloyd007
So what kind of savings rates can you get a Caja and in which ones?

I see places like Banco Financiero and even HSBC have savings plans of arond 7%...

Re: Difference between a banco and a caja?

Posted: Tue Sep 06, 2011 6:24 pm
by Pollo mani
I find this site to be helpful when I am looking at the differant opcions offered.
http://comparabien.com/

Hope this helps.

Re: Difference between a banco and a caja?

Posted: Tue Sep 06, 2011 9:02 pm
by Alpineprince
Pollo mani wrote:I find this site to be helpful when I am looking at the differant opcions offered.
http://comparabien.com/

Hope this helps.

I love that site as well! Reminds me of quizzle.

Re: Difference between a banco and a caja?

Posted: Fri Sep 09, 2011 11:15 am
by NexLevel
thanks Alpineprince!