InterCam

I heard that InterCam is dropping the maximum amount they will cash US checks for. it will drop to $1000 max in May and in 90 days they will stop cashing US checks at all.

Is this going to happen at all the banks?? Has anyone heard anything?

does that apply to cheques for cash[cheques to self] written on a canadian bank account?

I did not hear anything about Canucks. This only was in reference to US checks.

Did you ask Intercam?

They told me that they are changing the amounts of cash they will give you .... but no changes in a bank draft amounts

Sparks does that mean they will accept US checks for deposit?

I was told that they will cease taking US checks for cash in 90 days.

SunshineyDay wrote:Sparks does that mean they will accept US checks for deposit?

You can deposit money in their "bank" of course ... They just have a limit in the cash they will give you daily.
Take a bank draft and you will get your cash

Perhaps, the smart thing would be to ask your perspective / office manager and
find out!

Depending on your particular account / amount of money $$$ funds,  Location,
etc.  it could be different.

Getting it in writing may be a huge benefit, although, that may not happen - or at least not quickly.
Wishing you the Best of Luck and don't give up.

yes. asking would be good. we only cash cheques there, and usually very large to pay off a doctor. if they won't do that anymore we'll have to develop another pay strategy.

[quote="Pedro"]yes. asking would be good. we only cash cheques there, and usually very large to pay off a doctor. if they won't do that anymore we'll have to develop another pay strategy.[/quote]


Exactly, we have had to to this now twice - in August, and again in November of 2013, for two separate surgeries and it was No problem.

We most certainly now will  inquire ASAP and report back within a couple of weeks when we need  $$  again for another GDL medical trip.
Hard to believe that they would Not cash our checks any longer while having an open & active account ,  YET,   what do I know?  since so many
"things"  seem to  change rapidly at a moments  ( NO )  notice ................ Thanks for the heads-up.

I carry a Mexican debit card from Bancomer for medical emergencies. Why would you need cash? or am I
missing something here?

Z

This is what I just received in writing from the Branch manager:
" We can Exchange checks but for cash will be up to $500 USD the balance should be deposited in an account, you have the funds account and from there you may withdraw…
There is no problem…"
To answer Zedinmexico's question - we have been paying cash for doctors & hospitals because we get a discount & being quoted in Pesos, instead of dollars which, so far, has been to our advantage with the exchange rates.
Also, our credit card charges us a 2.7% conversion fee and both, hospitals & doctors charge an additional 3% if we pay with a cred.card USD plus dollar pricing.

DolceVita wrote:This is what I just received in writing from the Branch manager:
" We can Exchange checks but for cash will be up to $500 USD the balance should be deposited in an account, you have the funds account and from there you may withdraw…
There is no problem…"
To answer Zedinmexico's question - we have been paying cash for doctors & hospitals because we get a discount & being quoted in Pesos, instead of dollars which, so far, has been to our advantage with the exchange rates.
Also, our credit card charges us a 2.7% conversion fee and both, hospitals & doctors charge an additional 3% if we pay with a cred.card USD plus dollar pricing.

Thank you. Good answer. Does anybody know if they charge up for a Bancomer Mexican Peso based debit card?

Z

"Does anybody know if they charge up for a Bancomer Mexican Peso based debit card?"

If you have an account with Intercam, you are able to get a BBVA "debit card" - not sure that this is the correct term since You are in charge of the amount you want to transfer / add to the BBVA card and then you are able to use it at Costco, Sam's, Home Depot, and other places.
I never made use of it and I'm not sure if that is the answer to your question.

I don't know what their limits are......might ask?  I've written checks for $4000.00   USD without a problem, and have an account there.....had to show title to home when opening the account.

have you yanquis given any consideration to yer gummint checking on offshore income of us citizens and forcing foreign banks[not just swiss] to report same to the irs. that's maybe why smaller banks don't want yer business. just read a piece in the national post about the increase in people getting rid of their us citizenship all over the world for this and other reasons. i remember reading something about a family in ontario whose daughter was born in canada and had us citizenship as well as canadian. the irs is going to require her to file her income from a part time job after school in canada and she has never even been to the excited states-ah! the privilege of being an excited states citizen-eh!

Sunshiney Day, have you gotten an answer to your original question out of all this?
I hope so.

I spoke with the account manager at Intercam yesterday and since they are now a bank in addition to an investment house their account parameters are changing a bit.

Investment accounts will be limited to cashing $1000 US checks per week.  This is a total thru the week.  This is not a withdrawal from an investment account.  If you need more you will need to plan a day or two ahead of time by depositing the higher amount as cash via actual cash or check and then withdrawing it.  The reconciliation time is virtually overnight.

The checking account business is up and running and can be opened with a utility bill, passport and INM document.  You have to present those even if you have an investment account.  You do earn 1.6% interest on the checking account.  Remember that .6% of that is of course the governments.

VISA Debit cards will be available in about 3 months. They are attached to a checking account by request and will not be automatic.  Intercam is going to have its own ATM machine on site and outside the office.  Every Intercam in Mexico will have ATMs at their offices and the Debit card is attached to several international systems.

VISA Travel Debit card is available now.  This is a prepaid card which is good only outside of Mexico.  You can transfer funds electronically to this card, even from a US bank in US dollars.  The card when loaded from Mexico is loaded in US dollars because of the exchange rate system at ATMs thru out the world.  This product serves a similar purpose to travellers checks.  Surprisingly my international living children use this system when they travel Europe, India and Thailand and Indonesia and we will use it when travelling to Bangladesh an that area next year.

It is always a good idea to have a personal relationship with your bankers.

Response I got on Facebook concerning the upcoming changes

Intercam Grupo Financiero commented on your post.

Intercam Grupo Financiero wrote: "At Intercam Bank we will receive checks drawn on US Bank checks until August 13, 2014. We will continue cashing checks drawn on other countries. However, as a part of our mission, we always care and try to provide the best alternative for our foreign customers. Therefore, the great new is that early August, we will be offering in branch debiting to your US Credit or Debit card to access cash or for making deposits to a checking account in your name at Intercam. This is a very easy and safe way to bring money down to Mexico, and avoid any risk of card cloning or identity theft. Also, you will still receive the same friendly service from your personal account executive. You always have the alternative to send Intercam a wire to our Bank of New York account and get a much better exchange rate. Talk to your account officer on this regard. We give you easy access to your money in your Intercam Account with our branch tellers or through our debit cards that can be used at all ATMs. Our debit cards can also be used at any commercial establishments that accept Visa cards. Your also have the option to keep the money in USD in an Investment fund account with us, if you should prefer not to have it In a Mexican peso checking account. For further information, please visit our website: www.intercam.com.mx or feel free to contact us at: contacto@intercam.com.mx"

Thanks for the update Sparks.

Cashed last check today at intercom. I asked a manager about the sign near the teller window about foreign debit/credit cards. She said they no longer take checks from my US account but when they get the machine in I can get cash using my debit card instead of the check book tied to the same account. No charges or fees on the intercom side of the transaction. Now I am waiting for the machine. I am retired so I have time and something to look forward to.

Couldn't you get cash from any ATM machine in the area, of course paying the receiving end fees, or not depending on the machine owner. Some people get reimbursed for fees on this end by their banks or investment firms that hold their accounts.
Doesn't seem like Intercam is doing you any big favor, and maybe not at all, depending on the exchange rate.

A friend was told the Ajijic Intercam has had the ATM machine since about March but can't seem to figure out how to get it hooked up.

It is not an ATM machine. It is a credit/debit card machine in the picture. The same as merchants use. I would imagine a communication line is also part of the time needed to get the ball rolling.