CPP/OAS deposits to Mexican Bank Account

Now that depositing Canadian Government pensions to a Mexican Bank Account has been in effect for some time, how many people here are taking advantage of it?
I am curious about when they are deposited here, (later than in Canada?) if so how much later? Is the date of deposit consistent? What is the exchange rate like? Satisfied or not? Is your Mexican bank charging a fee for receiving the transfer? My Mexican bank charges a fee for wire transfers..

I have clients who are asking about direct deposit to Mexico and I would like to give them an intelligent answer. Well hopefully intelligent. Reliability is what concerns me.

Your comments will be appreciated.

Please no cyber bullying or flaming. I can't stand it.

BTW the new dial direct # from Mexico for Service Canada only gets you to a Canadian who will tell you where to call for the service you need. Says "call collect". I wonder how that works? Basically the # is just 800 O CANADA extended to Mexico. Wasn't a great service in Canada, no better here.

"service canada" is an oxymoron. vonage is super to phone OAS[613-957-1954]
CRA[613-940-8495]. i had a tax problem in the new year with my cpp and oas. the cpp problem was cleared up by someone at the latter # in january starting feb. and the oas is being attended to at the former # and i was told would be accomplished at the march payment 3 days ago.
i gave up trying to get anything done by "service canada" operators many moons ago.

Thanks Pedro for your words of wisdom but my main purpose was to find out if anyone is getting direct deposit to Mexico. The comments on the direct line were only a BTW. Everyone knows that you get no service from Service Canada.

We are not receiving Direct Deposits ...
but I think I might be concerned about fluctuating exchange rates..
It hasn't been a big concern recently, but signing on to automated transfers from one country to another
might leave you unduly exposed.

just say'n is all

I still have them deposit to my Canadian bank, and use Canadian Forex to bring the funds down here as needed.
Good exchange rates, and I take advantage to any big fluctuations in the rate.
Been doing this for 3 years now.

I can't answer your question but I had to use call collect on the CRA website and it worked perfectly. No questions asked-it was automatically accepted. The person I was passed on to was most helpful.

I have everything deposited to my Scotia account in Canada and use the Scotia bank ATM machine down here with no fee's. Personally I wouldn't put any money into a Mexican bank unless I had to.

CanuckBob wrote:I have everything deposited to my Scotia account in Canada and use the Scotia bank ATM machine down here with no fee's. Personally I wouldn't put any money into a Mexican bank unless I had to.

good plan and same here.

Both of us get direct deposit to Bancomer. Happens on time every month and the exchange rate is fine.

conejorapido wrote:Both of us get direct deposit to Bancomer. Happens on time every month and the exchange rate is fine.

In Canada the deposit date is 3 working days before the end of the month. Is it the same here?

Thanks

Pretty much, unless there is a holiday in which case it is usually earlier rather than later.

It is better to deposit to an account up there and draw out cash here. That way you can play the exchange rate and build cash when the rates are particularly good.

Considering the real solvency of most banks in the U.S. it is probably a toss up as to whom is worse, there or here these days. Mexico as a country is much sounder fiscally now than the U.S. They seemed to have learned their lesson from the mid nineties meltdown.

Mainecoons wrote:It is better to deposit to an account up there and draw out cash here.  That way you can play the exchange rate and build cash when the rates are particularly good.

Considering the real solvency of most banks in the U.S. it is probably a toss up as to whom is worse, there or here these days.  Mexico as a country is much sounder fiscally now than the U.S.  They seemed to have learned their lesson from the mid nineties meltdown.

With the way exchange rates are at the present and the maximum daily withdrawals the difference is hardly likely to buy you a beer. Besides the Canadian Government is going to get a much better rate of exchange than you will ever get on your own. They exchange in bulk and deposit in pesos

I have clients who would like to know if other CANADIANS are getting their CANADIAN Government pensions deposited directly to their Mexican Bank Accounts. I fail to understand how AMERICAN experiences would affect these transactions. After all CANADIAN banks are super solvent when compared with USA Banks

Sorry Main but I did not ask about deposits of US GOVERNMENT PENSIONS, I asked for CANADIAN input.

We Canadians really don't care about the solvency of relatively small US Banks

DaveP wrote:

Mainecoons wrote:It is better to deposit to an account up there and draw out cash here.  That way you can play the exchange rate and build cash when the rates are particularly good.

Considering the real solvency of most banks in the U.S. it is probably a toss up as to whom is worse, there or here these days.  Mexico as a country is much sounder fiscally now than the U.S.  They seemed to have learned their lesson from the mid nineties meltdown.

With the way exchange rates are at the present and the maximum daily withdrawals the difference is hardly likely to buy you a beer. Besides the Canadian Government is going to get a much better rate of exchange than you will ever get on your own. They exchange in bulk and deposit in pesos

I have clients who would like to know if other CANADIANS are getting their CANADIAN Government pensions deposited directly to their Mexican Bank Accounts. I fail to understand how AMERICAN experiences would affect these transactions. After all CANADIAN banks are super solvent when compared with USA Banks

Sorry Main but I did not ask about deposits of US GOVERNMENT PENSIONS, I asked for CANADIAN input.

We Canadians really don't care about the solvency of relatively small US Banks

Hear ! Hear !

martygraw wrote:

DaveP wrote:

Mainecoons wrote:It is better to deposit to an account up there and draw out cash here.  That way you can play the exchange rate and build cash when the rates are particularly good.

Considering the real solvency of most banks in the U.S. it is probably a toss up as to whom is worse, there or here these days.  Mexico as a country is much sounder fiscally now than the U.S.  They seemed to have learned their lesson from the mid nineties meltdown.

With the way exchange rates are at the present and the maximum daily withdrawals the difference is hardly likely to buy you a beer. Besides the Canadian Government is going to get a much better rate of exchange than you will ever get on your own. They exchange in bulk and deposit in pesos

I have clients who would like to know if other CANADIANS are getting their CANADIAN Government pensions deposited directly to their Mexican Bank Accounts. I fail to understand how AMERICAN experiences would affect these transactions. After all CANADIAN banks are super solvent when compared with USA Banks

Sorry Main but I did not ask about deposits of US GOVERNMENT PENSIONS, I asked for CANADIAN input.

We Canadians really don't care about the solvency of relatively small US Banks

Hear ! Hear !

yes indeed!!

Its not the solvency of the Mexican banks I would worry about. It is the corruption and fraud. If your money goes missing while in a Mexican bank good luck getting anything back.

i'll stick to my canadian bank[scotia] because unlike here my money is insured in canada.
as i have said before -i only use the scotiabank machines which are everywhere here. what could be easier and safer?