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Post by Intercasa on Wed Mar 11, 2015 11:28 pm

I recommend a Mexican Bank account as well as maintaining a US account. It is useful for paying utilities and having access to money locally as well as having a Mexican debit or credit card for those times or transactions where a US card will not work.

Mexican banks and institutions offer little consumer protection and scams abound and laziness so I say keep less than $10,000US perhaps $8,000 maximum at any one time to avoid US treasury reporting requirements and limiting your chance of loss.

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Post by pamarie on Wed Mar 11, 2015 11:46 pm

Thx for the info Traveler. I am such a dunce sometimes, no where on my ATM card is there a Pulse logo!  Honestly I don't know where I got the word Pulse from! The back of my atm card has the Plus logo, Interlink, Coop, NYCE & Star logos on the back, but no Visa or MasterCard words on it front or back like most debit bank cards. I also do have a 3#  security code on the back of the card as well, on the signature line. So it sounds like it should work from what you've said here. Thx so much!

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Post by pamarie on Wed Mar 11, 2015 11:57 pm

Thank you Spencer! I value your input here! Very helpful! I'm happy to hear somewhat positive feedback about the pros for having a MX bank acct there.  My grandmother always said never have all your eggs in one basket spread them around for safety. My daughter had a bank account in Mexico City and never had an issue with it, she felt she saved a lot of money by not having to deal with charges for using her US ATM bank card as well as international transaction fees when she used it to buy things in MX.

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Post by Gamina on Thu Mar 12, 2015 12:02 am

I have a friend who calls her bank in the US and transfers money to her bank acct here then ATMs the money out in pesos.
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Post by David on Thu Mar 12, 2015 4:33 am

pamarie wrote:Thank you Spencer! I value your input here! Very helpful! I'm happy to hear somewhat positive feedback about the pros for having a MX bank acct there.  My grandmother always said never have all your eggs in one basket spread them around for safety. My daughter had a bank account in Mexico City and never had an issue with it, she felt she saved a lot of money by not having to deal with charges for using her US ATM bank card as well as international transaction fees when she used it to buy things in MX.

One more thing: Be sure to advise your bank that you will be using the card in Mexico. Some banks have use outside the USA blocked.
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Post by Zedinmexico on Thu Mar 12, 2015 8:33 am

I have three accounts. BOA in US and First Tech Credit Union also in US. In Mexico I use Bancomer. I live here so I feel the need to have a local bank. I have a sticker on my card so I don't have to stand in line for a long time as one mentioned. I collect money in US bank accounts and move it down here using a check (over 5000usd for a better rate at Bancomer) from time to time. I live in Pesos and take peso out of Bancomer to live down here. Another advantage of having Big Mexican (Spanish) Bank is when I travel in Mexico I can get pesos without fees at any Bancomer which are pretty much everywhere I have gone. Good to have a good relationship with a Mexican Bank if you get sick to pay the bill as they won't wait for money like NOB Hospitals. Lots of reasons to have a Mexican Bank. Others pointed out reasons for not having accounts down here. I feel better having a local banker.

Your mileage may vary.

Z

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Post by DaveP on Thu Mar 12, 2015 8:41 am

One has to be aware about bank charges. Between the wire transfer charges from Canada and the commissions charged by Bancomer I was being charged about 1000 pesos a month. I have increased my allowable ATM daily withdrawal amount, withdraw at the Scotia ATM for free and bank at CI Banco for very little. After 5 years here I find a Mexican Bank very useful. I can pay at Walmart, Soriana, Superlake, Pemex, Paz and any number of places that accept debit cards. I no longer have to carry a large amount of cash on me.
I know that some of this does not apply to Americans but SS deposits to Mexican Bank accounts and I have many clients and friends who are using this avenue. In the same way CPP and OAS can be deposited to Mexican Banks and I hear that that is also going well.
The only times I have had a problem with ATMs, it took Scotia 6 weeks to correct and my local Bancomer about an hour to straighten out.
We may have a lot of naysayers here who follow rumours here rather than direct experience. Your daughter maybe the one to follow
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Post by David on Thu Mar 12, 2015 8:42 am

I have First Tech and BancoMultiva. Also, my investment firm, Vanguard, charges nothing to wire transfer funds to my local bank.
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Post by DaveP on Thu Mar 12, 2015 8:43 am

Zedinmexico wrote:I have three accounts. BOA in US and First Tech Credit Union also in US.  In Mexico I use Bancomer. I live here so I feel the need to have a local bank.  I have a sticker on my card so I don't have to stand in line for a long time as one mentioned.  I collect money in US bank accounts and move it down here using a check (over 5000usd for a better rate at Bancomer) from time to time.  I live in Pesos and take peso out of Bancomer to live down here.  Another advantage of having Big Mexican (Spanish) Bank is when I travel in Mexico I can get pesos without fees at any Bancomer which are pretty much everywhere I have gone. Good to have a good relationship with a Mexican Bank if you get sick to pay the bill as they won't wait for money like NOB Hospitals.  Lots of reasons to have a Mexican Bank. Others pointed out reasons for not having accounts down here.  I feel better having a local banker.

Your mileage may vary.

Z

I agree Z
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Post by DaveP on Thu Mar 12, 2015 8:50 am

David wrote:I have First Tech and BancoMultiva.  Also, my investment firm, Vanguard, charges nothing to wire transfer funds to my local bank.

David: The OP apparently does not have an Investment firm, banks usually do charge for wire transfers, Investment firms charge in other ways, ie investment fees
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Post by Luisa on Thu Mar 12, 2015 9:11 am

I have an Actinver account. It gives me peace of mind to know I have enough in country for medical emergencies--including two deductibles, and surprises. I also have enough for home improvements. I can access the money and give them a check to replenish the money. I haven't moved money in for a couple of years so I don't know what the current restrictions are.

You should have a fallback position for when you lose/misplace your ATM card. Assume 2-3 weeks between reporting a lost card and receiving a new one.

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Post by Pedro on Thu Mar 12, 2015 9:35 am

Luisa wrote:I have an Actinver account.  It gives me peace of mind to know I have enough in country for medical emergencies--including two deductibles, and surprises.  I also have enough for home improvements.  I can access the money and give them a check to replenish the money.  I haven't moved money in for a couple of years so I don't know what the current restrictions are.

You should have a fallback position for when you lose/misplace your ATM card.  Assume 2-3 weeks between reporting a lost card and receiving a new one.
unfortunately you yanquis can no longer cash cheques from your NOB bank like we canuckleheads still can. a few years ago i had surgery/hospital that cost $23,000. we contacted our bank and they gave us an emergency line of credit by increasing our visa card limit. get 2 debit cards or debit and credit cards in case of loss. surely any bank has an affiliation with certain atms so that there is no user fee. as far as home improvements are concerned ,it's not necessary to pay all at once is it? so you can go to an atm accordingly, as work progresses.
in any event, the op is coming down for the first time and renting. maybe she won't stay. if she does and decides to open a mexican bank account she can do that afterwards.
we don't need no mexican bank account thanks
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Post by zenwoodle on Thu Mar 12, 2015 10:03 am

We have 2 Canadian banks, and Bancomer down here. I transfer money as needed via Canadian Forex to get better rates than the banks offer.
We have never had a problem with Bancomer. We bank online to pay our bills NOB, and online to pay our bills here.
Bancomer online is more secure than any NOB online banking service.
More places here are accepting debit cards for payment and I now have to carry less cash.
This works great for me. Beer
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Post by lobita on Thu Mar 12, 2015 10:31 am

The lack of overdraft protection on your savings account should not be a problem; I specifically turn *off* overdraft (in my case, linkage between checking and savings accounts) as a protection against ATM fraud (which I have yet to encounter, knock wood).

What you would have to watch out for is the US federal monthly limit of 6 total withdrawals from a savings account: (http://en.wikipedia.org/wiki/Regulation_D_%28FRB%29).

If you're willing to consider opening a new US-based account before you leave, there are several that will refund international ATM fees. Also worth noting is whether your bank imposes a 'foreign transaction fee' on international ATM withdrawals (almost all do), and at what percentage (can vary significantly).

I can't provide any insight into Mexican banks, because thus far I have had no need to go there.
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Post by mattoleriver on Thu Mar 12, 2015 11:20 am

Awhile back there were several posts from people who had their U.S. bank accounts closed. IIRC the closures were arbitrary without regard to minimum balance, level of activity or how long the account had been open.

Is any of this still happening?
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Post by gringal on Thu Mar 12, 2015 11:29 am

mattoleriver wrote:Awhile back there were several posts from people who had their U.S. bank accounts closed.  IIRC the closures were arbitrary without regard to minimum balance, level of activity or how long the account had been open.

Is any of this still happening?

Yes. Heard about one last month, posted to Mexconnect. Came as a complete nasty surprise since he could think of no reason it should happen.
The main reason seems to be a Mexican permanent address.

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Post by David on Thu Mar 12, 2015 1:10 pm

DaveP wrote:
David wrote:I have First Tech and BancoMultiva.  Also, my investment firm, Vanguard, charges nothing to wire transfer funds to my local bank.

David: The OP apparently does not have an Investment firm, banks usually do charge for wire transfers, Investment firms charge in other ways, ie investment fees

My post was simply intended to describe how I manage my finances. My credit union has a very small fee for wire transfers, a free platimun Visa, and a host of other benefits. Of course investment firms have fees, you're paying them to invest and manage your money. That's why I use Vanguard which has the lowest fees of all. Vanguard also provides checks and an ATM card (no foreign transaction fee) to easily access my funds worldwide and n/c wire transfers anywhere in the world. BancoMulitva provides an ATM card that works in any ATM, and free checks and bank transfers to easily pay for large expenditures in Mexico.
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Post by viajero on Thu Mar 12, 2015 2:08 pm

David,does Banco Multiva allow you to deposit personal checks from an account with BoA,I'm looking for options,TIA.

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Post by David on Thu Mar 12, 2015 2:33 pm

Yes.
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Post by David on Thu Mar 12, 2015 2:33 pm

Well I said yes, but I don't use BofA. Never the less I deposit checks there and have been told that they accept US checks. YMMV
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Post by viajero on Thu Mar 12, 2015 3:23 pm

Thanks,I've had an account with Banco Walmart for years but they didn't allow deposits of US checks,now they've been bought by Carlos Slim's Banco Inversa,don't know if their policy will change.

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Post by gringal on Thu Mar 12, 2015 3:33 pm

viajero wrote:Thanks,I've had an account with Banco Walmart for years but they didn't allow deposits of US checks,now they've been bought by Carlos Slim's Banco Inversa,don't know if their policy will change.

Over on another forum where Hound Dog the Former Banker has avoided banning so far (lol), he went into some detail about deciding to open an account with Banco Walmart.   I hate to do anything to support that outfit, but some of the features were very appealing. But oh, dealing with the Evil Empire???   Dunno. Twisted Evil

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Post by pamarie on Thu Mar 12, 2015 3:38 pm

Actually I do have an investment firm for my IRA. So will look into that for an option as well.  I'm so grateful to you all who have responded with lots of great information! This forum is so useful and has great experienced members responding to my post on this subject.  

My ATM is also with first tech credit union so really appreciate knowing the ATM cards from that bank work at lakeside area. Think it's a smart idea to open a MX bank acct as well so I will do that once I'm there. I don't like the idea of withdrawing large amounts of cash from ATMs and walking around with it in my pocket until I get home. Seems smarter to me to have a minimal amount in a MX bank acct in case of a big emergency when one may need a large amount of cash for hospitalization for example, or buying a car which I intend to do once I'm down there.

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Post by viajero on Thu Mar 12, 2015 3:56 pm

gringal wrote: But oh, dealing with the Evil Empire???   Dunno. Twisted Evil
Which Evil Empire,Carlos Slim's or Walmart's? Very Happy
I opened my account there for the convenience and because I figured that Walmart wouldn't be going under anytime soon,that and no BS fees and decent interest rates.

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Post by gringal on Thu Mar 12, 2015 4:17 pm

viajero wrote:
gringal wrote: But oh, dealing with the Evil Empire???   Dunno. Twisted Evil
Which Evil Empire,Carlos Slim's or Walmart's? Very Happy
I opened my account there for the convenience and because I figured that Walmart wouldn't be going under anytime soon,that and no BS fees and decent interest rates.

Please tell me more. Interest rates? They give interest? How about credit cards?
Evil empires are permissible if they treat me right.

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Post by viajero on Thu Mar 12, 2015 4:38 pm

gringal wrote:
viajero wrote:
gringal wrote: But oh, dealing with the Evil Empire???   Dunno. Twisted Evil
Which Evil Empire,Carlos Slim's or Walmart's? Very Happy
I opened my account there for the convenience and because I figured that Walmart wouldn't be going under anytime soon,that and no BS fees and decent interest rates.

Please tell me more.  Interest rates?  They give interest?  How about credit cards?
Evil empires are permissible if they treat me right.
The interest rates have fallen quite a bit,five years ago I was getting 8 percent on a 3 month CD/plan inversion,now it's more like 3 percent,not sure about credit cards but I do have a debit card from them.

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