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Banking in ajijic

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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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Post by gringal on Thu Mar 12, 2015 4:43 pm

Thanks. Anything over 3% these days is a blessing.

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Post by pamarie on Thu Mar 12, 2015 5:05 pm

My investment firm just told me that they won't allow anyone outside of the US to have a cash management account, they may ask me to close it out because of not having a US address. It is separate from the IRA account so perhaps that's why it makes more sense to open a Mexico bank acct if one lives there for good in staying within the US government laws in place, for honesty's sake that is anyway, by what the rep just told me. I wonder if all investment firms are like this one? Oh well something else to think about! Lol!

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Post by Trailrunner on Thu Mar 12, 2015 5:22 pm

Get a US address where someone can notify you if something needs your attention. Give that address to all official entities. If anyone questions you, say you are travelling.

Consider not telling your bank your plans and not putting your personal financial information on the internet. Just sayin'.
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Post by brigitte on Thu Mar 12, 2015 6:10 pm

You can be an international customer with Schab and have a bank account with Scwab. We doand have no US address, heck I am not even a US citizen.

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Post by lobita on Thu Mar 12, 2015 8:41 pm

Trailrunner wrote:Get a US address where someone can notify you if something needs your attention. Give that address to all official entities. If anyone questions you, say you are travelling.

Consider not telling your bank your plans and not putting your personal financial information on the internet. Just sayin'.

This. If you have a location-stable friend or family member who is willing to let you use their address as your 'permanent US address', it will save you all kinds of hassle.

Our official stance as far as financial institutions are concerned is that we are currently living part-time in the US and part-time in Mexico. (If you add up all the visiting we do back in the States, it probably comes to 6-8 weeks per year, which is part-time, yes? :) )
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Post by viajero on Thu Mar 12, 2015 9:41 pm

The address I use with BoA is my Guadalajara address,I get correspondence from them regularly,it hasn't been a problem so far.


Last edited by viajero on Thu Mar 12, 2015 9:43 pm; edited 1 time in total

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Post by brigitte on Thu Mar 12, 2015 9:42 pm

Sorry I meant Schwab.

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Post by Trailrunner on Thu Mar 12, 2015 10:18 pm

And, the other part of that plan is to make it as easy as possible on your stable friend/family member. Do everything you can electronically, banking, paying bills, etc so they don't have to deal with a lot of mail. As it is, they will have to send you your renewal ATM cards, CC cards, etc.
I love my "sister", I send her fun boxes of Mexican stuff from time to time just to let her know how much I appreciate her.
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Post by pamarie on Thu Mar 12, 2015 10:52 pm

I guess I am not getting it as to why it's such a big deal to live in a foreign country and not have an American address since I'm planning on living in MX in all truth, although I'm not planning on giving up my US citizenship either. I just want to do the right thing. By the way I'm not meaning to imply here or pass judgement that those who have a home address in their native home country while being in another country to live part or full time are doing anything wrong either.  I'm just stating that I'm ignorant on the subject and I'm trying to get educated on why it's necessary to have a US address while being in MX. Probably need to talk to a tax accountant to understand it better. Thx again everyone for your advice and responses :)

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Post by Zedinmexico on Fri Mar 13, 2015 8:24 am

Best to have a US address in a state that does not have income tax for example.  Some folks who kept Califonia addresses were given belated tax bills.  Some states have no moral/ethics. Califonia tax wise is one of them. Luckily my family lives in Washington state and hosts my address so no problems. I think you answered part of your own question with seeking tax accountant but you can do much online. I am a temporary resident of Mexico and tax wise live full time in Washington.  Biggest pain of keeping an address is jury duty for example which can be a pain to get out of in Oregon but they seem to  understand in Washington. I suggest you not be a resident of Oregon as income tax is not very expat friendly unless you like paying 9% to a state you don't live in. The topic you mentioned is very complicated and folks gave you a lot of information.  Every persons situation could be different depending on a whole pile of stuff.

Good Luck

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Post by David on Fri Mar 13, 2015 9:31 am

OR is fine for a "home"address, I've had one for 10 years since it was my home state for 35 years before moving here. Since I live here I'm considered a non-resident for tax purposes. OR DMV explained that "residency" is one thing while "domicile" is another which allows me to maintain my OR drivers license.

Having a US address will save you lots of hassle. My investment firm, Vanguard, knows I live in Mexico and they don't care. So, shop around for the right firm. e.g. Schwab and Vanguard are good choices.
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Post by Luisa on Fri Mar 13, 2015 9:47 am

Hi Pamarie, having a US mailing address does not influence your tax liability, it just makes it easier to conduct your life as a US citizen who happens to live somewhere else.

When you get here you will probably want to register your local address with the US Consulate--which simply means that you have two addresses, your physical address and your mailing address. Do not try to explain this to US businesses, including banks. They will either assume you are really in NEW Mexico or a member of ISIS. The US is really stupid when it comes to the rest of the world.

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Post by RVGRINGO on Fri Mar 13, 2015 12:36 pm

Keeping a US address through a mailing service that uses Laredo, TX, avoids state income taxes, allows you to keep a TX drivers license and to renew it more easily, makes it easier to keep an investment account safely in the US and still be able to manage it online, pay US bills online & manage your bank accounts while still protected by FDIC, allows US friends to send you mail quickly & reliably and at just US postage, and also allows you to send US mail north with US postage.
Your worrying too much and may be over-thinking the situation. It is much easier than you suspect. Relax and enjoy the transition while doing your homework & realizing that none of us do everything in exactly the same way.

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Post by brigitte on Fri Mar 13, 2015 1:14 pm

you do not need a US address to have an investment account with the larger investments banks, You become an International customer and the investment house provides you with a banking account.
We have no US address , no US driver´s license, do not use the US post office as there is no need to, everything can be done on line nowadays.
Who the heck send mails any more. We have a p.o. box in Ajijic and the only mail we get is from Schwab who has to send some info via mail once in a while .
None of our families US or France uses the post office.


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Post by David on Fri Mar 13, 2015 1:19 pm

Investment Banks are not institutions that serve individuals. As for investment firms, Fidelity announced that it will no longer serve US expats. Schwab and Vanguard will.
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Post by Zedinmexico on Fri Mar 13, 2015 1:41 pm

David wrote:OR is fine for a "home"address, I've had one for 10 years since it was my home state for 35 years before moving here.  Since I live here I'm considered a non-resident for tax purposes.  OR DMV explained that "residency" is one thing while "domicile" is another which allows me to maintain my OR drivers license.

Having a US address will save you lots of hassle.  My investment firm, Vanguard, knows I live in Mexico and they don't care.  So, shop around for the right firm. e.g. Schwab and Vanguard are good choices.

I understand the Law the problem is many of our own government entities do not.  We had tax hell with Oregon. It was always up to us to prove us innocent. My opinion is it is best to legally live in a state that has no income tax or is at least friendly to expats. I find government in Washington to be so much more flexible and understanding than my Oregon experience.  Felt like I was being harassed about jury duty in Oregon. In Washington I just got called and the clerk on the phone after I explained my situation " well that just won't work for you will it".  Refreshing common sense.  So I think one should pick home carefully.  I am a temporary resident of Mexico but maintain my Washington residency for tax and address purposes.  I am just away from home a lot.

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Post by RVGRINGO on Fri Mar 13, 2015 2:11 pm

........and if you have Blue Cross/Blue Shield you can get sick and need hospitalization “while visiting Mexico“. You will still have to pay up front for co-pay, etc. But some of the hospitals will work with BC/BS.

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Post by mattoleriver on Fri Mar 13, 2015 3:21 pm

David wrote:OR is fine for a "home"address, I've had one for 10 years since it was my home state for 35 years before moving here.  Since I live here I'm considered a non-resident for tax purposes.  OR DMV explained that "residency" is one thing while "domicile" is another which allows me to maintain my OR drivers license....
David,
do you have to maintain something more substantial than a P.O. Box to claim Oregon as your domicile?

Do you still own property or at least have an accommodating relative to lend you an address?

As a nonresident are you subject to Oregon income tax?

Thanks
George
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Post by Gamina on Fri Mar 13, 2015 5:11 pm

Those of use who live in Mexico full-time are nomads and not subject to taxation of any state that I know of.
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Post by David on Sat Mar 14, 2015 8:54 am

mattoleriver wrote:
David wrote:OR is fine for a "home"address, I've had one for 10 years since it was my home state for 35 years before moving here.  Since I live here I'm considered a non-resident for tax purposes.  OR DMV explained that "residency" is one thing while "domicile" is another which allows me to maintain my OR drivers license....
David,
do you have to maintain something more substantial than a P.O. Box to claim Oregon as your domicile?

Do you still own property or at least have an accommodating relative to lend you an address?

As a nonresident are you subject to Oregon income tax?

Thanks
George

I don't use a PO Box, rather the address of a relative. I no longer own property there. I am still registered to vote and have an OR drivers lincense. Since I spend less than 31 days/year there I am a non-resident for tax purposes.
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Post by mattoleriver on Sat Mar 14, 2015 2:04 pm

David wrote:...Since I spend less than 31 days/year there I am a non-resident for tax purposes.
Does being "a non-resident for tax purposes" mean that you are exempt from paying Oregon state income tax?

Thanks
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Post by jrm30655 on Sat Mar 14, 2015 3:33 pm

Gamina wrote:Those of use who live in Mexico full-time are nomads and not subject to taxation of any state that I know of.

Try telling that to California.

I live here and have a mailing address in TX. I work for a company in AZ over the net and get paid through a temp agency in California. California got me for about $40 on $6000 of earnings.

I haven't been in the US in 7 years or in California for 20 years.

I'm just glad I don't live in California, I'd probably have to pay them to work.

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Post by Zedinmexico on Sat Mar 14, 2015 3:49 pm

California is especially nasty about taxes for expat and everyone.

They tried to collect sales tax on a camper delivered to Oregon.  Very legal and I had to hire a lawyer to get them to leave me alone.  

Expats moving back to Califonia who kept drivers license got a back tax bill. Now it might not be legal but they will try and you have to get a lawyer to tell them to screw off. Being on the right side of law is meaningless in California.

I agree with Jim completely on this one.  Avoid California as an expat if you are smart. I wouldn't even keep a drivers license.

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Post by viajero on Sat Mar 14, 2015 4:07 pm

I hadn't lived in California for 14 years when their Tax Board confiscated four hundred plus dollars from a BoA account I had opened there years ago,one phone call and they admitted their error and sent me a refund check to my Mexican address,getting BoA to refund the One Hundred dollar fee they charged me for turning over my money to California with zero beforehand notice to me,took a bit more work..

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Post by Zedinmexico on Sat Mar 14, 2015 5:23 pm

viajero wrote:I hadn't lived in California for 14 years when their Tax Board confiscated four hundred plus dollars from a BoA account I had opened there years ago,one phone call and they admitted their error and sent me a refund check to my Mexican address,getting BoA to refund the One Hundred dollar fee they charged me for turning over my money to California with zero beforehand notice to me,took a bit more work..

 

Ahh someone else helped by the long tax arm of Cali.  Sounds like typical BOA to me.  BOA does respond to class action suits laugh out loud. They treat you quite differently if you are a platinum account. Lost platinum status when they killed the scocia bank ATM deal and I moved more money to CU. Now I am not platinum and it is like talking to a wall. I just use the BOA account to collect money and move it down here to Bancomer in a check so who cares....

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