Re: Banking Questions

by sm1mex Fri Mar 18, 2016 12:20 pm

You can open an account at HSBC. Leave 1000 pesos in the account and there is no service fee. You will need passport, visa and proof of address to open the account and you can get an ATM card also.

by CanuckBob Fri Mar 18, 2016 12:31 pm

slainte39 wrote:Yeah, I remember long lines of women 40 years ago standing in line in San Juan de Los Lagos Banamex branch, where my compadre was the gerente, changing the dollar remittances sent back by the "hombres" of the families up north.

"jellybean"?
Then I guess it boils down "to each his own", on the comfort and bad experience level, so be it.
Don't put me in your camp.

One can start by Googling employee fraud at Mexican banks.The fraud itself isn't as disturbing as is the people that lost money and were never repaid.The banks here seem to wash their hands of it. I have never heard of anyone losing money at a Canadian Bank through fraudulent employee's, that were not covered by the bank.

by Clueless Fri Mar 18, 2016 1:10 pm

gringal wrote:

If you HAVE a U.S bank account right now, hang on to it, because it's just about impossible to open one if the bank knows you are living in Mexico. I should know.

I would think there is some definition of "living in" when it comes to banking.

I know there are specific criteria between where your "residence" is and where your "domicile is"

I would think one could simply call a bank and ask what their criteria is as to where you are "living" for banking purposes.

by Lady Otter Latté Fri Mar 18, 2016 1:23 pm

Obviously all those people who had accounts shut down on them and went through hell attempting to get a new account opened in the States were fools who had no idea how simple it actually is. Rolling Eyes

by Intercasa Fri Mar 18, 2016 2:23 pm

Mexican bank accounts are a necessity BUT only put as much as you are willing to lose. Staff is often poorly trained and will lie to you and try to cross sell insurance and investments. They often write a number on a piece of scratch paper like 15% or 20% to entice you to buy into a fund and then a year later when you lose money or only earn 3% they claim ignorance.

They will never own up to fraud and will make it difficult to take your money out or transfer to another bank. Many banks no longer send account statements instead making you login (online banking often has an extra cost or has to be setup apart) to view and print statements. If you forget to login for a few months and there was a bad charge then your time to contest it may have passed.

Also placing too much money in a Mexican bank may make you liable (US Citizens) for extra IRS and Treasury Department notifications with stiff penalties for failure to comply.

by Klutzy Fri Mar 18, 2016 2:50 pm

sm1mex wrote:You can open an account at HSBC. Leave 1000 pesos in the account and there is no service fee. You will need passport, visa and proof of address to open the account and you can get an ATM card also.

That sounds like a good idea for now. Can you please tell me where it is? On the map I can see it's near Soriana but I don't see the bank itself. Also do you know if they're open tomorrow? Monday is a holiday. BTW the check is drawn on Bancomer but I don't think I want an account there! I really appreciate everyone's help and advice!

by Clueless Fri Mar 18, 2016 3:59 pm

I opened an account at BANCOMER a few years ago for a small amount ($350.00) and promptly forgot about it.

When I went in a month or so ago, the account was at zero balance due to the monthly service charge.

At least I wasn't told I had to pay for all the time the account was zeroed out.

by RVGRINGO Fri Mar 18, 2016 4:18 pm

Klutzy wrote:
sm1mex wrote:You can open an account at HSBC. Leave 1000 pesos in the account and there is no service fee. You will need passport, visa and proof of address to open the account and you can get an ATM card also.

That sounds like a good idea for now. Can you please tell me where it is? On the map I can see it's near Soriana but I don't see the bank itself. Also do you know if they're open tomorrow? Monday is a holiday. BTW the check is drawn on Bancomer but I don't think I want an account there! I really appreciate everyone's help and advice!

HSBC is just across the highway from Walmart.

by sm1mex Fri Mar 18, 2016 4:21 pm

HSBC is across from WalMart in Ajijic/San Antonio in the laguna Plaza facing the main drag. You can open a savings account and maintain 1000 pesos and avoid any service fees. If you drop below 1000 pesos (about 70 USD) they charge 120 pesos service fee so it pays to keep this small amount in the account. They do not send you a monthly statement, but you can access on line with a sign in name and password. I get an insurance refund check every so often in pesos and I have to have a peso account to deposit it, then you can remove the pesos with ATM card or at the teller, just keep 1000 pesos in there to avoid fees.

by David Fri Mar 18, 2016 5:48 pm

I had an account with HSBC the first couple of years we were here. The customer service was a contradiction in terms, there was none. It may be better now, who knows? I went to Banco Multiva, the customer service there is superb!

by Clueless Fri Mar 18, 2016 6:22 pm

Lady Otter Latté wrote:Obviously all those people who had accounts shut down on them and went through hell attempting to get a new account opened in the States were fools who had no idea how simple it actually is.

I[m not reading where anyone said it was simple; I'm reading that IMO it's possible to get one if you can show the criteria that your domicile is where you want to open the account.

Always nice to know count on you to have thoughts on my posts.

by Trailrunner Fri Mar 18, 2016 7:31 pm

CanuckBob wrote:

One can start by Googling employee fraud at Mexican banks.The fraud itself isn't as disturbing as is the people that lost money and were never repaid.The banks here seem to wash their hands of it. I have never heard of anyone losing money at a Canadian Bank through fraudulent employee's, that were not covered by the bank. [/quote]

EXACTLY!!! And, THAT is the point! You said it better than I did, CB.

Attitude and service - or lack of - aside, they don't give you your friggin' money back! And, there is no recourse. So, bend over. . .

I do have an account at MV, tho. It's been a few years and no problems.

by gringal Fri Mar 18, 2016 8:14 pm

Lady Otter Latté wrote:Obviously all those people who had accounts shut down on them and went through hell attempting to get a new account opened in the States were fools who had no idea how simple it actually is.

Lady O: Now that you've insulted a bunch of us by calling us fools, how about sharing this "simple" method for opening a U.S. bank account without lying and/or using someone else's address? Rolling Eyes

by asesor Fri Mar 18, 2016 8:23 pm

Re Kiri's comments re XE exchange.

Mexico is one of 35 countries approved for EFT by XE exchange

I do have a residence in Mexico

I have traded with them for three years

I made a trade today at 13.1 pesos for $1.00 CDN

I have received email confirmation two hours later

I will have the funds by Tuesday latest

When I withdraw from Multiva bank there will be no charges

by Kiri Sat Mar 19, 2016 9:26 am

XE is a great system for currency exchanges, IF you are in their approved Countries of residence.
XE will not allow an account if you have a Mexican residence.

Please note that I should clarify: "Mexican residence" as being a permanent Mexican residence, i.e. residing solely in Mexico.

by Twonk Sat Mar 19, 2016 10:06 am

Owning a residence in Mexico is different than being a resident of Mexico. When I tried to sign up for XE.com this past week, saying that I was Citizen of Canada but a Resident of Mexico, it would not allow it.

by David Sat Mar 19, 2016 10:10 am

Should have said you have a cottage in Mexico!

by Twonk Sat Mar 19, 2016 10:13 am

David wrote:Should have said you have a cottage in Mexico!

Yes, sometimes honesty gets in the way of getting things done. Rolling Eyes

by Clueless Sat Mar 19, 2016 10:23 am

It's still a matter of the difference between where you have a residence and what is your domicile. Here is a good definition:

"Domicile is a person's permanent place of dwelling. It is a legal relationship between a person and a locality. It may or may not be of same meaning as the term 'residence'. The concept of domicile has different meanings in different context."

I say that if you live in U.S. or Canada, etc. look to where you are a registered voter; where you have a bank account; where you have a driver license, etc.

IMO, if you have a vacation home in Mx; or come here to stay for a few months, then you are residing here for that period of time. If you have cut 90% of your ties with someplace else and have your major roots in Mx, then I would opine you're domicile is Ms.

The devil is in the details, and whoever reviews the application.

BTW, I have had Excellent ++ service from MultiVa for ten years.

by gringal Sat Mar 19, 2016 10:43 am

The devil is in the details as well as your comfort level with telling whoppers and living with whatever fallout results. Twisted Evil

by Lady Otter Latté Sat Mar 19, 2016 10:56 am

Gringal, you missed the sarcasm in my reply even though I included the eye roll. I was not insulting you. I was pointing out the arrogance of the poster suggesting the simplistic "solution."

by gringal Sat Mar 19, 2016 11:07 am

Lady Otter Latté wrote:Gringal, you missed the sarcasm in my reply even though I included the eye roll. I was not insulting you. I was pointing out the arrogance of the poster suggesting the simplistic "solution."

Yup. I missed the sarcasm on that one, but on rereading the "simplistic" one, I see what you meant. No harm, no foul.

Beer

by slainte39 Sat Mar 19, 2016 1:26 pm

This seems to be a problem for a tiny fraction of the populace who are citizens of another country. The almost total, vast majority of Mexicans do not have foreign bank accounts so I don't believe the government is worried about solutions for the problems stated on this forum. Maybe the complaints should be directed to the foreign politicians, ambassadors, and consuls of the respective foreigners' places of citizenship.

by islandiver Sat Mar 19, 2016 1:40 pm

slainte39 wrote:This seems to be a problem for a tiny fraction of the populace who are citizens of another country. The almost total, vast majority of Mexicans do not have foreign bank accounts so I don't believe the government is worried about solutions for the problems stated on this forum. Maybe the complaints should be directed to the foreign politicians, ambassadors, and consuls of the respective foreigners' places of citizenship.

Which Mexican owned bank would you recommend, thank you.

by slainte39 Sat Mar 19, 2016 1:58 pm

islandiver wrote:
slainte39 wrote:This seems to be a problem for a tiny fraction of the populace who are citizens of another country. The almost total, vast majority of Mexicans do not have foreign bank accounts so I don't believe the government is worried about solutions for the problems stated on this forum. Maybe the complaints should be directed to the foreign politicians, ambassadors, and consuls of the respective foreigners' places of citizenship.

Which Mexican owned bank would you recommend, thank you.

Multiva, Intercam, which I personally use, and have friends that speak highly of CI, all Mexican owned.
Bancomer, Banamex, HSBC, (all foreign owned) would be my last picks.

by David Sun Mar 20, 2016 12:04 pm

Agreed!

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