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Mexican Bank Account

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Mexican Bank Account

Post by RichD on Sun Dec 11, 2016 9:41 am

As much as I do not want to put my money in a local bank the writing is on the wall. My US bank is just a PIA about me being in Mexico and will not in the future send me debit and credit cards here, just to my bogus US address that costs a lot of money to be forwarded. I will also, I guess, need to have my funds direct deposited here too.

I ask for recommendations for a local bank, please. My preference would be HSBC, but I can only find their ATMs and no branch. In your recommendation, please tell me the costs involved for one with a debit card as I am used to never paying a fee of any kind in the US. I will not require checks, nor a credit card, just a deposit account with the ability to get money at their ATMs. Also, I would like a bank that has a branch physically located between WalMart and Chapala.
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Re: Mexican Bank Account

Post by brigitte on Sun Dec 11, 2016 9:47 am

I have had a bank account fwith Bancomer for the last 15 years and never had a problem. They pay my telephone and electric bill automatically , have a credit card and a debit card from thenm and bank on line , again without problems.
We write very few checks as they are extremely picky about the signature and checks have been refused because of the signature so I do not bother with the checks, we just deposti or transfer money in other accounts..

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Re: Mexican Bank Account

Post by RichD on Sun Dec 11, 2016 9:53 am

Thanks brigitte, Bancomer has an office within walking distance of my home, a +++. What costs are involved, please, with your account approximately?
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Re: Mexican Bank Account

Post by Gamina on Sun Dec 11, 2016 10:01 am

The local HSBC branch in across the street (north) from Walmart.  They have two ATM machines.  One that dispenses pesos and the other dispenses US dollars.

Don't let any financial intuition in the US know that you are in Mexico.  Any IRAs of any kind can't be moved, bought, sold; only withdrawals if you live in Mexico. Because of the cartel money moving back and forth between US and Mexico, the banking laws are very strict. If you have to change banks in the US so that they don't know you are in Mexico, it's worth doing. Schwab has an account that refunds your ATM fees and CapitalOne has no fees.
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Re: Mexican Bank Account

Post by zenwoodle on Sun Dec 11, 2016 10:26 am

brigitte wrote:I have had a bank account fwith Bancomer for the last 15 years and never had a problem. They pay my telephone and electric bill automatically , have a credit card and a debit card from thenm and bank on line , again without problems.
I too have had an account with Bancomer for 5 years with no problems. A balance of $8000 pesos ensures that there are no charges.
I xfer my Canadian fund to Bancomer using Canadian Forex as I need them. Beer Beer
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Re: Mexican Bank Account

Post by RichD on Sun Dec 11, 2016 12:07 pm

Thanks all. I have said in my accidental parallel thread that I will use HSBC.
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Re: Mexican Bank Account

Post by David on Sun Dec 11, 2016 4:20 pm

Not the best bank. I recommend Banco Mutiva.
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Re: Mexican Bank Account

Post by Trailrunner on Sun Dec 11, 2016 4:45 pm

Agree.
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Re: Mexican Bank Account

Post by Intercasa on Sun Dec 11, 2016 7:24 pm

Remember devaluation, US government reporting requirements and the fact that Mexican banks steal peoples money and make mistakes and make it very, very hard to get your money back. Please be careful.
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Re: Mexican Bank Account

Post by David on Sun Dec 11, 2016 7:43 pm

Again, Banco Multiva!
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Re: Mexican Bank Account

Post by Trailrunner on Sun Dec 11, 2016 8:05 pm

Yep. Or none.
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Re: Mexican Bank Account

Post by Canada_Mike on Sun Dec 11, 2016 8:54 pm

HSBC reports to the US if you are a US citizen. I was going to use them, and then backed off. (I have dual.)
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Re: Mexican Bank Account

Post by slainte39 on Sun Dec 11, 2016 11:48 pm

David wrote:Again, Banco Multiva!

Totally and strongly, agree.

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Re: Mexican Bank Account

Post by Zedinmexico on Mon Dec 12, 2016 7:44 am

I have had good luck with Bancomer. They have an English number M to F during the day and I used it for the first time in Columbia on a recent visit.  Debit card worked all over latin america. Not sure I would touch HSBC personally. I need a big bank and I like that Bancomer is all over the place for travelling and getting cash out of ATMs.   Others have reported horrible experiences with many banks down here as Spencer says (including Bancomer).  I document everything for any bank. No throwing away your reciepts here you keep them forever.  I have no experience with Multiva but people do talk well of them.  I have Money Market account and debit/checking account with Bancomer. We keep enough here to cover a medical emergency.

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Re: Mexican Bank Account

Post by Trailrunner on Mon Dec 12, 2016 7:59 am

Same as anything else in Mexico - never invest in anything or put more money into any bank than you can just walk away from should you need to.
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Re: Mexican Bank Account

Post by slainte39 on Mon Dec 12, 2016 11:46 am

130 million Mexicans, many of whom (and businesses) have bank accounts, don't have the option of opening foreign bank accounts.  We live here, we earn here, we spend here. flag waver

Foreigners have options.

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Re: Mexican Bank Account

Post by CanuckBob on Mon Dec 12, 2016 12:58 pm

I don't think "the banks steal your money" is nearly as rampant as some are suggesting here. Yes, there have been some issues. Spencer hears about all of them.

Would I transfer all my money from Canada to Mexico? No, but not because I think they would steal it all. For me it has more to do with the valuation and sometimes volatility of the peso.

Would I have a certain amount deposited into a Mexican bank account every month to cover expenses. Yes, no problem.

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Re: Mexican Bank Account

Post by David on Mon Dec 12, 2016 1:03 pm

I agree and that's what I do. I have heard too many stories of $$ disappearing from account at Bancomer to use them. Many do however with no problems.
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Re: Mexican Bank Account

Post by gringal on Mon Dec 12, 2016 1:37 pm

One difference between Mexican banks and U.S. banks. No FDIC. Good reason to limit the amount you put in them.
When Banamex USA threw its Mexico residents under the bus, I started having my SS check auto deposited into Actinver. Lower fees; no problem getting cash out; good parking; pleasant personnel. Have had no problems.

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Re: Mexican Bank Account

Post by Bubba2shoes on Mon Dec 12, 2016 3:09 pm

Brigitte and Bubba bank at Bancomer and Banamex and have done so for about 15 years with no problems.  We pay no bank fees of any kind except fot unusual purchases such as cashier´s checks.  We keep the bulk of our savings in a major international brokerage house in the U.S. and would never even dream of keeping large savings accounts in Mexican bank accounts no matter the return if for no reason other than significant sovereign and currency exchange  risks associated with overseas bank accounts.  When we moved to Mexico in 2001, the Mexican Peso was worth 8.9 to the dollar and is now (December, 2016) exchanged at close to 20 to the dollar.  You do the math.

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Re: Mexican Bank Account

Post by Clueless on Mon Dec 12, 2016 7:17 pm

Canada_Mike wrote:HSBC reports to the US if you are a US citizen. I was going to use them, and then backed off. (I have dual.)

I vote MultiVa and I am told that every bank mudy give certain info to the American Gestapo (IRS).
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Re: Mexican Bank Account

Post by RichD on Mon Dec 12, 2016 7:40 pm

Gamina wrote:The local HSBC branch in across the street (north) from Walmart.  They have two ATM machines.  One that dispenses pesos and the other dispenses US dollars.

Are you sure? Have you received dollars from one? The people a S&S say that the dollar machine only has choices for withdrawal in dollars, but dispenses the peso equivalent.

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Re: Mexican Bank Account

Post by RichD on Mon Dec 12, 2016 7:45 pm

CanuckBob wrote:Would I have a certain amount deposited into a Mexican bank account every month to cover expenses. Yes, no problem.

That is my plan, only what I need locally and that should limit my exposure to most things.

I am waiting to find out is HSBC truly dispenses dollars and that would help me, but if it actually doesn't, my next choice is Bancomer. No parking, no problem, I will easily walk to the bank.

I also do not care what the bank tells the I.R.S. as most of my income comes from reported sources and I am not going to work.
 Not me.
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Re: Mexican Bank Account

Post by slainte39 on Mon Dec 12, 2016 8:38 pm

Intercasa wrote: the fact that Mexican banks steal peoples money   

In my experience, that is pure nonsense.

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Re: Mexican Bank Account

Post by slainte39 on Mon Dec 12, 2016 8:56 pm

RichD wrote:

I am waiting to find out is HSBC truly dispenses dollars and that would help me

You probably get the dollars at the "buy dollar rate", after the necessary amount dollars is taken from your US account at the buy peso rate to complete the transaction. In other words, double dipping on exchange rates.  I can't see how anything else would be legal under the banking regulations for exchanging and/or buying dollars within the Republic.
You could do the same thing at Intercam and other Mexican banks in person, just not at a machine, i.e., take in your dollars, buy pesos, and then buy back the dollars, if you wanted to exchange USD checks for US currency.
Cheaper to find tourists with USD currency and buy direct. That is how some businesses like Superlake get cheaper dollars for purchases they have to make in USD.

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