BajaNomad

bank account set-up in Loreto

tippytoestrish - 6-8-2006 at 08:20 AM

Going to be arriving in just a few short days....finally...after knowing for 2 months that we would be coming, every last day is lasting forever!

Had a thought last night about setting up a saving account at the bank when we arrive, drawing our money out as we need it.

Is it pretty easy to do? Pretty reliable and safe?

Not that we'll have our life savings there, but I thought it would keep from me worrying about where I hide my money, and would give a little business to the local bank. Every peso counts, kind of thing, you know?

Thanks! We look forward to meeting any Nomads during our stay. Thanks to our friend Mike Garver, who is letting us stay in his place, we'll be right in the middle of things.:spingrin:

Bruce R Leech - 6-8-2006 at 08:31 AM

the banks are OK and pretty safe. you will need to have an FM3 in order to open an account . if you have that you wont have any trouble. you might think about a checking account that pays interest. with that you get a debit card that you can use in the ATMs.

tippytoestrish - 6-8-2006 at 08:38 AM

FM3, isn't that the retirement status card????

We will just have tourist Visas for the summer. So not a good idea then?

turtleandtoad - 6-8-2006 at 08:51 AM

Put your money into a U.S. account that has an ATM card and use it to draw out pesos as you need them. Just make sure the ATM card uses the international PIN (4 digits). Just about any card that has the Visa or Mastercard logo will work in Mexico.

PS, In Loreto, there's a bank (with an ATM) in the square, right across the street from Cafe Ol?.

[Edited on 6-8-2006 by turtleandtoad]

tippytoestrish - 6-8-2006 at 08:56 AM

thanks for the info, will follow your advise!

Oh, does it make any difference inside the bank if we use larger denomination traveler's checks? Thinking of always changing our money in a bank, so don't need to worry about vendors needing smaller notes.

Bruce R Leech - 6-8-2006 at 09:34 AM

Quote:
Originally posted by Hose A
Traveler checks are a pain in the butt to cash.
At Banamex I stood on line for a casher only to find out I had to talk to one of the persons at a desk first. She called in every serial number and made notes and signed off ..then stand in line again to have the casher call on every serial number and sign off and they would only accept $200 worth of travelers checks to cash. 2 hours to cash $200 in checks to me is a pain.

This was 4 years ago but I doubt things have changed.
I did find a money changer that would cash up to $1500 for me but for a 10% fee.
No more travelers checks for me.

The ATM suggestion above is the way to go.


yes Hose A things have changed. it has gotten worse at the banks. unless there is a place like ours in Loreto that will cash any amount of traveler checks I would not take them.

Phil C - 6-8-2006 at 10:04 AM

Trish, take some cash with you, but leave your money in a U.S. bank that you have an ATM card to. You won't want to stand in the looooong lines at the bank just to change money. The atm's work great. Most banks let you withdraw $300 a day. Come visit when you're there, I'm just around the corner on Davis. The "Alamo" entrance. I'll be there on the 15th. Phil

losfrailes - 6-8-2006 at 10:07 AM

Follow the ATM suggestion. Banamex and Bancomer have ATM's where you can access your funds in the states and receive pesos at the current exchange rate.

No fee from peso sellers involved. Limit will be that which you set with your bank that issued the ATM. And your money stays safe in the US and there are no lines to stand in. What is there not to like????

Bruce R Leech - 6-8-2006 at 10:51 AM

but bring extra cash. sometimes the ATM eat your card and then you are in trouble.

Me too!

djh - 6-8-2006 at 11:07 AM

We just carry a little cash and use our ATM cards at the Bank... We feel that travelers checks are not necessary...

Phil: Shing and I will stop by for a formal intro. We're neighbors afterall! (We're on Callejon Pipila - 1 blk. S. of the square). We like your place...

Trish: Please stop by and say hi too... We're the old red metal gate on Callejon Pipila. Just off of Jordan....

Life is good.
djh

losfrailes - 6-8-2006 at 12:13 PM

Don't worry about the ATM's 'eating your card'. If that happens, and it is rare as hens teeth, simply ask the bank to get the card out of the ATM for you.

Don Alley - 6-8-2006 at 12:14 PM

Account at Bancomer...

We opened an account there because it used to be a requirement for an FM3. It was pretty goofy getting it set up...we even needed three Spanish speaking references to vouch for us before we could put our money in their bank, lol. And while an FM3 was required to have a bank account, and a bank account was required to have an FM3, the bank did decide to resolve that Catch-22 by being "flexible" and allowing peso accounts.

While we use a bankcard on a US bank, we still have the Bancomer account too, it's a good backup.

All of us here in Loreto just love our local Bancomer!:lol::lol::lol:

Diver - 6-8-2006 at 12:18 PM

We have husband and wife ATM cards :biggrin:
(2 each - from different accounts)

Bob and Susan - 6-8-2006 at 01:01 PM

FDIC banks in the USA are insured for default by the US Govt?
Mexican banks don?t have this insurance for their customers.

We opened a dollar account at Banamex in Santa Rosalia?.
CitiBank is their parent company in the USA

We have a couple of accounts at CitiBank USA that we linked to our Banamex account?
You can move money easily between the accounts on the internet.

Easy and Insured?as long as the USA is still there?

Some Mexican banks are insured!

flyfishinPam - 6-8-2006 at 02:38 PM

Quote:
Originally posted by Bob and Susan
FDIC banks in the USA are insured for default by the US Govt?
Mexican banks don?t have this insurance for their customers.

We opened a dollar account at Banamex in Santa Rosalia?.
CitiBank is their parent company in the USA

We have a couple of accounts at CitiBank USA that we linked to our Banamex account?
You can move money easily between the accounts on the internet.

Easy and Insured?as long as the USA is still there?


Bancomer's US dollar accounts are insured to up to $150,000USD. Looked into this last year when I decided to keep my savings here.

flyfishinPam - 6-8-2006 at 02:53 PM

Here's a link to the Mexican version of FDIC

Called IPAB Instituto para Proteccion al Ahorro Bancario

http://www.ipab.org.mx/

there is an english version of the site too.

Bob and Susan - 6-8-2006 at 03:29 PM

i'm WRONG again...Da -n!!!

Bancomer

baja829 - 6-8-2006 at 04:05 PM

We have two direct deposit peso payroll accounts in our San Felipe Bancomer. (yes, we are the working retired and--still loving it). In any event since the Peso has been moving in the wrong direction for us, I wanted to open a Dollar Account. We've banked here since 1989. We need the 3 reference letters referred to earlier today; a light or phone bill -- but since we have neither, a letter from the landowner (Ejido) that we live here "permanently", our U.S. Passports and FM3 for me and Credencial for my husband. Then we can come in each week and physically transfer the Pesos at the current rate, to Dollars!!!! The best thing about Bancomer is I can get Dollars out of the Peso account anytime I want, while we're in the US and that's pretty handy! Mexican Banking!!!!!!!!:?:

turtleandtoad - 6-8-2006 at 06:00 PM

ATM machines do NOT shred cards. The bank employee was either telling you a "canned response" dictated by the bank, or just didn't want to mess with it.

comitan - 6-8-2006 at 06:09 PM

Never had a card eaten, have left card in ATM and gotten it back, 3-5 days more than once. Once in Cabo went back 3 days later, got the runaround asked for ID showed FM-2 he immediately went and got it.

Don Alley - 6-8-2006 at 06:38 PM

Onscreen instructions on the Loreto Bancomer ATMs say that in the event your card is not returned, call your bank. They don't say anything about contacting Bancomer.

Perhaps the employees shred the cards, not the machine.

Bruce R Leech - 6-8-2006 at 08:45 PM

I have had them keep mine twice at the bank they wont return them

turtleandtoad - 6-9-2006 at 07:13 AM

It's NOT illegal!

Any vendor can hold and destroy your card if directed by the card service company. Normally this is in the form of a message or code displayed on the card swipe machine.

Banks that service their own ATM's have a written contract with the card service company that directs them to destroy cards held by the ATM machine.

Both banks and vendors are allowed some leeway. If a customer requests it, they can contact the card issuer (not the card service company) and verify it's status and then either return or destroy it. But the ATM machines aren't equipped with shredders and can't destroy cards.

I had one of mine destroyed by a restaurant when my card numbers were stolen from the card service company by hackers. Since I'm a full-time RV'er, the notice from the card company telling me that the card should be destroyed and that they were sending me a new one hadn't caught up with me yet. Somewhat embarrassing.

Bruce R Leech - 6-9-2006 at 07:32 AM

Quote:
Originally posted by turtleandtoad
It's NOT illegal!

Any vendor can hold and destroy your card if directed by the card service company. Normally this is in the form of a message or code displayed on the card swipe machine.

Banks that service their own ATM's have a written contract with the card service company that directs them to destroy cards held by the ATM machine.

Both banks and vendors are allowed some leeway. If a customer requests it, they can contact the card issuer (not the card service company) and verify it's status and then either return or destroy it. But the ATM machines aren't equipped with shredders and can't destroy cards.

I had one of mine destroyed by a restaurant when my card numbers were stolen from the card service company by hackers. Since I'm a full-time RV'er, the notice from the card company telling me that the card should be destroyed and that they were sending me a new one hadn't caught up with me yet. Somewhat embarrassing.


Mr. Toad don't forget that this forum is about Baja which is in Mexico. when you cross the border all of your US rules and regulations go out the window.:light:the card companies here in Mexico make there own rules. and they are sometimes a Little vague so banks can vary there polices quit a bit.:o

turtleandtoad - 6-9-2006 at 08:10 AM

Bruce,
Too true. But I'll bet that banks or vendors destroying cards isn't illegal in Mexico either.

Bruce R Leech - 6-9-2006 at 08:20 AM

when we get a message on our machine that says keep the card we are supposed to destroy it and call the bank or police if the customer puts up a fuss about it. we don't usually do this though we usually give the card back and tell the person to call there bank. unless the card is obviously stolen. most of these rules are set up to protect the consumer. here in Mexico as in the US we have a problam with credit card theft.

Bob and Susan - 6-9-2006 at 08:21 AM

i cut up cards ALL the time and haven't been arested by the "plastic" police....YET

it's much safer for the customer if the lost card is destroyed immediately...

and...

it's FUN to chop up those cards:lol:

Diver - 6-9-2006 at 08:23 AM

Bob,

I bet you cut the tags off your mattresses also ! :lol:

Bruce R Leech - 6-9-2006 at 08:36 AM

I haven't had to destroy any cards. I first check the Id's of the peple and if they don't have sufficient ID to prove they are the card holder then I don't run the card.