Anybody know a good bank in La Paz for handling the transfer of money from a U.S. bank for a home purchase here? Or banks to be avoided?
Any advice will be appreciated.
bajalera
Banks
Baja Bernie - 3-18-2004 at 03:59 PM
Don Jimmy told me that he didn't trust the banks down there and he devised a system that worked very well for him. He kept his money Stateside and
whenever he needed money he just slipped the card in an ATM machine. No cost and no concern.
I used Bital and had very good luck with them for about 10 years.Me No - 3-18-2004 at 05:02 PM
Here's the way I do it. Bancomer is owned by Wellsfargo. They can set up all sorts of accounts to transfer money back and forth. Minimal fees for
using the ATM also. Way cheaper than using any casa de cambio.
Check this out........
Tucker - 3-18-2004 at 07:38 PM
Lee, if you have a US checking account, just write a check, it takes about 3 weeks to clear, or do an electronic transfer to the sellers account, no
need for you to have two banks. Writing a check is a heck of a lot cheaper.
Incidentally, I have lived here for 8 years without a Mexican account, one peice of plastic (ATM) is my life-line to my US credit union.
Money transfer
aldosalato - 3-18-2004 at 09:41 PM
Any bank is the same. I use Banorte and Bancomer. Just open an account with the bank you are doing the Fideicomiso (you need an FM3).
Pay seller only at closing in front of the Notary with a cashier or certified check issued by bank in Mexico where money have been tranferred.
P.S. Bancomer is owned by BBV, a Spanish bank
Bital (renamed recently HSBC) by Hong Kong and Shangai Bank (now an English bank based in London)
Santander and Serfin By Santander Spanish bank
Inverlat (now Scotia Bank) by Scotia Bank Canada
Banamex by Citibank
BANORTE is the only 100% big mexican bank left
Bajalera -
Natalie Ann - 3-19-2004 at 08:10 AM
Check your u2u. Skeet/Loreto - 3-20-2004 at 03:47 AM
While living in loreto , Vrginia and I set up an account at the Banamex in La Paz.
We were able to set up a Dollar Account and Peso Account.
We did several transfers of money from both accounts over the years we never had a bit of Trouble.We also set up an account in Constitution at that
Branch of Banamex, moved money,had a Card,bought 28 day Notes at a very good Rate and never had a bit of trouble.
In fact on many occasions we where treated better than the States.We had an account with Wells Fargo in Shelter Island at San diego and had difficulty
several times.
Notice:
Wells Fargo has a Scram going when you use one of their Advertized Services to send Money to an account in Baja,that is they tell you that it will
only cost $10, fail to tell you that you also must pay a fee as the money crosses the border and is changed into Pesos.
We were charged an additional $80 for a transfer of $1,000. As a result We do not use Wells Fargo in the States, I even make a call to San Francisco
to complain
No results
There is a very good transalator by the name of Roberto at the Banamex just behind the La Pearla in La Paz..
Skeet/Loreto
"In God We Trust"
Banks
Phil S - 3-20-2004 at 03:28 PM
Some years ago, my brother opened a checking account with Bank of Commerce in southern Calif. He was able to cash checks at one of their affiliated
banks in Cuidad Constitution. Check with your local banking area and see if Bank of Commerce still exists. If so, call their main office and ask
what banks are they affiliated with in LaPaz. Tell them your needs, and see if they can be of assistance. Good luck. Great idea you have. When I
bought my home in Baja Sur, I didn't give the money to the realtor. When the loan was ready to close and papers had been signed, I used wire transfer,
and the $$'s went from my states account directly to the sellers bank account in Hawaii JESSE - 3-20-2004 at 04:14 PM
Quote:
Originally posted by Me No
Bancomer is owned by Wellsfargo.
Bancomer is owned by Spain's Banco Bilbao Bizcaya.Me No - 3-20-2004 at 05:27 PM
Skeet, things that happened in 1900 don't count. Just kidding.
Wells is affiliated with Bancomer in some way. I was lead to believe by the people at Wells here that they were there parent company. In any event,
I have had great success using them and will continue to do so. The most important thing for me is the ATM fee's that I can justify. Not so with the
other banks I have tried. Skeet/Loreto - 3-20-2004 at 09:09 PM
GLad to hear that you were treated good by Bancomer.In the Ole Days the only Bank in Loreto was Bancomer which at that time so many years ago was
terrible!
I have never had much Luck with the Locals controlling
the Bank.I do understand that after so many years they have Improved!
Check out the current Wells Fargo transfer fee from the States to Mexico, it might be interesting to see what comes up !
The local carpenter is working on my Coffin!
Good Luck Skeet/Loreto
"In God I Trust'Me No - 3-20-2004 at 09:32 PM
There is no transfer fee on linked accounts. My father inlaw has done it several times now. His house payment, which is taken directly out of his
Bancomer account is linked with his wellsfargo account. We put the money in the wells account it comes out of the Bancomer account. NO FEES. ATM is
3.00 up to 500. It has never gone up do to the amount of withdrawls I make either. I have been blasted for doing over 3 a month at other banks
before.
mulege now has an ATM in town
capt. mike - 3-21-2004 at 07:06 AM
but the down side it charges a flat 10% on services, so a $100 withdrawal nets you $90!!! i do not know what bank but i think it might be a private
service too like many in the states.
