KasloKid
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Mexican banks and Mexican ATM cards
Just saw this in a newsletter, "The Baja Western Onion"
*****ALERT***** (from the Baja Western Onion Facebook Group) - To all those with only an FMM (tourist visa), your Mexican bank will no longer renew
your ATM card or print you more checks and no one without an FM3 or better will be able to open an account. I checked with both Banorte and Bancomer.
It is now a Mexican law which passed about 6 weeks ago. Even the bank employees were not forewarned. - Donna Isaacson (posted January 21 at 1:29 PM)
☞ Join The Conversation Online via Facebook: facebook.com/groups/TheBajaWesternOnion/
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mtgoat666
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Quote: Originally posted by KasloKid  | Just saw this in a newsletter, "The Baja Western Onion"
*****ALERT***** (from the Baja Western Onion Facebook Group) - To all those with only an FMM (tourist visa), your Mexican bank will no longer renew
your ATM card or print you more checks and no one without an FM3 or better will be able to open an account. I checked with both Banorte and Bancomer.
It is now a Mexican law which passed about 6 weeks ago. Even the bank employees were not forewarned. - Donna Isaacson (posted January 21 at 1:29 PM)
☞ Join The Conversation Online via Facebook: facebook.com/groups/TheBajaWesternOnion/ |
Why would a tourist want to open an a bank account in Mexico?
Or are you suggesting gringos are living in Mexico on only a tourist visa? Shocking!  Surely, the MAGA voters would not be living illegally in Mexico! 
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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gnukid
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Seriously, why would anyone listen to anything from Baja Western Onion mentioning an FM3 that went away some 5 plus years ago, or Goat on
International's banking? How about asking your bank that you pay to provide a service? And wouldn't it make sense that someone without a formal ID and
residency status not be allowed to launder money through a foreign institution due to the lack of controls? Furthermore, why use a Mexico bank who
generally can't seem to keep your funds safe if you're a tourist when other International banks like Schwab provide much higher quality and reliable
service? International money laundering is the back bone of corruption. Besides you can't make deposit with an ATM card in Mexico.
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BajaBlanca
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I think it is important to share this information, obviously, as citizens, this does not affect Les nor I one iota but I do think it important.
Thanks KasloKid.
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KasloKid
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Thanks BajaBlanca
Jeepers, tough crowd here...
There are members on this forum that live full time in Baja and may find this useful. Obviously, those that it doesn't apply to can simply ignore the
post.
[Edited on 1-24-2020 by KasloKid]
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chuckie
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Good info....Thank you!
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Alm
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| Quote: Originally posted by mtgoat666 |
Why would a tourist want to open an a bank account in Mexico?
Or are you suggesting gringos are living in Mexico on only a tourist visa? Shocking! |
Need some grease on those gears, there seems to be a delay in switching from #1 to #2, eh?
I am surprised that such a law had to be enacted this year - most banks have been refusing to open an account to people without status for the last
several years. Probably, another glitch in Mexican law when terms like "resident" were not clearly defined.
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chumlee57
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Yes, indeed, goood to broadcast anything, even if its not legit, for awareness. I, like many fidicomiso property owners simply use the ATM card and
not being fully retired with months to spend at a time, simply use the tourist card, it's easier and not complicated. When Mexico simplifies its
residencey requirements, everyone will follow suit. We should all remember the idea behind the board here is to be helpful, negitivity and related
posture is pretty evident, blow it off
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surabi
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| Quote: Originally posted by KasloKid | Thanks BajaBlanca
There are members on this forum that live full time in Baja and may find this useful.
[Edited on 1-24-2020 by KasloKid] |
Foreigners who live full time in Baja aren't tourists, shouldn't be living in Mexico on a tourist card, and therefore this information wouldn't apply
to them.
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BajaBlanca
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So true in a perfect world. Which isn't the case always.
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pacsur
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Last week my bank told me the maximum deposit in usd cash is now $2,000 per month, it had been $4,000 per month and the bank would deduct a small
percentage of anything over $2k.
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beddows
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It is true that to open a bank acount you need to be residente. (Temporal or permanente). One exception is intercam which appears to be more flecible.
The advnatage of a having a mexicna account is that you cna use a Forex service to tranfer money into it at very clsoe to trh psoted exchange rate
wihtout takign the buy/sell hit on it.
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pacificobob
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| Quote: Originally posted by chumlee57 | | Yes, indeed, goood to broadcast anything, even if its not legit, for awareness. I, like many fidicomiso property owners simply use the ATM card and
not being fully retired with months to spend at a time, simply use the tourist card, it's easier and not complicated. When Mexico simplifies its
residencey requirements, everyone will follow suit. We should all remember the idea behind the board here is to be helpful, negitivity and related
posture is pretty evident, blow it off |
I found getting permanent resident status was a simple process. I wonder how many countries make it "easier "
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BajaBlanca
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pacificobob, I agree with your comment. Mexico has to be one of the easiest residency and citizenship procedures I have seen. Brazil is really
difficult. The US is really difficult. Mexico took a while but was very easy for us.
Beddows, can you tell me a little about forex?
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BajaMama
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I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?
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mtgoat666
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| Quote: Originally posted by BajaMama | | I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?
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options to mix/match:
pay cash
open a local bank account, pay from that account
pay by wire transfer from account in usa
barter
beg
steal
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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DBaja
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| Quote: Originally posted by mtgoat666 | | Quote: Originally posted by BajaMama | | I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?
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options to mix/match:
pay cash
open a local bank account, pay from that account
pay by wire transfer from account in usa
barter
beg
steal |
Not sure what is right myself, I'm going through a similar process. I have a Fideicomiso but no residency yet. I have to pay for the construction of
my home. So far I have been bringing cash down and pulling from a Banamex ATM for additional last minute funds.
My local banks (Wells Fargo and CitiBank) charge a 7% markup with international currency orders!! Waaaaay too expensive. Banamex, which is affiliated
with CitiBank has a 3% markup and no ATM fees. 1,000 USD daily limit.
Intercam was mentioned by a local real estate attorney as only requiring a Tourist Visa, never looked into it though.
I am working on residency so I can open up an account with Banamex and transfer funds for free (obviously the currency is subject to the fluctuating
exchange rate, but with no additional markup). I think that's the most cost effective route if you are not going to transfer a lump sum into your
builders local account).
I'm still trying to figure out a system myself. Like you Bajamama, Im open to suggestions.
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surabi
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| Quote: Originally posted by BajaMama | | I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?
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Do be cautious about giving your contractor a large sum of money up front. It's best to pay as the work proceeds. Some aren't very good about managing
the money and run out before completion, then cheap out near the end on materials and workmanship.
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