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tippytoestrish
Junior Nomad
Posts: 52
Registered: 4-9-2006
Location: Fresno, CA
Member Is Offline
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bank account set-up in Loreto
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.
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
Member Is Offline
Mood: A lot cooler than Mulege
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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.
Bruce R Leech
Ensenada
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tippytoestrish
Junior Nomad
Posts: 52
Registered: 4-9-2006
Location: Fresno, CA
Member Is Offline
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FM3, isn't that the retirement status card????
We will just have tourist Visas for the summer. So not a good idea then?
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turtleandtoad
Senior Nomad
Posts: 730
Registered: 1-20-2005
Location: Wherever I park. See sig for current location.
Member Is Offline
Mood: Good if fishing
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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]
Mike & Robin; Full-Time RV\'ers
37\' Georgetown w/3 slides & 275 Watts of Solar Power
06 Taco TRD
www.turtleandtoad.com
I am here
To paraphrase Frank Lloyd Wright; I\'m all in favor of keeping dangerous weapons out of the hands of fools. Let\'s start with keyboards. --
Mike Dean |
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tippytoestrish
Junior Nomad
Posts: 52
Registered: 4-9-2006
Location: Fresno, CA
Member Is Offline
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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.
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
Member Is Offline
Mood: A lot cooler than Mulege
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| 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.
Bruce R Leech
Ensenada
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Phil C
Senior Nomad
Posts: 564
Registered: 3-27-2004
Location: N. San Diego County/ Loreto Centro/Lopez Mateos
Member Is Offline
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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
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losfrailes
Senior Nomad
Posts: 577
Registered: 11-16-2004
Location: Ejido San Lucas near Santa Rosalia
Member Is Offline
Mood: Good!
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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????
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Bruce R Leech
Elite Nomad
Posts: 6796
Registered: 9-20-2004
Location: Ensenada formerly Mulege
Member Is Offline
Mood: A lot cooler than Mulege
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but bring extra cash. sometimes the ATM eat your card and then you are in trouble.
Bruce R Leech
Ensenada
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djh
Senior Nomad
Posts: 936
Registered: 1-2-2005
Location: Earth mostly. Loreto, N. ID, Big Island
Member Is Offline
Mood: Mellow fellow, plays a yellow cello...
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Me too!
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
Its all just stuff and some numbers.
A day spent sailing isn\'t deducted from one\'s life.
Peace, Love, and Music
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losfrailes
Senior Nomad
Posts: 577
Registered: 11-16-2004
Location: Ejido San Lucas near Santa Rosalia
Member Is Offline
Mood: Good!
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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.
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Don Alley
Super Nomad
Posts: 1997
Registered: 12-4-2003
Location: Loreto
Member Is Offline
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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!
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Diver
Ultra Nomad
Posts: 4729
Registered: 11-15-2004
Member Is Offline
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We have husband and wife ATM cards 
(2 each - from different accounts)
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Bob and Susan
Elite Nomad
Posts: 8807
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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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?
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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Some Mexican banks are insured!
| 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.
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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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.
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Bob and Susan
Elite Nomad
Posts: 8807
Registered: 8-20-2003
Location: Mulege BCS on the BAY
Member Is Offline
Mood: Full Time Residents
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i'm WRONG again...Da -n!!!
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baja829
Nomad
Posts: 167
Registered: 2-24-2006
Location: South Campos, San Felipe, BN
Member Is Offline
Mood: BAJA HAPPY
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Bancomer
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!!!!!!!!
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turtleandtoad
Senior Nomad
Posts: 730
Registered: 1-20-2005
Location: Wherever I park. See sig for current location.
Member Is Offline
Mood: Good if fishing
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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.
Mike & Robin; Full-Time RV\'ers
37\' Georgetown w/3 slides & 275 Watts of Solar Power
06 Taco TRD
www.turtleandtoad.com
I am here
To paraphrase Frank Lloyd Wright; I\'m all in favor of keeping dangerous weapons out of the hands of fools. Let\'s start with keyboards. --
Mike Dean |
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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline
Mood: mellow
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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.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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