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me2zoomie
Newbie
Posts: 9
Registered: 9-15-2014
Location: Lopez Island, WA and Mulege, BCS
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Bancomer dollar accounts?
My Bancomer does not have anyone proficient enough in English to explain their dollar accounts to me. Perhaps someone here can help.
Can I start one with pesos? Can I add pesos to a dollar account and end up with dollars? Can I get out pesos? Can I get out dollars? Are there
fees?
Thanks. Please U2U me.
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grizzlyfsh95
Nomad
Posts: 226
Registered: 1-8-2010
Location: East Cape
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Beware of their Debit/credit cards. If they are compromised, Bancomer will not stand behind them and you will lose all the money in that account. Had
an account for 20 years, and finally closed it after losing a lot, and they just shrug their shoulders.
The harder I work, the luckier I get
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Hook
Elite Nomad
Posts: 9006
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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Unless someone is simply desperate, I dont know why anyone would willingly deal with Bancomer. They are the worst of the worst; banking, insurance,
trusts, you name it. I don't have personal experience with this.........but I know a lot of people who do.
There are unbelievable horror stories over here about their trust departments; people waiting for trust paperwork for years and years, lost paperwork,
denials of payments being made EVEN WITH RECEIPTS.
Steer clear, if you can.
Oh wait, I see you are in Mulege. No choice, I guess. Just make sure you are desperate enough to "need" them. If you are building and need access to
large amounts of cash, I guess you could be.
If there is an alternate bank in Santa Rosalia, I would consider accepting the inconvenience of driving there every week or two. Isnt there a Banamex
is SR?
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shari
Select Nomad
Posts: 13033
Registered: 3-10-2006
Location: bahia asuncion, baja sur
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Mood: there is no reality except the one contained within us "Herman Hesse"
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I love our Bancomer employees in Vizcaino and my dollar account which I was forced to open when awhile back someone decided you couldnt deposit
dollars in a peso account anymore. But I am glad I did now as I can deposit dollars and keep them there until there is a favourable exchange rate when
I just transfer the dollars into my peso account via internet banking...easy peasy. Now of course you can deposit dollars again which is fine too.
Oh my word...where ARE my manners? Welcome to the sandbox...we are nearly neighbours I see!
[Edited on 1-4-2015 by shari]
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Bob and Susan
Elite Nomad
Posts: 8807
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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Mood: Full Time Residents
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me2zommie...I was wondering why you need a bank account at all...
the ATM in mulege only dispenses pesos...
and connects directly to all usa bank accounts...
you can get 10k pesos out per day at the atm...
depending on your bank in the usa
business people like shari probably need an account but you...
I don't know why
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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Why does it matter???
He was looking for specific information, not an interrogation
Quote: Originally posted by Bob and Susan  | me2zommie...I was wondering why you need a bank account at all...
the ATM in mulege only dispenses pesos...
and connects directly to all usa bank accounts...
you can get 10k pesos out per day at the atm...
depending on your bank in the usa
business people like shari probably need an account but you...
I don't know why |
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Bob and Susan
Elite Nomad
Posts: 8807
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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Mood: Full Time Residents
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no interrogation...
I too had a dollar and peso account...
I thought I needed them both but
why...
now I have a peso account and that's it...
we are in a country that uses pesos not dollars
I still don't know why anyone needs a dollar account
if you need to exchange dollars...
the bank does that by using the peso account
you can exchange $4000 a month before you get taxed
otherwise the ATM work fine for a usa bank
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Russ
Elite Nomad
Posts: 6741
Registered: 7-4-2004
Location: Punta Chivato
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I have a dollar account and for me it works well. The manager in Mulege speaks English. Yes you can deposit pesos into a dollar account. If you want
to do online banking you'll also need some kind of peso account. I use my state checks to make deposits at no charge. But it take 10 days to clear.
They always ask if I want pesos or dollars when I cash a check. I have no troubles with Bancomer for the last 10 years but before that it was a
nightmare in either bank. Some of their procedures are different and require the manager's approval though.
Bahia Concepcion where life starts...given a chance!
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thebajarunner
Ultra Nomad
Posts: 3687
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
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Mood: muy amable
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In the "good old days" - whenever that was....
Mexican banks had dollar accounts that were exempt by federal law from peso exchange issues.
Totally safe!!!
Yep, trust me, sez they.
So I opened a Bancomer account for a close friend and over a couple years put something north of $10,000 (US Dollars) into his account-remember- this
is safe from devaluation, per Mexican law.
Then came the massive devaluation in mid-70s where they had to reprint the money.
And, of course, along comes a delayed notice from Bancomer
"OOOPS, sorry about this. Law changed. Your $10k has basically vaporized, lo siento mucho."
"Trust Me" That may be the slogan for Bancomer and Mexican banking.
Yep, I trust them, every time I hit the ATM, but just long enough to extract the pesos until the next time.
Been there, done that, got screwed!!!
After rethinking the above=
it was Banamex, not Bancomer
same result, sad to say...
[Edited on 1-5-2015 by thebajarunner]
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rts551
Elite Nomad
Posts: 6699
Registered: 9-5-2003
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I have not had problems with Bancomer, Vizcaino either....but that is our only option for Mexican banking
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Mood: Weary
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Don't do it!
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pacsur
Nomad
Posts: 191
Registered: 8-28-2003
Location: San Jose del Cabo,BCS
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I have dollar and peso accounts in two banks, one I use for business and the other for personal.
My personal account is with Santander and I always transfer dollars to pesos online, also Santander seems to almost always have a much better online
rate than any other banks I deal with, yesterday I got 14.86 online at Santander, Scotia was 14.10, I also pay my Telmex, Telcel, and CFE online, I
receive those bills online also. Unfortunately unless you live in a place with a fair amount of people I guess your stuck with whatever bank is
willing to open in your area.
As far as being able to deposit $4000 usd each month tax free goes I must be getting screwed, my banks will not allow me to deposit more than $4k in
cash dollars total per month combined, I'm not sure of the amount, but I believe I am being charged 2% tax on everything above $1000-$1200 usd.
I would love to see some current documentation concerning the $4000 amount.
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thebajarunner
Ultra Nomad
Posts: 3687
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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It was federal, for sure
| Quote: Originally posted by lencho | Yeah, I don't think that had to do with individual banks, but the federal law
change. Mexicans and foreigners alike got burned on that one, except the few privileged insiders who had advanced warning.
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I always wondered just who benefited by converting my $10k to pennies....
The bank had to make out just fine on that deal,
unless somehow the MexFeds took over all the USD accounts.
I flunked Econ in college so I never could figure it out.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Mood: Weary
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I got burned on the north end of 10K in the big devaluation back in the day....Today with ATM's everywhere, I cant imagine why ANYONE who is NOT in
business in Mexico would even want a bank account Need money? Hit the ATM...Move money? use electronic banking..Keep it simple..
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thebajarunner
Ultra Nomad
Posts: 3687
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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All the adjustments just showed up on the bank statement
On the face of it you would deduce that the bank made out like bandits.
But, my guess is that the MexFeds sent out a query as to how much was "converted" for each bank and extracted the major portion.
Either way, they were the screwers and we were the screwees.
And as I recall that deval took place in several stages.
First time it took about 90% and you figured it could not get worse so you let the 10% ride,
Yep, it got worse.
I had a friend that sold his telecom biz to WorldCom for stock,
and the mega-millions went way down, so he figured it could not get worse, and sure enuff it got worse, and he chased it right down to zero.
That all had a familiar ring to it from my Mexican dollar account ride.
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boe4fun
Super Nomad
Posts: 1040
Registered: 1-22-2006
Location: Margaritaville
Member Is Offline
Mood: Circling the drain........
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We have our Mexican account with Bancomer, but we keep a minimal amount there as it's easy and inexpensive to transfer electronically. My rational
for doing it this way is because my neighbor in BA had a Bancomer account and they changed the rules for a minimum balance. She then lost about
$500.00 USD in account charges over the course of about a year.
Two dirt roads diverged in Baja and I, I took the one less graveled by......
Soy ignorante, apático y ambivalente. No lo sé y no me importa, ni modo.
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MitchMan
Super Nomad
Posts: 1855
Registered: 3-9-2009
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Banking is too complicated for the Mexican banking industry to handle. They're constantly changing their abusive and seemingly arbitrary internal
control policies in ways that make it difficult (not to mention expensive) for people to get normal conveniences that we here in the USA get from our
banking system. Mexican banking has become so cumbersome and costly that most people that could and should otherwise use banking services (such as
but not limited to independent contractors and service providers) decline to open Mexican accounts.
I think that, even if one were to live in Baja permanently, it would make sense to keep all funds in USA bank accounts. Just continue to use ATM
withdrawal only and pay everything in cash. That doesn't cost anything if you use the right USA bank accounts and it keeps money safe from Mexican
devaluation.
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
Member Is Offline
Mood: Weary
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What I said....
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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Well, it all depends on where you live and what you want to do. In Santa Rosalia, the Banamex is a real joke and almost everyone here uses Bancomer.
The manager is a very sharp and personable person who is always available. Since I live in Mexico, I figured a dollar account was a waste of time and
opened a peso account. I can transfer money from my US account by wire and have no problems. Since I transfer pesos into my account I do not have to
pay the anti-drug laundering tax they imposed several years ago for deposits over $5,000 pesos. Branch office in Mulege that does a good job and has
less lines than the Santa Rosalia office who has longer lines than the US Post Office. It sure makes it easy to pay my elec, phone, TV and all that
kind of stuff online and I don't have to carry a wheelbarrow to pay for boat gas when I go load up on that. In the big cities like Ensenada, Tijuana,
Cabo, or La Paz, I might do something different, but my experience with Bancomer has been very good.
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Hook
Elite Nomad
Posts: 9006
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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It's a good time to ask this again. Is anyone using a service like XE.com to fund a peso account in Mexico? If so, please tell us about your
experiences; i.e., costs, ease, efficiency, etc.
There are quite a few people who are VERY happy with Santander over here. Of course, it isnt a Mexican bank, though.
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