Opening a Mexican Bank Account

I cant imagine someone that is buying , selling subdividing land and forming partnerships in Mexico doesn't know how to open a bank account

Quote:

Originally posted by Bruce R Leech I cant imagine someone that is buying , selling subdividing land and forming partnerships in Mexico doesn't know how to open a bank account

Well...Bruce, I can understand this...There are many things to learn...each has it's time and some people have different priority. I can see me taking care of the most important and holding off opening a personal account until later....But then with me anything is possibly

why

do you want to open a mexican bank account? my husband did just to facilitate fm3 renewals, but if you are a citizen, what's the point?

i advise against it, frankly. it is a royal pain in the horse to conduct any banking here...

jmho

Yeah, I'll bet it was easy

Now you see it...Now you don't!

I ALWAYS make the clerk posts deposits before I give them the withdrawals.

I know exactly what you mean Dave you need to watch them very closely at all of the banks here in Mexico.

I don't know how current this info is but it might be useful to some.

Art

Home > News > Wal-Mart is one of five new banks authorized to operate in Mexico
Wal-Mart is one of five new banks authorized to operate in Mexico
Mexico – Mexico’s government said that it authorized the creation of five new banks, among them a subsidiary of the U.S. corporation Wal-Mart, which will become one of 13 new institutions being added to the country’s financial system.

The new banks authorized to operate are Banco Comercial Del Noreste, Banco Fácil, Bancoppel, Banco Wal-Mart de México, Adelante and Prudential Bank.

The approval of these institutions initiated the final stage of a long process of evaluation to allow the entry of new operators in the banking system, said Hacienda in a statement.

The government said that the creation and the operation of the new banks required the authorities to undergo a “detailed process” to guarantee the “financial and operational viability, as well as economic and moral solvency for shareholders”.

The government announced that in the next few weeks they will pass a final resolution for these banks, which will depend on the banks fulfilling the minimum capital requirement for their creation.



This year, the government authorized the creation of eight new banks, of which four have already begun operations; the remaining banks are in the process of initiating operations.

The authorized banks are Banco Autofin México, Barclays Bank México, Banco Compartamos, Banco Monex, Banco Ahorro Famsa, Banco Multiva, Banco Regional, UBS Bank México.

The government said that the entry of these new participants into the market will create greater competition to benefit financial services consumers. (EFE)



MATT Says:

It has become popular to criticize Wal-Mart for its expansion tactics and the unfortunate impact it has often had on local small businesses across the United States. And Wal-Mart is not without other faults. The company has had to answer for a terrible error it made in contracting with a janitorial agency which hired illegal immigrants to clean Wal-Mart’s stores at night, after hours. It is clear that the workers were paid low wages and did not have access to medical insurance, which made for cheap labor for the contractor and the retail behemoth. The company settled a lawsuit for $11 million.

But when we see a new Wal-Mart idea that could have a positive impact we’ll speak out about it, especially as it relates to our mission of bridging together Mexicans and Americans.

Wal-Mart has seen its business in Mexico grow rapidly. We’ve seen it become a major employer in different regions of Mexico. And its growth strategy involves not only the number of store locations and jobs, but also the services provided within each store.

Wal-Mart is apparently poised to receive a banking license in Mexico, which will allow it to provide banking services to millions of Mexicans. In addition, it will allow Wal-Mart to tap into the lucrative money-transfer or remittances market.

According to BusinessWeek magazine, Wal-Mart, which has 863 outlets in 130 Mexican cities, is receiving the support of “Mexican officials who want to boost competition in financial services and cut the sky-high fees and interest rates charged by Mexico’s big banks. They also want to spread banking services to the 80% of Mexicans who have never had a bank account.”

What we find remarkable is that while the company and its stockholders will surely profit from this business strategy, it might also almost single-handedly transform lives and the Mexican marketplace. For many of Mexico’s poorest, the astronomically high prices for money transfers and other unique banking services make it harder to make ends meet. The reality is that the current near-monopoly on money-transfers affects lives. And we sense that Wal-Mart will help fix this problem, much as Wal-Mart is doing with prescription drugs in the United States.

We’re cautiously optimistic about this development, though we also believe that Wal-Mart has a responsibility to do more to help Mexico’s people who are at the center of its business strategy in the country.


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Larry:
Maybe with your BIG BUCK job , you aren't familiar with the term "Overdraft"! But some of us on limited income can get to a point where we gotta refill the coffers before we can take out a few centavos! That turn on any for ya?

Capricious Mex Banking

What happened to you? You were selling a eco- development in Colonet, your husband was a developer and now your trailer trash. You don't know how to open a Mex. bank account. What happened to your investers and your beautiful house you showed on your website. Something is wrong with this picture!

Renting, Leasing

Quote:

Originally posted by Bruce R Leech I cant imagine someone that is buying , selling subdividing land and forming partnerships in Mexico doesn't know how to open a bank account

is it really that different from opening a bank account in the US????
I'm not sure of how it works but I know that it's very easy....the proof of residency may be good to have but there are different kinds of accounts...and all of them need different documents...I think

When we opened ours a few years ago at the Loreto Bancomer we needed passports, utility bill, FM3 and the names and telephone numbers of three local residents who spoke Spanish, would vouch for our character, and would be home whan we applied for the account.

The bill was in the name of the people we bought the property from and had no street address. No problem.

We didn't have the FM3; we were getting the bank account as an FM3 requirement. So the manager (Valerio Davis) said, OK, we can bend the rules and give you a peso account.

When he looked at the three references, he said, no problem, I don't have to call. This one's my friend and this one's my cousin.

No problem. And the whole process, filling out and signing forms, constant computer stuff, took less than an hour, not counting waiting our turn.