BajaNomad - Banking in Mexico....which one?

Banking in Mexico....which one?

Hook - 3-7-2007 at 09:22 AM

The other post about an IRS form got me thinking about banking in Mexico.

What is the general consensus on the best bank for people residing in Mexico to do more than just use as an ATM outlet? You know, a place to park a couple thousand for emergencies, handle your fidecomiso, cash checks, write checks, pay utility bills, etc.

I keep reading posts by quite a few who are very happy with HSBC. And many who are unhappy with Banamex. What about Santander, Bancomer or others?

If I set up an account with, say, HSBC stateside, do I still have to set up an account at a branch in Mexico. Still need to secure an FM-3?

bajalou - 3-7-2007 at 10:12 AM

What bank (or banks) are available in the area you have property or frequent? That kind of sets a limit on your choices.

Hook - 3-7-2007 at 10:51 AM

Quote:

Originally posted by bajalou
What bank (or banks) are available in the area you have property or frequent? That kind of sets a limit on your choices.

The area I am looking at has all the above options.

comitan - 3-7-2007 at 10:53 AM

Use the Bank in Mexico that has an affiliate in the states preferably with your bank.
You will have to set up a separate acct and supply what that bank requires.

Bob and Susan - 3-7-2007 at 11:20 AM

we just (monday) opened an account at the new bancomer in mulege...

this is a personal account

1. FM3
2. Three local personal referances
3. A letter from the the police and signed by the delagato stating we lived in Mulege (bank provided a sample)
4. deposited money needed to be approved by mexico city
5. copy of paid property taxes
6. two hours of extra time :spingrin:

Hook - 3-7-2007 at 11:27 AM

Bob and Susan, what is the procedure for getting deposited money "approved" by Mexico City? Did you use cash or ?

Acuity - 3-7-2007 at 12:01 PM

For various reasons which would take too long to explain, we had to use HSBC for our fideicomiso - the "rules' there have changed since the takeover of BITAL and the process took 16 months and two other people agitating to get something done. At one point the bank even required an application and bank references from the seller (a Mexican without a bank account) - you can imagine he found it somewhat frustrating waiting for the rest of his money!

We have had good experiences with fidos with Scotiabank, and have found the local Banorte effective for cash transfers and simple banking. Their on-line bank security exceeds all banks in Canada. However, we may get our statements once or twice a year, if we are lucky...

[Edited on 3-7-2007 by Acuity]

Hook - 3-7-2007 at 12:41 PM

So, Acuity, is Banorte affiliated with ScotiaBank or are they separate? Does Scotiaband and/or Banorte (depending on their relationship) have offices in the US?

Acuity - 3-7-2007 at 12:46 PM

The two are separate. Scotiabank is affiliated with its parent in Canada, but I don't know about specific US links. I'm sorry, I also don't know about Banorte's lineage. We have had no problem whatsoever with Banorte in moving money down here quickly from other banks - indeed the last two occassions it happened overnight, whereas we have been used to transfers from Canada taking a week or so to muddle their way though Mexico City branches with other institutions down here.

Hope this is of some help.

[Edited on 3-8-2007 by Acuity]

cabobaja - 3-7-2007 at 03:55 PM

I have had a personal checking account (in dollars) with Banorte for past 11 years. Never had a problem. Have monies wired into account from different US locations monthly. All these years have never had a problem with any wire transfer. All wires have hit my account within 24 hours.

Hook - 3-7-2007 at 04:32 PM

Quote:

Originally posted by cabobaja
I have had a personal checking account (in dollars) with Banorte for past 11 years. Never had a problem. Have monies wired into account from different US locations monthly. All these years have never had a problem with any wire transfer. All wires have hit my account within 24 hours.

I guess there was a hope that if you established an account with a Mexican bank that has branches (and/or is cross-owned by another with US branches) that you could avoid the wire transfer charges.

I've been with a credit union all my adult life. I am anti-fees. Not expecting to have a credit union-like arrangement down there but just looking for the most friendly bank.

And I dont mean the tellers.........

credit unions

sylens - 3-7-2007 at 05:58 PM

have spoiled us too! for all but fm3 purposes, we just use our credit union atm card for cash down here for all purposes. utilities we pay at the local calimax, and telnor we pay online.

for fm3 purposes we have an hsbc account that charges 50 pesos monthly and still does not allow us to deposit dollars, only pesos. :mad:

on the other hand, we do receive statements almost monthly :lol:

good luck on making the best decision for you

Hook - 3-7-2007 at 06:04 PM

Sylens, so HSBC wont do a customer the favpr of accepting dollars as an exchange, then depositing the exchanged pesos into your account? What do they do......make you wait in the exchange line and then go to the teller for the deposit? :?:

cabobaja - 3-7-2007 at 06:41 PM

Do not know of any bank that will not let you trade dollars for pesos and then deposit. I would suggest speaking to the customer service rep in the bank(s) you are considering and find out what services they offer. Good luck!

bajabound2005 - 3-7-2007 at 07:03 PM

Santander = Bank of America
Bancomer = Wells Fargo
Banamex = Citibank

I agree with comitan; use a bank that has a relationship with your bank. A friend of ours has had problems using Bancomer ATMs here twice (puts in the card, does the transaction and no $$ comes out) but the $$ is deducted from his acct; calls Wells Fargo and gets the problem corrected. Takes them 2-3 weeks but it gets fixed. We have B of A and use the Santander ATMs, no problems in many years but nice to know they are there if needed.

Bob and Susan - 3-8-2007 at 06:22 AM

bancomer didn't have any problems taking dollars anddepositing then into a peso account

money is monet :lol:

osoflojo - 3-8-2007 at 06:41 AM

Like Lencho, most all my transactions with HSBC are in dollars both in and out. Also with HSBC you can wire transfer to HSBC US with further credit to your HSBC Mexico account and only pay a domestic wire fee instead of an international one. Saves a lot if you use it often.

clarifying

sylens - 3-8-2007 at 10:04 AM

sorry about the confusion. what i *meant* to say was hsbc will not accept a check in us dollars. sure they would accept cash dollars, but living here full time we don't get too many good ol' usa bucks.

they indicated that after we have the account one year they will accept usa checks but we have not had the nerve/courage to check that out yet. will do so in the next month or so and will post results.

Bob and Susan - 3-8-2007 at 10:25 AM

now thiat is what bancomer told us...

no US checks until the peso account was 1 year old...

our dollar banamex account in santa rosalia is over a year old and they take our checks :lol:

only in mexico do banks NOT ALWAYS take money :saint:

jerry - 3-8-2007 at 11:01 AM

now i know why bancomer doesnt seem to ever get it together
it has a friend wells fargo

Hook - 3-8-2007 at 11:04 AM

Quote:

Originally posted by jerry
now i know why bancomer doesnt seem to ever get it together
it has a friend wells fargo

Jerry, it also explains why your fidecomiso payment is taking so long.

It's going by stagecoach!

Hook - 4-11-2008 at 10:10 AM

I'm bumping this to the top, after a year, to see if anyone can add anything to the discussion.

We are highly motivated at this point as our house appears to be sold and we have notified our jobs that retirement is imminent.

To start, can we begin with the various affiliations between Mexican banks and American/international banks? From what I've gathered it's:

Citibank-Banamex
B of A-Santander
Wells Fargo-Bancomer
HSBC-HSBC
ScotiaBank-ScotiaBank

What else?

Bob and Susan - 4-11-2008 at 10:24 AM

hook only banamex in los angeles ca can act the same as a banamex in mexico

citibank treats banamex as an outside bank
so does banamex to citibank

we have both
doesn't work

what i'd do is just get an account with citibank only because they are VERY internet oriented and they dont care where your "local" branch is.
MOST of their office are in a "7-11 Store" :light:

and...
the CLOSEST mexican bank near your retirement home in mexico

direct deposit your retirement check and use an ATM or transfer funds between accounts on the internet

we can do this from the playa with the SAT internet "hook" up :saint:

Hook - 4-11-2008 at 10:34 AM

So, you accept having to pay a fee when transfering from your Citibank account into your Mexican bank accout, I assume? Is it the same amount whether you transfer it into your Bancomer account or your Banamex account? I believe you have both, right? What does this generally cost per transfer? And what are the monthly fees on each of your Mexican bank accounts?

I'm OK with the ATM setup but figure we will need more cash than the daily limit as we begin to pay for construction in our local area.

Bob and Susan - 4-11-2008 at 11:01 AM

we pay fees....YUK

$60 per transfer...so make it worthwhile

$3 per month for the bank account down here

we have both banks
same for both

up you limit with your bank in the states for more money per day
also tell them you'll be using a credit card in mexico so they don't "cut you off"

Hook - 4-11-2008 at 11:10 AM

60.00............wow, banking mordida!!! 3.00/month is more than reasonable.

I've posted some of the same questions over on the San Carlos Sonora boards. That's where we will be going. I'll let you know if they have any insights on better banking relationships.

hsbc

sylens - 4-11-2008 at 11:34 AM

charges started at 50 and just went up to 88 pesos/month to maintain the checking account :fire:

we are going to check scotiabank next week. we only use it for fm3 (minimum monthly requirement). no deposits or withdrawals.

Hook - 4-11-2008 at 01:25 PM

Quote:

Originally posted by sylens
charges started at 50 and just went up to 88 pesos/month to maintain the checking account :fire:

we are going to check scotiabank next week. we only use it for fm3 (minimum monthly requirement). no deposits or withdrawals.

Not even ATM withdrawals?

I guess you have a good in-home safe. :yes:

sylens - 4-11-2008 at 04:00 PM

Quote:

Originally posted by Hook

Quote:

Originally posted by sylens
charges started at 50 and just went up to 88 pesos/month to maintain the checking account :fire:

we are going to check scotiabank next week. we only use it for fm3 (minimum monthly requirement). no deposits or withdrawals.

Not even ATM withdrawals?

I guess you have a good in-home safe. :yes:

not at all. we use atms all the time, including occasionally at hsbc but not from an account with them. we are still using our credit union atm card and it works fine anywhere we go.

DENNIS - 4-11-2008 at 04:38 PM

Quote:

Originally posted by sylens
our credit union atm card and it works fine anywhere we go.

I know you wouldn't know but, if it works at Anthonys may I borrow it?

BajaWarrior - 4-11-2008 at 05:07 PM

Does anyone remember when Mexico devalued the peso in the 80's? It was around 380x1 I think. Then it went to 3x1

If someone had money in the bank didn't it get depreciate 10 times? And you lost your money? That would have been a peso account back then, right?

sylens - 4-11-2008 at 05:46 PM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by sylens
our credit union atm card and it works fine anywhere we go.

I know you wouldn't know but, if it works at Anthonys may I borrow it?

tsk tsk, dennis. settle!! :tumble:

Terry28 - 4-11-2008 at 07:47 PM

BajaWarrior,

Unfortunately I had a pretty good sized peso account at the time of the devaluation..we lost half our money basically overnight..I learned later that the "big boy's moved billions just before the announcement of the devaluation....I was peeed!!

BajaWarrior - 4-12-2008 at 06:58 AM

Quote:

Originally posted by Terry28
BajaWarrior,

Unfortunately I had a pretty good sized peso account at the time of the devaluation..we lost half our money basically overnight..I learned later that the "big boy's moved billions just before the announcement of the devaluation....I was peeed!!

Yes, that is exactly what I heard. Very unfortunate. That must be why residents have dollar accounts now.

Hook - 4-12-2008 at 09:35 AM

Quote:

Originally posted by sylens
charges started at 50 and just went up to 88 pesos/month to maintain the checking account :fire:

we are going to check scotiabank next week. we only use it for fm3 (minimum monthly requirement). no deposits or withdrawals.

I've heard real good things about Scotia Bank from the San Carlos area.

Also reading about several who have lived there for years and can make do just fine with no mex account. They just use their ATM and if they need a bigger amount, they go for a few days in a row and take out the max.

At that point, WE would need the good, in-home safe. :yes:

Hook - 4-12-2008 at 09:39 AM

Quote:

Originally posted by Bob and Susan
we pay fees....YUK

$60 per transfer...so make it worthwhile

$3 per month for the bank account down here

we have both banks
same for both

up you limit with your bank in the states for more money per day
also tell them you'll be using a credit card in mexico so they don't "cut you off"

Bob, I would grind your rep at Citibank. Reading about only a 15.00 wire charge from others using the Citi-Banamex connection.

durrelllrobert - 4-12-2008 at 09:56 AM

Quote:

We have had good experiences with fidos with Scotiabank, and have found the local Banorte effective for cash transfers and simple banking. Their on-line bank security exceeds all banks in Canada. However, we may get our statements once or twice a year, if we are lucky...

[Edited on 3-7-2007 by Acuity]

Moved my account from Santander to Scotia because Santander:
1. Does to allow gringos to have ATM card: Scotia does
2. Does not mail statements period: Scotia does even though it takes 3-4 weeks to receive from Ensenada via MX city.
3. Does not have on-line banking period: Scotia does and it's very secure
4. Does not allow deposit of US checks period: Scotia does after you have account for 6 months
Scotia and Santander do not require FM3 to open account but Bancomer does.

BajaRed - 4-22-2008 at 02:34 PM

Citibank announced in Dec 2007 that they now charge 2% for all ATM withdrawals including Banamex...

Hook - 4-22-2008 at 03:22 PM

I went to a B of A branch last week and they reiterated that there are NO CHARGES, INCLUDING THE VISA 1% TRANSACTION FEE, for using Santander ATMs in Mexico.

Unless Wells Fargo pulls a rabbit out of their hat when I visit later this week, I am going to have to open a B of A. account.

You have to understand the soul-searching this is causing in a 35+ year credit union member. B of A was always the Evil Empire. Arrgggg!!!!!

I'll let you all know what I find at Wells Fargo. No mention of the old Amistad program on their website.