BajaNomad

U.S. Bank w/Mexican Bank Partner

oldjack - 4-16-2009 at 01:01 PM

I have a vague memory of some post(I tried the search feature) that mentioned a bank in Los Angeles that was partnered w/Banamex(?) where I could have my money deposited in the States and have it transferred to MX without cost and use the Mexican bank for everyday activities. Anybody have a better memory or actual experience with this process???

bajalou - 4-16-2009 at 01:04 PM

Don't remember that but Banamex has a US branch. I have seen a branch office in Calexico.

It's Banamex USA

Dave - 4-16-2009 at 01:18 PM

Banamex is owned by Citi. They have special accts. for those retired and living in Mexico. I think you need to be over 55 YOA. Contact info:

2029 Century Park East, 42nd floor
Los Angeles, CA 90067
1-800-222-1234 Within the United States
01-800-111-1234 From anywhere in Mexico

... and for Bancomer ? ? ?

djh - 4-16-2009 at 01:51 PM

Does Bancomer partner / share with a US bank?

thx.
djh

rpleger - 4-16-2009 at 02:10 PM

Been using BANAMEX USA for at least 10 years now..

used to be called California Commerce Bank, in LA just like Dave said.

Same day transfer of funds. Also atm... Just bring in money as you need it.

flyfishinPam - 4-16-2009 at 02:15 PM

Bancomer used to have a branch in LA. I've seen it but that was several years ago and I don't know if its still there. Don't see why not. The fact that Bancomer had (has) a branch in LA was subject to conversations regarding more protection for a US citizen with a fideiocomiso held with Bancomer. I have no idea if this means anything but that was the talk about ten years ago.

bajabound2005 - 4-16-2009 at 02:56 PM

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

Bajahowodd - 4-16-2009 at 04:26 PM

You may want to check with HSBC. I seem to recall they had such a program.

bajalou - 4-16-2009 at 04:47 PM

When I asked at Wells Fargo, they told me no Mexico affiliates.

flyfishinPam - 4-16-2009 at 05:03 PM

Quote:
Originally posted by bajabound2005
Bancomer = Wells Fargo
Santander & Scotia Bank = Bank of America
Banamex = Citibank


Its nice to have a conversion chart.

flyfishinPam - 4-16-2009 at 05:04 PM

If it helps that branch of Bancomer up in LA had the same sign as in Mexico. It was definately not operating as another bank. It may still be there.

flyfishinPam - 4-16-2009 at 05:06 PM

WOW there's LOTS of Bancomers!

these are only in So Cal!
http://maps.google.com/maps?hl=en&um=1&ie=UTF-8&...


http://www.bbvabancomerusa.com/index.aspx?pageid=9

[Edited on 4-17-2009 by flyfishinPam]

EnseNADAslim - 4-16-2009 at 05:39 PM

Quote:
Originally posted by bajalou
When I asked at Wells Fargo, they told me no Mexico affiliates.

You talked to someone that did not know, nor did they want to check it out---most likely they were having a bad day. You can transfer funds via a International remittance account. You can set up an account with HSBC or Bancomer, then you need to visit a Wells Fargo with you account information and they will set it up for you. Of course you will need an FM3 to open an account in Mexico to do this.
I'm with HSBC, but I'm going to switch to Bancomer as all off the HSBC are in downtown Ensenada, and Bancomer has more offices to deal with.

bajagrouper - 4-16-2009 at 06:41 PM

I have a Banamex USA ( formally California Commerce Bank) account... To open you need a Mexican address and you need to show either a water or electric bill with same address...You get an ATM card you can use at any Banamex ATM machine without a fee and at a very favorable rate. Beside the LA address they have a branch in Calixico...very happy:tumble:with their service...

Yamero - 4-16-2009 at 07:00 PM

>> To open you need a Mexican address and you need to show either a water or electric bill with same address...

Excuse my ignorance, but aren't many if not most U.S.-issued ATM cards accepted in Mexico? What's the purpose of opening an account in the U.S. in order to receive an ATM card to be used specifically in Mexico?

I've used my U.S.-issued ATM card in Europe and Asia, and the dollar-to-local exchange rates were always more favorable than the foreign exchange counters at airports. Hence, my question - what makes Mexico different in this respect?

Yamero

Ricardo - 4-16-2009 at 07:23 PM

Bajabound2005 says, Santander & Scotia Bank = Bank of America, I don't think ScotiaBank has any holdings with either of these two companies.But that doesn't mean they aren't compatible for transactions.
Rick

bajabound2005 - 4-16-2009 at 09:04 PM

I know you can take money from Scotia' ATM with BofA card and incur no fees on either end! So there is some kind of "relationship".

Bajalou -- go into a Wells Fargo branch and speak to a Hispanic banker -- they KNOW; the others don't have a clue. Do not call, go into a branch.

schwlind - 4-17-2009 at 12:22 AM

Quote:
Originally posted by Yamero
>> To open you need a Mexican address and you need to show either a water or electric bill with same address...

Excuse my ignorance, but aren't many if not most U.S.-issued ATM cards accepted in Mexico? What's the purpose of opening an account in the U.S. in order to receive an ATM card to be used specifically in Mexico?

I've used my U.S.-issued ATM card in Europe and Asia, and the dollar-to-local exchange rates were always more favorable than the foreign exchange counters at airports. Hence, my question - what makes Mexico different in this respect?

Yamero


That comment was in response to opening an account at one of the banks in Mexico (Baja).

Your ATM card works at most ATMs in Mexico regardless of the affiliations, its just that you'll pay a fee for using another banks network. As an example our US bank account is with Bank of America, but we always use HSBC's ATMs as they are more convenient. And the price of that convenience is a $8 to $10 fee deducted from our checking account.

djh - 4-17-2009 at 06:50 AM

Quote:
Originally posted by schwlind
Quote:
Originally posted by Yamero
>> To open you need a Mexican address and you need to show either a water or electric bill with same address...

Excuse my ignorance, but aren't many if not most U.S.-issued ATM cards accepted in Mexico? What's the purpose of opening an account in the U.S. in order to receive an ATM card to be used specifically in Mexico?

I've used my U.S.-issued ATM card in Europe and Asia, and the dollar-to-local exchange rates were always more favorable than the foreign exchange counters at airports. Hence, my question - what makes Mexico different in this respect?

Yamero


That comment was in response to opening an account at one of the banks in Mexico (Baja).

Your ATM card works at most ATMs in Mexico regardless of the affiliations, its just that you'll pay a fee for using another banks network. As an example our US bank account is with Bank of America, but we always use HSBC's ATMs as they are more convenient. And the price of that convenience is a $8 to $10 fee deducted from our checking account.


YUP.... AND, Not all banking needs are as simple as just "getting cash when in MX." . . .

It is good to be able to manage funds from ANYwhere and also to avoid transfer fees, service fees, Int'l fees, etc.

I think I see some sun in Idaho !!!! Maybe thiw long winter is finally coming to an end :bounce:

djh

Hook - 4-17-2009 at 07:06 AM

Schwlind, those fees are in pesos, right?

There are many persons in San Carlos who have been living here for 20 years that have NEVER FOUND A NEED TO OPEN A MEXICAN BANKING ACCOUNT. Generally, their builders accept US checks in dollars for the large sums sometimes needed. MANY OF THESE LOCAL BUILDERS HAVE US ACCOUNTS AS THEY HAVE LEARNED ABOUT THE SAFETY OF MEXICAN BANKS THROUGH A COUPLE DEVALUATIONS.

The same holds true for us. We are using a combination of our credit union, B of A and Santander. 3000.00 US daily limit on transfers from our CU to our B of A account but the transfer is an ETF so no fees. Then, ATM up to 5000 pesos per day PER CARD (we have two) from a Santander using the B of A check/ATM card.

No fees along the process, but there is always a way for a bank to make it up in the exchange rate. The B of A rate is a little down from the market rate I've seen posted (about .15 pesos). But it is vastly superior to what HSBC is giving their clients...............about a half peso worse.

bajajudy - 4-17-2009 at 07:21 AM

Forget HSBC
They will not accept cash dollars. I know that you are all talking about transfers like ATM's BUT if you should wind up with some cash you cannot deposit it into your HSBC account. They will not change dollars into pesos either even if you have an account. They $uck!

bajalou - 4-17-2009 at 07:41 AM

Quote:
Originally posted by bajabound2005


Bajalou -- go into a Wells Fargo branch and speak to a Hispanic banker -- they KNOW; the others don't have a clue. Do not call, go into a branch.


That's where I went, the branch in El Centro.

And I was aware of the international remittance program, but I was wondering about a no ATM fee arrangement.

I might ask again, next time I'm in the old country.

[Edited on 4-17-2009 by bajalou]

comitan - 4-17-2009 at 09:27 AM

If you are in La Paz and want to cash dollars go to the CCC store they will take your dollars and give you the best rate. If you have a large amount go to the desk. They need dollars to buy US goods that they sell down here.

Bajajorge - 4-17-2009 at 02:01 PM

I have Bancomer in San Felipe. When I transfer money from the US to Bancomer it is routed through Morgan Chase Bank.