BajaNomad

Best US - Baja Bank Combination

The Gull - 4-22-2009 at 05:52 AM

Over the years, I have seen discussions on which bank in the US and which bank in Baja provides the best combination of services. Since many of these discussions would change over time because of the banks policies and alliances, I would like to hear from Nomads on their personal experiences.

I think in terms of ease of moving money from your computer across the border in both directions, exchange rates, peso vs dollar accounts (especially recently with the volatility of the peso), ATM availability (access costs), electronic statements and bill pay on-line on both sides of the border.

Comments?

Hook - 4-22-2009 at 06:51 AM

For many over here in Sonora, it boils down to whether you actually need a Mexican branch, complete with window teller services. So, any discussion along these lines should identify IF a person is discussing having "full service" banking in Mexico, cause that adds a whole nuther fee structure.

For many of us over here, we're getting by just fine using a B of A account in the US and Santander ATMs. We have two ATM/debit cards tied to the same account and each card can withdraw 5000 pesos per day. No fees at all and as mentioned before, the exchange rate is about .15 pesos/dollar less that the exchange rate you see on sites like xe.com. Pretty close and much better than a comparative rate at HSBC, according to a study conducted by a person here in San Carlos.

The other slight drawback on having a B of A account is that they pay nothing on this type of "checking" account that we use and almost nothing on the savings account we have with it to back it up. B of A has never been very competitive in this respect. That's why I haven't used them in 40 years until I was told about their Santander relationship. Credit unions are so much more superior.

So, we have linked a MMA from a big institution and our other credit union accounts to this B of A account and we can transfer 3000 US per day to this account using an electronic fund transfer that costs nothing. At least our CU charges nothing; other institutions might. The big Connecticut based MMA doesnt charge anything either but they are slower at transfering it.

BTW, there are Santander ATMs in places other than Santander banks over here. There's a very convenient one in the big Modelo distribudor on the outskirts of Guaymas. Now that I've developed a taste for their new Pacifico light (hey, I'm watching my figure), it is most convenient.

We are NOT using window teller services; we have no account at Santander. Just use their ATMS.

[Edited on 4-22-2009 by Hook]

shari - 4-22-2009 at 07:00 AM

Just a note on Santander...it isnt reliable at the telegraph offices, which is where we do our banking in the villages where there isnt a bank....which is always an important consideration. Banorte is the bank of choice here and most reliable...but with this new tax law where you pay a tax if you deposit more than 20,000 pesos, we spread it between accounts at Bancomer (love thier online banking) and banamex....good to have options when one bank isnt working well at the telegraph office.

rpleger - 4-22-2009 at 07:23 AM

BanaMex and Banamex USA(California Commerce)...I can go online and move money down same day, within hours, and have access to it at any ATM machine.

I pay all my utility bills on line with BanaMex. This is the best...

Hook - 4-22-2009 at 08:40 AM

Quote:
Originally posted by rpleger
BanaMex and Banamex USA(California Commerce)...I can go online and move money down same day, within hours, and have access to it at any ATM machine.

I pay all my utility bills on line with BanaMex. This is the best...


What is the cost per month for having a window teller type Banamex account??? I assume you had to go into a Banamex branch and open an account to be able to pay your utility bills on line.

[Edited on 4-22-2009 by Hook]

DianaT - 4-22-2009 at 09:37 AM

Quote:
Originally posted by shari
but with this new tax law where you pay a tax if you deposit more than 20,000 pesos, we spread it between accounts at Bancomer (love thier online banking) and banamex....


Gull,
Thanks for asking this question---real interested in all the answers.

Shari, how much is the tax??

Thanks

rpleger - 4-22-2009 at 10:46 AM

HOOK...

There is no monthly fee....I have an account with Banamex in S. Rosalia and another account in Los Angles...I pay a fee to use the ATM at Bancomer in Mulegé which is far cheaper than driving to S. Rosalia. Oh, the Banamex account in S. Rosalia is a peso account.

For me...

djh - 4-22-2009 at 11:01 AM

I've had a Bancomer (Loreto) account for several years.
My (US) Credit Union Account, of course has no ties to Bancomer.

So....

I went on-line to Wells Fargo ( www.wellsfargo.com ) and set up a "Custom Management Package" account. (Savings and checking ~ both free if you opt for an automatic deposit of $25 from your Ckg. to you savings every month ~ no problem.... and free first box of checks).

I now have on-line access to Wells Fargo and I can use their "Express Send" to send $ to MX either to my Bancomer acct. or to another person's bank acct. OR to an individual person who can pick it up there in MX.

There is a small fee for this ($5 for Express Send to my bank / $7 for E.S. to an individual ~ cash). I can see that this may be handy for paying my MX. accountant without the $40 Bank Wire fees, as well as possibly paying for work services, materials, etc. down the road....

https://www.wellsfargo.com/per/intl_remittance/mexico describes all of that...

I have not yet learned IF / HOW I can directly transfer $ from my new (US) WF acct. to my (MX) Bancomer acct., but because they have that formal relation / linkage, I imagine & hope that it is possible also (without any fees).

I just did all of this last week, so it is all new, and I have not done much with this yet, but I thought some of my fellow Nomads might find this a possibility / option if you already have a Bancomer acct..

BTW I did NOT have to go into a local WF branch. I was able to open my sav. and ckg. accts. with deposits made from my VISA card :-). How fun is that.... AND I got my Alaska Airlines Mileage Plan miles for that too :-)... (I think / hope.)

djh

Info needed on USA/Mexico banking

altatension - 4-22-2009 at 12:38 PM

I have dual citizenship (US/MX). I just bought a place in Rosarito and have a need to pay my electric bill every two months, so far the builder has been paying it for me but I would like to do it myself. So my questions are:
1. What do I need to open an account in Mexico?
The least expensive option but one that allows me to pay CFE (electric co.) online.
2. Need telephone numbers of couple of banks in Rosarito, maybe I will start with Banamex and Banorte.

I have a BofA account in the US with the free 'safesend' so I can send money to banks or individuals in Mexico for free. Have not done it yet. Anybody has any experience doing this?

Thank in advance for your help

rpleger - 4-22-2009 at 02:48 PM

altatension

With a Banamex account...you can pay CFE and all other utility s on line from the states...BUT you need a copy of your utility bill to know how much to pay and to which account...

[Edited on 4-22-2009 by rpleger]

comitan - 4-22-2009 at 04:05 PM

For no cost ATM you need a Citibank(BanamexUSA) Amistad account, this is done in the US Just call fromUSA 800 222 1234 they will send you the forms calling from Mexico 01 800 `111 1234 yes toll free from Mexico. I just ask for representative.

[Edited on 4-23-2009 by comitan]

Mexitron - 4-22-2009 at 05:20 PM

Anyone know if Chase Bank has a connection with Mexico like Wells Fargo and Citibank?

MitchMan - 4-22-2009 at 05:43 PM

Quote:
"No fees at all..."

..."we have no account at Santander. Just use their ATMS."

[Edited on 4-22-2009 by Hook]



Hey Hook,
Do you mean to say that neither Santander nor B of A charge you a fee for using the Santander ATM to withdraw funds from your B of A account and get those withdrawal funds in the form of pesos? And that the only detriment that you suffer upon this withdrawal is the $.15 Peso hit on the XE.com bid exchange rate?



[Edited on 4-23-2009 by MitchMan]

Pescador - 4-22-2009 at 07:40 PM

Quote:
Originally posted by Mexitron
Anyone know if Chase Bank has a connection with Mexico like Wells Fargo and Citibank?


Not so that you can move back and forth without fees. Because I have a preferred account at Chase I raised hell with their fee for withdrawl at a Mexican ATM and was able to get the fees reversed but it was a long involved process.
Because they manage my investments, I indicated that I would be forced to use Wells Fargo (which I really dislike as a bank) since they only charged a $5 fee and they figured that it was worth it to rebate the fees.

bajabound2005 - 4-22-2009 at 08:11 PM

Anyone with a USAA bank acct using their ATM card here? and what is the experience? They (USAA) says no fees, but with WHICH banks here? I know how that game works. USAA won't charge a fee but I get dinged by the bank from which I withdraw (maybe??).

USAA

bajaguy - 4-22-2009 at 08:14 PM

Yup, use my USAA Debit/ATM card at the ATM's in Commercial Mexicana..........no problems. I'll have to look at my statement as to fees

Hook - 4-22-2009 at 09:23 PM

Quote:
Originally posted by rpleger
HOOK...

There is no monthly fee....I have an account with Banamex in S. Rosalia and another account in Los Angles...I pay a fee to use the ATM at Bancomer in Mulegé which is far cheaper than driving to S. Rosalia. Oh, the Banamex account in S. Rosalia is a peso account.


Thanks for the info. Did you have to appear in person at the Banamex office in LA to open the account? Did you have to give a US STREET address?

I ask because I have learned that not having a US address has made me ineligible for many financial services from banking institutions. Part of the Patriot Act, I am told.

rpleger - 4-23-2009 at 09:28 AM

Hook
I did this so long ago that I don't remember(pre 911)
call these guys and ask...

This system really works for me.

For no cost ATM you need a Citibank(BanamexUSA) Amistad account, this is done in the US Just call fromUSA 800 222 1234 they will send you the forms calling from Mexico 01 800 `111 1234 yes toll free from Mexico. I just ask for representative.
comitan...

USA - Mexico banking

altatension - 4-23-2009 at 02:29 PM

Thank Comitan.

I just opened a 'Banamex USA interchecking amistad account. I did the entire process over the phone by calling 1-800-222-1234 (from mexico you call 01-800-111 1234).

This account is free of maintenance fees for people 55 and over, no min balance, free internet access via bank@net, free transfers to Banamex (Mex) and free access to Banamex ATMs, earns small interest. Overall sounds too good to be true but I will post my experiences as they happen. Thank you all for your inputs. BTW you are required to have an address in Mexico and to prove it with a utility bill. For those of you not yet 55 yrs, they might have another program or the same program for a small fee. Give them a call and post your results.

bajabk - 4-23-2009 at 02:42 PM

Besides Santander Serfin, you can withdraw funds from your B of A account for no charge at Scotia Banks. Other than those two, B of A will nail you for a $5.00 non B of A atm charge plus a 1% foreign transaction fee! Costs about 8.75 US to get $5000 pesos!! Do that a few times a month and that really hurts!!

Udo - 4-23-2009 at 03:07 PM

This is another thread worth the Nomad membership!

[Edited on 4-23-2009 by udowinkler]

bajalou - 4-23-2009 at 03:19 PM

I've been paying my Telnor bill on line for several years using Wells Fargo Debit card with a 1% conversion fee.

oladulce - 4-23-2009 at 06:16 PM

Any suggestions for easy (online?) transfers of larger sums of money from a US institution to a Mexican bank account when you are IN Mexico?

During construction we'll need to access and transfer funds of $10,000-$25,000 dollars at a time from our US account to the Banamex account of our contractor. We used bank wire transfers to do this when we lived in Calif and I don't know how we'll accomplish this when we move to BCS. Most banks seem to have a $2,000- $5000 dollar limit on inter-bank online transfers.

The only possible option we've come across is a credit union which will allow larger sums to be transferred from your account if you fax them a signed request. Since there is rarely cell reception in our town and we hadn't expected to need a fax machine it may be tricky but would be worth a 2 hour drive to the big town to send a fax if that's the only way to do this.

ncampion - 4-23-2009 at 09:44 PM

Quote:
Originally posted by oladulce
Any suggestions for easy (online?) transfers of larger sums of money from a US institution to a Mexican bank account when you are IN Mexico?


In Loreto I just write a check from my US account and deposit it in my Bancomer account. Just did it for $10,000 but don't think there is any reasonable limit Only catch is that they put a 7 day hold on the check before you can access the money. US banks often put a short hold on large deposits as well. Just need to plan ahead a little.


.

Mexitron - 4-24-2009 at 07:43 AM

Quote:
Originally posted by Pescador
Quote:
Originally posted by Mexitron
Anyone know if Chase Bank has a connection with Mexico like Wells Fargo and Citibank?


Not so that you can move back and forth without fees. Because I have a preferred account at Chase I raised hell with their fee for withdrawl at a Mexican ATM and was able to get the fees reversed but it was a long involved process.
Because they manage my investments, I indicated that I would be forced to use Wells Fargo (which I really dislike as a bank) since they only charged a $5 fee and they figured that it was worth it to rebate the fees.


Thanks Pescador--good to know--we have the same situation with Chase...probably be easier to open an account with the other easier banks for the ATM stuff.

The Gull - 4-25-2009 at 03:06 PM

Is the winner Citibank-Banamex?

Is the winner Cal Commerce-Banamex?

comitan - 4-25-2009 at 03:17 PM

Gull

No More Calif. Commerce-Banamex.

Yes the ultimate combination for me is Citi-Banamex USA

twogringos - 4-27-2009 at 01:23 PM

I second the Banamex USA (Citi) - Banamex. You can transfer up to $10,000 per day instantly to the Banamex account, on line or by toll free #. No fee cash at Banamex (MX) and 1% fee at Bancomer. CFE and Telmex bills paid automatically from Banamex (MX). And now Asuncion CFE too!

MitchMan - 4-28-2009 at 11:12 AM

Question:

If I use my BofA Visa debit card at a Bancomer ATM in La Paz, will the only PIN I need to input at that La Paz Bancomer ATM be the very same PIN that I use here in the states at a BofA ATM? Same question for using the above-mentioned BofA debit card at Santander ATM in La Paz? At a Banamex ATM in La Paz? Or, do I have to obtain a different PIN for use in La Paz? If so, where do I get said PIN?

Also, are there any "Specs" for the PIN? That is, is there a minimum number of characters for the PIN that may be different than the minimum characters required in the USA?

Thanks

[Edited on 4-28-2009 by MitchMan]

[Edited on 4-28-2009 by MitchMan]

Bajahowodd - 4-28-2009 at 11:52 AM

Your PIN is recognized at any ATM that is supported by the various systems such as Cirrus, Star, Plus, World. The various logos are usually prominently displayed on the ATM. I've taken cash out of free-standing ATMs in Europe and the Middle East. No problem. Same PIN anywhere.

[Edited on 4-28-2009 by Bajahowodd]

Riom - 4-28-2009 at 03:05 PM

Quote:
Originally posted by MitchMan
If I use my BofA Visa debit card at a Bancomer ATM in La Paz, will the only PIN I need to input at that La Paz Bancomer ATM be the very same PIN that I use here in the states at a BofA ATM?


Yes, providing your PIN is four digits (and all numeric). Most ATMs will use English (at least partly) if you insert a foreign card, but if not, a PIN is a NIP in Spanish.

Remember also amounts like "$2000" shown on the ATM are in Pesos, so don't think they are dollars and draw out 1/13th of what you need. :-)

MitchMan - 4-28-2009 at 07:33 PM

Thank you all for the responses on the PIN. Very, very helpful.

You know how it is, the devil is always in the details. I don't know about you, but, administratively, in Mexico, I have gotten killed on the "little known details".