BajaNomad

2% charge on dollar cash deposits

DENNIS - 10-7-2009 at 12:47 PM

Quote:
Originally posted by morgaine7

Starting on November 1st. BBVA BANCOMER is going to charge 2% on deposits of dollars IN CASH to your dollar or peso account.

This law is effective from July 1st, 2008.



I wonder why they waited so long?

Bob and Susan - 10-7-2009 at 02:03 PM

this is OLD NEWS

it been going on since this summer

cash deposits above 25,000 pesos a month are taxed

shari - 10-7-2009 at 07:58 PM

Oh man....that really stinks as many of our clients pay in dollars cash... You may be right Morgaine...we will definately be rethinking accepting dollars or as you say...just tack on a 2% surcharge....hmmmm.

thanks for the heads up

mulegemichael - 10-7-2009 at 08:35 PM

ok, wait a minute please...i'm slow...in the original post it said something about, "once you have your pesos or dollars in your account, you can access the atm machine"....what?....the atm machine is my lifeline to money in mexico...do i have to do something else now to get money?...whaaaa?

Woooosh - 10-7-2009 at 10:09 PM

?? CASH is CASH. No one wants hundreds. You can still wire money down or write a check as they suggest (that one I admit I did not know about). Once the dollars are in your account, they stay dollars until you convert some to pesos- which are tracked seperately in a "peso account" and accessible only by ATM/debit cards.

I do watch for the best peso exchange rates and our local Bancomer gave us a phone number to call for the exact current rate. If it's good- we go down to the branch in person and transfer dollars into pesos.

DENNIS - 10-8-2009 at 07:44 AM

Woooosh..... Here ya go. It'll save you the trouble of making a phone call.

http://finance.yahoo.com/currency-converter/?amt=1&from=...

Woooosh - 10-8-2009 at 08:04 AM

Quote:
Originally posted by DENNIS
Woooosh..... Here ya go. It'll save you the trouble of making a phone call.

http://finance.yahoo.com/currency-converter/?amt=1&from=...

How many times have you seen an on-line rate, rushed to the bank, only to be offerred significantly less? That's why I call my own bank direct and get their guaranateed rate (for the next few hours at least). Saves wasting a trip. Your link is a good start though.

[Edited on 10-8-2009 by Woooosh]

cabobaja - 10-8-2009 at 08:11 AM

Quote:
Originally posted by DENNIS
Woooosh..... Here ya go. It'll save you the trouble of making a phone call.

http://finance.yahoo.com/currency-converter/?amt=1&from=...


These quotes are Mexico City rates. You'll receive the rate if you charge on your credit card but at the bank will/could be lower. That's how the banks make money...on the exchange.

farrahdews - 11-10-2009 at 05:07 AM

Quote:
Originally posted by mulegemichael
ok, wait a minute please...i'm slow...in the original post it said something about, "once you have your pesos or dollars in your account, you can access the atm machine"....what?....the atm machine is my lifeline to money in mexico...do i have to do something else now to get money?...whaaaa?



Yeah,i agree..Any other options? So i wont be charge that much everytime i withdraw my cash?

Regards,
farrahdews
Disque dur multimedia

loretomike - 11-10-2009 at 08:01 AM

i met with the bancomer bank manager last week for clarification of this very issue. he stated that bancomer will charge 2% on cash deposits exceeding $2500 u.s. dollars in a calendar month. he further stated that this charge does not apply to pesos but that it is possible that in the near future pesos will also be charged. the peso charge is being "studied" , but he said it is coming. i am only reporting what was told to me. hope he knows his banks' policies.