BajaNomad

Mexican Banking Regulation

bajadock - 7-26-2010 at 10:43 AM

Mex Bank Restrictions ...from the Dibble Drivel

Banking regulation is "spilling" across the border. Wonder what the unintended consequences will be.

wessongroup - 7-26-2010 at 10:45 AM

Perhaps more tellers at the banks.. and a better understanding of what is really going on .... :):)

Weird Control

lookingandbuying - 7-26-2010 at 11:00 AM

Quote:
Originally posted by bajadock
Mex Bank Restrictions ...from the Dibble Drivel

Banking regulation is "spilling" across the border. Wonder what the unintended consequences will be.


It is interesting that the Mexican government restricted the amount of dollars that can be deposited to such a low amount. In the U.S., you can deposit as much as you want as long as the bank fills out the proper paperwork and the depositor does not intentionally structure the deposit to avoid the required reporting. It is a paperwork nightmare and alot of it is probably never looked at, at least until a trigger is hit. It will be interesting to see if this new process surviives...especially in the border regoins.

durrelllrobert - 7-26-2010 at 11:12 AM

Quote:
Originally posted by lookingandbuying
Quote:
Originally posted by bajadock


It is interesting that the Mexican government restricted the amount of dollars that can be deposited to such a low amount.

$4k cash is better than my bank's (Scotia) current policy of not accepting any US checks for deposit :mad:

tjBill - 7-26-2010 at 10:06 PM

A lot of people Tijuana keep bank accounts in both Mexico and the US. B of A being the most popular.

toneart - 7-27-2010 at 03:42 PM

Just one more reason not to have a Mexican bank account. It has always been too great of a hassle, and now this. Oh well.......:(
Too bad, because this negatively impacts commerce of the legal kind.

rts551 - 7-27-2010 at 06:19 PM

Geeze you guys, How many of you deposit more than $4000 in cash per month into an account? Cash!

Transfers are still allowed.

Pescador - 7-28-2010 at 07:54 AM

Quote:
Originally posted by rts551
Geeze you guys, How many of you deposit more than $4000 in cash per month into an account? Cash!

Transfers are still allowed.


Anyone with an active building project.

rts551 - 7-28-2010 at 07:57 AM

Quote:
Originally posted by Pescador
Quote:
Originally posted by rts551
Geeze you guys, How many of you deposit more than $4000 in cash per month into an account? Cash!

Transfers are still allowed.


Anyone with an active building project.


Then I would do a transfer since presumably there is already a bank account. But to each his own.

MitchMan - 7-28-2010 at 09:12 AM

Mexican banks are big pain in the neck.

There are all kinds of restrictions and long lines at the branches most of the time. Tellers can't even tell you what your bank balance is, you have to go to the bank manager for that. Your access to your account and what you can do will also change if you go to a branch in a different city than where the account was opened. Stupid, stupid, stupid! Also, new irritating rules keep coming up and you are never notified.

Most independent contractors and residents avoid having an account because of the restrictions and inconveniences.

toneart - 7-28-2010 at 01:01 PM

Quote:
Originally posted by MitchMan
Mexican banks are big pain in the neck.

There are all kinds of restrictions and long lines at the branches most of the time. Tellers can't even tell you what your bank balance is, you have to go to the bank manager for that. Your access to your account and what you can do will also change if you go to a branch in a different city than where the account was opened. Stupid, stupid, stupid! Also, new irritating rules keep coming up and you are never notified.

Most independent contractors and residents avoid having an account because of the restrictions and inconveniences.


What Mitch said!

That was my experience and I have said so in detail on this forum. It is not worth it! I had to have an account when I was building my house, but after that, I dumped the bank.:bounce:

RichBaja - 7-28-2010 at 02:22 PM

Sounds like an effective way to curb laundering. Am I wrong?