BajaNomad - Mexican Bank account for US citizen?

Mexican Bank account for US citizen?

Gerald - 12-13-2011 at 10:34 PM

Is it possible for american living in the US to have
a bank account in Mexico? To be used when visiting
Mexico and for ease of converting USD to pesos.

dtbushpilot - 12-13-2011 at 11:03 PM

Yes, possibly, I can't remember if I needed to show residency when I opened mine but if you want to get pesos in MX leave your dollars at home and use your ATM card to get pesos in MX. Use an ATM at a bank, not in a store or kiosk, more secure that way.

Hook - 12-14-2011 at 05:23 AM

There is nothing easier or more economical that simply using an ATM for converting dollars to pesos. Going through the tellers to do this costs more than ATMs at any Mexican bank I have heard of.

Yes, an FM-3 is usually a requirement for a Mex bank account. At least at Banamex over here in Sonora. We have one just for emergency withdrawals in excess of our daily ATM limit.

[Edited on 12-14-2011 by Hook]

gnukid - 12-14-2011 at 07:27 AM

Using ATMs seems far simpler and cheaper. In general to have a bank account one need the approval of a bank manager and can include a cobrabante or current bill for electricity or water, and two references and their addresses and phones. You sort of need an address where the statement can go to and be referenced to, this can be a friends house and they can be a reference and you can use their utility bill. Of course these are just requirements that can be fulfilled in a variety of manner now or later with the approval of a bank manger. It would help to have a responsible friend as a reference who also knows the bank manager or is known to be reliable.

mcfez - 12-14-2011 at 08:03 AM

Quote:

Originally posted by Gerald
Is it possible for american living in the US to have
a bank account in Mexico? To be used when visiting
Mexico and for ease of converting USD to pesos.

It is. Fact is..having a bank account in foreign countries is a common business practice.

Unless you have a need for hundreds or thousands of dollars to be converted (cash land deal or?)....simply go to a ATM. Monetary conversion businesses are avail also right outside of most US border towns before entering Mexico.

I myself.....when down there for a few weeks or less...I use USD of small notes, that is accepted at most places. Let the merchants make an a little extra off you...

DENNIS - 12-14-2011 at 08:16 AM

One must maintain a minimum balance in a Mexico bank account or the monthly fees will eat it up. I saw that happen when a lady opened an account to satisfy immigration for her FM. She put in 1500 dollars, something like that, and after a few years when she went to take it out, it was all but gone.

schwlind - 12-14-2011 at 08:31 AM

Quote:

Originally posted by Hook
There is nothing easier or more economical that simply using an ATM for converting dollars to pesos. Going through the tellers to do this costs more than ATMs at any Mexican bank I have heard of.

Yes, an FM-3 is usually a requirement for a Mex bank account. At least at Banamex over here in Sonora. We have one just for emergency withdrawals in excess of our daily ATM limit.

[Edited on 12-14-2011 by Hook]

I agree with all about using an ATM. If your US bank has an affiliation with a Mexican bank, in our case at least unless they've changed this, there are no ATM fees for the withdrawal. As an example, our personal bank account is with Bank of America. Last time I checked their affiliation with Santander as well as Scotia Bank allowed us with withdraw pesos with no ATM fees. Also, again based upon the last time I used it (earlier this year), the daily withdrawal limits are based upon your US account, not what is generally posted at the bank ATM's in Baja.

durrelllrobert - 12-14-2011 at 10:02 AM

Quote:

Originally posted by gnukid
You sort of need an address where the statement can go to

In the 4 years that I have had an account with Scotia Bank they have never mailed me a statement. I have to go to their ATM to check my account balance and activity.

bacquito - 12-14-2011 at 10:40 AM

Quote:

Originally posted by durrelllrobert

Quote:

Originally posted by gnukid
You sort of need an address where the statement can go to

In the 4 years that I have had an account with Scotia Bank they have never mailed me a statement. I have to go to their ATM to check my account balance and activity.

I have an account at Santander and used my telephone # at our house so Santander could send me a statement. The good thing about Santander is that I can use my Bank of America debit card to extract money from my Bof A account.

norte - 12-14-2011 at 10:48 AM

Quote:

Originally posted by mcfez

Quote:

Originally posted by Gerald
Is it possible for american living in the US to have
a bank account in Mexico? To be used when visiting
Mexico and for ease of converting USD to pesos.

Since you are making a statement of fact. can you back this up?
It is my understanding that you have a residence or have business
IN Mexico before you can establish a bank account.

bank account

bajagrouper - 12-14-2011 at 11:50 AM

Quote:

I see on an FMM you can deposit monies not sure if you open the account with one, you can buy property with a tourist card...

[Edited on 12-14-2011 by bajagrouper]

Riom - 12-14-2011 at 05:31 PM

Most of the Mexican banks do require proof of address within Mexico, for example Banamex (click requirements) :
http://banamex.com.mx/en/personas/cuentas/administracion/cue...
and Bancomer (the last question on the page):
http://www.bancomer.com/pcu/pcu_banse_cheai_freaq.html

So for a visitor it's not really practical to open a Mexican account. Note that an FM3 isn't a requirement (unless a particular branch adds it), just a passport and utility bill in your name.

As others have said, cash from an ATM is good enough if you're just visiting. Keep some pesos after each visit to bring next time, so you're in no rush to draw at more as soon as you arrive. It's hard to beat the rate from an ATM, if you can keep the fees down.

chinolbz - 12-14-2011 at 10:25 PM

Wife and I opened an account last year. Many other Americans in our area as well. No big deal. Minimum balance of 1000 peso. Chino

meme - 12-16-2011 at 09:11 AM

My sister opened an account here in San Felipe at Bancomer last March. Her requirement since she is a renter was Passport, CFE bill (not even in her name?) & Current ID (Drivers License). The same kind of account we have with them but we used our FM-3 & Telnor Bill. ATM account & we can make a check(cash) deposit into our account whenevrr we like and we have no service charges when using the Bancomer ATM card.Have had our account since the Prefferred Customer Bancomer Bank opened & no problems with the account at all.

Bajajorge - 12-16-2011 at 09:53 AM

I've found that having a Mexican bank account is more or a pain than what it's worth. Especially if you're only using it occassionally. With Bancomer if you're only in Mexico and use your account periodically they will shut it down after a certain length of time and take the balance. Banomex is connected with Citi Bank and you can do things with the account while still in the US, but you'd have to check on actual details.
I just leave my money in US banks and do ATMs at the bank lobbies in Mexico and things have worked just fine.

mcfez - 12-16-2011 at 04:36 PM

Quote:

Originally posted by norte

Quote:

Originally posted by mcfez

Quote:

Originally posted by Gerald
Is it possible for american living in the US to have
a bank account in Mexico? To be used when visiting
Mexico and for ease of converting USD to pesos.

Since you are making a statement of fact. can you back this up?
It is my understanding that you have a residence or have business
IN Mexico before you can establish a bank account.

Either you are trolling...or you are stupid of international monetary matters. Need proof? Ask any Mexican financial institute (or most any other country) their policies.....

Bajajorge - 12-17-2011 at 10:08 AM

Just read on another Baja forum that the Mexican IRS (Hacienda) has been coming to gringo residences in and around San Felipe looking to collect income taxes.

These collections are due to the gringos having made large money deposits/transfers into Mexican banks.
Has something to due with the new anti drug money laundering laws now in place in Mexico.
Just another reason why I don't have a Mexican bank account.

meme - 12-17-2011 at 06:10 PM

Bajajorge, what you were reading on another forum was ony pertaining to deposits of cash that show nothing as to where that money came from.This does not pertain to deposits from other banks credit unions etc. that you make transfers or deposits from, as they show the source of the money.