BajaNomad - Drawing funds from US Bank in Mexico

Drawing funds from US Bank in Mexico

Iflyfish - 4-23-2012 at 11:01 AM

Banks are now charging more and higher fees for withdrawing funds internationally. Do you know of a bank that allows you to withdraw money from your US accounts without fees? Sister Banks? I live in Oregon.

Thanks,
Iflyfish

J.P. - 4-23-2012 at 11:11 AM

Quote:

Originally posted by Iflyfish
Banks are now charging more and higher fees for withdrawing funds internationally. Do you know of a bank that allows you to withdraw money from your US accounts without fees? Sister Banks? I live in Oregon.

Thanks,
Iflyfish

Even in the States it's becoming a rare thing for a bank not to charge a fee for a withdrawal unless its made at that bank

chuckie - 4-23-2012 at 11:20 AM

Just take out a lot at once..

gallesram - 4-23-2012 at 11:22 AM

I use BofA in California and I can withdraw from any Santander bank in Mexico and avoid the fees. The only problem is that there isn't a Santander in either Mulege or Loreto, so I usually will get my pesos in Ensenada if I'm driving down or in La Paz if I fly down & drive up. I'm out of luck if I fly into Loreto. Have never paid any fees this way and they usually give me a great rate.

CortezBlue - 4-23-2012 at 11:26 AM

In AZ Compass bank is part of BBVA, however, I have talked to them about Fees and they don't seem to have any advantage in Mexico.

bajadreamer - 4-23-2012 at 11:33 AM

We have used Bancomer for 3 years with no hitches or surprises. 1000 peso minimum balance gives you a "no fee" checking account, ATM card (VISA logo), but most importantly, the ability to deposit US bank checks at no charge and with best available exchange rate. You can then withdraw pesos at no charge from any Bancomer ATM. You can use ATM/VISA card at Costco, etc. Keep your balance or deposits below $10000 US and you avoid the IRS reporting issues. The only snag is a 10 day hold on the US check, but if you plan ahead is no problem. We have deposited and withdrew funds in TJ, SJC, CSL, and here in Los Barriles. So far no problems. Mostly English web site for accessing your account on line.

LaPazGringo - 4-23-2012 at 12:00 PM

Quote:

Originally posted by bajadreamer
We have used Bancomer for 3 years with no hitches or surprises. 1000 peso minimum balance gives you a "no fee" checking account, ATM card (VISA logo), but most importantly, the ability to deposit US bank checks at no charge and with best available exchange rate. You can then withdraw pesos at no charge from any Bancomer ATM. You can use ATM/VISA card at Costco, etc. Keep your balance or deposits below $10000 US and you avoid the IRS reporting issues. The only snag is a 10 day hold on the US check, but if you plan ahead is no problem. We have deposited and withdrew funds in TJ, SJC, CSL, and here in Los Barriles. So far no problems. Mostly English web site for accessing your account on line.

Very, very interesting! :light:

LaPazGringo - 4-23-2012 at 12:02 PM

I was hooked by the "no fees" gimmick about BofA and Santander. But they're taking .25 off the exchange rate. So on a $500 (dollars) withdrawal, you're being charged 125 pesos or close to $10. And Santander isn't convenient in La Paz.

Hook - 4-23-2012 at 12:06 PM

Quote:

Originally posted by LaPazGringo
I was hooked by the "no fees" gimmick about BofA and Santander. But they're taking .25 off the exchange rate. So on a $500 (dollars) withdrawal, you're being charged 125 pesos or close to $10. And Santander isn't convenient in La Paz.

.25 off of WHAT quoted rate? XE.COM?

Good luck getting THAT rate anywhere..........

Yeah, it is about .25 off the XE.COM rate. Try beating that at any of the other Mexican banks.

[Edited on 4-23-2012 by Hook]

Nan&D - 4-23-2012 at 12:12 PM

We're had good luck with Western Union. Online account, from your credit card to anywhere. Can't send money to yourself though.
D

Cisco - 4-23-2012 at 12:30 PM

Quote:

Originally posted by Nan&
We're had good luck with Western Union. Online account, from your credit card to anywhere. Can't send money to yourself though.
D

Misc. stuff about this...

http://www.sanfelipe.com.mx/news/bancomer.html

http://forums.bajanomad.com/viewthread.php?tid=47959&pag...

DavidE - 4-23-2012 at 01:19 PM

Try OANDA.com

Dial in MXN

Small dialog box select -1%

Works for me with Wells Fargo Accounts, minus $5, then minus the currency conversion fee and minus 17 peso Mexico ATM fee. Add up all those debits though.

In today's world if someone touches your money, you lose.

[Edited on 4-23-2012 by DavidE]

Bajaboy - 4-23-2012 at 01:22 PM

You gotta pay the man one way or another.....

I go to our ATM and take out the money. Yes, I am charged a small fee but I calculate it into the exchange rate....I also don't spend a nickle to save a penny....

LaPazGringo - 4-23-2012 at 03:14 PM

Quote:

Originally posted by Hook

Quote:

The forex exchange rate as published by the government. It's what valuates the dollar against the peso. BofA takes exactly .25 off the exchange rate. As I said, 125 pesos per $500. Not cool at all.

LaPazGringo - 4-23-2012 at 03:16 PM

Quote:

Originally posted by DavidE
Try OANDA.com

Dial in MXN

Small dialog box select -1%

Works for me with Wells Fargo Accounts, minus $5, then minus the currency conversion fee and minus 17 peso Mexico ATM fee. Add up all those debits though.

In today's world if someone touches your money, you lose.

[Edited on 4-23-2012 by DavidE]

That all works out to be higher than convenient ATMs.

msteve1014 - 4-23-2012 at 04:07 PM

My credit union charges nothing to use an atm card most anywhere in the word. I still pay the 15 or 17 peso fee to Bancomer or whoever, but not the 5 bucks that Wells Fargo was getting on top of that.

rts551 - 4-23-2012 at 04:14 PM

do you guys really think your going to get something for nothing. I am amazed at your comments. Big Banks are in business to make money OFF OF YOU. You don't want them to make money on their exchanges (a service to you), then you need to carry wads of cash.

Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends

Iflyfish - 4-23-2012 at 04:25 PM

Quote:

Originally posted by rts551

Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends

For a person living on a fixed income in Mexico this is a significant question. Bank fees are real expenses to be considered in ones budgeting process.

I know that there are international banking programs thru banks that make transfers between their international "sister banks" or banks under their direct ownership.

My question is how people living in Baja have addressed this issue. Say for instance you maintain a US address and your Social Security check is deposited in a US bank and you take money out of that account in Pesos in Mexico. Are there better banks than others to accomplish this task? Are there banks with low or no fees?

Thanks,

Iflyfish

rts551 - 4-23-2012 at 04:36 PM

Quote:

Originally posted by Iflyfish

Quote:

Originally posted by rts551

Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends

Or direct deposit you SS check into an international bank.

LaPazGringo - 4-23-2012 at 05:52 PM

Quote:

Originally posted by rts551
do you guys really think your going to get something for nothing. I am amazed at your comments. Big Banks are in business to make money OFF OF YOU. You don't want them to make money on their exchanges (a service to you), then you need to carry wads of cash.

Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends

You don't know what you're talking about.

LaPazGringo - 4-23-2012 at 05:54 PM

Quote:

Originally posted by msteve1014
My credit union charges nothing to use an atm card most anywhere in the word. I still pay the 15 or 17 peso fee to Bancomer or whoever, but not the 5 bucks that Wells Fargo was getting on top of that.

Yeah, and it's the same with a PayPal debit card. You can use it at any ATM and only pay the ATM fee. Straight exchange rate and no international fees. They have a $400 daily limit but it's super convenient and only costs 17-22 pesos.

rts551 - 4-23-2012 at 06:03 PM

Quote:

Originally posted by LaPazGringo

Quote:

You don't know what you're talking about.

very intelligent come back. I suppose you think your "card" is free.

DENNIS - 4-23-2012 at 06:06 PM

Quote:

Originally posted by LaPazGringo
You don't know what you're talking about.

Perhaps he does. Banks charge fees. That's the only way they make money.
The only way.
Moderation of these fees is our job.

LaPazGringo - 4-23-2012 at 06:16 PM

Quote:

Originally posted by rts551

Quote:

Originally posted by LaPazGringo

Quote:

You don't know what you're talking about.

very intelligent come back. I suppose you think your "card" is free.

No I don't. Just as I don't think it's smart to throw my hands up and give the banks whatever they want. Banks make money in part by having thousands and thousands of dollars of our money in them. In this thread we're discussing methods to get that money in Baja in pesos by paying as little as possible, whether in fees or a lousy exchange rate.

You'd be shocked how many people are convinced that using a BofA ATM card at Santander is totally free.

LaPazGringo - 4-23-2012 at 06:18 PM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by LaPazGringo
You don't know what you're talking about.

Perhaps he does. Banks charge fees. That's the only way they make money.
The only way.
Moderation of these fees is our job.

Profound, Dennis. Profound, but wrong.

rts551 - 4-23-2012 at 06:18 PM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by LaPazGringo
You don't know what you're talking about.

Perhaps he does. Banks charge fees. That's the only way they make money.
The only way.
Moderation of these fees is our job.

Thats OK Dennis. the comment was from a guy that payed $900 in fines at GN for not having his tourist visa. Consider the source.

"
Just FYI, Last summer I finally talked my parents into coming out and riding down Baja with us to La Paz. Things turned out that we didn't get visas in TJ or Ensenada so we were going to wing it and just get them at GN if required. Well, we got the very "official" immigration woman who sternly told us that we were being held until we paid the 1200 pesos fine per person and got the visas. It was literally 15 min before the bank closed in GN and we were racing thru town to get there, 110F outside, got there and they had just locked up. Begged our way inside and proceeded to have to use the ATMs while we all got enough out to pay the fines. Needless to say, the bank manager who was anxious to leave was very frustrated with the process of having to do each passport/fine one at a time. When we got back to Immigration we told the lady that we thought it was terribly heavy-handed that this fine was also charged on the three smaill children. Doing 7 of those fines/tourist cards took 2-1/2 hrs while my parents whose vacation had just started sat in the hot car. The total cost was $900.

Now, I'll be the first to say that ignorance is no excuse and the law's the law and don't complain when you get caught. But the whole experience seemed heavy-handed, especially considering that Mexico is in terrible need of dollars.

The suspension of that fine can only be a good thing for BCS."
http://forums.bajanomad.com/viewthread.php?tid=58150#pid7008...

LaPazGringo - 4-23-2012 at 06:21 PM

Oh wow, rst551 really is all torn up by 'lil ole me.

Get a life, amigo! I actually feel bad for you in a strange sorta way.

DENNIS - 4-23-2012 at 06:28 PM

Quote:

Originally posted by LaPazGringo
Profound, Dennis. Profound, but wrong.

Please.....show us where I'm wrong. I'm always willing to learn.

.

[Edited on 4-24-2012 by DENNIS]

rts551 - 4-23-2012 at 06:31 PM

Quote:

Originally posted by LaPazGringo
Oh wow, rst551 really is all torn up by 'lil ole me.

Get a life, amigo! I actually feel bad for you in a strange sorta way.

Don't be strange. You popped off with the comment. You should have kept it on topic. For example. I use my Wells Fargo ATM at Bancomer. Get a good exchange rate and no fee (reason is high balance fee waiver). But Bancomer does take a small percentage. Works for me since I relay on Mexico banks for my cash.

woody with a view - 4-23-2012 at 06:31 PM

just use your atm card. so what if the bank charges you $5 for 6000 pesos. what are your options?

or just spend dollars and REALLY get a deal from the merchants on your exchange rate! :lol:

LaPazGringo - 4-23-2012 at 06:33 PM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by LaPazGringo
Profound, Dennis. Profound, but wrong.

Please.....show us where I'm wrong. I'm always pleased to learn.

So if Carlos Slim has a billion dollars in the local bank, the only way they make money on him is "fees." Like when he goes to the ATM to get some pesos. Come on, man.

I'm not interested in engaging in one of your days-long petty little arguments, DENNIS. Just. Not. Interested.

LaPazGringo - 4-23-2012 at 06:36 PM

Okay, today I pulled $500 off mine and my wife's BofA debit card at Santander and they gave me a 13.22:1 exchange rate! Makes no sense at all. That's higher than the published rate!

rts551 - 4-23-2012 at 06:36 PM

Quote:

Originally posted by LaPazGringo

Quote:

You don't know what you're talking about.

And now you want to quit?

where is it that I say that this is the only way they make money?

Don't throw zingers out there and then run and hide

DENNIS - 4-23-2012 at 06:41 PM

Quote:

Originally posted by LaPazGringo
Banks make money in part by having thousands and thousands of dollars of our money in them.

Really??? It just sits there and they earn money with it?
Actually, they loan it for "fees." That's how they get so rich.

DENNIS - 4-23-2012 at 06:46 PM

Quote:

Originally posted by LaPazGringo
Okay, today I pulled $500 off mine and my wife's BofA debit card at Santander and they gave me a 13.22:1 exchange rate! Makes no sense at all. That's higher than the published rate!

Read your online bank statement in a couple of days as per that transaction. It will give you the updated amount of your transaction.

DENNIS - 4-23-2012 at 06:56 PM

Quote:

Originally posted by LaPazGringo
Come on, man. I'm not interested in engaging in one of your days-long petty little arguments, DENNIS. Just. Not. Interested.

My arguements are short lived. Always.
I'll end this one by saying you're an uneducated effing moe-ron without the basic skills of economics that would be required of a beginning house-wife.
You shouldn't be involved with banks. You should fill, and save coffee cans to be buried in your yard....pulled and spent as needed.

"one of your days-long petty little arguments"

How was that for "prolonged???"

It can be improved. Just ask.

willardguy - 4-23-2012 at 07:11 PM

LaPazGringo - 4-23-2012 at 07:17 PM

Quote:

Originally posted by willardguy

Nice, positive guys always willing to give a kind word and help a guy out. Just like here!

DENNIS - 4-23-2012 at 07:25 PM

Quote:

Originally posted by LaPazGringo
Nice, positive guys always willing to give a kind word and help a guy out. Just like here!

Take responsibility for your comments......or keep them to yourself.

LaPazGringo - 4-23-2012 at 07:38 PM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by LaPazGringo
Nice, positive guys always willing to give a kind word and help a guy out. Just like here!

Take responsibility for your comments......or keep them to yourself.

I'll have to remember that, Dennis. Cause your opinions mean everything to me.

DavidE - 4-23-2012 at 07:58 PM

Works out to be higher?
Damn! Now I have to run around to all the ATM's I've been using and return all that money! Swine-made-in-china-Hewlett Packard HP 20s scientific calculator anyway!

rts551 - 4-23-2012 at 08:04 PM

Quote:

I usually use my debit card to get pesos....

greta-inbaja - 4-23-2012 at 08:17 PM

Hi,
I have an hsbc online account. I'm sure if I have a problem it will be a pain in the a. but no problems in about 5 yrs. I transfer $$ from one of my regular checking accounts, take 3 days, when I w/draw pesos in mex the receipt shows all the generic charges, when i check my statement there are no fees. The atm in san jose behind mega gives a choice of dollars or pesos. I always take pesos. It is all online. So as long as you are comfortable with that it has been great.

Iflyfish - 4-23-2012 at 08:37 PM

Quote:

Originally posted by greta-inbaja
Hi,
I have an hsbc online account. I'm sure if I have a problem it will be a pain in the a. but no problems in about 5 yrs. I transfer $$ from one of my regular checking accounts, take 3 days, when I w/draw pesos in mex the receipt shows all the generic charges, when i check my statement there are no fees. The atm in san jose behind mega gives a choice of dollars or pesos. I always take pesos. It is all online. So as long as you are comfortable with that it has been great.

Thank you for your thoughtful and helpful post. I was looking at their site today and it is great to hear from someone who is actually using their service. I will explore further.

Iflyfish

Iflyfish - 4-23-2012 at 08:40 PM

Quote:

Originally posted by LaPazGringo

Quote:

Thank you for this very helpful post. I have purchased with PayPal but have not considered them as a banking resource. Very interesting, very, very interesting.

Iflyfish

Iflyfish - 4-24-2012 at 08:42 AM

This from Sovereign/Santander:

Thank you for your recent email. Currently, Sovereign and Santander are functioning as separate banks and Sovereign accounts are not accessible in Santander's branches. In addition, all of Sovereign’s branches are located in the following eight states:

Connecticut, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Rhode Island.

So, in order to withdraw funds from a Sovereign Bank account while in Mexico, you would need to use a non-Sovereign ATM. If you use your Sovereign Debit Card to initiate an ATM withdrawal or purchase outside the United States you are subject to the following fees:

• A $6.00 International ATM transaction fee.
• Up to 4% as of March 1, 2012 of the amount in U.S. dollars of any transaction made in foreign currency using a Sovereign ATM or Sovereign Debit Card.

The above fees apply to transactions conducted at an ATM, at a point-of-sale, or via telephone, fax or internet.

Iflyfish

LaPazGringo - 4-24-2012 at 09:28 AM

Quote:

Yeah, HSBC claims to be the only bank that is able to "talk" to your American account with literally zero fees. But when I met with them in LA, they told me I had to have $100k balance or pay $50 a month to get the fee-free ATM withdrawals. So it boils down to doing the math and I didn't want to be caught down here for a year with an account accruing $50/month charges.

Hook - 4-24-2012 at 11:26 AM

Quote:

What IS this published rate you keep referring to? What site are you using?

LaPazGringo - 4-24-2012 at 11:43 AM

Quote:

Originally posted by Hook

Quote:

What IS this published rate you keep referring to? What site are you using?

I Google "usd to pesos exchange rate" which posts the current forex rate for the day.

Hook - 4-24-2012 at 12:09 PM

OK. I'm pretty sure that's the rates quoted on xe.com.

I think maybe the reason you got a higher rate than the published rate is because B of A probably sets a rate for the entire DAY, while the FOREX quote is real time (or pretty close). The B of A rate was set at the beginning of the day and the dollar lost value leading up to the quote you got.

LaPazGringo - 4-24-2012 at 12:13 PM

Quote:

Originally posted by Hook
OK. I'm pretty sure that's the rates quoted on xe.com.

I think maybe the reason you got a higher rate than the published rate is because B of A probably sets a rate for the entire DAY, while the FOREX quote is real time (or pretty close). The B of A rate was set at the beginning of the day and the dollar lost value leading up to the quote you got.

It pretty much has to be some fluctuation in the value of the dollar vs. peso to explain that. Which also may completely disprove my theory that BofA was keeping .25 for themselves. I hope I was wrong about that and will report back with more findings.

I also spoke with a gringo whose been down here 7 yrs and he told me briefly that it's not a good idea to use a local bank account to pull pesos out but didn't have time to explain more. Will let you know what he says.

rts551 - 4-24-2012 at 12:13 PM

Quote:

Originally posted by LaPazGringo

Quote:

Originally posted by Hook

Quote:

What IS this published rate you keep referring to? What site are you using?

I Google "usd to pesos exchange rate" which posts the current forex rate for the day.

Did you use the ATM or the counter?

LaPazGringo - 4-24-2012 at 12:52 PM

Quote:

Originally posted by rts551

Quote:

Originally posted by LaPazGringo

Quote:

Originally posted by Hook

Quote:

What IS this published rate you keep referring to? What site are you using?

I Google "usd to pesos exchange rate" which posts the current forex rate for the day.

Did you use the ATM or the counter?

ATM. Tellers take forever, ask for a passport and act like you're trying to rob the national treasury.