BajaNomad

BANCOMER?

chuckie - 7-2-2013 at 11:39 AM

Friend of mine has a Mexican account at Bancomer...Has been xfring funds from Wells Fargo USA , to BANCOMER for years. Now when she attempts to do so, she is informed that she may do so only ONCE monthly, and not to exceed 1000 bucks...Anyone know what thats all about????

Russ - 7-2-2013 at 12:04 PM

They limit the amount I can deposit by check too. But never heard of a limit on wiring funds before.
I'm thinking that the girl at the desk has limited approval power. The manger in Mulege will probably be able to help with that.

[Edited on 7-2-2013 by Russ]

RnR - 7-2-2013 at 12:35 PM

Quote:
Originally posted by chuckie
Friend of mine has a Mexican account at Bancomer...Has been xfring funds from Wells Fargo USA , to BANCOMER for years. Now when she attempts to do so, she is informed that she may do so only ONCE monthly, and not to exceed 1000 bucks...Anyone know what thats all about????


That's right!

Sounds like she has been using Wells Fargo's "Express Send Program".

Actually, Bancomer lowered the per transaction maximum amount to $1,000 and instituted a monthly maximum amount of $1,000.

Bancomer stated that the change in their policy was to be effective April 1, 2013 but the limits were not imposed until last month (June).

I received a letter from Wells Fargo in March explaining the change and offering some options.

In essence, the options are to choose another bank with higher limits. Wells Fargo's website under the "Express Send Program" has a table listing other banks and their respective per transaction/monthly maximum limits.

https://www.wellsfargo.com/per/intl_remittance/limits

DavidE - 7-2-2013 at 01:06 PM

BanCondom rapidly became my bank of avoidance. Seven dollars ATM fee. Couple that with Wells Fargo's five dollar non-Wells ATM fee and a person is staring at a twelve dollar fee.

Pescador - 7-2-2013 at 02:19 PM

I have had an account with Bancomer for a long time and in our area they are the best. Instead of using the normal wire transfer which also has limits before the transaction is taxed, I now transfer money in Pesos, which my home bank allows me to do and I have no problem with the transfer and do not pay any 5% tax.

dtbushpilot - 7-2-2013 at 08:17 PM

I have always used Express Send too, got the same message. I talked to the gringo rep at the bank, she said that Bancomer changed the monthly limit but I could deposit a US check for whatever ammount I wished, it would take 10 days or so to clear. I think I'll give it a try.

mrfatboy - 7-2-2013 at 08:59 PM

I have a Charles Schwab ATM card (ATM fees reimbursed). In the last month I have used it at hcsb, scotia, and bancomer ATMs in Mexico . As of yesterday, bancomer is the only bank that is not cooperating with CS and the fees are not reimbursed( the priciest of the three). CS is investigating. Schwab will win but I hate having to deal with it.

I will avoiding the bancomer in the future.

chuckie - 7-3-2013 at 03:53 AM

In Mulege, we have one bank..wanna guess which one?

mrfatboy - 7-3-2013 at 06:27 AM

Btw, both scotia and HSBC had about $2 in fees each for $100 ATM withdrawals. The bancomer in scn Felipe was $6 :(

SFandH - 7-3-2013 at 06:42 AM

I was in Mulege, where Bancomer is the only bank, for a few months recently. The ATM withdrawal fee, according to my Bank of America statements, is 5 dollars plus a 1% international transaction fee. Expensive.

Both fees were charged by Bancomer, not B of A. At least that's what it looks like.

[Edited on 7-3-2013 by SFandH]

chuckie - 7-3-2013 at 06:47 AM

YUP, But not as expensive as driving to Santa Rosalia or Loreto to save 4 bucks.....Sometimes, in Baja, things are what they are....

RnR - 7-3-2013 at 07:17 AM

Here's a way to get around the Bancomer monthly transfer limits and still use Wells Fargo's Express Send program:

If you still want to use Bancomer because it is the only local bank -

1. Open an account at one of the other banks in the Express Send program. (Banorte, Santander, Scotiabank, etc.) You're going to have to travel if Bancomer is the only show in town, but, only once to set up the account.

2. Set up the Express Send program from Wells Fargo to your new bank's account.

3. Use "on-line" banking from the new bank to transfer the money to your Bancomer account.

3. You can still get the money from Wells Fargo into your Bancomer account in under two minutes- just requires you to log on to two banking sites rather than one.

chuckie - 7-3-2013 at 07:26 AM

I'll pass that on...I do not have a Mexican Bank account, very happy with hitting the ATM a couple of times per month...way less complicated...I had a Mexican bank account once.....

Bajajorge - 7-3-2013 at 08:27 AM

Quote:
Originally posted by DavidE
BanCondom rapidly became my bank of avoidance. Seven dollars ATM fee. Couple that with Wells Fargo's five dollar non-Wells ATM fee and a person is staring at a twelve dollar fee.


I quit using Bancomer for ATM Peso withdrawals using my BofA card last year. For a 5000 Peso withdrawal the fees between BofA and Bancomer was over $13.00.
I now use the Banamex ATM with my Credit Union Debit Card. Same 5000 Peso withdrawal costs me around $7.00 in fees total from both banks.

Bajajorge - 7-3-2013 at 08:40 AM

Quote:
Originally posted by chuckie
I'll pass that on...I do not have a Mexican Bank account, very happy with hitting the ATM a couple of times per month...way less complicated...I had a Mexican bank account once.....


Having an account at Bancomer is to much hassle with all their fees, rules and regs. I had an account several years ago there when it was required to have a Mexican bank account for an FM3. Over the summer they closed my account and confiscated my $63USD which I still had left in there. They said if I had left $100USD they wouldn't have not closed the account.
I now also only do ATM withdrawals to live on while spending my several months a year in Baja. The withdrawals are done at the Banamex only a couple of streets away from the Bancomer.

chuckie - 7-3-2013 at 09:00 AM

Would someone please arrange to have a Banamex branch in Mulege? By Friday? thanks so much...

tjsue - 7-3-2013 at 09:04 AM

Charles Schwab is the best. They reimburse you for any ATM fees.

chuckie - 7-3-2013 at 09:06 AM

I pay no fees at Peoples State bank in McDonald Kansas

Ain't It Just Ducky?

DavidE - 7-3-2013 at 10:09 AM

Quote:
Originally posted by chuckie
In Mulege, we have one bank..wanna guess which one?



And downtown parking in Sta Rosalia in the summer is something to be heavily avoided. My sympathies Chuckie.

We have to drive 155 miles in order to get screwed by BanCondom.

chuckie - 7-3-2013 at 10:11 AM

Hey! I dont have a problem! No Bad Days....

larryC - 7-3-2013 at 10:30 AM

I just wish I lived in a town that had a bank. Bola is so far behind the times. Sometimes it is an advantage, sometimes not.

Hook - 7-3-2013 at 10:41 AM

Isnt Bancomer also the bank that screwed all the persons who lost houses in the LAST Posada Concepcion fire and who had insurance through them?

Their fideicomiso dept is the biggest cluster &@^$#% you have ever heard of, over here. People have waited 3-4 YEARS to get their trust paperwork. Others who buy houses that originally had a trust through them, report it to be an expensive and bureaucratic nightmare. Trust agents never returning phone calls, never showing up in the office.

The only people over here who use Bancomer are people who are forced to. Are there any other options in the SR/Mulege area?

[Edited on 7-3-2013 by Hook]

vandenberg - 7-3-2013 at 11:10 AM

We've been Bancomer customers for 23 years. Used to be the only game in town here in Loreto. Filed for a fideicomiso for our house. 2 months later, haven't heard anything, were informed that they were working on it. 2 months later, same answer. After 6 months we were informed that they lost all the paperwork and we had to start over. Efficiency!! At one time, early 2000 they decided to quit Loreto altogether. So we would be without a bank. Then they changed their minds, and stayed, but not after most folks had closed their accounts. Then Banamex started a branch here and Bancomer opened a second branch on the highway. Alleviated a lot of standing in line.
Then they for some reason decided to close that second branch and now we're down to the, hard to get to, downtown branch, which always has lines and long waits. Go figure!!
However, just this morning we deposited a check for $2000.00 without any problem. So apparently no limit here in Loreto.

DavidE - 7-3-2013 at 01:00 PM

No Bad Days? Stick your card in a BanCondom ATM, hear it swallow and burp and let's see that SMILE as you exit without your card.

chuckie - 7-3-2013 at 02:48 PM

Well, David, Mr. Doom and gloom....That actually happened....went inside and had the card back in about 10 minutes....As to driving 155 miles or whatever you said to save 12 bucks..I cant afford to do that......No bad Days

Pescador - 7-4-2013 at 07:39 AM

Quote:
Originally posted by chuckie
Well, David, Mr. Doom and gloom....That actually happened....went inside and had the card back in about 10 minutes....As to driving 155 miles or whatever you said to save 12 bucks..I cant afford to do that......No bad Days


I think David E's other job is Director of Tourism Development for Baja California Sur:lol::lol::lol::rolleyes:

DavidE - 7-4-2013 at 10:27 AM

SAVE twelve dollars?

The very nearest (that means "onliest") cajero automatico to Bahia Asuncion is in Vizcaino.

Let me make it simpler. There is no ATM here

The round-trip to Vizcaino, the nearest ATM is 155 miles.

And ARTURO just phoned and said the BanCondom cajero automatico in Vizcaino pronounced my SALDO as being 00.00 pesos, dollars, renminbi, drachmas.

So THAT hasn't changed. 17 failures out of 22 tries.

But if I have to drive 155 miles to get money, I sure as hell can drive another 42 and shop at the ISSSTE market, La Ballena, and the novedades tienda in Guerrero Negro. And pay 22.43 pesos for the ATM rather than 77.80 at BanaMex.

My average wait in line for the only ATM in Vizcaino is 40 minutes.

My average wait in line for one of the three BanaMex cajero automatico machines is a shade under 10 minutes.

willardguy - 7-4-2013 at 10:40 AM

alright big Easy, riddle me this.
no ATM's
no real salt
no grape leaves
no de la viuda
no pickling spices
no health care
just a lot of wind
why DO you live out there?:rolleyes:

shari - 7-4-2013 at 11:28 AM

I always encourage expats who live here to open either a Bancomer or Banamex account so they can use the ATM here in town at the Telegraph office...very convenient...less whining.

DAvid...why dont you use Miramar's ATM? that's the local store. You can get 1,000 pesos a day out....also Bancomer in Vizcaino has installed anther bank machine so the wait is alot shorter now...plan not to go on a friday afternoon or the quincena.

DavidE - 7-4-2013 at 12:41 PM

"Lo siento mucho, pero David no tenemos Efectivo en el momento tal vez más tarde"

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

My IFE and pasaporte credencial is from Lazaro Card##as Michoacan, where I have a useless over here HSBC account.

The PROBLEM, the ISSUE, is the sole microwave telecommunications link to TelMex in La Paz. The frequent breakdowns in the ability of LA RED to verify ATM (versus POS) transactions is what is causing the problem. No doubt the RED may be a lot more stable in Sta Rosalia and Mulege, but stable it ain't in Vizcaino and Guerrero Negro.

chuckie - 7-4-2013 at 04:27 PM

Ah!

Pescador - 7-5-2013 at 07:42 AM

I think I would just cut my wrists and be over with it.:tumble::tumble:

chuckie - 7-5-2013 at 08:07 AM

Me too...Sounds as if there is an ATM near him,,,I think we saw it when we were there...But maybe its easier to problemize it, than deal with it.....His choice I guess...

rts551 - 7-5-2013 at 08:56 AM

David, I don't think the people of GN are ass happy as you with their banking.

from a BCS website: beginning of article protesting service

-DEMANDAN OTRA INSTITUCIÓN BANCARIA EN GUERRERO NEGRO-

Banamex , institución que en Gro Negro también es conocida como (LENTAMEX) ya fue rebasado por la demanda .....



"-DEMAND ANOTHER BANKING INSTITUTION IN GUERRERO NEGRO -

Banamex, institution that Gro black is also known as (LENTAMEX) was already exceeded by demand..."

DavidE - 7-5-2013 at 09:30 AM

I live here because of the Mexicans. I am not in the middle of a gringo enclave.

But for some of you the immortal words of Bob Marley may fit best.

"Here's A Little Song I wrote..

Best To Sing It Note For Note..."

chippy - 7-5-2013 at 10:02 AM

I f you live there because of the Mexicans and don´t like the gringos why do you spend all your time on this board whining to these mostly gringos?¿?¿?

Hook - 7-5-2013 at 10:15 AM

Because his pickle shriveled.

DavidE - 7-5-2013 at 10:26 AM

Cause I like to torment at arm's length...

chuckie - 7-5-2013 at 11:28 AM

Yourself?

DavidE - 7-5-2013 at 03:04 PM

You See? It Works

mrfatboy - 7-10-2013 at 03:10 PM

I just got off the phone with Charles Schwab to make sure all my ATM fees have been reimbursed for my last 3 trips to mexico. I used Scotia, HSBC, Bancomer and Banamex ATM's. All but Bancomer went without a hitch. It turns out that Bancomer does not list there fees as a separate charge so Schwab's system can't pick it up.

Schwab fixed the problem by hand and told me to avoid them if I didn't want to call and have it fixed manually if I used Bancomer. Avoid Bancomer if you can. Looking at my receipts they are charging 3 times the amount in fees as everybody else.

chuckie - 7-10-2013 at 04:48 PM

Geez! Is a couple of bucks really worth the bloody agro?Go one time get enough money and fugedaboudit.....

SFandH - 7-10-2013 at 04:56 PM

Quote:
Originally posted by mrfatboy
I just got off the phone with Charles Schwab to make sure all my ATM fees have been reimbursed for my last 3 trips to mexico. I used Scotia, HSBC, Bancomer and Banamex ATM's. All but Bancomer went without a hitch. It turns out that Bancomer does not list there fees as a separate charge so Schwab's system can't pick it up.

Schwab fixed the problem by hand and told me to avoid them if I didn't want to call and have it fixed manually if I used Bancomer. Avoid Bancomer if you can. Looking at my receipts they are charging 3 times the amount in fees as everybody else.


Bancomer fees are 5 dollars plus 10% of the amount withdrawn. The two parts to the fee show up as separate entries on my BofA statements as Bancomer charges, contrary to what Schwab told ya.

chuckie - 7-11-2013 at 03:43 AM

The 5 bucks looks right, but it aint 10%...yesterday at Bancomer on a 5000 peso withdrawal I was charged 60 pesos + 9.60 pesos.....thas all.....

Bob and Susan - 7-11-2013 at 04:44 AM

I took out 10,000 pesos the other day to pay monthly concession fees and taxes...

the fee $24 usa

I still got 12.5 to the dollar AFTER the fees

there are international fees you may see later

chuckie - 7-11-2013 at 05:38 AM

Just for grins, I went back and reviewed my last 8 withdrawals, each of 5000 pesos....The 60pesos is a constant and the iva seems to have gone from 6.60 to 9.60. My bank in the US charges my 1% as well.....To put all that in terms that a Baja resident can relate to, each 5000 peso withdrawal costs me about a sixpack of Pacifico. But with the peso falling against the dollar, I think my Pacifico for the last couple of xactions was free..:light:

DavidE - 7-11-2013 at 10:44 AM

Chuckie reported Bancomer accurately. They dropped the fee 9 pesos in the last month. I saw this on the screen of both (new) cajero automaticos in Vizcaino just before I got a message saying "No Puede Verificar Con Su Banco"

We'll see what happens mañana when la dueña of Mercado Sotres and I go to 5211 and confront the manager. Bank manager's ears seem to grow larger when they are listening to a million-dollar a year customer. Rumor suggested the bank branch imposed limits on the cajeros so that the machines would not run out of cash for locals using BanComer VISA cards. That I find hard to swallow.

SFandH - 7-11-2013 at 11:26 AM

Quote:
Originally posted by chuckie
The 5 bucks looks right, but it aint 10%...yesterday at Bancomer on a 5000 peso withdrawal I was charged 60 pesos + 9.60 pesos.....thas all.....


Yikes, I made a HUGE mistake. It's 5 bucks plus a 1% foreign transaction fee. Precisely. My account is at BofA, that might make a difference.

This according to my April statement, I just checked it again. Of course the fees are expressed in dollars, not pesos.

Sorry for my error. Thanks for catching it.

Wonder if the fee differs depending upon the bank that has your account?


[Edited on 7-11-2013 by SFandH]

SFandH - 7-11-2013 at 11:32 AM

"The 60pesos is a constant and the iva seems to have gone from 6.60 to 9.60. My bank in the US charges my 1% as well"

Chuckie, are you saying the total fee is a sum of three components: flat fee of 60 pesos, another "iva" fee, what's that? A tax? And also the international transaction fee? I don't see this "iva" fee on my statements.

chuckie - 7-11-2013 at 12:27 PM

The lil tickee thingy that comes out of the ATM here in Mulege shows TWO charges. The 60 peso charge and an IVA Comision of 9.60 pesos. My bank in the US charges me 1% of the DOLLAR withdrawal. The Bancomer charges are deducted from the amount of pesos you GET and do not show on my US bank statement. (First National)....I have no clue what the IVA Comision is...too small to fret about.....

Bob and Susan - 7-11-2013 at 01:00 PM

when I go to the ATM in mulege to take money out of my USA account...
I ask for 10,000 pesos

all fees are posted online at my USA bank

the machine ALWAYS spits out the correct 10,000 pesos

I add the cost of the withdrawal and the dollar amount to calculate the rate

"there is no such thing as a free lunch"

SFandH - 7-11-2013 at 01:02 PM

I'm beginning to understand. There's the ATM fee, the international transaction fee, and the IVA tax on the fees. AND the IVA tax doesn't show as up as a fee on bank statement. Instead, when I withdraw 3000 pesos, the machine spits out 3000 pesos, but more than 3000 pesos worth of dollars is deducted from my account, the difference being the IVA and this is in addition to the ATM and international transaction fees that are listed. Right?

Jeez, who thought this up, Chapo Guzman or Wall Street types?

Maybe this IVA "fee" is what Schwab was saying it doesn't see when reimbursing ATM fees to its account holders.


[Edited on 7-11-2013 by SFandH]

RnR - 7-11-2013 at 01:07 PM

Quote:
Originally posted by chuckie
I have no clue what the IVA Comision is...too small to fret about.....


The IVA fee is the Mexican government's "Value Added Tax". It is added to practically every transaction in Mexico and is equivalent to a "sales tax".

It is usually included in the sales price of merchandise in Mexico rather than added on as in the US. Many times a Mexican sales advertisement will say (in small print) IVA inc, as in "IVA incluido". It is also added to fees, Bancomer's transaction fee, fideicomiso fees, INM fees, etc.

It's interesting that the IVA at Bancomer in Mulege is 9.60 pesos on a 60 peso fee. This is 16%. That is the MAINLAND rate. The IVA tax in both Baja's is 11%.

(Unless it has been recently changed to equal the mainland rate.....?)

mrfatboy - 7-11-2013 at 01:17 PM

Quote:
Originally posted by SFandH
I'm beginning to understand. There's the ATM fee, the international transaction fee, and the IVA tax on the fees. AND the IVA tax doesn't show as up as a fee on bank statement. Instead, when I withdraw 3000 pesos, the machine spits out 3000 pesos, but more than 3000 pesos worth of dollars is deducted from my account, the difference being the IVA and this is in addition to the ATM and international transaction fees that are listed. Right?

Jeez, who thought this up, Chapo Guzman or Wall Street types?

Maybe this IVA "fee" is what Schwab was saying it doesn't see when reimbursing ATM fees to its account holders.


[Edited on 7-11-2013 by SFandH]




At least for Schwab (as far as they tell me. They also say they see a lot this in mexican banks), Bancomer doesn't break any fees out. It just lumps them in as one line item. Everybody else breaks it down from the actual pesos you get and the fees as two separate line items.

ncampion - 7-11-2013 at 01:24 PM

I don't worry about these small fees. I consider it lucky to be able to walk into an ATM any time of day and get money out in about two minutes. I consider it part of the cost of living here, not enough to worry about. I can remember many years ago that getting cash down here was quite an ordeal. I used to get friends who were coming down to "smuggle" cash down for me to exchange at the bank. Times are easy now.

chuckie - 7-11-2013 at 01:29 PM

One more time....The Bancomer receipt "breaks the fees out" Everytime! If you ask for 5000 pesos, thats what you get. The fees are added back to the DOLLARS charged for the pesos. The US bank charges 1% on the DOLLAR xaction. The BANCOMER fees dont show on the US statement because they are in the DOLLAR xaction....The IVA has gone from 6.60 to 9.60 recently. Its all chump change....