BajaNomad

New twist in policy at Bancomer

bajalinda - 5-7-2015 at 02:27 PM

Here's a new one for you all.

Yesterday we went to the main Bancomer branch office in La Paz to make a transfer from our account to the US (bank to bank). This has been a relatively smooth and easy procedure in the past, but yesterday we were told that now we must provide a letter stating our request in order to make the transfer!

So...couple of questions:

Has anyone else had this experience either at Bancomer or any other bank?

Do any of you have a bank that you are really happy with?

We are really fed up with Bancomer, but are in a quandary about switching to another bank. Many locals tell us, heck, the banks are all the same. Others like Banamex or Santander. Any recommendations from out there would be greatly appreciated!

chuckie - 5-7-2015 at 02:42 PM

After several REALLY bad experiences with Mexican banks and having endured the endless paperwork and longlines, I quit banking in Mexico. ATM's are so much simpler and everywhere. I gladly pay the piddly fees twice a month..

bajalinda - 5-7-2015 at 02:53 PM

Forgot to mention that we are here all year and have a business, so need a bank account. Otherwise, I'd just do the ATM thing too.

Brinloor - 5-7-2015 at 02:58 PM

Quote: Originally posted by bajalinda  
"Here's a new one for you all.

Yesterday we went to the main Bancomer branch office in La Paz to make a transfer from our account to the US (bank to bank). This has been a relatively smooth and easy procedure in the past, but yesterday we were told that now we must provide a letter stating our request in order to make the transfer!

So...couple of questions:

Has anyone else had this experience either at Bancomer or any other bank?

Do any of you have a bank that you are really happy with?

We are really fed up with Bancomer, but are in a quandary about switching to another bank. Many locals tell us, heck, the banks are all the same. Others like Banamex or Santander. Any recommendations from out there would be greatly appreciated!"

MORE BANCOMER INPUT PLEASE

I need a Mexican bank account but am also ready to change from Bancomer. I have debit cards from 3 different Canadian banks, but since Hurrican Odile I have not been able to make ANY withdrawals at Bancomer ATMs. The local Mulege branch states I should be able to withdraw 1,000 or 2,000 pesos but I can't even do that. Loreto branch acknowledges the problem with Canadian banks but has no explanation and nobody can give me a timeline for correction. Has anyone else experienced difficulties with Bancomer and Canadian banks?

chuckie - 5-7-2015 at 04:36 PM

Hey, you seem to be still into the fit into the local culture period...After a while that gets tedious and expensive...I lived in Mulege a bit more than 30 years and the constant rule changing caused me to change....It is after all, my money...Do whatcha want, dude...

durrelllrobert - 5-7-2015 at 04:56 PM

MX bank to US bank transfer should be no problema. It's US bank to MX bank transfer that could be conceived as money laundering (depending on amount I guess)

bajalinda - 5-7-2015 at 05:06 PM

lencho - Blanca is no longer at the Isabel la Catolica branch, she left many months ago and her presence is sorely missed. Her replacement was one of the most unhelpful people I have ever had to deal with - Mexicans and non-Mexicans alike have been shocked at this person's rudeness and that person is no longer there either - and not missed at all.

As for the rep writing up a letter for us on the spot..... it has to be on company letterhead. Did they offer a sample letter for us to write up ourselves, no....

By the way, the Isabel la Catolica branch is under remodeling construction and is a real mess.

Brinloor - I'm not Canadian, so can't help or comment on your situation, but hope you can get it resolved.

Hook - 5-7-2015 at 05:41 PM

I have heard nothing but good things from the people who bank at Santander. Head and shoulders above the Banamex, Bancomer, Banorte clients in EDIT GUAYMAS, SONORA. They also have lower ATM fees when using a US ATM card.

Has a CI Banco been opened in your area? They are an EXCELLENT bank, especially when having to exchange large amounts of money. We can write a personal US check and they will deposit it in our Banamex (yes, Banamex account) after a very fair conversion. We still have a Banamex account, too, in order to use their debit card for purchases.

A good manager can make all the difference, regardless of the bank.

[Edited on 5-8-2015 by Hook]

carlosg - 5-7-2015 at 05:54 PM

Quote: Originally posted by Hook  
I have heard nothing but good things from the people who bank at Santander. Head and shoulders above the Banamex, Bancomer, Banorte clients in Mulege. They also have lower ATM fees when using a US ATM card.

Has a CI Banco been opened in your area? They are an EXCELLENT bank, especially when having to exchange large amounts of money. We can write a personal US check and they will deposit it in our Banamex (yes, Banamex account) after a very fair conversion. We still have a Banamex account, too, in order to use their debit card for purchases.

A good manager can make all the difference, regardless of the bank.



I have a Bank of America business account and we go to Baja we always use Santander ATM's because there's no fees associated with the service, both BofA and Santander are interconnected I was told.

bajalinda - 5-7-2015 at 07:32 PM

Thanks for your helpful comments, Hook.

You are right that a good manager can make all the difference.

I am not aware of a CI Banco anywhere in this area (La Paz) - in fact I had never heard of them before your post. Are they common on the mainland?

Pescador - 5-7-2015 at 08:23 PM

Guess I am just lucky but we have a bank manager at the Bancomer in Santa Rosalia that is super and she works really hard to accommodate all business dealings. I did go to a pure peso account and as long as I send pesos to my US Bank and receive wire transfers here in Pesos, I have experienced no problems.
As she explained to me, the problem actually lies with the US Bank system that is trying to keep people from opening accounts in foreign countries and they lost track of the money, so the US tightened up the laws to read that transfers would have a letter explaining the reason. I don't really know how many grand daughters I have to send money for their illness but it must be quite a few.

bajalinda - 5-8-2015 at 06:56 AM

Muchas gracias Pescador! Great that I can get an explanation on this board when the bank just shrugs its shoulders and does not explain. Sounds like the La Paz branch could take some lessons from your bank manager.

From what you are saying, it will be the same at any bank now, but we still want to change banks since this issue is just the latest in a string of irritating issues with Bancomer in La Paz.




[Edited on 5-8-2015 by bajalinda]

Pescador - 5-8-2015 at 07:29 AM

I think it is very appropriate to go talk to various banks in La Paz and see if you can find a manager that you can relate to. Part of the reason I ended up with Bancomer was because I went and talked to the Banamex guys and to the Bancomer manager and it was then an easy choice. If she were to leave and I started having problems, it would be an easy choice to start over.
I pay most of my bills online but the system at Bancomer is a real pain in the lower regions and it is the same deal every month. Calling customer service in DF is a joke, but they do have so many checks and points of entry that I hear there is almost no identity theft down here, which may be a good thing.
So good luck in your search.

Alm - 5-9-2015 at 12:08 AM

Quote: Originally posted by durrelllrobert  
It's US bank to MX bank transfer that could be conceived as money laundering (

It's conceived so with Mex-US transfer too. More and more countries are doing this now, get used to it. Somebody running a legit business in Mexico should keep a stack of those letters on his desk - with varying reasons. Just fill the date.

Wally - 5-9-2015 at 12:35 PM

I transferred $13,000 USD from Bancomer to California Bank and Trust yesterday via their website. No issue.

bajalinda - 5-11-2015 at 05:41 PM

Thanks all for your replies. This appears to be La Paz branch problem. Besides Pescador's positive experience with Bancomer Santa Rosalia, I've also heard from a friend who is very happy with the Bancomer in Todos Santos.

So... next project is to talk to different banks in La Paz. Talked to one today and will do another one on next trip to La Paz.

Hook - 5-11-2015 at 06:05 PM

Quote: Originally posted by Wally  
I transferred $13,000 USD from Bancomer to California Bank and Trust yesterday via their website. No issue.



Hold on. You were able to do either a wire transfer or an electronic transfer of funds from bank to bank, solely by using the Bancomer website? Tell us more. Fees, etc.

For that amount, I assume it was a wire transer?

Sweetwater - 5-11-2015 at 06:12 PM

I don't have a Mexican bank account but I have needed to move money within the US and between several countries. I have been more than pleasantly surprised at the ability of PayPal to work in many of those situations. I would caution everyone that moving a sum of $10k or more entails reporting it to the US banking authorities by your bank or credit union(Federal law). Moving less does not trigger that report. PayPal directly linked to a bank account has been painless and I've been able to avoid fees with their direct transfer options.

Maybe not a solution to your specific issue but thought I'd throw it into the discussion.....