BajaNomad

Mexican banks and Mexican ATM cards

KasloKid - 1-23-2020 at 11:49 PM

Just saw this in a newsletter, "The Baja Western Onion"

*****ALERT***** (from the Baja Western Onion Facebook Group) - To all those with only an FMM (tourist visa), your Mexican bank will no longer renew your ATM card or print you more checks and no one without an FM3 or better will be able to open an account. I checked with both Banorte and Bancomer. It is now a Mexican law which passed about 6 weeks ago. Even the bank employees were not forewarned. - Donna Isaacson (posted January 21 at 1:29 PM) ☞ Join The Conversation Online via Facebook: facebook.com/groups/TheBajaWesternOnion/

mtgoat666 - 1-24-2020 at 12:08 AM

Quote: Originally posted by KasloKid  
Just saw this in a newsletter, "The Baja Western Onion"

*****ALERT***** (from the Baja Western Onion Facebook Group) - To all those with only an FMM (tourist visa), your Mexican bank will no longer renew your ATM card or print you more checks and no one without an FM3 or better will be able to open an account. I checked with both Banorte and Bancomer. It is now a Mexican law which passed about 6 weeks ago. Even the bank employees were not forewarned. - Donna Isaacson (posted January 21 at 1:29 PM) ☞ Join The Conversation Online via Facebook: facebook.com/groups/TheBajaWesternOnion/


Why would a tourist want to open an a bank account in Mexico?

Or are you suggesting gringos are living in Mexico on only a tourist visa? Shocking! :lol: Surely, the MAGA voters would not be living illegally in Mexico! :no:

gnukid - 1-24-2020 at 05:19 AM

Seriously, why would anyone listen to anything from Baja Western Onion mentioning an FM3 that went away some 5 plus years ago, or Goat on International's banking? How about asking your bank that you pay to provide a service? And wouldn't it make sense that someone without a formal ID and residency status not be allowed to launder money through a foreign institution due to the lack of controls? Furthermore, why use a Mexico bank who generally can't seem to keep your funds safe if you're a tourist when other International banks like Schwab provide much higher quality and reliable service? International money laundering is the back bone of corruption. Besides you can't make deposit with an ATM card in Mexico.

BajaBlanca - 1-24-2020 at 08:42 AM

I think it is important to share this information, obviously, as citizens, this does not affect Les nor I one iota but I do think it important.

Thanks KasloKid.



KasloKid - 1-24-2020 at 10:23 AM

Thanks BajaBlanca

Jeepers, tough crowd here...
There are members on this forum that live full time in Baja and may find this useful. Obviously, those that it doesn't apply to can simply ignore the post.



[Edited on 1-24-2020 by KasloKid]

chuckie - 1-24-2020 at 11:12 AM

Good info....Thank you!

Alm - 1-25-2020 at 01:27 PM

Quote: Originally posted by mtgoat666  

Why would a tourist want to open an a bank account in Mexico?

Or are you suggesting gringos are living in Mexico on only a tourist visa? Shocking! :lol:

Need some grease on those gears, there seems to be a delay in switching from #1 to #2, eh?

I am surprised that such a law had to be enacted this year - most banks have been refusing to open an account to people without status for the last several years. Probably, another glitch in Mexican law when terms like "resident" were not clearly defined.

chumlee57 - 2-21-2020 at 08:19 PM

Yes, indeed, goood to broadcast anything, even if its not legit, for awareness. I, like many fidicomiso property owners simply use the ATM card and not being fully retired with months to spend at a time, simply use the tourist card, it's easier and not complicated. When Mexico simplifies its residencey requirements, everyone will follow suit. We should all remember the idea behind the board here is to be helpful, negitivity and related posture is pretty evident, blow it off

surabi - 2-21-2020 at 08:33 PM

Quote: Originally posted by KasloKid  
Thanks BajaBlanca


There are members on this forum that live full time in Baja and may find this useful.



[Edited on 1-24-2020 by KasloKid]


Foreigners who live full time in Baja aren't tourists, shouldn't be living in Mexico on a tourist card, and therefore this information wouldn't apply to them.

BajaBlanca - 2-22-2020 at 12:08 AM

So true in a perfect world. Which isn't the case always.

pacsur - 2-22-2020 at 09:51 AM

Last week my bank told me the maximum deposit in usd cash is now $2,000 per month, it had been $4,000 per month and the bank would deduct a small percentage of anything over $2k.

beddows - 2-23-2020 at 01:33 PM

It is true that to open a bank acount you need to be residente. (Temporal or permanente). One exception is intercam which appears to be more flecible. The advnatage of a having a mexicna account is that you cna use a Forex service to tranfer money into it at very clsoe to trh psoted exchange rate wihtout takign the buy/sell hit on it.

pacificobob - 2-27-2020 at 08:38 AM

Quote: Originally posted by chumlee57  
Yes, indeed, goood to broadcast anything, even if its not legit, for awareness. I, like many fidicomiso property owners simply use the ATM card and not being fully retired with months to spend at a time, simply use the tourist card, it's easier and not complicated. When Mexico simplifies its residencey requirements, everyone will follow suit. We should all remember the idea behind the board here is to be helpful, negitivity and related posture is pretty evident, blow it off

I found getting permanent resident status was a simple process. I wonder how many countries make it "easier "

BajaBlanca - 2-28-2020 at 04:28 AM

pacificobob, I agree with your comment. Mexico has to be one of the easiest residency and citizenship procedures I have seen. Brazil is really difficult. The US is really difficult. Mexico took a while but was very easy for us.

Beddows, can you tell me a little about forex?

BajaMama - 3-4-2020 at 07:51 AM

I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?

mtgoat666 - 3-4-2020 at 08:39 AM

Quote: Originally posted by BajaMama  
I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?


options to mix/match:
pay cash
open a local bank account, pay from that account
pay by wire transfer from account in usa
barter
beg
steal

DBaja - 3-4-2020 at 05:36 PM

Quote: Originally posted by mtgoat666  
Quote: Originally posted by BajaMama  
I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?


options to mix/match:
pay cash
open a local bank account, pay from that account
pay by wire transfer from account in usa
barter
beg
steal




Not sure what is right myself, I'm going through a similar process. I have a Fideicomiso but no residency yet. I have to pay for the construction of my home. So far I have been bringing cash down and pulling from a Banamex ATM for additional last minute funds.

My local banks (Wells Fargo and CitiBank) charge a 7% markup with international currency orders!! Waaaaay too expensive. Banamex, which is affiliated with CitiBank has a 3% markup and no ATM fees. 1,000 USD daily limit.

Intercam was mentioned by a local real estate attorney as only requiring a Tourist Visa, never looked into it though.

I am working on residency so I can open up an account with Banamex and transfer funds for free (obviously the currency is subject to the fluctuating exchange rate, but with no additional markup). I think that's the most cost effective route if you are not going to transfer a lump sum into your builders local account).


I'm still trying to figure out a system myself. Like you Bajamama, Im open to suggestions.

surabi - 3-5-2020 at 01:18 AM

Quote: Originally posted by BajaMama  
I'm curious, when we build our house in BCS, how do we get the $ there to pay the contractor? Of course assuming we get a temporary residency permit?


Do be cautious about giving your contractor a large sum of money up front. It's best to pay as the work proceeds. Some aren't very good about managing the money and run out before completion, then cheap out near the end on materials and workmanship.