BajaNomad - Depositing US check to Mexican bank

Depositing US check to Mexican bank

healthdetective - 8-26-2021 at 03:28 PM

Can one deposit a US check to a Mexican bank account that is not their own?

If so how long is usual for check clearance?

More specifics should it matter.

I want to start an animal shelter in Mulege.

Currently I do not have residency status and probably won't get it by this winter.

If I am already in Mexico (not there currently but will be as of November) and form whatever legal structure is necessary I will need to fund the start of the shelter while there.

My thoughts are that the initial funding will be 100k +

How do I get my USD to Mexico while already in country?

All advice is appreciated.

Thank you

BajaUtah - 8-27-2021 at 07:22 AM

Not 100% your situation but maybe close enough.

Checks going into my own (Bancomer) account.

Up until 5 years ago I could deposit my US check written in dollars to my account with just my passport. I had deposited several checks for $5,000US without issue and without fees. Over the last 5 years they have increased fees and decreased the amount I could deposit so that up until last year it cost $1,000Mx in fees and I was limited to $1,000US.

Then last year, maybe a year and a half ago they just refused to accept my checks altogether. No reason why just "we can't do it anymore"

I can still wire transfer any amount from my US account to my Mexican account but I have to be in the States to do it. I have to show my ID and sign in person. Might just be my credit union I don't know.

So, not answering your question directly but the take away should be that depositing checks has gotten increasingly more difficult to now impossible.

Good luck

Mr. Bills - 8-27-2021 at 07:41 AM

It is my understanding, based on conversations with bank managers in the state of Guanajuato, that laws intended to prevent transfer/laundering of drug money in Mexico are the reasons for the new restrictions, which are nationwide.

Sorry, but I do not have enough information to be specific about the restrictions or the best ways to transfer money now, but wire transfers appear not to be affected much and many expats have opened Wise.com accounts to move money into their Mexican accounts although some recent reports suggest that one or more of the larger Mexican banks will no longer accept Wise transfers.

mtgoat666 - 8-27-2021 at 07:55 AM

Quote: Originally posted by healthdetective

How do I get my USD to Mexico while already in country?

All advice is appreciated.

Thank you

Prob best to wire the money. If you need someone to be present on USA side to wire money, then add someone to your account to do the wire for you.

[Edited on 8-27-2021 by mtgoat666]

HeyMulegeScott - 8-27-2021 at 02:11 PM

That is awesome that you want to start an animal shelter in Mulege. I would love to hear more about your project. Very much needed in the community.

You might want to contact a local attorney in town about setting up a non-profit (Mexican AC). My friends have been working with Nadia for the Los Amigos de Los Ninos scholarship fund and it seems like it is a long complicated process. Message me if you want her contact info.

Seems like Transferwise/ wise has some of the cheaper rates for wiring https://wise.com/us/ You can also use Xoom if you already have a Paypal account to send yourself smaller amounts of money to the bank in Mulege even if you don't have an account there https://www.xoom.com/

BajaNomad - 8-27-2021 at 11:46 PM

Just curious, how do fees and/or exchange rates compare with moneygram.com? Or is this of no relevance as bank-to-bank transfers are still easy enough, or ??

[Edited on 8-28-2021 by BajaNomad]

Bob and Susan - 8-28-2021 at 05:22 AM

i would like to know too because that is Not what you get
both banks take an international transfer fee

CaboMagic - 8-30-2021 at 08:01 AM

"Your" situation may, and likely will be, different than ours.

Back in the late 90's at a Bancomer branch in Cabo, it took a minimum of 30 days for a US check deposited to our Dollar account to clear.

Once, and only once (edited to say it was within the first year of operation and visitors were 'skeptical' of travelling with cash, and did not want to use a CCard and debit cards were non-existent ATT), we accepted Travellers Checks issued by a US based bank, and it took six months to be returned to us, rejected. What was explained to us was that the path it took was Bancomer La Paz, then Mexico City, then Miami , Florida and then to the issuing bank, which determined the (2nd) counter-signature did not match the initial one. Thankfully, the customer made good on them and we all laughed. Needless to say we stopped accepting them.

MoneyGram had limits in place - including lifetime LOL - not sure if this is still same.

Business accounts are different than personal btw.

See if INTERCAM exists in your area. For the $100K amount you are suggesting, there will be lots of issues to address.

Hope this helps! LG

[Edited on 8-30-2021 by CaboMagic]

Bob and Susan - 8-30-2021 at 08:14 AM

i hate to tell you guys this but NO ONE uses checks anymore...

its all credit debit or bank transfer $$$

Russ - 8-30-2021 at 08:21 AM

I have a USD account in Mulege and they will only take a maximum $1,000usd deposit from my US bank. They say it'll take 15 days to clear but usually only a week. Weird but you can write several $1,000 checks and deposit them at the same time. The contractors here seem to be able to deposit large US checks so you may want to ask your contractor about taking large US checks.

CaboMagic - 8-30-2021 at 08:30 AM

Quote: Originally posted by Bob and Susan

i hate to tell you guys this but NO ONE uses checks anymore...

its all credit debit or bank transfer $$$

Actually Bob --- we have corporate guests who still prefer to pay with old-fashioned checks. Never asked them why, because we are happy to accept their payment/s.

As to fees and actual amounts received, like most things having to do with $ and MX the answer/s seem to depend/s largely on the originating and receiving entities!

Again, HTH anyone reading my responses. LG

Bob and Susan - 8-30-2021 at 12:23 PM

lori...if you are doing something on the up and up then you use a corporate credit card...

maybe fishing charters is a grey area for investors and stock holders

i know if i was auditing i would be asking questions

CaboMagic - 8-30-2021 at 05:39 PM

Well Bob, I would NEVER get in to a peeing contest with you, for sure - I used to think you were kind to share info ---

Let's see - you equate paying with a corporate check as not on the up-n-up? Interesting. Your insinuations are not welcome, amigo.

Corporate clients - on the Up-N-Up such as Under Armour, Firestone, and an assortment of Nascar drivers don't seem to me to warrant your comment - but hey, this is a discussion board - so WTH?

Peace out, Lori

Quote: Originally posted by Bob and Susan

lori...if you are doing something on the up and up then you use a corporate credit card...

maybe fishing charters is a grey area for investors and stock holders

i know if i was auditing i would be asking questions

Bob and Susan - 8-31-2021 at 06:53 PM

sorry lori...

According to the Federal Reserve Bank of Philadelphia, paper checks are predicted to become obsolete by 2026

mtgoat666 - 8-31-2021 at 08:03 PM

Quote: Originally posted by Bob and Susan

sorry lori...

According to the Federal Reserve Bank of Philadelphia, paper checks are predicted to become obsolete by 2026

Sorry Susan,
Checks will be around for a while. Most of the world likes zero-fee transactions. Venmo and credit card take a few percent of every transaction, and checks are still (largely) free. E-payments may be free for payees,usually , but banks are always trying to skim Each transaction. Checks and cash are still king in my book.
Venmo used to be free for very small biz, when flying low on radar, but now Venmo wants biz to pay same fee as CC companies.
Cyber currency is a pipe dream, today comes with risks, and high transaction costs.

Bob and Susan - 9-1-2021 at 06:07 AM

this is why checks are still around... OLD GUYS that dont change

next time you shop... look and see how many pay with a check...none

ask a 30 yr old how many checks she writes for the month?...zero

how many do they mail? zero

the world changed and you never even saw it

willardguy - 9-1-2021 at 07:19 AM

bet the paper check will still be around long after the last "Bobism"

eastmeetswest - 9-1-2021 at 07:54 AM

And ask a business person how many cheques they write per month. It is free(ish) and leaves a good paper trail for the accountant. Also, you can give a cheque to any employee for a specific payment without the risk of them having a credit card to access your entire available credit. Cheques still have a purpose that is not nefarious. just my cheque for $0.02

JDCanuck - 9-1-2021 at 08:26 AM

I have found XE Transfer (similar to Wise I think) to be the most economical way to transfer funds without having to be present at the bank where it is sourced from. Very low currency exchange offsets, no fees at the sending end and quick transfers. Recently they required a passport photo and selfie to confirm my ID, but otherwise no issues on sending large or small amounts. Fees charged by receiving banks have varied depending on the target bank.

https://www.xe.com/xemoneytransfer/information.php

At present usd buys 1.26201 cad
cad buys .792324 usd
Far better currency rates than i found elsewhere, just sent CAD to Pesos at 15.9779 Aug 27, was very close to the midpoint of buy/sell on that date of 16.0620 so offset was far below what the banks charge

[Edited on 9-1-2021 by JDCanuck]

[Edited on 9-1-2021 by JDCanuck]

Terry28 - 9-1-2021 at 08:51 AM

Seems Bob was correct...I was curious so I asked my 27 year old daughter and her friends...they never write checks..debit card, credit card and cash. No checks...they use direct deposit for paychecks,and auto pay for their bills....seems checks are for dinosaurs.....

willardguy - 9-1-2021 at 08:58 AM

hey that reminds me today is the 1st, rent day. time to write that check to the campo owner, thats the way HE wants it! :coolup:

mtgoat666 - 9-1-2021 at 09:32 AM

Quote: Originally posted by Terry28

Seems Bob was correct...I was curious so I asked my 27 year old daughter and her friends...they never write checks..debit card, credit card and cash. No checks...they use direct deposit for paychecks,and auto pay for their bills....seems checks are for dinosaurs.....

sort of true. typical consumer purchases and repetitive bills can be handled with CC, e-pay and cash.
but in business i still write checks for many vendors, especially for one-off purchases.
i also write checks for contractors at home, i write checks for property taxes, i write checks for vehicle purchases, etc. Contractors and many vendors do not want to be paid by CC, since CC companys take a cut of transaction.
in one of our businesses, we offer two prices, one for cash/check, one price for CC. many people appreciate paying 2% less if paying via check.

Don Pisto - 9-1-2021 at 09:41 AM

Quote: Originally posted by mtgoat666

Quote: Originally posted by Terry28

Grandma's gotta have something to put in that Birthday card!

willyAirstream - 10-28-2021 at 03:41 PM

health detective ...open a citibank usa account as it is affilated with banamex in SR. Transfers under 5k usa will be easy. As many as you want. Over that amount, red flags go to sat. And as you know world remit is another option.

PaulW - 10-28-2021 at 04:20 PM

I am pretty sure you need a bank account.
Meanwhile write checks.
You will being business with a mexican business or even a person. Just write them a check. The fastest it will be posted is the next day. Sometimes the person or business you write a check to will take longer.
I sold a car to a loacal here in Mexico and got a check on a US bank and I posted it online and it cleared the next day.
Of course you can bring US currency for less than 10k and deposit it in your new bank to either a Peso or dollar account.

Russ - 10-29-2021 at 05:02 AM

I tried to deposit $1000 check in to my Bancomer account last week and they wouldn't except it. The NEW max is $500 for one US check but they'll take as many checks as you want to deposit. :?:

pacificobob - 10-29-2021 at 07:11 AM

Quote: Originally posted by Bob and Susan

i hate to tell you guys this but NO ONE uses checks anymore...

its all credit debit or bank transfer $$$

Somehow i don't think you "hate" telling that at all. Maybe even like it.😁

pacificobob - 10-29-2021 at 07:15 AM

I was told yesterday at bancomer that i could deposit my $1000USD
Check...for a $100fee and a 45 day wait!
$500usd is now the maximum w/o fees. About 10days to access the funds.

healthdetective - 10-29-2021 at 06:53 PM

WOW. Thank you all for your input. I will definitely need to be creative in getting my money into Mexico