BajaNomad

Do you have a Mexican bank account?

geraldalexander7 - 6-8-2022 at 03:58 PM

How do you get money from an an account in USA to your account in Mexico?
I live in La Paz and will shortly open a Mex bank account. Any bank you can recommend? I was thinking of Citibanamex or Azteca.
Thanks
Gerald

bajafreaks - 6-8-2022 at 04:10 PM

We have an account with Intercam and they have been fine.
When we come to town I write a personal check to my self (deposit) from my bank in the states take it to Intercam and within a few hours that money is deposited into my Mexican account. Very easy

SFandH - 6-8-2022 at 09:01 PM

Go to your US bank's website and find the money transfer section. You'll have a choice of domestic or international transfers. Select international and enter the required info for the Mexican bank account and make the transfer. I just did that yesterday from my Bank of America account to a BBVA (Bancomer) account. I also used wise.com several days ago to transfer funds.

pacificobob - 6-9-2022 at 07:26 AM

Both dollar and peso accounts. I write US checks to myself and deposit them in Mexican account. (Limeted to 2 $500 checks@day)
Works well for us. If paying large sums [construction,ect] I'll do a wire transfer.

bajabrant - 6-9-2022 at 03:48 PM

check out xe transfer to fund your mx bank acct. great rate, fast, cheap

JDCanuck - 6-9-2022 at 05:03 PM

Quote: Originally posted by bajabrant  
check out xe transfer to fund your mx bank acct. great rate, fast, cheap


Thats our preferred transfer agent as well into the Intercam Mexican account. No fees either from sending bank, or Intercam in Mexico. Exchange rates very very low if converting CAD to Pesos. Draw the money fee free in Pesos at any Scotiabank ATM machine.

Tommy A - 6-11-2022 at 11:43 AM

What documentation do you need to open a Mexican bank account?
Thx

4x4abc - 6-11-2022 at 12:35 PM

Quote: Originally posted by Tommy A  
What documentation do you need to open a Mexican bank account?
Thx


in general you need permanent residency.
I f you have enough money to deposit - they might do it with your passport.
However, the new RFC regulations may have closed that door.

SFandH - 6-11-2022 at 01:06 PM

Quote: Originally posted by 4x4abc  
Quote: Originally posted by Tommy A  
What documentation do you need to open a Mexican bank account?
Thx


in general you need permanent residency.


You can get an account with temp residency. Temp residency comes with a CURP.

AKgringo - 6-11-2022 at 01:55 PM

In the early 80s, my dad was able to open a Peso savings account in Mexico. He was attracted to the Mexican bank by the much higher interest being paid in relation to his US accounts.

Then came the Peso crash in 1986, which took the principal down to just a fraction of the original deposit!

JDCanuck - 6-12-2022 at 04:36 AM

We don't have either permanent or temporary residency and were told the only bank account we could open as regular foreign visitors would be at the Intercam branch in La Paz which we did with the help of a relative that is a Mexican citizen. We used their address, with their utility bill and a picture of their home showing the address. Then we used my passport and waited for 5 days for the application to be approved, deposited a 10,000 minimum pesos deposit and had the employee aid us in setting up online access. Why it is so difficult is beyond me, but once fully set up it seems to send and receive funds as easily as any other account we have here.
This was just done 3 weeks ago in La Paz.

[Edited on 6-12-2022 by JDCanuck]

surabi - 6-12-2022 at 09:07 AM

"Why it is so difficult is beyond me..."

I don't understand what you found "so difficult". That you could open a bank account as a tourist at all seems like something you should appreciate.

JDCanuck - 6-12-2022 at 04:09 PM

Well, the only reason I needed a bank account was to pay my property taxes and utilities and transfer other funds from my Canadian accounts into Mexico. If they would take my money without a Mexico Bank as intermediary, I would be even more pleased as I could avoid a whole lot of extra trouble. The "tourist"designation is theirs, not mine.

JC43 - 6-13-2022 at 12:42 PM

Its all about money laundering. Gringos come to MX w/ lots of cash, thinking a MX bank will take it. TtL that´s not possible. Otherwise even more Gringos would come thinking they can purchase a part of Mexico.

CaboMagic - 6-13-2022 at 04:47 PM

Perhaps this website might be helpful:
https://www.psimonmyway.com/open-a-bank-account-in-mexico/

4x4abc - 6-13-2022 at 06:06 PM

Quote: Originally posted by JDCanuck  
Well, the only reason I needed a bank account was to pay my property taxes and utilities and transfer other funds from my Canadian accounts into Mexico. If they would take my money without a Mexico Bank as intermediary, I would be even more pleased as I could avoid a whole lot of extra trouble. The "tourist"designation is theirs, not mine.


you can pay for all of the above in cash at their offices.

surabi - 6-13-2022 at 07:20 PM

You can also pay those things online.

I'm rather bamboozled by "The 'tourist' designation is theirs, not mine". You are either a tourist or a resident. The bank doesn't decide that.

Udo - 6-15-2022 at 09:23 AM

CITIBANAMEX !
Quote: Originally posted by geraldalexander7  
How do you get money from an an account in USA to your account in Mexico?
I live in La Paz and will shortly open a Mex bank account. Any bank you can recommend? I was thinking of Citibanamex or Azteca.
Thanks
Gerald

JDCanuck - 6-15-2022 at 03:01 PM

Harald: Yes, we can pay our municipal taxes locally at an OXXO if we are there at least once in the 6 months they are due. The Hughesnet account tho, is due each and every month, which would mean travelling down there once each month to do the same to keep it active. Several attempts to pay it online using a credit card failed, and even through their assistance by phone they could not get the payments to go through and had no idea why their system won't accept payments from Canadian issued credit cards. Every other targeted bill was accepted by the payee using Visa. With Intercam account we can do an online transfer of funds using SPEI.
Intercam is the only bank active in Mexico we know of that you can open without having permanent residency status. Based on their homepage they are headquartered in Puerto Rico but licensed to do banking in Mexico and operate internationaly.

[Edited on 6-15-2022 by JDCanuck]

surabi - 6-15-2022 at 03:34 PM

Quote: Originally posted by JDCanuck  

Intercam is the only bank active in Mexico we know of that you can open without having permanent residency status.

[Edited on 6-15-2022 by JDCanuck]


That is incorrect. I know plenty of people with temporary residency status who have Mexican bank accounts in banks other than Intercam.

SFandH - 6-15-2022 at 03:55 PM

Quote: Originally posted by surabi  
Quote: Originally posted by JDCanuck  

Intercam is the only bank active in Mexico we know of that you can open without having permanent residency status.

[Edited on 6-15-2022 by JDCanuck]


That is incorrect. I know plenty of people with temporary residency status who have Mexican bank accounts in banks other than Intercam.


Yes, the all-important CURP (Clave Única de Registro de Población) identifier comes with temp residency.


Don Pisto - 6-15-2022 at 06:00 PM

JD why wouldn't you just get temporary residency? they can't make it any easier these days! its not gonna last forever

[Edited on 6-16-2022 by Don Pisto]

JDCanuck - 6-15-2022 at 08:59 PM

Quote: Originally posted by Don Pisto  
JD why wouldn't you just get temporary residency? they can't make it any easier these days! its not gonna last forever

[Edited on 6-16-2022 by Don Pisto]

Hi Don Pisto: This is something we will definitely be exploring on our next trip down. Now that we have a bank account and can pay all the bills necessary from here in Canada where we reside most of the year, the reasons to do so are declining. We have real estate and family here that we will want to visit often, others that live in the central US, and another group that live in Baja. We will eventually choose which country will become our future primary home of residence. My preference at this point is Baja, so we continue to move in that direction.
However, recent minimum consistent "proven" income rule changes in Mexico have elevated considerably the requirements we need to obtain Mexican residency, so this will be the next obstacle. Unlike most recent immigrants to the Baja we do not have large stable pension incomes, but rely on invested income that varies considerably year to year.

Don Pisto - 6-15-2022 at 09:04 PM

Quote: Originally posted by JDCanuck  
Quote: Originally posted by Don Pisto  
JD why wouldn't you just get temporary residency? they can't make it any easier these days! its not gonna last forever

[Edited on 6-16-2022 by Don Pisto]

Hi Don Pisto: This is something we will definitely be exploring on our next trip down. Now that we have a bank account and can pay all the bills necessary from here in Canada where we reside most of the year, the reasons to do so are declining. We have real estate and family here that we will want to visit often, others that live in the central US, and another group that live in Baja. We will eventually choose which country will become our future primary home of residence. My preference at this point is Baja, so we continue to move in that direction.
However, recent minimum consistent "proven" income rule changes in Mexico have elevated considerably the requirements we need to obtain Mexican residency, so this will be the next obstacle. Unlike most recent immigrants to the Baja we do not have large stable pension incomes, but rely on invested income that varies considerably year to year.


this is exactly why you need to take advantage of the INM amnesty program, no financial requirements and can all be done within mexico....google is your friend

JDCanuck - 6-15-2022 at 09:18 PM

Seniors in Canada who exceed a certain limit of income are taxed at an effective marginal tax rate of 52% and as high as 65% including tax clawbacks on their social security rates (OAS). We have exceeded that limit the past two years, dropping our consistent pension incomes well below the poverty rates in Canada. This is the primary source of income the Mexican government looks at when they calculate income requirements. Exceptional capital gains or dividend incomes are seen as unreliable sources. This is the cost to have a heavily socialist taxation system as we have in Canada, but is not recognized as such in Mexico.

Don Pisto - 6-15-2022 at 09:25 PM

Quote: Originally posted by JDCanuck  
Seniors in Canada who exceed a certain limit of income are taxed at an effective marginal tax rate of 52% and as high as 65% including tax clawbacks on their social security rates (OAS). We have exceeded that limit the past two years, dropping our consistent pension incomes well below the poverty rates in Canada. This is the primary source of income the Mexican government looks at when they calculate income requirements. Exceptional capital gains or dividend incomes are seen as unreliable sources. This is the cost to have a heavily socialist taxation system as we have in Canada, but is not recognized as such in Mexico.


are all canadians so stubborn? what part of "no financial requirements" escapes you?:?:

JDCanuck - 6-15-2022 at 09:36 PM

Don Pisto: Yes, on my last visit a friend pointed out the temporary amnesty program to us, but as this seemed to be an ethically questionable workaround to fully open disclosure i was reluctant to use it. I have no desire to sneak under the wire and take advantage of a program meant to benefit others in dire circumstances.
We will instead attempt to follow the normal route to permanent residency under full disclosure.

Don Pisto - 6-15-2022 at 09:48 PM

:lol:yeah we wouldn't want an "ethically questionable workaround" would we?We don't have either permanent or temporary residency and were told the only bank account we could open as regular foreign visitors would be at the Intercam branch in La Paz which we did with the help of a relative that is a Mexican citizen. We used their address, with their utility bill and a picture of their home showing the address. Then we used my passport and waited for 5 days for the application to be approved, deposited a 10,000 minimum pesos deposit and had the employee aid us in setting up online access. Why it is so difficult is beyond me, but once fully set up it seems to send and receive funds as easily as any other account we have here.
This was just done 3 weeks ago in La Paz.

so much for a "workaround"

[Edited on 6-16-2022 by Don Pisto]

SFandH - 6-16-2022 at 05:02 AM

The new BBVA accounts issue debit cards with no information on them. No name, no account number, no expiration date, and no CVV code. All that info is available when you log in to your account, except the CVV 3-digit code, which (I think) no longer exists. PINs are still used. And there's something new, at least to me. The BBVA phone app generates a one-time code that you need to use to log in to your account. I think the code expires quickly but I'm not sure. I also think they are implementing facial recognition at their ATMs. A photo is taken during the account creation process.


[Edited on 6-16-2022 by SFandH]

JDCanuck - 6-16-2022 at 07:06 AM

Quote: Originally posted by SFandH  
The new BBVA accounts issue debit cards with no information on them. No name, no account number, no expiration date, and no CVV code. All that info is available when you log in to your account, except the CVV 3-digit code, which (I think) no longer exists. PINs are still used. And there's something new, at least to me. The BBVA phone app generates a one-time code that you need to use to log in to your account. I think the code expires quickly but I'm not sure. I also think they are implementing facial recognition at their ATMs. A photo is taken during the account creation process.


[Edited on 6-16-2022 by SFandH]


This process was new to me as well, the double passing of a generated token to link to your account for online access. A bit more cumbersome than we are used to but they tell us provides better security.

SFandH - 6-16-2022 at 07:11 AM

Quote: Originally posted by JDCanuck  
Quote: Originally posted by SFandH  
The new BBVA accounts issue debit cards with no information on them. No name, no account number, no expiration date, and no CVV code. All that info is available when you log in to your account, except the CVV 3-digit code, which (I think) no longer exists. PINs are still used. And there's something new, at least to me. The BBVA phone app generates a one-time code that you need to use to log in to your account. I think the code expires quickly but I'm not sure. I also think they are implementing facial recognition at their ATMs. A photo is taken during the account creation process.


[Edited on 6-16-2022 by SFandH]


This process was new to me as well, the double passing of a generated token to link to your account for online access. A bit more cumbersome than we are used to but they tell us provides better security.


It's all fine with me except for one issue. Without the 3-digit CVV code, you can't use the card on websites that require one. Amazon for instance. Perhaps I'm missing something?

SFandH - 6-16-2022 at 07:42 AM

Quote: Originally posted by SFandH  
Quote: Originally posted by JDCanuck  
Quote: Originally posted by SFandH  
The new BBVA accounts issue debit cards with no information on them. No name, no account number, no expiration date, and no CVV code. All that info is available when you log in to your account, except the CVV 3-digit code, which (I think) no longer exists. PINs are still used. And there's something new, at least to me. The BBVA phone app generates a one-time code that you need to use to log in to your account. I think the code expires quickly but I'm not sure. I also think they are implementing facial recognition at their ATMs. A photo is taken during the account creation process.


[Edited on 6-16-2022 by SFandH]


This process was new to me as well, the double passing of a generated token to link to your account for online access. A bit more cumbersome than we are used to but they tell us provides better security.


It's all fine with me except for one issue. Without the 3-digit CVV code, you can't use the card on websites that require one. Amazon for instance. Perhaps I'm missing something?



I think I found the answer to the CVV issue.

https://www.bbva.com/es/pe/cvv-dinamico-en-las-tarjetas-como...

Don Pisto - 6-16-2022 at 03:12 PM

you don't need a bank....just OXXO. can't speak for anywhere other than baja norte but up here they've just begun really pushing this, its called SPIN and might be worth looking into, if you don't find it a "ethically questionable workaround":lol:
https://mexicodailypost.com/2022/03/24/spin-by-oxxo-convenie...

JDCanuck - 6-16-2022 at 07:01 PM

Quote: Originally posted by Don Pisto  
you don't need a bank....just OXXO. can't speak for anywhere other than baja norte but up here they've just begun really pushing this, its called SPIN and might be worth looking into, if you don't find it a "ethically questionable workaround":lol:
https://mexicodailypost.com/2022/03/24/spin-by-oxxo-convenie...


Hi Don Pisto: As i mentioned in previous posts, in order to pay our taxes and Hughesnet bills online from CANADA, we had to open a Mexican bank account, and then pay the bills using electronic transfer "SPEI"from those accounts using online access. Both those online sites recently refused to accept a valid Canadian issued Visa or Mastercard card for payment. These are the very same cards we use everywhere else in Baja to pay for every item we purchase, with never any issues.
Previously, we had to generate the bill, send it to our family in Baja and they went to an OXXO and paid them for us using a bank account we set up in his name. The family member that previously did this for us now lives here in Canada, which made it necessary to find a method to do this ourselves.

surabi - 6-16-2022 at 10:43 PM

Quote: Originally posted by JDCanuck  

Previously, we had to generate the bill, send it to our family in Baja and they went to an OXXO and paid them for us using a bank account we set up in his name. The family member that previously did this for us now lives here in Canada, which made it necessary to find a method to do this ourselves.


You never had to do this. You can put money down on your CFE account and other services in advance. You probably have a good idea how much your bills run, so you just go into a CFE office (I don't think you can pay ahead at an OXO, only the current bill) and deposit enough for 6 months worth of bills before you leave for Canada. I do this every year when I go up to Canada for a month or two in the summer so my house sitter doesn't have to deal with paying a bill that comes in my absence. The money in my CFE account just gets automatically applied to the bills that come.

And you are right and Don Pisto is wrong about getting residency through the amnesty programme. That was for people who have been in Mexico for a long time illegally (overstayed their tourist visa) and was also used during the time when foreigners who were here on tourist visas were pretty much stuck here because of Covid travel restrictions. The amnesty programme isn't just some easy way for people to get residency without applying from outside of Mexico when they regularly spend only part of the year in Mexico like you do.

surabi - 6-16-2022 at 10:50 PM

Quote: Originally posted by JDCanuck  
Quote: Originally posted by Don Pisto  
JD why wouldn't you just get temporary residency? they can't make it any easier these days! its not gonna last forever

[Edited on 6-16-2022 by Don Pisto]

Hi Don Pisto: This is something we will definitely be exploring on our next trip down.


What do you mean by exploring on your next trip down? You have to apply at a consulate in Canada, not here in Mexico. And apparently different consulates have somewhat different requirements, so the best place to get the information is through your nearest consulate in Canada.

Don Pisto - 6-17-2022 at 12:17 AM

Quote: Originally posted by surabi  
Quote: Originally posted by JDCanuck  

Previously, we had to generate the bill, send it to our family in Baja and they went to an OXXO and paid them for us using a bank account we set up in his name. The family member that previously did this for us now lives here in Canada, which made it necessary to find a method to do this ourselves.


You never had to do this. You can put money down on your CFE account and other services in advance. You probably have a good idea how much your bills run, so you just go into a CFE office (I don't think you can pay ahead at an OXO, only the current bill) and deposit enough for 6 months worth of bills before you leave for Canada. I do this every year when I go up to Canada for a month or two in the summer so my house sitter doesn't have to deal with paying a bill that comes in my absence. The money in my CFE account just gets automatically applied to the bills that come.

And you are right and Don Pisto is wrong about getting residency through the amnesty programme. That was for people who have been in Mexico for a long time illegally (overstayed their tourist visa) and was also used during the time when foreigners who were here on tourist visas were pretty much stuck here because of Covid travel restrictions. The amnesty programme isn't just some easy way for people to get residency without applying from outside of Mexico when they regularly spend only part of the year in Mexico like you do.


Surabi, first of all let me say you have been one of the few nomads here that does her homework, knows what she's talking about and has had boots on the ground....but you are dead 'effing wrong about the amnesty program, it's a TOTALLY LEGIT IMN program where if you have a couple expired FMM's in the last couple of years you're eligible for a four year temporary residency ALL DONE IN MEXICO NO U.S. consulate visit and ABSOLUTELY NO FINANCIAL REQUIREMENTS....I've got a brand spanking new one in my wallet along with a number of friends that along with hundreds of others that have taken advantage of this program, if you've been living on FMM's for years you're foolish not to take advantage while you can. now maybe things are different where you live on the mainland but this has been available here for a couple years and was offered same deal ten years ago, of course a lot cheaper:D......check your u2u

surabi - 6-17-2022 at 12:48 PM

Don Pisto- it really depends on where one is located. For instance, PV is no longer doing the amnesty program, and Guadalajara is administering it as I mentioned- you have to have been in Mexico for years undocumented. If they are letting anyone do it in Baja, that's great. But your tourist visa has to have run out, as far as I'm aware, so for JDCanuck, it probably wouldn't work- I gather he is currently in Canada- as the whole program is likely to end soon.

JDCanuck - 6-17-2022 at 03:29 PM

Surabi: The info that you just posted is pretty much as I understand it to be as well. I have never stayed in Baja or anywhere else in Mexico beyond the date listed on my FMM, indeed the immigration person who checked mine last time down rewrote and extended mine way beyond the date I had a flight booked to return just in case I was delayed.
Maybe they had been made aware of the increased use of this provision during the past couple years.
In any case, if we continue to want to obtain temporary and then permanent residency there is a known pathway for us to do so following normal policies. It will just require patience and some additional work and expense.