SFandH
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Mexican Banks
I remember reading a post in which someone mentioned a Mexican bank they used. It was not one of the usual Mexican banks; it seemed to have an
international flavor. I'm trying to find the name.
Does this ring any bells?
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SFandH
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Never mind, I got it.
Intercam Banco
https://www.intercam.com.mx/
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AKgringo
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I know it is a different world today than when my Dad had savings in a Mexican bank back in the late 70s, but he went from smiling about the interest
rate he was getting, to scrambling to get his money out before he lost even more of the principle!
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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JDCanuck
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Yes, the interest they pay on deposits is quite high, but whether or not it compensates for currency exchanges is an unknown. I leave enough there to
cover expenses while down here, but transfer in using a currency exchange agent like Wise or XE Transfer to reduce losses by normal currency transfers
bank to bank.
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thebajarunner
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Quote: Originally posted by AKgringo  | | I know it is a different world today than when my Dad had savings in a Mexican bank back in the late 70s, but he went from smiling about the interest
rate he was getting, to scrambling to get his money out before he lost even more of the principle! |
I had a good friend back in the 70s who had $5000 he wanted to stash away. Not sure if he was avoiding an ex or Uncle Sam, but he asked me about
Mexican banks and i assured him that no one had ever lost money down there. "Total integrity", sez me.
And, of course, the spectacular and quick government edict to "move a decimal point" basically vaporated his stash.
I also remember, when the market was so unsettled, that there was a t shirt stand on 3rd Street in Ensenada that would exchange green bucks for a much
better peso rate.
Crazy days..... and who can say that it won't happen again.
It is already happening here in GringoLand. It is just called inflation, thanks to the National Debt and other related issues.
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AKgringo
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I suffered my own financial crisis at the end of the 70s when record high interest rates killed new housing starts, which was my line of work. It
took years to pay off our credit card and loan debts, so I swore off credit cards.
In 1986 our financial status was good, and we chose to make a family road trip, spending two months touring Mexico. I had a stash of greenbacks to
convert to pesos as needed, and there were frequently Mexican citizens outside the banks bidding for my dollars at a much better rate than the banks
would give me.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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JDCanuck
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Has anyone had significant problems with their Mexican accounts recently? I know we have been to ours 3 times now trying to register our RFC number on
our account without success. We had heard the account may be locked out if this is not done and so we are anxious to have this cleared up. Apparently
the bank itself is not concerned.
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Lee
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Little something off track. Maybe everyone knows this but I learned the hard way.
Drew out some pesos from a Loreto bank on a Sunday and the ATM kept my card. Bank was closed so I visited them when they opened Monday.
Bank employee pulled out a stack of cards and found mine.
Lesson for me: don't draw money out on Sunday esp. if traveling.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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JDCanuck
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Interesting Lee. I think I would want to obtain a new card if that occurred to me. Any time my card is out of my hands and out of sight I get nervous.
Never has happened to me in Mexico but years ago someone scooped my card info in Canada and started charging items on it. Fortunately, Mastercard
security contacted me immediately and they reversed all the charges. They were going through hundreds of miles away within minutes of when my card was
scooped.
[Edited on 6-19-2024 by JDCanuck]
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SFandH
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Last December, I tried to withdraw 9000 pesos from a machine in a Loreto Leys using a BBVA debit card. The machine did everything correctly except
spit out the cash. I went to a BBVA bank, explained what happened, a check revealed my account was debited, and the guy said don't worry, the money
will be credited in a few weeks when a monthly process is ran.
Yeah, sure, don't worry.............But he was right, the debit was credited.
All's well that ends well.
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JDCanuck
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| Quote: Originally posted by SFandH | Last December, I tried to withdraw 9000 pesos from a machine in a Loreto Leys using a BBVA debit card. The machine did everything correctly except
spit out the cash. I went to a BBVA bank, explained what happened, a check revealed my account was debited, and the guy said don't worry, the money
will be credited in a few weeks when a monthly process is ran.
Yeah, sure, don't worry.............But he was right, the debit was credited.
All's well that ends well. |
You are very right. I would be worried as well. Is this whats behind your looking for a new bank? Or is there a foreigner who is looking to open an
account? As far as I know, Intercam was the only bank in Mexico that would allow me to open an account in my name without being a resident. We used it
to fund all our building expenses and consequently saved a lot on bank to bank transfers (in the tens of thousands in CAD) with very poor exchange
rates. Even more was saved using their free ATM's as opposed to taking the cash out on our credit cards. Those benefits far outweighed the
inconveniences.
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