oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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Do I need a peso AND dollar account in Mexico?
I know, i know- it's me with another question
They're bound to taper off (a little) once we are moved and settled in, I promise.
It looks like a Citibank US account/ and a Banamex Mex. account will work the best for online transferring of funds for construction etc. There's a
Banamex in Constitución (my nearest big city), there's no fee to perform online transfers between accounts at these 2 banks, and they allow larger
sums to be transferred (other banks limit transfer to $1000-2000 dollars at a time).
I'll open a peso checking account at Banamex so we can pay the contractor for building materials, write paychecks for the 2 masons, and for ATM
withdrawals for living expenses. (We decided not to pay the workers social security ourselves and will let the contractor handle it). I don't
plan to keep large sums sitting in the peso account.
Is there a reason to have a Mexican bank (Banamex)dollar account also?
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Cypress
Elite Nomad
Posts: 7641
Registered: 3-12-2006
Location: on the bayou
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Mood: undecided
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Only if you want another level of red tape to deal with.
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k-rico
Super Nomad
Posts: 2079
Registered: 7-10-2008
Location: Playas de Tijuana
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FYI
[Edited on 9-28-2009 by k-rico]
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CP
Nomad
Posts: 434
Registered: 7-19-2006
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We got a dollar account and peso account at Banamex when we moved here five years ago. It was explained to me at that time that we could only wire
dollars to a dollars account. I prefer to spend pesos so I just transfer my wired dollars into the peso account. But if you can actually on-line
transfer dollars into a peso account (or dollars into pesos in the US then peso to peso down here), then I don't know why you would need a dollars
account.
Yes, we had to sign a IRS form to declare for the interest earned on the Dollars account. Since we don't leave the dollars in there for long we
accumulate less interest than the minimum we would need to declare.
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oldjack
Nomad
Posts: 350
Registered: 1-26-2006
Location: Los Barriles
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Mood: retired
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I must have miss-read... a few posts back on this subject I thought the conclusion was that Bank of America offerred the most versatility... and the
dollar account would remain in the U.S.A. ????
My personal requirements(while living in MX) are:
a. to have my retirement checks deposited directly
b. to have my social security checks deposited directly
c. to have ATM access to pesos
Is there one "best answer" to this situation???????
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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Thanks CP and Kate.
I didn't realize you could get dollars from a dollar account (duh). I was imagining it being stored in dollars but withdrawn in pesos. I think we'd
use the peso account more often for everyday use, but can see how it would be beneficial to be able to access dollars, especially prior to a trip
north.
Do you have to go in to the bank to retrieve dollars or can you withdraw dollars from a dollar account at ATM's?
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oladulce
Super Nomad
Posts: 1625
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Location: bcs
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oldjack-
I think alot has to do with where you'll be living and what banks you'll be withdrawing the pesos from so you can avoid or minimize the fees.
There isn't a Santander or Scotia bank in Constitución where we will be accessing 99% of our pesos at ATMs so our current B of A accounts wouldn't be
useful.
But for us, the big benefit to the Citibank/Banamex relationship is they consider themselves one and the same according to the account reps at Citi
and they allow you to perform online "wire transfers" between your accounts.
So I can be out in the boonies in Baja and "wire" money from our US account to our Mexican account. I found no other bank that offered this service
without having to fax a request, and without paying any wire transfer fees.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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Oladulce, never, Never, NEVER take USD from an Mexican ATM....even out of a US bank account....I did it ONCE....the
fees they charge will send you into cardiac arrest!!
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akbear
Nomad
Posts: 203
Registered: 8-23-2003
Location: Buena Vista BCS
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oladulce,
I have CITI/Banamex accounts & do Globle Transfers between CITI dollar to Banamex Peso accounts. I also have a Banamex dollar account for trips
North & Gringo buys. I do it on line but most times I also have to call CITI online banking to verify who I am. Once in a while it takes some
time to get it across what you are doing. I think that there is a $1,000.00 limit a day. You need to check with the bank to see which type of transfer
has what limit.
You now have to let the IRS know if you have more than $10,000 in all overseas accounts combined.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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| Quote: | Originally posted by oldjack
I must have miss-read... a few posts back on this subject I thought the conclusion was that Bank of America offerred the most versatility... and the
dollar account would remain in the U.S.A. ????
My personal requirements(while living in MX) are:
a. to have my retirement checks deposited directly
b. to have my social security checks deposited directly
c. to have ATM access to pesos
Is there one "best answer" to this situation??????? |
oldjack,
(a) I believe that retirement benefits are at the whim of the company issuing the checks as to whether or not they will make deposits/transfer funds
to a bank outside the USA....mine wouldn't, so those funds continue to go into my USA bank & I can ATM them out in pesos down here.
(b) SS WILL deposit directly into your Mexican bank....either to a USD account or a peso account. Or at least they SAY they
will ....a friend is due to start receiving funds in her local USD account the
first week in Oct....and I'm due to start receiving funds in my peso account the first week in Nov. So I guess we'll find out!
We both live here full time & discovered that US citizens can apply for SS through the US Consulate in Guadalajara. They have a SS group who does
a phone interview for information & then you have to mail/DHL some original documents (passport, original birth certificate, some recent years US
tax returns) they make copies & return them all to you via DHL. They will NOT accept copies, they want to see the original documents. It was
great not having to go to the states to apply for SS.
(c) It's best to ONLY withdraw pesos out of ATMs here regardless of whether the account you're withdrawing is from is a US bank or a
Mexican USD or peso account.
I don't have an "affiliate" bank, so can't answer your one-bank question. With the recent upheaval in US banking system & what bank took over
which other banks recently, I think who allows what is likely to be a rapidly moving target for the foreseeable future.
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
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The folks in Europe solved this problem. with the exception of a few holdouts, everyone uses the same currency.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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| Quote: | Originally posted by Bajahowodd
The folks in Europe solved this problem. with the exception of a few holdouts, everyone uses the same currency. |
We ain't in Europe, Toto!
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
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| Quote: | Originally posted by akbear
oladulce,
I have CITI/Banamex accounts & do Globle Transfers between CITI dollar to Banamex Peso accounts. I also have a Banamex dollar account for trips
North & Gringo buys. I do it on line but most times I also have to call CITI online banking to verify who I am. Once in a while it takes some
time to get it across what you are doing. I think that there is a $1,000.00 limit a day. You need to check with the bank to see which type of transfer
has what limit.
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Good to know akbear. I've called Citi twice so far to confirm the info because it sounded too good to be true. Both times the agents confirmed that I
could transfer $10,000-15,000 dollars at a time online, from Citi to Banamex without fees.
The Citi website shows daily limits of $1000-2000 for "transfers" of funds from a Citi account to an "account you own at another institution" and
Online "wire transfers" allow you to send larger sums of money but they have fees of $20-30 per transaction.
When I mentioned that the funds would be going to a Banamex account they responded "Banamex is Citibank and the daily limits and fees
don't apply".
I'll call again and see if I get different information. It's sounds like there may be some snafus (such as the fact that there's rarely cell reception
during daylight hours to be able to call Citi from our spot). But overall, i think this bank combo will be the best option.
Someday when we're finished building we won't need the ability to transfer larger sums.
akbear, to get dollars from your Banamex dollar account do you go in to the branch?
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Loretana
Senior Nomad
Posts: 825
Registered: 5-19-2006
Location: Oregon/Loreto
Member Is Offline
Mood: alegre
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Bank accounts
Oladulce,
We have both a dollar and peso account at Bancomer in Loreto.
Our builder prefers to pay in pesos, using a checking account.
I transfer funds in dollars from our US bank to the dollar account, and move it over as needed. I have see two major peso devaluations (not that the
dollar is all that hot right now) during my years in Mexico, and I feel more comfortable keeping the bulk of our building funds in the dollar account.
You can get dollars out of the bank, but you need to go to the branch to do it.
Generally, I use my peso account debit card for general purchases like gas and hardware store stuff, and use the dollar account debit card to get
pesos out of the ATM for my fruit market, grocery store and other cash needs.
Don't worry, it gets easier as you go along. 
"If you want to find the secrets of the universe, think in terms of energy, frequency and vibration."
-Nikola Tesla
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Bajame
Nomad
Posts: 458
Registered: 6-12-2005
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Mood: Baja Dreamin
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Tried to change dollars for pesos in Visciano and they would not do it. Will try in Santa Rosalia tomorrow. Has anybody else had a problem?
We all want a peaceful world, filled with love and laughter, but we fill ourselves with anger and hate trying to fiqure out how to achive it.
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garynmx
Junior Nomad
Posts: 43
Registered: 9-7-2009
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Hate the Mexican Bank ATM card. Your name is not on it and if lost or stolen ANYONE can use it and you will not be reimbursed. I keep my Mexican Bank
Card locked in my house and never use it. I have the account for emergency only. I use my BofA card at Scotia and Santander ATM's and no fees are
charged as those 2 banks are afflicated with BofA.
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Bob and Susan
Elite Nomad
Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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Mood: Full Time Residents
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better check a couple of things
deposits of 25,000 pesos or more per month get taxed
i don't think bank transfers do...but still check
new law to curb money laundering
we have citibank in the usa
and had a banamex account here
EVERY transfer got a fee
bank told us the same...no fees
they don't know
now maybe your banamex account
should be with with banamex usa
the one in LA
then they will have to deal with written rules
and follow the REAL rule
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shari
Select Nomad
Posts: 13048
Registered: 3-10-2006
Location: bahia asuncion, baja sur
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Mood: there is no reality except the one contained within us "Herman Hesse"
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bajame....the bank in Vizcaino (and other places i believe) stopped exchanging dollars for pesos a long time ago....several months at least...you have
to deposit the dollars into an account...then withdrawl the pesos.
I was also told at my bank (Bancomer)that the tax on deposits over 20,000 pesos in a month is only for cash deposits and doesnt apply to transfers
electronically.
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