bajadock
Super Nomad
Posts: 1219
Registered: 12-20-2006
Location: Punta sur de \'Nada
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Mexican Banking Regulation
Mex Bank Restrictions ...from the Dibble Drivel
Banking regulation is "spilling" across the border. Wonder what the unintended consequences will be.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
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Mood: Suicide Hot line ... please hold
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Perhaps more tellers at the banks.. and a better understanding of what is really going on .... 
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lookingandbuying
Nomad
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Registered: 3-15-2010
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Weird Control
| Quote: | Originally posted by bajadock
Mex Bank Restrictions ...from the Dibble Drivel
Banking regulation is "spilling" across the border. Wonder what the unintended consequences will be. |
It is interesting that the Mexican government restricted the amount of dollars that can be deposited to such a low amount. In the U.S., you can
deposit as much as you want as long as the bank fills out the proper paperwork and the depositor does not intentionally structure the deposit to avoid
the required reporting. It is a paperwork nightmare and alot of it is probably never looked at, at least until a trigger is hit. It will be
interesting to see if this new process surviives...especially in the border regoins.
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durrelllrobert
Elite Nomad
Posts: 7393
Registered: 11-22-2007
Location: Punta Banda BC
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Mood: thriving in Baja
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| Quote: | Originally posted by lookingandbuying
| Quote: | Originally posted by bajadock
It is interesting that the Mexican government restricted the amount of dollars that can be deposited to such a low amount. |
$4k cash is better than my bank's (Scotia) current policy of not accepting any US checks for deposit  |
Bob Durrell
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tjBill
Senior Nomad
Posts: 516
Registered: 10-6-2007
Location: Tijuana
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A lot of people Tijuana keep bank accounts in both Mexico and the US. B of A being the most popular.
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
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Mood: Skeptical
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Just one more reason not to have a Mexican bank account. It has always been too great of a hassle, and now this. Oh well.......
Too bad, because this negatively impacts commerce of the legal kind.
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rts551
Elite Nomad
Posts: 6699
Registered: 9-5-2003
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Geeze you guys, How many of you deposit more than $4000 in cash per month into an account? Cash!
Transfers are still allowed.
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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| Quote: | Originally posted by rts551
Geeze you guys, How many of you deposit more than $4000 in cash per month into an account? Cash!
Transfers are still allowed. |
Anyone with an active building project.
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rts551
Elite Nomad
Posts: 6699
Registered: 9-5-2003
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| Quote: | Originally posted by Pescador
| Quote: | Originally posted by rts551
Geeze you guys, How many of you deposit more than $4000 in cash per month into an account? Cash!
Transfers are still allowed. |
Anyone with an active building project. |
Then I would do a transfer since presumably there is already a bank account. But to each his own.
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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Mexican banks are big pain in the neck.
There are all kinds of restrictions and long lines at the branches most of the time. Tellers can't even tell you what your bank balance is, you have
to go to the bank manager for that. Your access to your account and what you can do will also change if you go to a branch in a different city than
where the account was opened. Stupid, stupid, stupid! Also, new irritating rules keep coming up and you are never notified.
Most independent contractors and residents avoid having an account because of the restrictions and inconveniences.
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toneart
Ultra Nomad
Posts: 4901
Registered: 7-23-2006
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Mood: Skeptical
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| Quote: | Originally posted by MitchMan
Mexican banks are big pain in the neck.
There are all kinds of restrictions and long lines at the branches most of the time. Tellers can't even tell you what your bank balance is, you have
to go to the bank manager for that. Your access to your account and what you can do will also change if you go to a branch in a different city than
where the account was opened. Stupid, stupid, stupid! Also, new irritating rules keep coming up and you are never notified.
Most independent contractors and residents avoid having an account because of the restrictions and inconveniences. |
What Mitch said!
That was my experience and I have said so in detail on this forum. It is not worth it! I had to have an account when I was building my house, but
after that, I dumped the bank.
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RichBaja
Banned
Posts: 165
Registered: 5-8-2010
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Sounds like an effective way to curb laundering. Am I wrong?
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