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Author: Subject: Mexico banking
Shawndy
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[*] posted on 2-16-2014 at 11:35 AM
Mexico banking


Anybody out there take advantage of the decent term deposit rates offered by some Mexican banks? We deal with Intercam and they are offering 4% yield after the govt takes it's cut.

Are these guaranteed safe as they are in Canada?

Thanks for any input, thoughts or suggestions. :biggrin:
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baconjr
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[*] posted on 2-17-2014 at 10:59 AM


In the 1980's the Mexican banks were offering high interest rates to keep up with the weakness of the currency. I know people who had 1,000's deposited. Then one day all dollar accounts were converted to pesos and the the government did a wholesale devaluation of the peso and people lost 80-90% of their investment. I would be very careful about putting too much money in Mexican banks especially with the current government. "All that glitters is not gold"
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Udo
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[*] posted on 2-17-2014 at 05:27 PM


Even so, the banks are making it difficult to open any type of account if you are not a Mexican.



Udo

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rts551
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[*] posted on 2-17-2014 at 06:34 PM


Quote:
Originally posted by Udo
Even so, the banks are making it difficult to open any type of account if you are not a Mexican.


not so if you have the proper immigration paperwork.
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Udo
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[*] posted on 2-17-2014 at 06:46 PM


I had the RP card, fideicomiso, paid taxes receipt, water receipt, electric receipt, three sizes of photographs, and lots of Pesos.
May I as what you mean by "...proper immigration papers"?


Quote:
Originally posted by rts551
Quote:
Originally posted by Udo
Even so, the banks are making it difficult to open any type of account if you are not a Mexican.


not so if you have the proper immigration paperwork.




Udo

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