danaeb
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Banks in La Paz?
I want to open a peso account in La Paz for my ordinary expenses. I'm not full-time yet, but moving in that direction.
Give me the good, the bad and the ugly please. If you're happy and have a contact name at your bank, that would be very helpful.
Thanks. Dana
[Edited on 6-12-2014 by danaeb]
Experience enables you to recognize a mistake every time you repeat it.
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gnukid
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Don't, just withdrawal pesos via your foreign account with a no fee bank card and pay cash for bills, maintain a balance in advance for utilities to
avoid having to make monthly payments.
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chuckie
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Dont
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Pescador
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I don't understand either Chuckie or Gnukid's response. I live here full time, have a Bancomer account and it works very well for me. I can wire
transfer funds when needed to the Bancomer account instead of paying an unacceptable ATMcharge every time I need some pesos. One of my biggest
expenses is gasoline since we run a couple of boats and I can easily pay with a debit card. If in La Paz, the lines at the bank are manageable,
whereas in Santa Rosalia it is much worse than any Post Office I have ever experienced. I am able to pay electricity, Sky Television, and phone bill
online.
The only real negative I have heard is that you do not want to let your account get below a certain level as then they start charging you for your
account.
I hear Banamex is not opening accounts due to FATCA but have heard nothing from Bancomer.
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RnR
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| Quote: | Originally posted by Pescador
I don't understand either Chuckie or Gnukid's response. I live here full time, have a Bancomer account and it works very well for me. I can wire
transfer funds when needed to the Bancomer account instead of paying an unacceptable ATMcharge every time I need some pesos. One of my biggest
expenses is gasoline since we run a couple of boats and I can easily pay with a debit card. If in La Paz, the lines at the bank are manageable,
whereas in Santa Rosalia it is much worse than any Post Office I have ever experienced. I am able to pay electricity, Sky Television, and phone bill
online.
The only real negative I have heard is that you do not want to let your account get below a certain level as then they start charging you for your
account.
I hear Banamex is not opening accounts due to FATCA but have heard nothing from Bancomer. |
x2
We have done exactly the same with a Bancomer account for years. Never had a problem.
Bancomer is linked with Wells Fargo in the US. Electronic transfers from bank to bank are just a click away.
However, last year, Bancomer lowered the monthly total transfer amount to $1,000 USD. (Possibly due to FATCA??)
I opened a new account at Banorte with higher monthly limits. Banorte is also linked to Wells Fargo.
Both banks offer "Preferred Client" accounts. Just ask. Then, there are usually no lines at the banks when you use the "Preferred" line.
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danaeb
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Thank you for your replies. This is helpful. I will check out Bancomer when I'm there next week.
Experience enables you to recognize a mistake every time you repeat it.
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susaninlapaz
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I had an account for more than 5 years with Bancomer in La Paz and was content with their services. The exchange rate they give is not the best, but
honestly, for my low-income self, that meant losing maybe 56USD a year! I am sorry I closed the account when I moved in April...
And you don't really need a contact--all the banks I did business with had at least one English-speaker assigned to deal with non-nationals.
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danaeb
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No necesito preferencia. I won't have any special transactions, I'm not laundering drug money, just paying mundane monthly expenses.
Experience enables you to recognize a mistake every time you repeat it.
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shari
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I think there are alot of benefits to having a peso account. Often the systems for US cards is down and with a mexican bank card you have alot more
options where to get money...at the telegraph office in a small village or a store, pay for gas etc. I also love my US dollar account as I can
transfer money to my peso account when the rates are best.
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danaeb
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Shari, that is exactly what I'm trying to accomplish.
Experience enables you to recognize a mistake every time you repeat it.
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susaninlapaz
Junior Nomad
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| Quote: | Originally posted by shari
I think there are alot of benefits to having a peso account. Often the systems for US cards is down and with a mexican bank card you have alot more
options where to get money...at the telegraph office in a small village or a store, pay for gas etc. I also love my US dollar account as I can
transfer money to my peso account when the rates are best. |
I'm with Shari, except I don't transfer money. I am going to reopen my peso account, but my expenses are almost all small and done in cash, so I
withdraw pesos using my USA dollar account as Shari does, when the rates are good.
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bacquito
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| Quote: | Originally posted by shari
I think there are alot of benefits to having a peso account. Often the systems for US cards is down and with a mexican bank card you have alot more
options where to get money...at the telegraph office in a small village or a store, pay for gas etc. I also love my US dollar account as I can
transfer money to my peso account when the rates are best. |
I have an account at Santander and wire transfer money from my Wellsfargo. account to Santander for minimum charge-$4-5 dollars. I can wire up to
$1500 dollars. I do this once a month but can wire more if necessary but no more than $1500. Also, I have a dollar account at Banorte. This process
saves me carrying alot of money.
[Edited on 6-14-2014 by bacquito]
[Edited on 6-14-2014 by bacquito]
bacquito
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Pescador
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| Quote: | Originally posted by bacquito
| Quote: | Originally posted by shari
I think there are alot of benefits to having a peso account. Often the systems for US cards is down and with a mexican bank card you have alot more
options where to get money...at the telegraph office in a small village or a store, pay for gas etc. I also love my US dollar account as I can
transfer money to my peso account when the rates are best. |
I have an account at Santander and wire transfer money from my Wellsfargo. account to Santander for minimum charge-$4-5 dollars. I can wire up to
$1500 dollars. I do this once a month but can wire more if necessary but no more than $1500. Also, I have a dollar account at Banorte. This process
saves me carrying alot of money.
[Edited on 6-14-2014 by bacquito]
[Edited on 6-14-2014 by bacquito] |
If I wire transfer pesos instead of dollars, I do not have a limit in terms of what I can bring in. My bank does the transfer at current exchange
rates and sends Pesos to my bank in Mexico.
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shari
Select Nomad
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I dont have a USA dollar account....it's a mexican account for US dollars and I'm really liking this option although I was peeed when they made me
open it...see...often bad things turn good! I really like the option of changing my dollars to pesos when the rate is better.
When choosing a bank, I go for the one that is most often functioning here in the small village telegraph offices which is Bancomer. It is the most
reliable. It sure is nice to have options when you need cash somewhere. Most villages have telegraph offices you can use your mexican debit card in.
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