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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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When/if the bank asks for a current original and copy of CFE and SAPA it doesn't need to be yours nor in your name?@#$%! It's sounds odd. So, it helps
to have a friend with bills if you don't have them, they often also ask for list of 2-3 local references with names and phone numbers and they will
call. So, prepare these items when you go to the bank just in case. Have some efectivo money to deposit to begin the account.
You may ask/call/email Intercam for requirements
Make a folder or plastic bag with the following for your trip to the bank
1)Your passport ID and copy, an address where you can receive mail in Baja
2) List of references names and phone numbers of people who can confirm they know you as a friend or relation
3) Current Original and Copy of CFE/SAPA, you can return the bills (Cobrabante) to the owner when you are done
4) FMM or resident visa
Here is a reference of requirements that seems accurate
https://www.psimonmyway.com/open-a-bank-account-in-mexico/
[Edited on 8-25-2021 by gnukid]
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nbentley1
Nomad
Posts: 140
Registered: 9-16-2016
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Thanks you
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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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Quote: Originally posted by Howard  | I Western Union money to my gardener when I am not there. Very easy to do on the computer and he goes into any number of places to pick it up. The
charge was rather nominal.
I wonder if you could send it to yourself? The name as to who you send it to must match 100% to the ID they present for pick up.
Google Western Union and see the rules. I do not know if there is a maximum. |
We have awful problems with Western Union in the village...it was the only ATM machine for Bancomer & Banamex but now it doesn't take Bancomer any
more which is what most people have here.
The other issue is it is often without much money in the kitty...sometimes they limit withdrawals to 2,000 pesos so if you send money this way send it
in small limits no larger than 5,000 pesos.
AFter waiting in a long line, then the internet goes down...never ending issues there.
My guests & expats sending $ to Mexican bank account use Wise.com
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JDCanuck
Super Nomad
Posts: 1669
Registered: 2-22-2020
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Just sent cash to my relatives via Western Union and found the combined currency loss and transfer fee came to about 7%. Having my relatives open a
new bank account in their name and then using XE Transfer to send them money to pay taxes and utilities at the local OXXO. Costs are now about 0.5%
percent(no fee but 0.5% spread off the exchange midpoint) but still a significant hassle for them to pay bills locally.
Will definitely look into Intercam and a local credit card when I am next down there....Thanks Gnukid
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BajaNomad
Super Administrator
Posts: 4999
Registered: 8-1-2002
Location: San Diego, CA
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Mood: INTP-A
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I've had success using the following for international money transfers:
https://www.moneygram.com
Fees seem to be lower than other services - at least for the countries I've chosen to compare.
When I was young, I admired clever people. Now that I am old, I admire kind people.
– Rabbi Abraham Joshua Heschel
We know we must go back if we live, and we don`t know why.
– John Steinbeck, Log from the Sea of Cortez
https://www.regionalinternet.com
Affordable Domain Name Registration/Management & cPanel Web Hosting - since 1999 |
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Cancamo
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Posts: 360
Registered: 4-5-2011
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Transferwise, now called Wise? Bank account to bank account, fast, efficient, and cheap.
Keep in mind, cash withdrawals are limited due to money laundering regulations.
Smaller amounts, Western Union, cheaper to send to Mexico, than within the U.S.
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Cancamo
Nomad
Posts: 360
Registered: 4-5-2011
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Transferwise, (Wise), dollar account, (NOB) to dollar account, (SOB).
Problem is withdrawals are limited per month, not the amount sent. Withdrawals from said account can be made with a corresponding debit card,
requesting pesos, (uncertain if there is a limit here), decline their conversion rate.
If checks are accepted, write a check from same dollar account, no limit.
In addition, Charles Schwab debit card. Between all the options......
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JDCanuck
Super Nomad
Posts: 1669
Registered: 2-22-2020
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| Quote: Originally posted by Cancamo | Transferwise, now called Wise? Bank account to bank account, fast, efficient, and cheap.
Keep in mind, cash withdrawals are limited due to money laundering regulations.
Smaller amounts, Western Union, cheaper to send to Mexico, than within the U.S. |
The problem I found with Western Union was the (warnings in fine print) exchange rate they gave. I got 16.10 pesos per CAD at XE Transfer and no fees,
giving me 16,100 pesos for 1000 CAD and only 15.44 through Western union giving me 15,446 pesos for 1015 CAD within minutes of each other. I found
similar really poor exchange rates on wires from my bank, running about the same as Western Union. Advantage to Western Union is it was extremely
fast.
Best way to do this comparison is momentary quotes comparing senders which both XE and Wise provide,
Just tried that and XE took the top rating with 15,998 pesos or 15,880 using Wise. Altho Wise gave a slightly better exchange rate, the fees deducted
from source funds yielded less at the target account.
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Cancamo
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Posts: 360
Registered: 4-5-2011
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Just tried that and XE took the top rating with 15,998 pesos or 15,880 using Wise. Altho Wise gave a slightly better exchange rate, the fees deducted
from source funds yielded less at the target account.
Dollar account to dollar account, no exchange rate.
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JC43
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Posts: 498
Registered: 6-21-2014
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U.S. Dollar account in Mexico impossible for non residents!
Residente Permanente status a must to open a USD account.
And a current tax I.D. U.S.
And a current tax I.D. Mexico.
and much more.
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bajafreaks
Nomad
Posts: 404
Registered: 3-27-2007
Location: Gardnerville, NV./ Los Barriles BCS
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Mood: No Bad Days !!!
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Not sure where you are building but we have an account with Intercam they have been great. I lease my property, so we showed them a copy of the lease
and got a "recommendation" from our landowner. I'm assuming if your contractor has a good rep in town, he could be your referral. When we get to town
we deposit and American check into our account and have access to pasos withing a few hours.
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JDCanuck
Super Nomad
Posts: 1669
Registered: 2-22-2020
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You have a USD account in Mexico Cancamo? Or do you mean a transfer within Mexico of Mxn dollars? I was wondering if it was possible to open a USD
account in Mexico for a Mexican citizen and what it might entail.? In that case i could just send to a USD account in Mexico from my USD account here
in Canada and not have to worry about exchange rates.
[Edited on 2-12-2022 by JDCanuck]
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Cancamo
Nomad
Posts: 360
Registered: 4-5-2011
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You have a USD account in Mexico Cancamo? Or do you mean a transfer within Mexico of Mxn dollars? I was wondering if it was possible to open a USD
account in Mexico for a Mexican citizen and what it might entail.? In that case i could just send to a USD account in Mexico from my USD account here
in Canada and not have to worry about exchange rates.
[Edited on 2-12-2022 by JDCanuck]
Yep, Yep, to all the above; dollar checking account with a corresponding credit card, peso account with a debit card. Have had both well over 20 years
with Banorte, (they were Bancrecer? back then). Never been asked for US TIN, or Mexican Tax Id, although I have both. Must have opened accounts before
regs took place.
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JDCanuck
Super Nomad
Posts: 1669
Registered: 2-22-2020
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For Other Canadians: Tried to set up a Transferwise (Wise) account to send pesos to a Mexican account from Canadian account but does not support
international transfers to other countries from Canada. Try XE as an alternative as they do support transfers from Canada to Mexico accounts.
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Udo
Elite Nomad
Posts: 6346
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
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Mood: TEQUILA!
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Exactly!
On many occasions, the Mexican banks lose a connection to the US banks, and therefore will not be able to take out money.
It has happened to me several times.
I would never open a Mexican bank account. Even Mexican citizens don't have any rights when it comes to banking. I have known dozens of people who
lost $thousands and had no recourse. I have a neighbor who lost tens of thousands to an employee at a Mexican bank who did an identity theft on them
(Mexicans). The bank would not even release the employee's name to my neighbor and the person is still working at the bank!
The Mexican banks are worse than the IRS in the USA.
In the USA, I opened a banking account with a Mexican bank. After 5 years, the Mexican government closed all the USA branches of that bank. The few
hundred USD I had in there were gone when they closed. I had it for money transfer convenience. Now I have an ATM with no foreign transfer fees and no
withdrawal fees in Mexico.
I currently use ZELLE or PAYPAL to pay contractors.
[quote=1219010&tid=96479&author=Bob and Susan]but the mexican bank will limit you to lets say 7000 pesos a day
the american bank can be unlimited
you just cant get your money
| Quote: Originally posted by gnukid | | Using a Schwab checking account you can withdraw from any ATM and get current rates with no fees. Calling Schwab or sending a letter can open up
withdraw limits to whatever you want so you can withdraw $US 4,000 per day or more,... [/rquote] |
Udo
Youth is wasted on the young!
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pacificobob
Super Nomad
Posts: 2308
Registered: 4-23-2006
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I have had both dollar and peso accounts for years. Never had any issues.
One just needs to learn how banking works here.
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