HeyMulegeScott
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Mulege bank closing
Sad to see the BBVA closing down tomorrow in Mulege. No ATM in town now.
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HeyMulegeScott
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Location: Orygone/Mulege
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Yep or Loreto. There is rumour that OXXO might be coming to town and they have options for cash pickup through xoom or Western Union but max draw is
2000 pesos. This is really bad for locals and businesses most of whom operate using cash.
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4x4abc
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Location: La Paz, BCS
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Mood: happy - always
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capitalism in its purest form
Harald Pietschmann
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David K
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Maybe more of a case of needless and restrictive government regulations that prevents more banks from opening in Mexico, more free-enterprise, more
competition. Just think, if Mexican banks could loan money to small businesses, to help them grow!
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mtgoat666
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Quote: Originally posted by David K  | | Maybe more of a case of needless and restrictive government regulations that prevents more banks from opening in Mexico, more free-enterprise, more
competition. Just think, if Mexican banks could loan money to small businesses, to help them grow! |
How do you know regulation is preventing opening new banks?
Who says banks cant loan to SBs?
Tell us more, you sound like you have deep expertise in mexican banking. Where did you get your insight?
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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John Harper
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DK seems to be correct. So much of Mexico's economy is informal (60%!), which means lack of credit history and other factors make it hard for banks
to issue loans to small businesses.
I found this regarding loans to SME (small/medium enterprises) in Mexico. Mexico is behind where it should be compared to similar size economies:
https://www.euromoney.com/article/b1b2yzrpdhmn9f/mexican-ban...
An interesting read. Thanks, DK!
John
[Edited on 10-14-2022 by John Harper]
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David K
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The problem, I was told by a busnessman, was the law on collateral... banks can't hold paper (such as the car's 'pink slip') while you pay back the
loan.
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John Harper
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| Quote: Originally posted by David K | | The problem, I was told by a busnessman, was the law on collateral... banks can't hold paper (such as the car's 'pink slip') while you pay back the
loan. |
Yes, putting up collateral is mentioned in the article. Imagine if you are part of an ejido? How do you collateralize your share?
And we've all read about title nightmares that pop up years, sometimes decades later.
Let's not forget how many US farms were lost to banks during the Dust Bowl and Depression. Wasn't that what made Bonnie and Clyde folk heroes?
Robbing the robbers of people's livelihoods?
John
[Edited on 10-14-2022 by John Harper]
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Mula
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Maybe a Banco Bienestar - https://www.gob.mx/bancodelbienestar - will come into Mulege.
We have one here in Insurgentes.
Easy to open an account and you can open an account with just your US Passport.
I aam nationalized, but a friend who lives in Lopez Mateos opened an account with just his US passport.
[Edited on 10-15-2022 by Mula]
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surabi
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| Quote: Originally posted by HeyMulegeScott |
Yep or Loreto. There is rumour that OXXO might be coming to town and they have options for cash pickup through xoom or Western Union but max draw is
2000 pesos. This is really bad for locals and businesses most of whom operate using cash. |
If you have a Mexican bank account, you can deposit and withdraw cash at any OXO, no need for Xoom or Western Union.
The resistance to having a Mexican bank account, when you live in Mexico, at least a large part of the year, makes things more difficult, just as
being a resident anywhere with no bank account in that country would be.
I've had a Bancomer acct. for 16 years and never had any issues with them.
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John Harper
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Yep, that's how these pay day loan places have flourished, and exploited so many people here in the USA. Extracting millions in "service fees" that
you could avoid with a regular bank account.
Mexico isn't the only country plagued by financial ignorance.
John
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bajatrailrider
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Location: Mexico
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Well Well Bankcomer Ensenada even more bad Santander. Oxxo send or get money 8,000 pesos . Per person per day at same oxxo banks in Mexico avoid
anyway . What will I do living here full time cash baby screw these banks . Long lines 6 teller windows one person working . Teller cannot tell you
whats in your account get in another long line. Now sat blocks Money bankers do not know what there doing . Welcome To Mexico not to say I have not
had problem with Chase bank. At least resolved quickly wells fargo so far better choice.
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AKgringo
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Slightly off topic, but I went to a Banorte (sp?) branch in La Paz Friday to convert dollars to pesos. They wouldn't do it!
I then went to the Walmart near there, which also refused to convert, but would take dollars in payment for goods.
The ATM there still worked for me, but that was a last resort since I have had problems with them before with showing the same transaction as a
withdrawal, and an equal amount pending for about a week or so.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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AKgringo
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In 2016, I met up with two other Nomads in Mulege for a central Baja loop run. (I was the SAG wagon). When we got done a couple of day later, I was
unable to withdraw pesos from the ATMs in Mulege, and Loreto. They also would not do a currency exchange at the teller's windows.
I don't remember what the currency problem was at the time, but I was still able to trade money at a bank in La Paz....I think it was the same one
that said no to me this Friday!
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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4x4abc
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financial institutions are not in the business to make you many
they are in the business to make money for their investors
it is you they are taking it from
new twist in money transfers to Mexico
in theory money is moved from one point to another by the click of a button
has been that way for a few decades now
but they all tell you, it will take a few business days
Wise used to be the quickest - now hours or days delay
Paypal used to be kinda fast - now 7 days to Mexico (in addition to the 19.1 exchange rate) - recently $50 in fees and x rate for a $200 transfer.
Airbnb pays you a day after your guests have checked in - used to be same day (not counting that they get paid when the guest books months or weeks
before)
capitalism is still a good model
but it needs to be regulated and supervised
Harald Pietschmann
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AKgringo
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By the way, I found a Cambio in Loreto, open on Saturday and was able to exchange three hundred US dollars.
The rate was 19/1, with no additional fees. They are right accross the street from one of the larger grocery stores {Pescado, or Pescador?)
A picture ID, plus either a passport, perm resident, or temp resident papers are required!
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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BajaTed
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Until the sanctity of a contract in Mexico is honored by the legal system nothing will ever be stable monetarily.
Es Todo Bueno
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Hook
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| Quote: Originally posted by surabi | | Quote: Originally posted by HeyMulegeScott |
Yep or Loreto. There is rumour that OXXO might be coming to town and they have options for cash pickup through xoom or Western Union but max draw is
2000 pesos. This is really bad for locals and businesses most of whom operate using cash. |
If you have a Mexican bank account, you can deposit and withdraw cash at any OXO, no need for Xoom or Western Union.
The resistance to having a Mexican bank account, when you live in Mexico, at least a large part of the year, makes things more difficult, just as
being a resident anywhere with no bank account in that country would be.
I've had a Bancomer acct. for 16 years and never had any issues with them. |
You might be the first person I've heard of that has good things to say about Bancomer. Especially those who owned trusts through them and their
thoroughly incompetent trust department.
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surabi
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Well, I've never had a trust through them. It's just a regular bank account that I deposit, withdraw and transfer through. The only time they ticked
me off was years ago when they raised the minimum amount to keep in the account so as not to incur service charges. I happened to be in Canada at the
time and they didn't send out any email advising customers of the change, so I found 300 pesos in service charges docked from my account.
Other than that, no hassles. Their online banking site works fine, only once or twice had their site be unresponsive due to some tech issue, and I
know which branches in my area are run more efficiently as to having enough tellers to not have to stand in line for ridiculous amounts of time if I
actually need to do in person business.
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