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thebajarunner
Ultra Nomad
Posts: 3718
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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Insurance??? On devaluation? Not!!
| Quote: | Originally posted by flyfishinPam
| Quote: | Originally posted by Woooosh
That must have stung a bit. Haven't they created the mexico eqivalent of a FDIC- up to $100K? Still- I se your point. |
yes they have its called Instituto para la proteccion al Ahorro Bancario
website link:
http://www.ipab.org.mx/
according to the front page of this website accounts are insured for up to $400,000 UDI's. $400K UDI's = 1,683,129.20 Mexican pesos
[Edited on 1-26-2009 by flyfishinPam] |
The question is not what is being insured, but what you will end up with at the end of the game.
They changed the absolutely bulletproof law in 1980 that said dollar accounts will never be swapped to pesos...
Anyone that will change the law once,
will change it again
and again
and again
well, you get my point (I hope)
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djh
Senior Nomad
Posts: 936
Registered: 1-2-2005
Location: Earth mostly. Loreto, N. ID, Big Island
Member Is Offline
Mood: Mellow fellow, plays a yellow cello...
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Thank you!
Thank you~!
Very nice of you to offer your professional insights !
And to offer your Email for questions is especially nice!
In my little Loreto (centro) branch finding someone who I can communicate well with (my limited Spanish meets bankers' limited English) is sometimes a
challenge.
So, again, Blanc Corral:
Muchas Gracias,
djh David Hunt, Loreto
| Quote: | Originally posted by La_Paz_Banker
Good morning everybody
My name is Blanca Corral I am working in Bancomer in the Preferred Customer unit I am sure that some of you know about this services is a bilingual
services that we provide in Bancomer and specially for you, about this rumor of dollars account, that’s NOT TRUE we are NOT closing the dollar
accounts, Bancomer is a very strong bank and we don’t have any changes about this kind of accounts, we still offering peso and dollar accounts and
also we continue changing us to pesos and changing travels checks and all the services there is not any change about this
If you have any question please feel free to contact me
b.corral@bbva.bancomer.com
Regards |
Its all just stuff and some numbers.
A day spent sailing isn\'t deducted from one\'s life.
Peace, Love, and Music
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Woooosh
Banned
Posts: 5240
Registered: 1-28-2007
Location: Rosarito Beach
Member Is Offline
Mood: Luminescent Waves at Rosarito Beach
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| Quote: | Originally posted by MrBillM
There is NO requirement to have a Mexican Bank Account.
However, in our case, it was a matter of convenience. When we were renewing in the USA each year, we would bring a notarized statement from one of
our banks stating that our amount on deposit was always above a certain figure. No problem.
When the Consulate ceased processing renewals, we went to an agent in San Felipe. At that time, they were strictly enforcing the wording that said
you needed a U.S. statement (in Spanish) and signed by the Secretary of State (not simply by a notary public). Probably an effort to encourage
depositing the minimum or more ($1500) in a Mex Bank. Worked for us. The small amount of money involved was preferable to the added hassle of doing
it otherwise. This year, the minimum "supposedly" went up to $2000 USD. Again, not a big deal, so why worry. BTW, I also heard that the minimum had
been expressed in Pesos at $19,500, which at today's rate, would have been only the original $1500 USD, so I really don't know what the truth is.
What I do know is they said that's what they want and it was OK by me. After all, we're not talking about a fortune here.
I've also heard from others that the "requirement" for a Spanish statement signed by the applicant's Secretary of State is not necessarily required
depending on who and where the renewal is done. It is in the wording of the law, though.
As with many things bureaucratic, my course is usually to do that which doesn't impact my time and efforts more than necessary. That's why I've
"almost" Always taken the Mordida route (when offered) over the years. I'm not out to change a foreign country's way of doing business. I'm only
interested in what benefits me the best.
I'll leave the Crusades to others.
[Edited on 1-26-2009 by MrBillM] |
Wow an honest realist. 
\"The only thing necessary for the triumph of evil is for good men to do nothing\"
1961- JFK to Canadian parliament (Edmund Burke)
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by Woooosh
| Quote: | Originally posted by Mulegena
Never needed a Mexican bank account for an FM-3. Got one for FM-2, peso or dollar and balance at my discretion. |
I wasn't asked for a bank account for the FM-3 but I did have to show proof of the income to support myself (or something like that). I used a bank
statement though- it was easier. |
I have never had a savings or checking account in a Mexican bank.
All I have been asked for in La Paz was my Social Security award statement , which comes around January each year.
I have no savings, just my bbvaBankcomerUSA account statement which I have downloaded and printed. This year I gave them a one month statement.
In fact my monthly income is only 1200 US dollars which may be under the minimum, and they have never said anything about that either.
After reading many posts over the last year it seems that the immigration office in La Paz is the easiest to deal with.
They have always been friendly and helpful and they made this year's renewal of my FM3 quite painless.
CaboRon
[Edited on 1-27-2009 by CaboRon]
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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| Quote: | Originally posted by thebajarunner
| Quote: | Originally posted by flyfishinPam
| Quote: | Originally posted by Woooosh
That must have stung a bit. Haven't they created the mexico eqivalent of a FDIC- up to $100K? Still- I se your point. |
yes they have its called Instituto para la proteccion al Ahorro Bancario
website link:
http://www.ipab.org.mx/
according to the front page of this website accounts are insured for up to $400,000 UDI's. $400K UDI's = 1,683,129.20 Mexican pesos
[Edited on 1-26-2009 by flyfishinPam] |
The question is not what is being insured, but what you will end up with at the end of the game.
They changed the absolutely bulletproof law in 1980 that said dollar accounts will never be swapped to pesos...
Anyone that will change the law once,
will change it again
and again
and again
well, you get my point (I hope) |
somebody asked if Mexico had an FDIC-like plan and I was pointing out that they do. I don't know too many people that would keep $400K in a Mexican
bank anyway but there is an insurance plan. BBVA is a pretty strong bank as are most Mexican banks. They didn't hand out subprime loans like water
and they don't give credit easily, its costly and you have to have collateral so they're protected against default. Devaluation of the peso may
happen but devaluation of the US dollar may be in the future as well because the US government has overextended itself with the constant bailouts and
now a significant stimulus is being proposed. Where does that money come from if it doesn't exist? the printing press. when there are many dollars
printed soon they will be only worth the paper they're printed on and their value will decline. I hope that doesn't happen.
Thanks for this thread and thanks to the insider at Bancomer for dispelling this RUMOR.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Online
Mood: Inquisitive
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Was there insurance protection in place during the last devaluation of the peso? People supposedly had dollar accounts. Were they not covered?
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CaboRon
Ultra Nomad
Posts: 3401
Registered: 3-24-2007
Location: The Valley of the Moon
Member Is Offline
Mood: Peacefull
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| Quote: | Originally posted by Hook
Was there insurance protection in place during the last devaluation of the peso? People supposedly had dollar accounts. Were they not covered?
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No
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thebajarunner
Ultra Nomad
Posts: 3718
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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Some of you are missing the point
The original dollar accounts paid a low rate of interest, but were valuable because, according to the very honest government of Mexico, the account
would always stay in dollars.
Well, they just made a minor, small adjustment in that law (a little dripping sarcasm here, folks) and switched all the dollar accounts to pesos, then
they devalued the peso.
So, follow the bouncing ball, if you will.
If I have $10,000 in US dollars in a 'dollar account' and it gets switched to a peso account and they lop off one or two zeros on the peso, now my
account is still worth the same in pesos, but only 10%, or as mine worked out in a couple years, 1% of its original value>>>> in dollars!!
So, all the insurance in the world is worthless if they are only insuring the number of pesos, and not the value of the dollars.
Whew..... I think I even confused myself with that answer,
all I know is that it does not take long to make big dollar amounts, converted into big peso amounts, get peso devalued and worth nothing....
Well insured, nonetheless, but still worth nothing.
Got it? I think I need another cuppa coffee.
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flyfishinPam
Super Nomad
Posts: 1727
Registered: 8-20-2003
Location: Loreto, BCS
Member Is Offline
Mood: gone fishin'
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so I guess the lesson here is what most Mexicans already know. don't trust the banks, any banks in any country.
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thebajarunner
Ultra Nomad
Posts: 3718
Registered: 9-8-2003
Location: Arizona....."Free at last from crumbling Cali
Member Is Offline
Mood: muy amable
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Pam, it was not the banks,
It was the good old government that changed the law.
(For years prior we had referred to Mexican banking as "equivalent to the security and secrecy of Switzerland"- I think it is closer to Rwanda, which
currently has an inflation rate measured in the trillions, literally)
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Bajajorge
Ultra Nomad
Posts: 2604
Registered: 10-13-2005
Location: Topaz Lake, NV/San Felipe
Member Is Offline
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| Quote: | Originally posted by longlegsinlapaz
| Quote: | Originally posted by Bajajorge
Bancomer will close your account if there is no activity for 6 months. It
happened to me 2 years ago. Lost $67.00. Not much, but it is several cases of
cerveza. 
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Bajajorge, are you talking USD account...or peso account....OR BOTH/EITHER? Checking and/or savings?
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It was a Peso savings account complete with ATM card.
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Hook
Elite Nomad
Posts: 9010
Registered: 3-13-2004
Location: Sonora
Member Is Online
Mood: Inquisitive
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| Quote: | Originally posted by thebajarunner
Pam, it was not the banks,
It was the good old government that changed the law.
(For years prior we had referred to Mexican banking as "equivalent to the security and secrecy of Switzerland"- I think it is closer to Rwanda, which
currently has an inflation rate measured in the trillions, literally) |
It wouldnt surprise me if it WAS the banks, through crooked politicians beholden to them, that changed the law.
I dont use a Mexican bank. No need to actually PAY for the right to keep your money in there. Then, there's the accounting errors that I read so much
about. Then there's the poorly administered trusts I read so much about.
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La_Paz_Banker
Newbie
Posts: 3
Registered: 8-11-2008
Location: La Paz B.C.S.
Member Is Offline
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Good morning, just a couple of announcements,
I am Blanca Corral and I am working in Bancomer as I told you in a message before.
About BANCOMER IS ACCEPTING DOLLARS you can confirm that information in the newspaper from lat Monday we had a full page saying that we accept dollars
and also you will see this announcement in the next gringo gazette
About the accounts in Mexico if are protected, yes after the 1994 crisis we had a new bank system and your accounts are protected in any Mexican bank
For the ones that are in Loreto let me tell you that also you have the Preferred customer unit there, there is an English speaking lady in the new
Bancomer branch in Loreto her name is Lilliana and you ca deal with her, her telephone number is 613 1351642
Also here is mi mail for future personal questions that you need to solve.
Regards
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LOSARIPES
Nomad
Posts: 283
Registered: 8-14-2008
Member Is Offline
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Blanca,
Since you are "inside", do you know and can you share the logic and reason why HSBC or any other bank is refusing US cash for exchange to Mex pesos?
Normally I would think, banks would "snatch" your dlls. off your hand, especially during mex currency devaluation or uncertain times.
HSBC is refusing to accept green ones....
Aripes
God bless America
and Baja tambien
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