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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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I am "preferred customer" at Bancomer. No complaints recently. We are always waved to the front of the line and treated great by the bank employees.
The new brach across from the Office Depot in Rosartio even has a seperate entrance for "Preferred cutomers" but we haven't used it yet. We have a
phone number we call direct to the local office for current Peso exchange rates. Yes, we do have to exchange dollars into pesos to keep our Pesos ATM
card funded- but we pick when to do the peso excahnge. We pay our CFE bill automatically as well. I havenever tried to use the Bancomer branch in
San Ysidro across from the outlet stores.
\"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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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
Member Is Offline
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As with USA banks, there are various types of peso and/or USD accounts, each with different terms & conditions. Some have monthly fees, some have
per check fees, some have differing levels of minimum balance requirements, etc.
I also use the Bancomer branch on Abasolo & Colima. Obviously your cousin & I have different types of peso accounts. I used the wrong
term....I should have said my account has never been inactivated (vs closed) after longs periods of activity.
| Quote: | Originally posted by MitchMan
It seems to me that their (Mexico in general) banking procedures and policies make banking inconvenient needlessly. I believe their policies and
procedures discourage maintaining an account and therefore not good for business and the economy in my opinion. |
I don't disagree with your statement HOWEVER....that statement is based on a comparison to USA banking policies....which isn't fair
nor valid comparison....we ain't anywhere near Kansas, Toto. Mexico is it's own country with their own rules, for their own reasons. We create our
own difficulties when we measure how Mexico does things with our trusty old USA ruler! "When in Rome...."
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Fred-o
Junior Nomad
Posts: 84
Registered: 7-6-2008
Location: Punta Banda
Member Is Offline
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No Mexican Checking account for me!
I went through all the hoopla, including a hand drawn map of how to get to my house in Punta Banda from the bank.
After two trips, I finally got a checking account. I got ripped off on the exchange rate for the initial cash deposit, and the limit was 2K U.S. More
USD would have to be by electronic transfer. The peso was falling rapidly at the time, and I could not get my pesos out quickly enough. Went from 11
to 15, remember? My wife never did receive her ATM card although we asked for it for months afterwords. I finally got the balance down to about 7
bucks, and said adios. I think they had a 3K peso withdrawl limit per day on the account. I probably have some astronomical amount due the bank for
inactivity, as I'm sure the 7 bucks would not have satisfied them. AND...they have a map to my house.
That was Scotiabank in Ensenada, and I think they are all about the same. That's what Scotiabank claimed anyway.
I just use my B of A ATM card (I have a back up card in case the machine eats it) at any Santander ATM machine.
No more Mexican bank and no more problems.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
Member Is Offline
Mood: Suicide Hot line ... please hold
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The oracle
| Quote: | Originally posted by longlegsinlapaz
As with USA banks, there are various types of peso and/or USD accounts, each with different terms & conditions. Some have monthly fees, some have
per check fees, some have differing levels of minimum balance requirements, etc.
I also use the Bancomer branch on Abasolo & Colima. Obviously your cousin & I have different types of peso accounts. I used the wrong
term....I should have said my account has never been inactivated (vs closed) after longs periods of activity.
| Quote: | Originally posted by MitchMan
It seems to me that their (Mexico in general) banking procedures and policies make banking inconvenient needlessly. I believe their policies and
procedures discourage maintaining an account and therefore not good for business and the economy in my opinion. |
I don't disagree with your statement HOWEVER....that statement is based on a comparison to USA banking policies....which isn't fair
nor valid comparison....we ain't anywhere near Kansas, Toto. Mexico is it's own country with their own rules, for their own reasons. We create our
own difficulties when we measure how Mexico does things with our trusty old USA ruler! "When in Rome...."
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Once again, thank you for sharing you knowledge which is considerable on finance. The subject can be a bit overwhelming, a stright to the point answer
is very rare on the subject, so again thanks 
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Bajahowodd
Elite Nomad
Posts: 9274
Registered: 12-15-2008
Location: Disneyland Adjacent and anywhere in Baja
Member Is Offline
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All this should be considered with the fact that widespread retail banking in Mexico is a fairly recent phenomenon. Because of past corrupt
governments and a few nasty devaluations, the average Mexican distrusted banks and kept there cash elsewhere.
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Lee
Ultra Nomad
Posts: 3602
Registered: 10-2-2006
Location: High in the Colorado Rockies
Member Is Offline
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Worst case scenario: bank computer crashes and your money disappears!
| Quote: | Originally posted by longlegsinlapaz
While it's true that many Mexicans individuals do not have bank accounts, I sincerely believe it's more because of lack of faith in banks ......
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If this is true, and I think it is, I'm with the Mexicans on this. Do they know something the rest of you don't? Mexicans don't like the
government either, for various reasons.
If you NEED a MX checking account, then there might not be an option. I've read that a checking account was necessary for a FM3 but that hasn't
been my experience. (And it's not on the ''List of Requirements" given out by the La Paz migracion office for FM2 or FM3.)
Don't trust MX banking and don't plan to ever have a checking account.
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Riom
Nomad
Posts: 492
Registered: 12-17-2004
Member Is Offline
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| Quote: | Originally posted by longlegsinlapaz
As with USA banks, there are various types of peso and/or USD accounts, each with different terms & conditions.
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Bancomer PCU in San Felipe have a leaflet (in English) showing the types of accounts available. I have the (peso) Libreton account, which has a
minimum balance of 1000 pesos. Also available are Maestra (5000 pesos min) and Versatil (2000 pesos min) - main advantage of these is the ability to
write (Mexican) checks, which I don't need.
Peso business accounts have minimums 3000 pesos higher (Libreton not available) and less free checks.
I use the peso account for paying local bills online, and drawing out cash (no ATM charges) for day-to-day expenses when in Mexico.
I refill the peso account every six months or so by sending USD to my Mexican Paypal account from a Paypal account elsewhere (no fee if a personal
payment, or $1 for a mass pay from a business Paypal account). It's also possible to link a US bank account to a Mexican Paypal so it could draw USD
from that at no cost.
In the Mexican Paypal account I convert it from USD to MXN (2.5% spread from mid-market rate, better than most retail banks), and then withdraw the
pesos from Paypal direct to my Bancomer peso account (no fee at either end, gets there in about 3 or 4 days).
I also have a USD account at Bancomer which I just leave the minimum in for the FM3.
So, for those that are happy doing almost everything online (mostly in Spanish), Bancomer is fine, and refilling it from Mexican Paypal is simple and
one of the best exchange rates. Like any country (including the US!), actually going into a bank branch is a pain and worth avoiding.
[Edited on 2009-10-22 by Riom]
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garynmx
Junior Nomad
Posts: 43
Registered: 9-7-2009
Member Is Offline
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For your FM3 you can show your American Bank Statement. I had it translated into spanish for $15.00. Not a big deal. You do not have to have a mexican
bank account for your visas. At least my American Bank Card has my name on it. Mexican bank cards do not have your name inprinted on them.
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oladulce
Super Nomad
Posts: 1625
Registered: 5-30-2005
Location: bcs
Member Is Offline
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| Quote: | Originally posted by Riom
I refill the peso account every six months or so by sending USD to my Mexican Paypal account from a Paypal account elsewhere (no fee if a personal
payment, or $1 for a mass pay from a business Paypal account). It's also possible to link a US bank account to a Mexican Paypal so it could draw USD
from that at no cost.
In the Mexican Paypal account I convert it from USD to MXN (2.5% spread from mid-market rate, better than most retail banks), and then withdraw the
pesos from Paypal direct to my Bancomer peso account (no fee at either end, gets there in about 3 or 4 days).
So, for those that are happy doing almost everything online (mostly in Spanish), Bancomer is fine, and refilling it from Mexican Paypal is simple and
one of the best exchange rates. Like any country (including the US!), actually going into a bank branch is a pain and worth avoiding.
[ |
Please confirm if this is correct:
1. Send dollars from US Paypal to Mexican Paypal.
2. Convert dollars to pesos on the Mexican Paypal site.
3. Online transfer of pesos from Mex. Paypal to your Bancomer account
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grmpb
Nomad
Posts: 103
Registered: 5-24-2009
Member Is Offline
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using an atm in baja with my u.s. card works fine for my needs. any way to get out of paying $5. charge for this?
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Riom
Nomad
Posts: 492
Registered: 12-17-2004
Member Is Offline
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| Quote: | Originally posted by oladulce
Please confirm if this is correct:
1. Send dollars from US Paypal to Mexican Paypal.
2. Convert dollars to pesos on the Mexican Paypal site.
3. Online transfer of pesos from Mex. Paypal to your Bancomer account |
Yes. Be careful to avoid charges on step 1 (by making it a personal payment, or a business mass pay for $1).
In theory you are not supposed to have more than one Paypal account, although the US one can be business and the Mexican one personal. In practice an
account in each country is not a problem.
The Mexican Paypal site can be used in English, and the Bancomer peso debit card worked to verify the Mexican Paypal account. (for some reason, the
dollar card failed, probably inactivity).
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Riom
Nomad
Posts: 492
Registered: 12-17-2004
Member Is Offline
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| Quote: | Originally posted by grmpb
using an atm in baja with my u.s. card works fine for my needs. any way to get out of paying $5. charge for this? |
Which bank is your US card with? Some US banks have an arrangement with some Mexican banks not to charge extra ATM fees, main example of this is Bank
of America at Santander (and Scotiabank?): http://en.wikipedia.org/wiki/Global_ATM_Alliance
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daledives
Newbie
Posts: 16
Registered: 8-8-2007
Member Is Offline
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Last week in Loreto I exchanged dollars for pesos and got a great rate, I had forgotten the problems everyone else was having, so it must have been a
fluke
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htnfool
Nomad
Posts: 137
Registered: 3-27-2009
Location: Boise, Idaho/Mulege
Member Is Offline
Mood: Fishy
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After reading the above post, it sounds like we can still cash in USD for Pesos, is this correct? Or do we now have to have an account to do this?
We go down to Mulege for 3 months at a time and have never needed an account. It sounds like a pain in the ass keeping a certain balance in an
account and then showing activity just to keep it from going inactive. I hope we can avoid that fiasco.
Thanks for the info.
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Tano
Nomad
Posts: 106
Registered: 10-20-2009
Member Is Offline
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I just now found out by pure chance that somebody sent a question through private message, but I will answer this way in case my comments caused some
confusion in other people’s minds.
The name BBVA Bancomer sounded familiar to me. I knew I had seen it somewhere, and then through an Internet search, I realized that a branch was
listed at a location within a commercial center I frequent in the L.A. area. When I went back a couple of days ago, I couldn’t find it. I called the
numbers listed for that one and the rest, but there was no answer on any of them. Subsequently, I found out through the FDIC site that BBVA Bancomer
in now BBVA Compass, which has no branches in California, but they told me when I called them that they are taking over Guaranty Bank starting in
January. Nevertheless, they also told me something that I heard before from other overseas banks: each country has its own policies when it comes to
handling money, which are not necessarily compatible with any other, especially the US. That said, there are exceptions according to whom (actual
person/clerk/executive) you’re dealing with within a given country.
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
Member Is Offline
Mood: Suicide Hot line ... please hold
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panties!!!!
| Quote: | Originally posted by bajaguy
Hey, MitchMan.....lighten up........I am NOT touting anything, I said that the info was from a post on another board.
If I had any first hand experience, I would post it, since I don't.....I didn't........
Maybe you should contact Juan Gomez, Executive, Preferred Customer Unit of Bancomer in Ensenada....he may be able to get the knot out of your
panties!!!!!! |
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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Hey, Wiley......you just wake up??...
[Edited on 12-18-2009 by bajaguy]
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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 Tano
What is the best general strategy for a retired US citizen, who has a bank account in the US (B of A), to handle money in Northern Baja for common
expenses? |
The B of A and Santanders partnerhip, as mentioned above- is your best route. I have B of A and am in the Preferential unit of Bancomer- mentioned
above. They are very nice to me and greet me by name. The ATM fees and money transfer process would be easier if were to change to Santanders.
I Had never heard the Mexican Paypal account approach- genius! Who doesn't sell their Mexican s on e-bay?
[Edited on 12-18-2009 by Woooosh]
\"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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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
Member Is Offline
Mood: Suicide Hot line ... please hold
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awake
| Quote: | Originally posted by bajaguy
Hey, Wiley......you just wake up??...
[Edited on 12-18-2009 by bajaguy] |
No, been laying here since 2 A.M.... now drinking a cup of coffee..
The boy is going to drive me back down today.. I have gotten all the crap done I had too.. so it get to leave and go back some time this morning..
After down there, I have a couple dozen Tecate's on ice, and we then will go over to the El Pescador and have an early dinner.. I'm thinking chicken
frajitas right now..
It's keeping me awake.. you get that broken water line fixed in that snow
Not funny, but brings back that "pride of ownership" center stage..
[Edited on 12-18-2009 by wessongroup]
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wessongroup
Platinum Nomad
Posts: 21152
Registered: 8-9-2009
Location: Mission Viejo
Member Is Offline
Mood: Suicide Hot line ... please hold
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As for banking and the money thing.. I vote for Longlegs in La Paz the gal knows her s**t.. she must have run a branch for Bancomer .... we chose
Bancomer for a peso account, which is required for an FM3 I'm told by the Mayor of Rosarito.. but then he could be wrong couldn't he .....
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