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Udo
Elite Nomad
Posts: 6364
Registered: 4-26-2008
Location: Black Hills, SD/Ensenada/San Felipe
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Mood: TEQUILA!
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WHICH U.S. BANKS ARE AFFILIATED WITH MEXICAN BANKS?
For ease of ATM usage and ease of other money transfers, I am considering opening an account with a new U.S. bank that is affiliated with Mexican
banks.
I am sure most expats have asked the same question, however, a 10 minute search on Nomads turned up nothing.
Any help, amigos?
Udo
Youth is wasted on the young!
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cervezafrio
Newbie
Posts: 19
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Wells Fargo .. has a relationship with seveal mexiacn banks ...but i have a link to bancomer for easy wire transfers ... small transaction fee and a
limit of about $950. per day ..once you are set up every thing can be done on your lap top etc..... it is worth a inquiry ...any body have any other
options i also would like to know ....cheap and easy is the requirement ....
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djh
Senior Nomad
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Location: Earth mostly. Loreto, N. ID, Big Island
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Bancomer ?
I remember a discussion about this a year or two back....
But I don't remember a US partner bank that would make my BANCOMER banking any easier from NOB.
Any new suggestions on that as well?
Thx., djh
Its all just stuff and some numbers.
A day spent sailing isn\'t deducted from one\'s life.
Peace, Love, and Music
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desertcpl
Super Nomad
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Location: yuma,az
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I really don't know what you are really asking, but most US banks ( the big ones ) will have relations with Mexican banks
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SFandH
Elite Nomad
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Bank of America and Banco Santander.
There are no fees when using a BofA ATM card at a Santander bank.
[Edited on 2-29-2012 by SFandH]
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gnukid
Ultra Nomad
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HSBC = Queen of England house of Windsor
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castaway$
Senior Nomad
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Location: Gold Hill, Oregon
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| Quote: | Originally posted by SFandH
Bank of America and Santander.
BofA account, then no ATM fees at Santander.
I've used Santander ATMs in baja and on the mainland. |
So is there a Santander in Todos Santos?
Live Indubiously!
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CortezBlue
Super Nomad
Posts: 2213
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Location: Fenix/San Phelipe
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VVBA is VVBA compass in AZ
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Hook
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As I recall, Citibank and Banamex had some kind of relationship.
I have heard so many horror stories about Bancomer, with respect to bank trusts, insurance and simple bank accounts that you couldnt PAY me to go near
one.
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Bob and Susan
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no... all banks in the USA follow the laws of the USA
they ARE NOT the same
don't be fooled that they "have a relationship" with a mexican bank
they dont
bancomer usa is way different from bancomer mexico
transfers cost money... period
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desertcpl
Super Nomad
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| Quote: | Originally posted by Bob and Susan
no... all banks in the USA follow the laws of the USA
they ARE NOT the same
don't be fooled that they "have a relationship" with a mexican bank
they dont
bancomer usa is way different from bancomer mexico
transfers cost money... period |
Bob if anybody would know it would be you,, so what would your answer be for the question about the banks
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BajaRat
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Check with Bank of America and their Safe Send product. You can have money wired to locations without opening a Mexican account. I believe it is
limited to three transactions and 3000 usd a month.
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bajaguy
Elite Nomad
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Credit Union
Udo
Find out which Mexican banks are located in your Baja location, then go to a couple of your local (CA) credit unions. Also have your better half check
with her employer if they have a preferred credit union or bank NOB.
Check to see if the US banks or credit unions have an electronic funds transfer between themselves and a Mexican bank, or what their ATM fees/limits
are when dealing with the Mexican banks.
I prefer to keep my money in my US credit union and just use ATM's when in Baja.
Bajablonde and I both use the same credit union, but have seperate accounts........that way if one account or ATM card screws up, we have the other.
And we can transfer funds between each account by our on-line banking.
Also, if you have ever been in the military, check out the full range of services offered by USAA. I have been with them for 34 years.......great
service and great products:
https://www.usaa.com/inet/pages/our-products-main?wa_ref=pub...
[Edited on 2-29-2012 by bajaguy]
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willardguy
Elite Nomad
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B of A = santander. zero fees.
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Hook
Elite Nomad
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| Quote: | Originally posted by BajaRat
Check with Bank of America and their Safe Send product. You can have money wired to locations without opening a Mexican account. I believe it is
limited to three transactions and 3000 usd a month. |
Sounds like an interesting program. I have a B of A account and there is a Santander within about 20 minutes of my house. It would be very convenient
to be able to send up to 3k/month to a Mexican bank account, in addition to my max ATM amount per day.
The key will be what kind of exchange rate occurs as the money goes from dollars to pesos. I have been very happy with the exchange rate when using my
B of A ATM card at Santanders.
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BajaRat
Super Nomad
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Hook I believe the rate is at the time of transfer. You set up an account with Safe Send ( I did mine in a B of A branch) and you can make the
transfer dates and amounts from Mexico. Again it is limited to three transactions in a thirty day period and not to exceed 3000 usd total.
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Hook
Elite Nomad
Posts: 9011
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Location: Sonora
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We also keep the bulk of our cash in a credit union. But they have no affiliation like the B of A/Santander connection. Fee free and very good
exchange rates.
An ATM withdrawal with our credit union card ends up costing us about 9.00 once you figure in the Mexican banks charge and the hideous "international
transaction fee" that Visa or MasterCard stick you with. This assumes a maximum withdrawal amount on the ATM.
Yes, some banks like Capital One will absorb this. But they usually get you on the exchange rate.
Neither our credit union nor B of A will do an EFT across national borders. That's why I am curious about this Safe Send program.
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
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Mood: Inquisitive
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| Quote: | Originally posted by BajaRat
Hook I believe the rate is at the time of transfer. You set up an account with Safe Send ( I did mine in a B of A branch) and you can make the
transfer dates and amounts from Mexico. Again it is limited to three transactions in a thirty day period and not to exceed 3000 usd total.
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Yeah, but the "official" rates that banks charge can vary dramatically.
Case in point. We have a Banamex account down here that we keep some pesos in so that we can use a Banamex ATM/debit card at business establishments,
rather than carrying around lots of cash all the time. To fund it, all we have to do is write a US check and give it to the bank manager in town.
But we noticed that the time interval with respect to when it actually hit our US bank varied tremendously. We also noticed that we were getting an
exchange rate about 1.3 pesos below the going rate on XE.com and other online sources. I dont expect to get the XE.com rate but I do expect to get
within 0.3 pesos or so. Anyway, we began to get suspicious of this time lag and wondered if somewhere in the equation, someone was delaying our check
for a favorable exchange rate. Favorable to THEM, that is.
So, we began to withdraw from Santander ATMs and simply deposit the pesos into the Banamex account as the whole B of A/Santander shuffle was netting
us about a peso more per dollar.
But if this Safe Send thing nets us a comparable exchange rate, we'll probably close our Banamex account and open a Santander account, even though
it's 20 minutes away and the Banamex is right in our little, uh, pueblo.
[Edited on 2-29-2012 by Hook]
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EnsenadaDr
Banned
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Location: Baja California
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Mood: Move on. It is just a chapter in the past, but don't close the book- just turn the page
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Banamex USA
There is a Banamex USA across the border in San Ysidro from Tijuana, my cheap friend told me I believe there isn't any or very little ATM fees in
Mex...let me find out and get back to you all. | Quote: | Originally posted by soulpatch
I believe CitiBank bought Bancomer....or is it Banamex... one of the two.
Anyway, Citibank has told me they will transfer money into, if you open an account with them, a account there without a fee.
I've been wrong before, though. |
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Fernweh
Nomad
Posts: 444
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Location: Centenario, BCS
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| Quote: | Originally posted by soulpatch
I believe CitiBank bought Bancomer....or is it Banamex... one of the two.
Anyway, Citibank has told me they will transfer money into, if you open an account with them, a account there without a fee.
I've been wrong before, though. |
I opened a Citibank account because of the link with Banamex.
No transfer or ATM fees, you can easily do the transactions online if needed.
Karl
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