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Iflyfish
Ultra Nomad
Posts: 3747
Registered: 10-17-2006
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Drawing funds from US Bank in Mexico
Banks are now charging more and higher fees for withdrawing funds internationally. Do you know of a bank that allows you to withdraw money from your
US accounts without fees? Sister Banks? I live in Oregon.
Thanks,
Iflyfish
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J.P.
Super Nomad
Posts: 1673
Registered: 7-8-2010
Location: Punta Banda
Member Is Offline
Mood: Easy Does It
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| Quote: | Originally posted by Iflyfish
Banks are now charging more and higher fees for withdrawing funds internationally. Do you know of a bank that allows you to withdraw money from your
US accounts without fees? Sister Banks? I live in Oregon.
Thanks,
Iflyfish |
Even in the States it's becoming a rare thing for a bank not to charge a fee for a withdrawal unless its made at that bank
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chuckie
Elite Nomad
Posts: 6082
Registered: 2-20-2012
Location: Kansas Prairies
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Mood: Weary
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Just take out a lot at once..
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gallesram
Nomad
Posts: 384
Registered: 7-6-2010
Location: Laguna Beach
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I use BofA in California and I can withdraw from any Santander bank in Mexico and avoid the fees. The only problem is that there isn't a Santander in
either Mulege or Loreto, so I usually will get my pesos in Ensenada if I'm driving down or in La Paz if I fly down & drive up. I'm out of luck if
I fly into Loreto. Have never paid any fees this way and they usually give me a great rate.
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CortezBlue
Super Nomad
Posts: 2213
Registered: 11-14-2006
Location: Fenix/San Phelipe
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In AZ Compass bank is part of BBVA, however, I have talked to them about Fees and they don't seem to have any advantage in Mexico.
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bajadreamer
Newbie
Posts: 15
Registered: 11-11-2005
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We have used Bancomer for 3 years with no hitches or surprises. 1000 peso minimum balance gives you a "no fee" checking account, ATM card (VISA
logo), but most importantly, the ability to deposit US bank checks at no charge and with best available exchange rate. You can then withdraw pesos at
no charge from any Bancomer ATM. You can use ATM/VISA card at Costco, etc. Keep your balance or deposits below $10000 US and you avoid the IRS
reporting issues. The only snag is a 10 day hold on the US check, but if you plan ahead is no problem. We have deposited and withdrew funds in TJ,
SJC, CSL, and here in Los Barriles. So far no problems. Mostly English web site for accessing your account on line.
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
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| Quote: | Originally posted by bajadreamer
We have used Bancomer for 3 years with no hitches or surprises. 1000 peso minimum balance gives you a "no fee" checking account, ATM card (VISA
logo), but most importantly, the ability to deposit US bank checks at no charge and with best available exchange rate. You can then withdraw pesos at
no charge from any Bancomer ATM. You can use ATM/VISA card at Costco, etc. Keep your balance or deposits below $10000 US and you avoid the IRS
reporting issues. The only snag is a 10 day hold on the US check, but if you plan ahead is no problem. We have deposited and withdrew funds in TJ,
SJC, CSL, and here in Los Barriles. So far no problems. Mostly English web site for accessing your account on line. |
Very, very interesting! 
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
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I was hooked by the "no fees" gimmick about BofA and Santander. But they're taking .25 off the exchange rate. So on a $500 (dollars) withdrawal,
you're being charged 125 pesos or close to $10. And Santander isn't convenient in La Paz.
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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 LaPazGringo
I was hooked by the "no fees" gimmick about BofA and Santander. But they're taking .25 off the exchange rate. So on a $500 (dollars) withdrawal,
you're being charged 125 pesos or close to $10. And Santander isn't convenient in La Paz. |
.25 off of WHAT quoted rate? XE.COM?
Good luck getting THAT rate anywhere..........
Yeah, it is about .25 off the XE.COM rate. Try beating that at any of the other Mexican banks.
[Edited on 4-23-2012 by Hook]
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Nan&D
Nomad
Posts: 137
Registered: 2-28-2010
Location: Bahia Asuncion
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We're had good luck with Western Union. Online account, from your credit card to anywhere. Can't send money to yourself though.
D
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Cisco
Ultra Nomad
Posts: 4196
Registered: 12-30-2010
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| Quote: | Originally posted by Nan&
We're had good luck with Western Union. Online account, from your credit card to anywhere. Can't send money to yourself though.
D |
Misc. stuff about this...
http://www.sanfelipe.com.mx/news/bancomer.html
http://forums.bajanomad.com/viewthread.php?tid=47959&pag...
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DavidE
Ultra Nomad
Posts: 3814
Registered: 12-1-2003
Location: Baja California México
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Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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Try OANDA.com
Dial in MXN
Small dialog box select -1%
Works for me with Wells Fargo Accounts, minus $5, then minus the currency conversion fee and minus 17 peso Mexico ATM fee. Add up all those debits
though.
In today's world if someone touches your money, you lose.
[Edited on 4-23-2012 by DavidE]
A Lot To See And A Lot To Do
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
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You gotta pay the man one way or another.....
I go to our ATM and take out the money. Yes, I am charged a small fee but I calculate it into the exchange rate....I also don't spend a nickle to
save a penny....
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
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| Quote: | Originally posted by Hook
| Quote: | Originally posted by LaPazGringo
I was hooked by the "no fees" gimmick about BofA and Santander. But they're taking .25 off the exchange rate. So on a $500 (dollars) withdrawal,
you're being charged 125 pesos or close to $10. And Santander isn't convenient in La Paz. |
.25 off of WHAT quoted rate? XE.COM?
Good luck getting THAT rate anywhere..........
Yeah, it is about .25 off the XE.COM rate. Try beating that at any of the other Mexican banks.
[Edited on 4-23-2012 by Hook] |
The forex exchange rate as published by the government. It's what valuates the dollar against the peso. BofA takes exactly .25 off the exchange rate.
As I said, 125 pesos per $500. Not cool at all.
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
Member Is Offline
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| Quote: | Originally posted by DavidE
Try OANDA.com
Dial in MXN
Small dialog box select -1%
Works for me with Wells Fargo Accounts, minus $5, then minus the currency conversion fee and minus 17 peso Mexico ATM fee. Add up all those debits
though.
In today's world if someone touches your money, you lose.
[Edited on 4-23-2012 by DavidE] |
That all works out to be higher than convenient ATMs.
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msteve1014
Senior Nomad
Posts: 947
Registered: 12-2-2006
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My credit union charges nothing to use an atm card most anywhere in the word. I still pay the 15 or 17 peso fee to Bancomer or whoever, but not the 5
bucks that Wells Fargo was getting on top of that.
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rts551
Elite Nomad
Posts: 6700
Registered: 9-5-2003
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do you guys really think your going to get something for nothing. I am amazed at your comments. Big Banks are in business to make money OFF OF YOU.
You don't want them to make money on their exchanges (a service to you), then you need to carry wads of cash.
Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends
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Iflyfish
Ultra Nomad
Posts: 3747
Registered: 10-17-2006
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| Quote: | Originally posted by rts551
Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends |
For a person living on a fixed income in Mexico this is a significant question. Bank fees are real expenses to be considered in ones budgeting
process.
I know that there are international banking programs thru banks that make transfers between their international "sister banks" or banks under their
direct ownership.
My question is how people living in Baja have addressed this issue. Say for instance you maintain a US address and your Social Security check is
deposited in a US bank and you take money out of that account in Pesos in Mexico. Are there better banks than others to accomplish this task? Are
there banks with low or no fees?
Thanks,
Iflyfish
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rts551
Elite Nomad
Posts: 6700
Registered: 9-5-2003
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| Quote: | Originally posted by Iflyfish
| Quote: | Originally posted by rts551
Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends |
For a person living on a fixed income in Mexico this is a significant question. Bank fees are real expenses to be considered in ones budgeting
process.
I know that there are international banking programs thru banks that make transfers between their international "sister banks" or banks under their
direct ownership.
My question is how people living in Baja have addressed this issue. Say for instance you maintain a US address and your Social Security check is
deposited in a US bank and you take money out of that account in Pesos in Mexico. Are there better banks than others to accomplish this task? Are
there banks with low or no fees?
Thanks,
Iflyfish |
Or direct deposit you SS check into an international bank.
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LaPazGringo
Nomad
Posts: 237
Registered: 2-28-2012
Location: La Paz
Member Is Offline
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| Quote: | Originally posted by rts551
do you guys really think your going to get something for nothing. I am amazed at your comments. Big Banks are in business to make money OFF OF YOU.
You don't want them to make money on their exchanges (a service to you), then you need to carry wads of cash.
Shopping around for the least expensive is good, but you are going to pay one way or the other. Big business my friends |
You don't know what you're talking about.
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