Suzie
Junior Nomad
Posts: 31
Registered: 1-5-2006
Location: San Antonio De Las Minas, B.C.
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Tranfering Money
I am the executor of an estate and need to distribute money to a beneficiary in Ensenada. The money is in the B of A in Los Angeles. The beneficiary
has a dollar account in Banamex in Ensenada. Bof of A says it has no relationship with Banamex and can't transfer the money.
I have all the pertinent info, bank account number etc. Which is the best and safest way to go about this? I thought of going to a Banamex branch in
San Ysidro with a certified check and depositing the money there. It's a sizeable amount so I don't want to carry cash. Any suggestions?
Thanks
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DENNIS
Platinum Nomad
Posts: 29510
Registered: 9-2-2006
Location: Punta Banda
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Are you in Nigeria? 
Jes funnin wicha.
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J.P.
Super Nomad
Posts: 1673
Registered: 7-8-2010
Location: Punta Banda
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Mood: Easy Does It
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It would be a easy decision for me, tell them to come to the U.S. I have lived here for 10 years and I do my Banking in the U.S. and use the
A.T.M.here
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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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That isnt far off...Put the funds in a US bank, and get them an ATM card...
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rts551
Elite Nomad
Posts: 6700
Registered: 9-5-2003
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Since it is a sizable amount they probably would like to have it in their own account. I would.
Yes. Use the certified check. Can the recipient come up and get it? people send money from the US to Mexico all the time. Change banks on either
side to make the transfer easy,
Or you can always give me the cash, I will make sure it gets to Mexico
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danaeb
Senior Nomad
Posts: 991
Registered: 11-13-2006
Location: San Diego; El Centenario
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Mood: groovy
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Do a wire transfer. Easy, fast, secure. BofA can do this. You need the Banamex account number, but BofA can tell you what else you need to provide.
Experience enables you to recognize a mistake every time you repeat it.
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Suzie
Junior Nomad
Posts: 31
Registered: 1-5-2006
Location: San Antonio De Las Minas, B.C.
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Thanks for the input. The recipient doesn't have a Mexican passport so can't come to the U.S. She also is poor and wouldn't like paying ATM fees. I
have an 800 phone number for the San Ysidro branch which I'll call on Monday. Hopefully they can tell me and maybe i can deposit the money there into
her account directly.
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cabobaja
Nomad
Posts: 363
Registered: 9-19-2006
Location: South \"O\", Elias Calles, BCS
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Mood: Smiling
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Suzie, I have a BofA account and a Wells Fargo account in Carlsbad, Ca. I live there and in Elias Calles. I have had both banks wire funds to my Baja
accounts for the past 14 years. Plus, clients wire me money from their banks to my Mexico accounts with no problem from the US. I am thinking
that your bank is not giving you the right info.
BUT, Mexico has changed their banking policies due to large amounts of
dollars being wired into Mexico bank accounts. The best advice I think I can give you is if your benificiary has a Mexican bank account, he/she needs
to speak her bank manager and explain the situation and request best method for her to receive the funds in her account. Good luck!!
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Suzie
Junior Nomad
Posts: 31
Registered: 1-5-2006
Location: San Antonio De Las Minas, B.C.
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Cabobaja,
I think you are right about my bank not giving me the correct info.
Thanks
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bajagrouper
Senior Nomad
Posts: 964
Registered: 8-28-2003
Location: Rincon de Guayabitos, Nayarit, Mexico
Member Is Offline
Mood: happy and retired
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Just write a check from the Bof A account and they can deposit in their Banamex dollar account...
I hear the whales song
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akmaxx
Nomad
Posts: 334
Registered: 10-29-2008
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3% government charge for more than 15,000 mxn a month
I just found out about the 3% gov't tax on cashing more than 15,000 (aprox 1,100 US) a month. So if you send them 10,000 us they are going to pay a
$300 charge, plus wire $58 I think, plus the peso devaluation over the next month.
They may be better off with the account in B of A with an ATM card from Santander (?) that doesn't charge a per withdrawal fee other than the 1%
foreign exchange fee.
I would like to hear more ideas of how to bring in dollars with the least possible amount of fees (excluding stuffing in your undies).
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