rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
Member Is Offline
|
|
real dumb bank question
a. what's the difference between a dollar account and a peso account at a bank? I talked to our 'english speaking' representative at a bank here in
Loreto, who patiently explained that I would get a better rate with a dollar account. but not much more than that.
so if I put dollars in, I get dollars back? or do I put dollars in and they keep it recorded in dollars then give me dollars or pesos out.
b. sorry...all these years and no bank account, mostly because of stories of bank charges draining the account. now am told no charge if 1000 pesos
minimum balance.
reality\'s never been of much use out here...
|
|
|
vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
Member Is Offline
Mood: mellow
|
|
Dollars in and either pesos or dollars out.
We deposit checks written on an US account. They put about a week hold on it. Best way to get pesos though.
|
|
|
Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
Member Is Offline
|
|
Your statements and accounting is done in dollars instead of pesos. When you take pesos out, you do it at the actual exchange rate at that time, same
as when you put them in but the rest is figured in Dollars.
The assumption that a better rate is predicated on the stability of the dollar which is seriously in question right now.
If you plan on putting mostly dollars into your account, you are better off with a dollar account. I have a peso account and when I transfer money, I
am way ahead by transfering pesos. The limit on dollars is 15,000 Pesos equivalent before you start paying a 3% tax on deposits and with a peso
account and depositing pesos, I am able to avoid that tax.
|
|
|
DaliDali
Super Nomad
Posts: 1132
Registered: 4-21-2010
Location: BCS
Member Is Offline
|
|
ATM's will only spit out pesos.
A dollar account is just that.....you deposited and the bank holds in your account.....dollars rather than pesos.
To get dollars out, you must go to the window and not the ATM.
Bancomer does not allow dollars to be exchanged for pesos at the window.
Banamex will not take your USA check for deposit to a peso account (with conversion) yet Bancomer does.....with about a 10 day time period to clear
before you have access to those funds.
If you maintain a certain minimum deposit amount, there will be no "drainage" of your funds with "fees"......not unlike any USA bank.
Although dollars are widely accepted here in Loreto, I can see no reason why anyone would want to use them and deal with the exchange on each and
every transaction you make.
And as you are probably aware, using an ATM is far less stress than having to get in line and wait your turn.
Pesos don't lose value on their face......they only lose value (or gain) when exchanged for dollars.
As far as "dollars in"...you can get dollars back...but not from the ATM.
|
|
|
rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
Member Is Offline
|
|
| Quote: | Originally posted by vandenberg
Dollars in and either pesos or dollars out.
We deposit checks written on an US account. They put about a week hold on it. Best way to get pesos though. |
thank you, I'm off to the bank to open an account.
[Edited on 1-5-2013 by rhintransit]
reality\'s never been of much use out here...
|
|
|
Russ
Elite Nomad
Posts: 6742
Registered: 7-4-2004
Location: Punta Chivato
Member Is Offline
|
|
Ask for internet access to your account, deal with the branch you will most often go to, you may have to have a peso account also to get internet
access. If they tell you there is a service charge for internet access tell them none of your American friends have to pay. There's some loophole they
can give Americans free access.
Bahia Concepcion where life starts...given a chance!
|
|
|
vandenberg
Elite Nomad
Posts: 5118
Registered: 6-21-2005
Location: Nopolo
Member Is Offline
Mood: mellow
|
|
Russ, we only have one branch per bank. Bancomer had 2 for a few years, but the one on the highway was too busy, so they shut it down.
Only in Mexico.
|
|
|
rhintransit
Super Nomad
Posts: 1588
Registered: 9-4-2006
Location: Loreto
Member Is Offline
|
|
okay, the very nice lady at the bank was all set to open my dollar account and I presented the required passport, FM2, CFE bill. oh, sorry, for a
dollar account you need the bill to be in your name. so...now to wait for closing on my house and then a CFE bill in my name. so, will try
again...later.
by the way, she (Banomex) said I could NOT use a USA check to deposit dollars to a dollar account. only cash or wire transfer, which is fine with me,
but just passing the info along.
reality\'s never been of much use out here...
|
|
|
Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
|
|
| Quote: | | Originally posted by rhintransitby the way, she (Banomex) said I could NOT use a USA check to deposit dollars to a dollar account. only cash
or wire transfer, which is fine with me, but just passing the info along. |
Well, that's not good unless you plan on bringing a lot of dollars down there with you. Wire transfers are rather expensive and Banamex is not known
in our parts for giving you a very good exchange rate.
I'm not seeing the advantage if you cant deposit dollar-denominated checks.
What about an EFT (electronic fund transfer) from your US accounts? Ask if they will allow those. Much cheaper, though there is a daily limit.
|
|
|
rogbag
Nomad
Posts: 124
Registered: 8-27-2008
Location: Los Barriles, BCS
Member Is Offline
|
|
We opened a dollar and a peso account at Bancomer in Los Barriles last year. I was told that I could deposit checks from my US bank account into the
dollar account. I used a check on US bank to open the account.
Then I was told to contact the nice lady at the bank (Suzanna) when I want to transfer funds to the peso account. We then could withdraw pesos using
my Bancomer debit card from my peso account.
I also set up internet access when we opened the accounts, but it got de-activated due to non-use. We will set up the internet access again next
week when we get down there.
|
|
|
![[*]](images/xmbforum/default_icon.gif){kind=icon}
