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Author: Subject: FM3.... again
MrBillM
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Posts: 21656
Registered: 8-20-2003
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Mood: It's a Zip-a-Dee-Doo-Dah Day

[*] posted on 11-17-2004 at 02:37 PM
Mexican Bank Funds


There is always the possibility that the money deposited in
Mexico could be lost, but that is far more remote than it was
in the time period you describe. That was when the Peso was
originally allowed to "float" and it took a beating. I had a
neighbor in Baja (now dead) that lost a lot of money in his
Mexican account even though his was a "Dollar" account paying
less interest than the "Peso" accounts. Although the Banking
rules stated that the value in dollars was guaranteed, they
chose to ignore the rules and pay the value in Pesos. Typical
of Mexico. The law means what they say it does. In my friend's
case, though, he had invested in such accounts for about 20
years and had reaped far more than what he lost.

Speaking of FM3 experiences, when I got my original FM3 Eight
years ago, I first inquired at the immigration office in San
Felipe. The lady there directed me across the street to where
her Sister had an office to do the paperwork. When I later
found out that I could do it at the Consulate in San Bernardino,
I decided to do it there. When I brought the FM3s into San Felipe
to have them validated, the same lady gave me a sharp look, did
her work and then told me I had to drive out to the airport, have
them stamped and then return for her to do the final accounting.
When I got out to the Airport and tracked down the officer who
was on break, he asked why I didn't have Immigration stamp it.
When I replied that I had been told that she didn't have a stamp,
he said that wasn't true. I guess she decided a little punishment
was in order for not using her sister's service.
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