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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
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mtnpop,
Ever transfer pesos from your Mexican Bancomer account to your Wells Fargo USD Gobal Transfer account? If so, has the exchange rate been good?
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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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Mexican bank accounts are a pain in the xxx...It is way simple to use your ATM card and keep some cash on hand in case the system is broke..I have
lived in Mexico on and off for over 30 years and since we have had ATMs never saw it broken for more than a short time...People who pay employees etc.
may have good reason to do it, I dont...The only time I had a Mexican bank account, LONG time ago, I got burned real bad..
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bajagrouper
Senior Nomad
Posts: 964
Registered: 8-28-2003
Location: Rincon de Guayabitos, Nayarit, Mexico
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Mood: happy and retired
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I was in Ensenada last Wednesday I withdrew 15,000 Pesos from a Banamex ATM using my Citi banking card and by going online the same day I got an
exchange rate of 13.33 x $1 USD which was the official Banco de Mexico exchange rate that day....never felt like I needed a Mexican bank
account.......
I hear the whales song
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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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+10
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mtnpop
Senior Nomad
Posts: 597
Registered: 9-8-2009
Location: Colorado/mulege
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| Quote: | Originally posted by MitchMan
mtnpop,
Ever transfer pesos from your Mexican Bancomer account to your Wells Fargo USD Gobal Transfer account? If so, has the exchange rate been good?
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We have never had or needed to return funds to the Wells Fargo account... The Bancomer acct is for access to quick funds or if you do have USD most
banks will not exchange to pesos if you do not have an account..
Looks like there are plenty of posts both ways... There are those of us that don't use ATM or debit cards in the good ole USA so we don't have that
option when in BAJA..
Everyone has their good, bad and ugly situations... and this one is working well for us....
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
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When I lived in the United States I had a bank account, when I moved to Mexico I opened a bank account. In our town there were two options and after
talking to numerous people about the difference, I opted for Bancomer instead of Banamex. I have a peso account (which is pretty cool because I only
deal in pesos and have a plastic bag with dollars that I use when I go north). In Mexico you pay a tax for deposits that go over 5K but I can
transfer funds from the US to Mexico in Pesos so I do not pay any federal tax on those transfers. I have a debit card which is very handy for
shopping, paying for fuel, trips to La Paz with hotels and restaurants. I also am able to pay online for electricity, cable, water, and telephone.
During my building phase I was able to do almost all of my transactions through the bank, which gave me records of all purchases and labor. I print
out a monthly report and kept that in a file for immigration when that was still an issue.
So I find not much downside and it sure makes my life a lot easier.
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BajaBlanca
Select Nomad
Posts: 13212
Registered: 10-28-2008
Location: La Bocana, BCS
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I have an account here in Mexico but how weird...some banks in the telegrafo offices charge you to MAKE a deposit. Others limit HOW MUCH you can
deposit. Having been doing a number of transactions in August, I can say that Mexican banks all differ, they all have their own rules, so read
between the lines. And expect the unexpected compared to the States!
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bajalinda
Senior Nomad
Posts: 552
Registered: 6-7-2008
Location: Pacific Coast, BCS
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If you decide to get a Mexican bank account, just be prepared to deal with a whole different animal than what you are used to in the States (don't
know about Canada). We are at Bancomer and need an account here because we have a business. It's true that the debit card is convenient for paying
for things like gas. The online banking is also convenient for paying CFE and making transfers. However.....here comes my pet peeve.....they nickel
and dime you to death on the fees. They zing us $220.00pesos/month for online banking, and then, of course, for IVA on top of that. My stateside
bank doesn't charge anything for online banking. (Greengoes - I don't know how you got 6.5 pesos for online banking and transfers???) There is also
a fee for transfers to other banks.
On the positive side, a couple of years ago our debit card was cloned and the thief had a merry time withdrawing funds. Bancomer re-imbursed us for
everything. The customer service rep at the Bancomer on Isabel La Catolica in La Paz is also very helpful.
So it's kind of a love-hate relationship.
Oh - and yes, you can deposit a dollar check from a US bank into your Bancomer account, but it takes 10 days to clear - during which time they're
using your money and you have to wait to have access to it. And unless you deposit the check at the branch that your account is connected to, the
amount is limited. I found this out the hard way when I wanted to deposit a dollar check and went to the branch that I happened to be closest to
instead of my "official" branch and they went through all kinds of calculations to figure out how much I could deposit. In the end, it would have
been easier and probably faster, to drive across town to my official branch.
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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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Thats why I dont have one..I pay my bills on line, Phone, Electric ,using my US debit card.....I see no reason to change what has been working for
years...lotsa whining about ATM fees but it costs me about 12 bucks a month..No hassles, no long lines at the bank....like I said before I got burned
bad ONCE ....
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El Jefe
Super Nomad
Posts: 1027
Registered: 10-27-2003
Location: South East Cape
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I'm another 8 year resident without a Mexican bank account. We too use Citibank in the USA and withdraw cash from Banamex for free. We can get up to
12,000 pesos per day in 4,000 peso increments. Painless. Just pay in cash.
If you are in a construction project you might want a mexican account for that period of time. Otherwise, not needed. We had an account in mexico
years ago and left it unused for a while with a few hundred dollar balance. Next time we checked the money was all gone. They take your money if you
don't use it. Crazy.
No b-tchin\' in the Baja.
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huesos
Nomad
Posts: 149
Registered: 6-24-2013
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valuable insight
Once again, thanks to the members of the forum who answered this pertinent inquiry. The number of years of experience represented here is truly
impressive, from immigration to finances to almost every aspect of the logistics of relocating to Baja, these forums are indispensable.
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