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Hook
Elite Nomad
Posts: 9009
Registered: 3-13-2004
Location: Sonora
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Banking in Mexico....which one?
The other post about an IRS form got me thinking about banking in Mexico.
What is the general consensus on the best bank for people residing in Mexico to do more than just use as an ATM outlet? You know, a place to park a
couple thousand for emergencies, handle your fidecomiso, cash checks, write checks, pay utility bills, etc.
I keep reading posts by quite a few who are very happy with HSBC. And many who are unhappy with Banamex. What about Santander, Bancomer or others?
If I set up an account with, say, HSBC stateside, do I still have to set up an account at a branch in Mexico. Still need to secure an FM-3?
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bajalou
Ultra Nomad
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What bank (or banks) are available in the area you have property or frequent? That kind of sets a limit on your choices.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Hook
Elite Nomad
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| Quote: | Originally posted by bajalou
What bank (or banks) are available in the area you have property or frequent? That kind of sets a limit on your choices. |
The area I am looking at has all the above options.
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comitan
Ultra Nomad
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Use the Bank in Mexico that has an affiliate in the states preferably with your bank.
You will have to set up a separate acct and supply what that bank requires.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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Bob and Susan
Elite Nomad
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we just (monday) opened an account at the new bancomer in mulege...
this is a personal account
1. FM3
2. Three local personal referances
3. A letter from the the police and signed by the delagato stating we lived in Mulege (bank provided a sample)
4. deposited money needed to be approved by mexico city
5. copy of paid property taxes
6. two hours of extra time
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Hook
Elite Nomad
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Bob and Susan, what is the procedure for getting deposited money "approved" by Mexico City? Did you use cash or ?
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Acuity
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For various reasons which would take too long to explain, we had to use HSBC for our fideicomiso - the "rules' there have changed since the takeover
of BITAL and the process took 16 months and two other people agitating to get something done. At one point the bank even required an application and
bank references from the seller (a Mexican without a bank account) - you can imagine he found it somewhat frustrating waiting for the rest of his
money!
We have had good experiences with fidos with Scotiabank, and have found the local Banorte effective for cash transfers and simple banking. Their
on-line bank security exceeds all banks in Canada. However, we may get our statements once or twice a year, if we are lucky...
[Edited on 3-7-2007 by Acuity]
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Hook
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So, Acuity, is Banorte affiliated with ScotiaBank or are they separate? Does Scotiaband and/or Banorte (depending on their relationship) have offices
in the US?
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Acuity
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The two are separate. Scotiabank is affiliated with its parent in Canada, but I don't know about specific US links. I'm sorry, I also don't know
about Banorte's lineage. We have had no problem whatsoever with Banorte in moving money down here quickly from other banks - indeed the last two
occassions it happened overnight, whereas we have been used to transfers from Canada taking a week or so to muddle their way though Mexico City
branches with other institutions down here.
Hope this is of some help.
[Edited on 3-8-2007 by Acuity]
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cabobaja
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I have had a personal checking account (in dollars) with Banorte for past 11 years. Never had a problem. Have monies wired into account from different
US locations monthly. All these years have never had a problem with any wire transfer. All wires have hit my account within 24 hours.
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Hook
Elite Nomad
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| Quote: | Originally posted by cabobaja
I have had a personal checking account (in dollars) with Banorte for past 11 years. Never had a problem. Have monies wired into account from different
US locations monthly. All these years have never had a problem with any wire transfer. All wires have hit my account within 24 hours.
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I guess there was a hope that if you established an account with a Mexican bank that has branches (and/or is cross-owned by another with US branches)
that you could avoid the wire transfer charges.
I've been with a credit union all my adult life. I am anti-fees. Not expecting to have a credit union-like arrangement down there but just looking for
the most friendly bank.
And I dont mean the tellers.........
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sylens
Senior Nomad
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credit unions
have spoiled us too! for all but fm3 purposes, we just use our credit union atm card for cash down here for all purposes. utilities we pay at the
local calimax, and telnor we pay online. 
for fm3 purposes we have an hsbc account that charges 50 pesos monthly and still does not allow us to deposit dollars, only pesos. 
on the other hand, we do receive statements almost monthly
good luck on making the best decision for you
lili
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Hook
Elite Nomad
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Sylens, so HSBC wont do a customer the favpr of accepting dollars as an exchange, then depositing the exchanged pesos into your account? What do they
do......make you wait in the exchange line and then go to the teller for the deposit? 
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cabobaja
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Do not know of any bank that will not let you trade dollars for pesos and then deposit. I would suggest speaking to the customer service rep in the
bank(s) you are considering and find out what services they offer. Good luck!
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bajabound2005
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Santander = Bank of America
Bancomer = Wells Fargo
Banamex = Citibank
I agree with comitan; use a bank that has a relationship with your bank. A friend of ours has had problems using Bancomer ATMs here twice (puts in
the card, does the transaction and no $$ comes out) but the $$ is deducted from his acct; calls Wells Fargo and gets the problem corrected. Takes
them 2-3 weeks but it gets fixed. We have B of A and use the Santander ATMs, no problems in many years but nice to know they are there if needed.
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Bob and Susan
Elite Nomad
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bancomer didn't have any problems taking dollars anddepositing then into a peso account
money is monet
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osoflojo
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Like Lencho, most all my transactions with HSBC are in dollars both in and out. Also with HSBC you can wire transfer to HSBC US with further credit to
your HSBC Mexico account and only pay a domestic wire fee instead of an international one. Saves a lot if you use it often.
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sylens
Senior Nomad
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clarifying
sorry about the confusion. what i *meant* to say was hsbc will not accept a check in us dollars. sure they would accept cash dollars, but living
here full time we don't get too many good ol' usa bucks. 
they indicated that after we have the account one year they will accept usa checks but we have not had the nerve/courage to check that out yet. will
do so in the next month or so and will post results.
lili
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Bob and Susan
Elite Nomad
Posts: 8813
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now thiat is what bancomer told us...
no US checks until the peso account was 1 year old...
our dollar banamex account in santa rosalia is over a year old and they take our checks
only in mexico do banks NOT ALWAYS take money
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jerry
Super Nomad
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now i know why bancomer doesnt seem to ever get it together
it has a friend wells fargo
jerry and judi
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