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The Gull
Super Nomad
Posts: 2223
Registered: 8-28-2003
Location: Rancho Descanso, BCN
Member Is Offline
Mood: High
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Best US - Baja Bank Combination
Over the years, I have seen discussions on which bank in the US and which bank in Baja provides the best combination of services. Since many of these
discussions would change over time because of the banks policies and alliances, I would like to hear from Nomads on their personal experiences.
I think in terms of ease of moving money from your computer across the border in both directions, exchange rates, peso vs dollar accounts (especially
recently with the volatility of the peso), ATM availability (access costs), electronic statements and bill pay on-line on both sides of the border.
Comments?
�I won\'t insult your intelligence by suggesting that you really believe what you just said.� William F. Buckley, Jr.
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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For many over here in Sonora, it boils down to whether you actually need a Mexican branch, complete with window teller services. So, any discussion
along these lines should identify IF a person is discussing having "full service" banking in Mexico, cause that adds a whole nuther fee structure.
For many of us over here, we're getting by just fine using a B of A account in the US and Santander ATMs. We have two ATM/debit cards tied to the same
account and each card can withdraw 5000 pesos per day. No fees at all and as mentioned before, the exchange rate is about .15 pesos/dollar less that
the exchange rate you see on sites like xe.com. Pretty close and much better than a comparative rate at HSBC, according to a study conducted by a
person here in San Carlos.
The other slight drawback on having a B of A account is that they pay nothing on this type of "checking" account that we use and almost nothing on the
savings account we have with it to back it up. B of A has never been very competitive in this respect. That's why I haven't used them in 40 years
until I was told about their Santander relationship. Credit unions are so much more superior.
So, we have linked a MMA from a big institution and our other credit union accounts to this B of A account and we can transfer 3000 US per day to
this account using an electronic fund transfer that costs nothing. At least our CU charges nothing; other institutions might. The big Connecticut
based MMA doesnt charge anything either but they are slower at transfering it.
BTW, there are Santander ATMs in places other than Santander banks over here. There's a very convenient one in the big Modelo distribudor on the
outskirts of Guaymas. Now that I've developed a taste for their new Pacifico light (hey, I'm watching my figure), it is most convenient.
We are NOT using window teller services; we have no account at Santander. Just use their ATMS.
[Edited on 4-22-2009 by Hook]
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shari
Select Nomad
Posts: 13050
Registered: 3-10-2006
Location: bahia asuncion, baja sur
Member Is Offline
Mood: there is no reality except the one contained within us "Herman Hesse"
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Just a note on Santander...it isnt reliable at the telegraph offices, which is where we do our banking in the villages where there isnt a
bank....which is always an important consideration. Banorte is the bank of choice here and most reliable...but with this new tax law where you pay a
tax if you deposit more than 20,000 pesos, we spread it between accounts at Bancomer (love thier online banking) and banamex....good to have options
when one bank isnt working well at the telegraph office.
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rpleger
Super Nomad
Posts: 1087
Registered: 3-12-2005
Location: H. Mulegé, BCS
Member Is Offline
Mood: Was good.
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BanaMex and Banamex USA(California Commerce)...I can go online and move money down same day, within hours, and have access to it at any ATM machine.
I pay all my utility bills on line with BanaMex. This is the best...
Richard on the Hill
*ABROAD*, adj. At war with savages and idiots. To be a Frenchman abroad is to
be miserable; to be an American abroad is to make others miserable.
-- Ambrose Bierce, _The Enlarged Devil\'s Dictionary_
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| Quote: | Originally posted by rpleger
BanaMex and Banamex USA(California Commerce)...I can go online and move money down same day, within hours, and have access to it at any ATM machine.
I pay all my utility bills on line with BanaMex. This is the best... |
What is the cost per month for having a window teller type Banamex account??? I assume you had to go into a Banamex branch and open an account to be
able to pay your utility bills on line.
[Edited on 4-22-2009 by Hook]
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DianaT
Select Nomad
Posts: 10020
Registered: 12-17-2004
Member Is Offline
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| Quote: | Originally posted by shari
but with this new tax law where you pay a tax if you deposit more than 20,000 pesos, we spread it between accounts at Bancomer (love thier online
banking) and banamex.... |
Gull,
Thanks for asking this question---real interested in all the answers.
Shari, how much is the tax??
Thanks
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rpleger
Super Nomad
Posts: 1087
Registered: 3-12-2005
Location: H. Mulegé, BCS
Member Is Offline
Mood: Was good.
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HOOK...
There is no monthly fee....I have an account with Banamex in S. Rosalia and another account in Los Angles...I pay a fee to use the ATM at Bancomer in
Mulegé which is far cheaper than driving to S. Rosalia. Oh, the Banamex account in S. Rosalia is a peso account.
Richard on the Hill
*ABROAD*, adj. At war with savages and idiots. To be a Frenchman abroad is to
be miserable; to be an American abroad is to make others miserable.
-- Ambrose Bierce, _The Enlarged Devil\'s Dictionary_
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djh
Senior Nomad
Posts: 936
Registered: 1-2-2005
Location: Earth mostly. Loreto, N. ID, Big Island
Member Is Offline
Mood: Mellow fellow, plays a yellow cello...
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For me...
I've had a Bancomer (Loreto) account for several years.
My (US) Credit Union Account, of course has no ties to Bancomer.
So....
I went on-line to Wells Fargo ( www.wellsfargo.com ) and set up a "Custom Management Package" account. (Savings and checking ~ both free if you opt for an automatic deposit of
$25 from your Ckg. to you savings every month ~ no problem.... and free first box of checks).
I now have on-line access to Wells Fargo and I can use their "Express Send" to send $ to MX either to my Bancomer acct. or to another person's bank
acct. OR to an individual person who can pick it up there in MX.
There is a small fee for this ($5 for Express Send to my bank / $7 for E.S. to an individual ~ cash). I can see that this may be handy for paying my
MX. accountant without the $40 Bank Wire fees, as well as possibly paying for work services, materials, etc. down the road....
https://www.wellsfargo.com/per/intl_remittance/mexico describes all of that...
I have not yet learned IF / HOW I can directly transfer $ from my new (US) WF acct. to my (MX) Bancomer acct., but because they have that formal
relation / linkage, I imagine & hope that it is possible also (without any fees).
I just did all of this last week, so it is all new, and I have not done much with this yet, but I thought some of my fellow Nomads might find this a
possibility / option if you already have a Bancomer acct..
BTW I did NOT have to go into a local WF branch. I was able to open my sav. and ckg. accts. with deposits made from my VISA card :-). How fun is
that.... AND I got my Alaska Airlines Mileage Plan miles for that too :-)... (I think / hope.)
djh
Its all just stuff and some numbers.
A day spent sailing isn\'t deducted from one\'s life.
Peace, Love, and Music
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altatension
Newbie
Posts: 4
Registered: 4-22-2009
Member Is Offline
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Info needed on USA/Mexico banking
I have dual citizenship (US/MX). I just bought a place in Rosarito and have a need to pay my electric bill every two months, so far the builder has
been paying it for me but I would like to do it myself. So my questions are:
1. What do I need to open an account in Mexico?
The least expensive option but one that allows me to pay CFE (electric co.) online.
2. Need telephone numbers of couple of banks in Rosarito, maybe I will start with Banamex and Banorte.
I have a BofA account in the US with the free 'safesend' so I can send money to banks or individuals in Mexico for free. Have not done it yet. Anybody
has any experience doing this?
Thank in advance for your help
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rpleger
Super Nomad
Posts: 1087
Registered: 3-12-2005
Location: H. Mulegé, BCS
Member Is Offline
Mood: Was good.
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altatension
With a Banamex account...you can pay CFE and all other utility s on line from the states...BUT you need a copy of your utility bill to know how much
to pay and to which account...
[Edited on 4-22-2009 by rpleger]
Richard on the Hill
*ABROAD*, adj. At war with savages and idiots. To be a Frenchman abroad is to
be miserable; to be an American abroad is to make others miserable.
-- Ambrose Bierce, _The Enlarged Devil\'s Dictionary_
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comitan
Ultra Nomad
Posts: 4177
Registered: 3-27-2004
Location: La Paz
Member Is Offline
Mood: mellow
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For no cost ATM you need a Citibank(BanamexUSA) Amistad account, this is done in the US Just call fromUSA 800 222 1234 they will send you the forms
calling from Mexico 01 800 `111 1234 yes toll free from Mexico. I just ask for representative.
[Edited on 4-23-2009 by comitan]
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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Mexitron
Ultra Nomad
Posts: 3397
Registered: 9-21-2003
Location: Fort Worth, Texas
Member Is Offline
Mood: Happy!
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Anyone know if Chase Bank has a connection with Mexico like Wells Fargo and Citibank?
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MitchMan
Super Nomad
Posts: 1856
Registered: 3-9-2009
Member Is Offline
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| Quote: | "No fees at all..."
..."we have no account at Santander. Just use their ATMS."
[Edited on 4-22-2009 by Hook] |
Hey Hook,
Do you mean to say that neither Santander nor B of A charge you a fee for using the Santander ATM to withdraw funds from your B of A account and get
those withdrawal funds in the form of pesos? And that the only detriment that you suffer upon this withdrawal is the $.15 Peso hit on the XE.com bid
exchange rate?
[Edited on 4-23-2009 by MitchMan]
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Pescador
Ultra Nomad
Posts: 3587
Registered: 10-17-2002
Location: Baja California Sur
Member Is Offline
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| Quote: | Originally posted by Mexitron
Anyone know if Chase Bank has a connection with Mexico like Wells Fargo and Citibank? |
Not so that you can move back and forth without fees. Because I have a preferred account at Chase I raised hell with their fee for withdrawl at a
Mexican ATM and was able to get the fees reversed but it was a long involved process.
Because they manage my investments, I indicated that I would be forced to use Wells Fargo (which I really dislike as a bank) since they only charged a
$5 fee and they figured that it was worth it to rebate the fees.
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bajabound2005
Ultra Nomad
Posts: 2762
Registered: 10-15-2005
Location: Punta Banda, BCN
Member Is Offline
Mood: words cannot describe...
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Anyone with a USAA bank acct using their ATM card here? and what is the experience? They (USAA) says no fees, but with WHICH banks here? I know how
that game works. USAA won't charge a fee but I get dinged by the bank from which I withdraw (maybe??).
Friends don't let friends drink white zinfandel.
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
Member Is Offline
Mood: must be 5 O'clock somewhere in Baja
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USAA
Yup, use my USAA Debit/ATM card at the ATM's in Commercial Mexicana..........no problems. I'll have to look at my statement as to fees
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
Location: Sonora
Member Is Offline
Mood: Inquisitive
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| Quote: | Originally posted by rpleger
HOOK...
There is no monthly fee....I have an account with Banamex in S. Rosalia and another account in Los Angles...I pay a fee to use the ATM at Bancomer in
Mulegé which is far cheaper than driving to S. Rosalia. Oh, the Banamex account in S. Rosalia is a peso account. |
Thanks for the info. Did you have to appear in person at the Banamex office in LA to open the account? Did you have to give a US STREET address?
I ask because I have learned that not having a US address has made me ineligible for many financial services from banking institutions. Part of the
Patriot Act, I am told.
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rpleger
Super Nomad
Posts: 1087
Registered: 3-12-2005
Location: H. Mulegé, BCS
Member Is Offline
Mood: Was good.
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Hook
I did this so long ago that I don't remember(pre 911)
call these guys and ask...
This system really works for me.
For no cost ATM you need a Citibank(BanamexUSA) Amistad account, this is done in the US Just call fromUSA 800 222 1234 they will send you the forms
calling from Mexico 01 800 `111 1234 yes toll free from Mexico. I just ask for representative.
comitan...
Richard on the Hill
*ABROAD*, adj. At war with savages and idiots. To be a Frenchman abroad is to
be miserable; to be an American abroad is to make others miserable.
-- Ambrose Bierce, _The Enlarged Devil\'s Dictionary_
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altatension
Newbie
Posts: 4
Registered: 4-22-2009
Member Is Offline
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USA - Mexico banking
Thank Comitan.
I just opened a 'Banamex USA interchecking amistad account. I did the entire process over the phone by calling 1-800-222-1234 (from mexico you call
01-800-111 1234).
This account is free of maintenance fees for people 55 and over, no min balance, free internet access via bank@net, free transfers to Banamex (Mex)
and free access to Banamex ATMs, earns small interest. Overall sounds too good to be true but I will post my experiences as they happen. Thank you all
for your inputs. BTW you are required to have an address in Mexico and to prove it with a utility bill. For those of you not yet 55 yrs, they might
have another program or the same program for a small fee. Give them a call and post your results.
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bajabk
Newbie
Posts: 22
Registered: 3-23-2004
Location: Todos Santos
Member Is Offline
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Besides Santander Serfin, you can withdraw funds from your B of A account for no charge at Scotia Banks. Other than those two, B of A will nail you
for a $5.00 non B of A atm charge plus a 1% foreign transaction fee! Costs about 8.75 US to get $5000 pesos!! Do that a few times a month and that
really hurts!!
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