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healthdetective
Junior Nomad
Posts: 66
Registered: 1-28-2013
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Banking for Full Timers in Baja
My question is...How does one handle their banking if they live in Baja full time?
This makes an assumption that many still keep an account in the US or Canada.
Specifically how do you get your updated atm/debit cards?
Do you tell the bank you are now living outside the country etc?.
Any help is appreciated
Thank you
�The average man does not want to be free. He simply wants to be safe.� � Mencken
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gnukid
Ultra Nomad
Posts: 4411
Registered: 7-2-2006
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US bank will ship your cards to you wherever you are, timeliness depending on the quality of the bank. Mexican banks are different than US banks,
different fees, rates, etc your mileage may vary. At this time I use US banks only for accounts and use ATMs and on line transfer when needed.
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rogbag
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Posts: 124
Registered: 8-27-2008
Location: Los Barriles, BCS
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I use Bancomer here is Los Barriles and it is very simple these days. I understand that they are making gringos jump through some hoops now to get an
account, but I got one 5 years ago when you just had to have money in hand. I have a dollar and a peso account. I also have a Wells Fargo account in
the US, and they will send money to Bancomer (pesos) online, which takes about an hour and the funds are available here in Mexico. I think there is a
$1,500 USD limit per day, and WF converts it to pesos (and makes a little money) and sends it to my peso account. I use a mail forwarding service
that comes down once a week and i get ATM and credit cards that way. Have not had any problem with the mail forwarding service. It takes about 3 or
4 weeks to get it here.
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bajatrailrider
Super Nomad
Posts: 2432
Registered: 1-24-2015
Location: Mexico
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Mood: Happy
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I have chase bank in the states Santander in Mexico. On line I transfer 5 grand at a time.Chase sends pesos to my Mex bank no wire fee . At a very
high rate more then any in Mexico
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tbnoble
Junior Nomad
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We use Charles Schwab and US Bank in the US and use the HSBC atms here in Baja. Never have had any problems, pay Telnor with card online, almost all
other transactions are cash. New cards go to our El Cajon box, pick up on a trip. Much less of a big deal than I thought it was going to be when we
moved here two years ago. But then pretty much doing anything here has been less of a big deal than we had thought.
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willyAirstream
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DHL for important papers and cards. 5 to 8 days to your door. The mulege bank changes the rules monthly. Easiest is USA banks and transfers via xoom
and atm t cards.
[Edited on 12-15-2018 by willyAirstream]
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gnukid
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Banks such as Schwab refund any atm or intl transfer fees. BOA does not, though may have special arrangements with a partner. I only use banks that
provide 100% refund for any crazy fees in Mexico such as Schwab it can be as high as $5-20 per transaction, they also closely monitor charges and stay
in contact with you to confirm charges or refund errors.
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willardguy
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and carry two in case one is blocked, lost or stolen....I carry schwab and capitol one.
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sancho
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Is it fairly easy to get Schawb to understand one is in
Mex on a permanent basis? Like not blocking a card due
to withdrawal in Mex? As opposed to notifying them of
a temp time one will be in Mex
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willardguy
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Quote: Originally posted by sancho  |
Is it fairly easy to get Schawb to understand one is in
Mex on a permanent basis? Like not blocking a card due
to withdrawal in Mex? As opposed to notifying them of
a temp time one will be in Mex
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I don't know how that works? in seven years i've never notified either bank I am or will be in mexico, never had a card blocked although many here
have......maybe because im in a border town
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Bob and Susan
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Posts: 8813
Registered: 8-20-2003
Location: Mulege BCS on the BAY
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if you live FULL time in baja why do you need a bank in the usa or Canada???
just open an account in the city you live
at a local bank in mexico
they give you debit AND credit cards
they finance cars and do all the stuff other banks do
cut the tie
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gnukid
Ultra Nomad
Posts: 4411
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| Quote: Originally posted by sancho |
Is it fairly easy to get Schawb to understand one is in
Mex on a permanent basis? Like not blocking a card due
to withdrawal in Mex? As opposed to notifying them of
a temp time one will be in Mex
|
Yes, Schwab, BOA, etc lets you set travel plans on mobile, or desktop online, or by phone, or in a branch office, though, if you travel somewhere
often you can set it on permanently to allow transactions, unless they are suspect, such as repeated transactions, or odd transactions, then you will
be notified. You can set how often to be notified and how to be notified. I find it helpful.
[Edited on 12-16-2018 by gnukid]
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healthdetective
Junior Nomad
Posts: 66
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Thank you all for taking the time to help clear this up for me!
�The average man does not want to be free. He simply wants to be safe.� � Mencken
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weebray
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Posts: 1094
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Location: La Paz
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My 5 cents. Stay away from Mexican banks like the plague. Schawb is my preference. 8000 pesos + at ATM every day suits us. If you give up your US
ties you may not be able to get a US account. Banking laws are getting tighter cada dia.
Every beautiful beach in the world needs a few condo towers - NOT.
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PaulW
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We use Bancomer with peso account and Wells Fargo. Funds from US sources arrive at Wells Fargo and are transferred to Bancomer or we use various ATMs
to withdraw pesos from either Wells Fargo or Bancomer. We have Bancomer for auto payments for utilities in Baja. They also give us a credit card which
works in the states and in Baja. Recently all the ATMs in Baja are working great and are always full of pesos. Both banks allow normal on line use. We
use mostly for us for getting statements.
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Lee
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when funds are transferred from the US, it’s between my bank and MX. Use CS and Chase. Don’t trust MX with my finances — think it might
be superstitution. Little recourse IMO if funds are mismanaged.
US Marines: providing enemies of America an opportunity to die for their country since 1775.
What I say before any important decision.
F*ck it.
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JoeJustJoe
Banned
Posts: 21045
Registered: 9-9-2010
Location: Occupied Aztlan
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Mood: Mad as hell
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| Quote: Originally posted by weebray | | My 5 cents. Stay away from Mexican banks like the plague. Schawb is my preference. 8000 pesos + at ATM every day suits us. If you give up your US
ties you may not be able to get a US account. Banking laws are getting tighter cada dia. |
What's wrong with Mexican banks that you would have to stay away like the plague?
Why can't you have both a Mexican bank, and a Schwab account?
Schawb, is OK, except for their misleading advertising about their brokerage accounts.
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willardguy
Elite Nomad
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shhhhh.....maybe he'll just go away
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weebray
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While I enjoy this desultory banter it always bores me how some simpletons can't keep from turning it into a personal attack. My viewpoints are mine
and usually based on years of experience, Just try to keep your eye on the ball.
[Edited on 12-17-2018 by weebray]
Every beautiful beach in the world needs a few condo towers - NOT.
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JoeJustJoe
Banned
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| Quote: Originally posted by lencho | | [Speaking for myself, I always appreciate others' direct real-world experience. Which Mexican banks do you currently have accounts with, and for how
long? |
Speaking for myself, I always appreciate when somebody knocks something about a Mexican institution, I expect them to give specific reasons.
Lets just say I have worked for an international bank before, and I'm very familiar with their banking laws, regulations, and procedures.
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