# Banking in Mexico



## markinoshawa

Hi

I'm sure my question comes up regularly. I have not had any luck finding an answer considering my situation in an up-to-date post.

I have a US$ bank account at Scotiabank in Canada. I can transfer funds to it from a US$ investment account I have in Canada. I plan on renting an apartment in Mexico for 6 months. I see a requirement, unless it has changed, is that you provide a couple of months of utility bills in order to open a bank account. I won't be able to do that. 

I should point out that I am over 59, therefore exempt from fees at Scotiabank in Canada. 

I contacted Scotiabank in Canada to get some information. Since the bank in Canada operates separately from that Mexico, all they suggested is that I get a letter of introduction from my home branch that would help in opening an account.

I have a Scotiabank bank card, and it is currently linked to my checking and savings accounts which are in Canadian dollars. 

I would appreciate any information and the fees involved on how to best get some US dollars from my US$ bank account in Canada in my hand when I'm in Mexico. 

Thanks in advance


----------



## joaquinx

markinoshawa said:


> I see a requirement, unless it has changed, is that you provide a couple of months of utility bills in order to open a bank account. I won't be able to do that.


Normally the name on any utility bill will be the name of the owner of the house or apartment. Reason being that the owner is responsible for the payment of the utility not the tenant. What the bank needs is a verification of your address and the utility bill will provide that information. Ask the owner or the person who will be renting the apartment/house to you for the latest utility bill.


----------



## TundraGreen

markinoshawa said:


> Hi
> 
> I'm sure my question comes up regularly. I have not had any luck finding an answer considering my situation in an up-to-date post.
> 
> I have a US$ bank account at Scotiabank in Canada. I can transfer funds to it from a US$ investment account I have in Canada. I plan on renting an apartment in Mexico for 6 months. I see a requirement, unless it has changed, is that you provide a couple of months of utility bills in order to open a bank account. I won't be able to do that.
> 
> I should point out that I am over 59, therefore exempt from fees at Scotiabank in Canada.
> 
> I contacted Scotiabank in Canada to get some information. Since the bank in Canada operates separately from that Mexico, all they suggested is that I get a letter of introduction from my home branch that would help in opening an account.
> 
> I have a Scotiabank bank card, and it is currently linked to my checking and savings accounts which are in Canadian dollars.
> 
> I would appreciate any information and the fees involved on how to best get some US dollars from my US$ bank account in Canada in my hand when I'm in Mexico.
> 
> Thanks in advance


You have several options. You could just use ScotiaBank ATMs and not have a Mexican peso account at all. Many people do that.

Personally, I prefer to have a Mexican bank account and debit card for expenses in pesos. While much of Mexico is cash-only, there are many places where you can pay with a debit or credit card. In addition, many things can be paid electronically with a Mexican bank account.

To open a bank account, generally you just need your passport and a copy of one recent utility bill as proof of your address. If the utilities are not in your name, you can generally give them a copy along with a letter explaining that the name on the bill is your landlord's. Sometimes banks will ask about your migratory status, tourist or visa holder. But I don't think that is common.

I do not know what fees ScotiaBank would charge for moving from a Canadian account to a Mexican account. Your local bank could answer that question.


----------



## RVGRINGO

There really is no need for a Mexican account. Many have lived here for decades and used ATMs for cash, with a rare wire transfer or check for large purchases, like a house or car. We have lived here since 2001 without a local bank and you only need to tell your bank that you will be in Mexico and, perhaps, raise your daily limit to reduce trips to the ATM, etc.


----------



## TundraGreen

RVGRINGO said:


> There really is no need for a Mexican account. Many have lived here for decades and used ATMs for cash, with a rare wire transfer or check for large purchases, like a house or car. We have lived here since 2001 without a local bank and you only need to tell your bank that you will be in Mexico and, perhaps, raise your daily limit to reduce trips to the ATM, etc.


I hear that opinion expressed often RV. But it raises some questions in my mind. 

I use my Banamex account to: Pay my Megacable bill online from the bank site; same for my CFE bill. I use my Banamex debit card for at point of purchase when it is convenient. Using a US dollar debit or credit card incurs fees. 

So what do people without Peso accounts do? Do you pay everything in cash by visiting CFE and other utilities or at Soriana/Oxxo. I know some of those sites charge a fee and some do not. Do you never need to use a card to pay for anything?


----------



## joaquinx

TundraGreen said:


> I use my Banamex account to: Pay my Megacable bill online from the bank site; same for my CFE bill. I use my Banamex debit card for at point of purchase when it is convenient. Using a US dollar debit or credit card incurs fees.


Megacable, Telcel, Tenencia, purchases at Chedraui, Superama, Mega, Liverpool, Sears, etc. I don't like to take out my wallet and have it filled with a wad of cash. Only use my BofA debit to get money out of the ATM.


----------



## Hound Dog

We have two Mexican bank accounts (Banamex and Bancomer) along with our U.S. account and agree that all three are quite important for paying all utility and satellite TV and cable TV service bills and, since we live in two communities about 1,500 kilometers apart, these accounts come in handy for payment transfers to the accounts of people in one place we need to pay on a recurring basis for services rendered in the other place. We have no credit cards at all but use any of the three debit cards attached to each account for retail product purchases, hotels and other services. We also use all three for ATM transactions and our U.S. bank not only charges no fees for international ATM transacrtions but rebates any fees charged by any ATM at any bank or free standing ATMs anywhere in the world. Of course, both Banamex and Bancomer charge no ATM fees for customers using their ATMs. Those fees can add up over time so that is a significant benefit. On those occasions when one might need to wire transfer a large sum from the U.S. to Mexico to, say, buy a car or some such transaction, having a local bank account is damned convenient.

Incidentally, none of my banks in the .S. or Mexico charge me any fees for those bank accounts at all with certain small minimum balances so what´s the big deal? I haven´t stood in any line to pay any service fees to any entity in years except annually to pay property taxes or auto registration fees and, since I pay those fees early, those lines are miniscule. I hate waiting in line with a passion and since l mantain bank accounts here in Mexico, if I have rare occasions when bank business requires I go into the bank, I join the short, valued-client-only line.


----------



## markinoshawa

Thank you to everyone that responded to my inquiry. 

I think I am going to explore the ATM route. I will get a card from Scotiabank that is attached to my US$ account in Canada. It appears that I will not be charged ATM fees if using a Scotiabank ATM. There might be other banks ATM's that I can use and not be charged a fee. The only question will be that since I will be withdrawing pesos in Mexico, what exchange rate will I be faced with. 

My situation at this time is that I will spend 6 months in Mexico. Therefore, I will be renting an apartment for that time period. The rent, which generally includes everything, will be my largest withdrawal from an ATM. If I decide to stay longer, then maybe a bank account will be in order.

Thanks again.


----------



## Isla Verde

markinoshawa said:


> My situation at this time is that I will spend 6 months in Mexico. Therefore, I will be renting an apartment for that time period. The rent, which generally includes everything, will be my largest withdrawal from an ATM. If I decide to stay longer, then maybe a bank account will be in order.
> 
> Thanks again.


If you're only going to be here for six months, there's really no need to open a Mexican bank account.

Where did you get the idea that rent usually includes everything?


----------



## RVGRINGO

TundraGreen said:


> ...........
> So what do people without Peso accounts do? Do you pay everything in cash by visiting CFE and other utilities or at Soriana/Oxxo. I know some of those sites charge a fee and some do not. Do you never need to use a card to pay for anything?


We had our bank raise our daily limit, so that we do not have to visit an ATM very often.
We pay all our utilities in cash, at the local CFE machine or at Walmart, Soriana, Oxxo, etc. Telmex can be paid similarly, or at their local drive-thru window. 
If we need to pay a hospital, buy a large appliance, etc., our US credit card does the trick.
We pay no ATM fees, as they are all refunded by our bank (USAA) on the monthly statement. All other banking is done online. In the rare even that we receive a paper check, it can be mailed to our bank, or scanned and deposited electronically. It works very well and there are ATMs everywhere these days.


----------



## Hound Dog

[_QUOTE=RVGRINGO;1476033]We pay all our utilities in cash, at the local CFE machine or at Walmart, Soriana, Oxxo, etc. Telmex can be paid similarly, or at their local drive-thru window. 
]_

Sounds nice RV, if you don´t mind going to the CFE machine or Walmart or Soriana or Oxxo or similar places. All of out utility and other recurring biils are paid electronically in a nanosecond without our having ever to have left home or even if we are on vacation in France or Pyongyang or Ouagadougou. Catch up.


----------



## RVGRINGO

We are frequently shopping in those places anyway, and some of them are within walking distance of our home in Chapala. Should we be away, we simply go to the appropriate office and pay ahead. However, we are seldom away for long and cannot afford the luxury of two homes and international travel, as you can. While you sip fine wines, we make do with Padre Kino.


----------



## tijuanahopeful

I'll be paying in person, because there's an OXXO two blocks away. But I'll eventually get it set up to pay online. I only have to pay electricity, because my landlord pays for the water.


----------



## Hound Dog

_


RVGRINGO said:



We are frequently shopping in those places anyway, and some of them are within walking distance of our home in Chapala. Should we be away, we simply go to the appropriate office and pay ahead. However, we are seldom away for long and cannot afford the luxury of two homes and international travel, as you can. While you sip fine wines, we make do with Padre Kino.

Click to expand...

_Well, now, RV, whether you are a member of the bourgeousie or James Carville´s trailer park crowd, the automatic, electronic bill payment srrvice at Bancomer is free of charge with a $2,000 Peso minimum balance in your checking or savings account and that comes to less than $200USD at today´s exchange rate. No walking down the street required. I would love to debate this with you further but I must exit one of my palatial estates and fly off to exotic Jocotepec (Yokeltepeck?) to buy some flowers for my beloved.

Padre Kino isn´t all that bad. It´s great for marinating tough Chiapas-style ranch chicken which is ordinarily so tough you need to beat it with a baseball bat for three days to render it edible.


----------



## telcoman

I spend about 6 months in Mexico each year. I have wondered about opening a Mexican Bank account but I guess that is not possible without a fixed address. I do receive some commissions in Pesos from a joint business venture and it would be convenient. Maybe not such a good idea because it may appear I am working down there. I do the work up here, but get paid from down there.


----------



## chicois8

Might be off subject but I withdrew 15,000 Pesos the other day 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.......


----------



## rijit

Ive got an hsbc uk account and they have the facility for me to apply for a Mexican account, however, it takes along ,they suggested an hour and half !!! phone call, an interview in a branch, probably not local 2 me, and will cost a 100 sterling!!!! so enuf hastle and enuf cost, however, totally fed up with atm costs and 'shaved' rates so when i arrive one of the first things i will want 2 sort, will definitely be a Mexican account . so let me get it straight, what I need 4 proof of address is a utility bill in my name which wont be available quickly enough, so a letter from my landlord will be enough? accompanied by my passport, is it that all or am I misreading things. Oh any recommendations for low cost daily banking, like free atm withdrawalls 

thanks


----------



## joaquinx

rijit said:


> what I need 4 proof of address is a utility bill in my name which wont be available quickly enough, so a letter from my landlord will be enough? accompanied by my passport, is it that all or am I misreading things.


You probably won't get a utility bill in your name as a renter. The owner of the property is responsible for the utility bill. They will give it to you when it's due. Just take your current bill to the bank. That's all you'll need. Passport and visa also.


----------



## chicois8

OP, get rid of that HSBC account and get a Citibank UK account, they own Banamex and have fee free withdrawals from Banamex ATM's...........


----------



## tijuanahopeful

joaquinx said:


> You probably won't get a utility bill in your name as a renter. The owner of the property is responsible for the utility bill. They will give it to you when it's due. Just take your current bill to the bank. That's all you'll need. Passport and visa also.


I think this depends on the individual landlord. My electricity is currently in my landlord's name, but as soon as I get moved in, it's going to be transferred into my name. That way I'm responsible for paying the bill every month, and don't have to pay him.


----------



## rijit

joaquinx said:


> You probably won't get a utility bill in your name as a renter. The owner of the property is responsible for the utility bill. They will give it to you when it's due. Just take your current bill to the bank. That's all you'll need. Passport and visa also.


So just to clarify, the straight forward visa given on entry should be ok 

just a quicky what bank has the most atms, as I presume using another banks atm will be chargeable?


----------



## joaquinx

rijit said:


> So just to clarify, the straight forward visa given on entry should be ok
> 
> just a quicky what bank has the most atms, as I presume using another banks atm will be chargeable?


I believe that Bancomer has the most and Banamex is second. Sometimes one banks card will not work on another's ATM. Where I shop, the supermarket has four ATMs: HSBC, Banamex, Bancomer, and Santander. They're everywhere.

The visa is up to the bank. Some will accept the FMM. Others want the Residencia Temporal or Permanente. I believe that you will be living here so you will have a visa stamped in your passport. You have 30 days (?) to go to your local INM office and get a visa card. Use that card to meet the bank's requirement for a visa.


----------



## rijit

joaquinx said:


> I believe that Bancomer has the most and Banamex is second. Sometimes one banks card will not work on another's ATM. Where I shop, the supermarket has four ATMs: HSBC, Banamex, Bancomer, and Santander. They're everywhere.
> 
> The visa is up to the bank. Some will accept the FMM. Others want the Residencia Temporal or Permanente. I believe that you will be living here so you will have a visa stamped in your passport. You have 30 days (?) to go to your local INM office and get a visa card. Use that card to meet the bank's requirement for a visa.


thanks for that, as for living there, possibly , depends on how things pan out, but i'll be there at least a year, slightly of topic, but 2 get the the visa card is pretty straight forward? just present your passport? and the proof of 'income bit can happen at a later date?


----------



## Anonimo

> thanks for that, as for living there, possibly , depends on how things pan out, but i'll be there at least a year, slightly of topic, but 2 get the the visa card is pretty straight forward? just present your passport? and the proof of 'income bit can happen at a later date?


Go to the Mexican Consulate nearest you to get their requirements and to begin an application.


----------



## TundraGreen

rijit said:


> thanks for that, as for living there, possibly , depends on how things pan out, but i'll be there at least a year, slightly of topic, but 2 get the the visa card is pretty straight forward? just present your passport? and the proof of 'income bit can happen at a later date?


It is straightforward to get a tourist permit good for 180 days. Getting a visa for longer stays is more involved. There is a lot of discussion of the procedures and requirements on other threads in this forum.


----------



## rijit

rijit said:


> thanks for that, as for living there, possibly , depends on how things pan out, but i'll be there at least a year, slightly of topic, but 2 get the the visa card is pretty straight forward? just present your passport? and the proof of 'income bit can happen at a later date?


ah ok gotcha , just read up on visa card and apparently will get one on entry to the country, cool, tbh was just slightly muddled up with that and temp residency and perm residency visa, no worries.


----------



## TundraGreen

rijit said:


> ah ok gotcha , just read up on visa card and apparently will get one on entry to the country, cool, tbh was just slightly muddled up with that and temp residency and perm residency visa, no worries.


The Tourist Permit is not a visa. When people refer to it as a visa, which happens a lot, it makes it unclear if everyone is talking about the same thing.


----------



## Hound Dog

This discussion on "free" ATM charges and the costs of banking in Mexico has challenged me to re-enter the fray. 

* The way you get around this is to have an account at a bank in your home country which treats you with a degree of respect and - therefore - covers the costs of ATM transactions negotiated at any financial institution anywhere in the world whether Guadalajara or Ouagadougou and this is a service offered us free of charge by our U.S. financial institution with no minimum balance stipulations of any kind and they even pay us interest on the balances we maintain. As a consequence, it makes no difference where you negotiate your ATM transactions as long as the long arm of the U.S. Moral Police has not restricted currency exchange transactions such as has been the case in North Korea or some other such places held in poor regard by U.S. (or wherever) politicians.
* if you have such a banking accomodation, it makes no difference where you utilize an ATM so one less thing to become distressed about in your liesurely years.
* We have bank accounts at both BBVA Bancomer and Banamex and, with minimally required peso balances of less than the equivalent of $200USD in each account, pay no charges for _ANY _ banking services including automatic bill paying for just about any vendor of service provider we choose from all utility companies to cable or satellite service providers to you name it. I, as a result, have not stood in any line at any time in notoriously line-happy Mexico for years. I also have never had to worry about whether any and all utility bills were paid precisely on time since about 2002 and, believe me, Mexicann utilities have no mercy when it comes to customers paying recurring bills on time. 
* The thing that some do not seem to comprehend is that these *free *bank services are available to all Mexican residents with minimal cash balances maintained in their accounts - balances so low you´d have to be a pauper not just to have those balance in your normal float. . Frankly, as an ex-banker for some 40 years in California, I am astonished at this largesse on the parts of Mexican banks. If I were in charge in any of those institutions, I would at least triple those minimum balance requirements. However, since I am not in charge and never will be, don´t worry about changes in the local definitions of just who is an important customer. They don´t get it here and by the time they do, as George Bush famously said, we´ll all be dead,


----------



## RVGRINGO

If you want to reside in Mexico for a year, or more, you must go to your nearest Mexican Consulate to apply for a visa. You can get a tourist permit for up to 180 days, but cannot renew it in Mexico. You would have to leave before the 180 day expiration date.
The consulate will give you the financial requirements for a temporary residence visa, or a permanenty residence visa. 
Visas are not issued at the border.


----------



## rijit

Yeah hound dog, sounds a plan, but in the UK they've restricted free withdrawals to just the mainland UK, one was offering it worldwide, I believe the nationwide but they were stopping it. Last time I was away for any length of time it was costing me anywhere between 7- 10 sterling per transaction. Over a year it was beyond a little irritating!!!!! and I time checked the transactions I NEVER ONCE got the the actual market rate, always it was lower, even more irritating.

So the plan this time is, and I tried to do this whilst away, but for one reason or another couldn't, is to set up an 'xe currency trading account' so I can pic the best ish peso rate, pay for that in sterling and then transfer pesos to a Mexican account. This whole thing will cost me NOTHING, I'll be getting a fair deal AND the main thing for me I will sort of have some control over MY money. So rough outline, UK money coming in good for there, and Mexico money coming in good for there, so happy days, HOPEFULLY!!!!


----------



## rijit

RVGRINGO said:


> If you want to reside in Mexico for a year, or more, you must go to your nearest Mexican Consulate to apply for a visa. You can get a tourist permit for up to 180 days, but cannot renew it in Mexico. You would have to leave before the 180 day expiration date.
> The consulate will give you the financial requirements for a temporary residence visa, or a permanenty residence visa.
> Visas are not issued at the border.



*T*hanks*,* mate*.* *T*he major thing for me was to know that *I* can quite easily set up a bank account once *I* arrive*.* *I* can sort one out here*,* but it*'*s LOADS and loads of has*s*le . *I*f what *I* understand, it'll be relatively straight *for*ward *to *sort the residential visa out if *I* want. *J*ust prove an income *to be honest* just didn*'*t want to be stuck using expensive atms,,,, again!!!.


----------



## RVGRINGO

We are not of the texting generation, nor are we using smart phones. Therefore, you are completely free to use whole words and to make proper use of the shift key to create capitals in the appropriate places. Otherwise, we may think you are a preschooler, just entertaining yourself online. Nor was I ever a mate, although I have been the captain. 
Some banks may allow you to open an account with just a tourist permit, but others may require a visa, CURP (like a Mexican social security number), and proof of address in Mexico.


----------



## rijit

yep, 'mate' is a term used v v commonly by us English, a colloquialism used predominantly in the south east of england, ie 'watcha mate' that term's generally used by cockney's, i presume u know what they are? its a light hearted warm welcome, there's 100 % no *derogatory or derisory * side to it, just what people choose to apply. as like text speak generation, there isn't one, its easier to be derisory about change than adapt , language evolves, things change, that's life. And thanks for the banking info.


----------



## Isla Verde

When messages are written poorly, they're hard to read, making it a pain for forum 
members to read them and offer useful advice. When posting messages on this forum, please adhere to common writing practices (capital letters when needed, correct spacing, etc.), or your posts may be deleted.


----------



## Hound Dog

Deleted by poster


----------



## chicois8

Hound Dog said:


> rijit:
> 
> Even though I have not met you in the flesh (thank you, Jesus), I find you witty and charming if a bit vulgar in a cockney sense - the cockney sense being both an acclamation of importance and a pejorative defined as toe jamming episodes among other not previously met but illusively of consequence morons. . The probñem is when the toe jam runs out and there is nothing else upn which to subsist. The nights of unsollicited and indefinable encounters melt off into warm plasitc and there you are - feelimg totally ridiculous and rightly so.



Maybe return to the topic, Banking in Mexico.......


----------



## Isla Verde

chicois8 said:


> Maybe return to the topic, Banking in Mexico.......


Good idea. I let my English-teacher instincts get the better of me ...


----------



## Hound Dog

Agreed with you both thus a deletion of my previous post.


----------



## rijit

Hound Dog said:


> Deleted by poster




good idea. :fish::fish:


----------



## rijit

Isla Verde said:


> When messages are written poorly, they're hard to read, making it a pain for forum
> members to read them and offer useful advice. When posting messages on this forum, please adhere to common writing practices (capital letters when needed, correct spacing, etc.), or your posts may be deleted.


Without wanting to be pedantic, you use ect when editing/correcting tbh, you've just accepted they are part of the language , yet they are just inconsequential letters,a the point really is the message gets ax or across, it's just a mater of time b4 or before, more such abbreviations are accepted and not grounds for moans based on 'i really cant be bothered to think a tiny tiny touch more about those symbols because they're not quite what i'm used to'. but there we go . best everyone gets back to ---anking,


----------



## chicois8

rijit said:


> Without wanting to be pedantic, you use ect when editing/correcting tbh, you've just accepted they are part of the language , yet they are just inconsequential letters,a the point really is the message gets ax or across, it's just a mater of time b4 or before, more such abbreviations are accepted and not grounds for moans based on 'i really cant be bothered to think a tiny tiny touch more about those symbols because they're not quite what i'm used to'. but there we go . best everyone gets back to ---anking,



Are you from Babylon? Your babbling on and not staying on your original question about banking in Mexico...........******


----------



## Corri

Hi! Yes, a new, newby and unsure how to navigate but am trying. I´m retired and searching Mexico for living near the ocean. My big Q is where to find a financial advisor, speaks English, and understands the topsy turvey investment marketplace today. A new student for the right teacher that really knows the Mexican economy for senior citizen investing. Thanks for being here for us newbys.


----------



## rockypointexpat

Corri said:


> Hi! Yes, a new, newby and unsure how to navigate but am trying. I´m retired and searching Mexico for living near the ocean. My big Q is where to find a financial advisor, speaks English, and understands the topsy turvey investment marketplace today. A new student for the right teacher that really knows the Mexican economy for senior citizen investing. Thanks for being here for us newbys.


Hi Corri, 

I'm new on this forum as well and know how you feel .
I live in Puerto Penasco better known as Rocky Point ,depending where you live in California it is not to long of a drive down here ,located just a hour away from Arizona border. We do have a lot of retired people from US here and this town is very 
much a great place for investment with a new cruise port coming very soon and the local airport finally getting international flights coming from Vegas since 20th June this year, this area will grow fast . I can help you with advise and investing in this town. I do work for a local well know Real Estate company but will not post a link or email in here out of respect to the forum rules. 
Let me know if I can help!

Dirk


----------



## Isla Verde

rockypointexpat said:


> I live in Puerto Penasco better known as Rocky Point


Better known as Rocky Point by whom? By Mexicans? By the way, an accurate translation of Puerto Pe*ñ*asco would be Rock Port.


----------



## joaquinx

Isla Verde said:


> Better known as Rocky Point by whom? By Mexicans? By the way, an accurate translation of Puerto Pe*ñ*asco would be Rock Port.


By all the gringos who live there. Rock Port doesn't have the nice ring to it like Rocky Point does. 'Rock Port' is an orthopedic shoe anyway. :crazy:


----------



## rockypointexpat

Isla Verde said:


> Better known as Rocky Point by whom? By Mexicans? By the way, an accurate translation of Puerto Pe*ñ*asco would be Rock Port.


You're right about accurate translation but I was referring to what it is know for .

The name Puerto Peñasco has an interesting history. In 1826 Lieutenant Robert William Hale Hardy of the British Royal Fleet sailed the Sea of Cortez in a search for pearls. When he spotted the rocky outcrop he named it Rocky Point and it was thus added on the marine maps under that name.

In 1930, the president of Mexico (Lázaro Cárdenas) decided that the town should have a Spanish name and renamed it Puerto Punta Peñasco. This translates into Port Rocky Point and was replaced on the maps. The Americans dropped the word Port and the town became known as Rocky Point. The Mexicans had a similar problem with the pronunciation of the name and dropped the Punta or Point. The Town has since been known as Puerto Peñasco, which translates to Boulder Port or Rocky Port.

Most maps now indicate the name as Puerto Peñasco, but it is still widely referred to as Rocky Point.


----------



## Isla Verde

joaquinx said:


> By all the gringos who live there. Rock Port doesn't have the nice ring to it like Rocky Point does. 'Rock Port' is an orthopedic shoe anyway. :crazy:


I think of Rockport shoes as comfortable, well-made shoes, not orthopedic shoes. Rockport is also a city in Maine.


----------



## RVGRINGO

What was the topic? I have forgotten.


----------



## joaquinx

Isla Verde said:


> I think of Rockport shoes as comfortable, well-made shoes, not orthopedic shoes. Rockport is also a city in Maine.


I should have said, 'Shoes for the person with an active life style.' I could use a pair myself. Anyone know if they sell them in Mexico?


----------



## joaquinx

RVGRINGO said:


> What was the topic? I have forgotten.


How shoes and Rocky Point make for better banking decisions. :focus:


----------



## RVGRINGO

Only Hound Dog knows.


----------



## ojosazules11

markinoshawa said:


> I'm sure my question comes up regularly. I have not had any luck finding an answer considering my situation ...
> 
> I have a Scotiabank bank card, and it is currently linked to my checking and savings accounts which are in Canadian dollars.
> 
> I would appreciate any information and the fees involved on how to best get some US dollars from my US$ bank account in Canada in my hand when I'm in Mexico.
> 
> Thanks in advance


Getting back to the original post, it makes a significant difference that the poster is based in Canada and wants to access his US dollar account held at a Canadian bank from Mexico. I've had the same problem, because I cannot access my US dollar account through my debit card. I do have the "most valued customer" account, which waves ATM fees when I travel abroad, but I can only access my Canadian dollar accounts. 

I had a real mess when we were purchasing our property in Tepoztlan, because I had taken a fairly large amount of US dollars in cash to Mexico, only to discover that no bank in Morelos is allowed to accept US cash - believe me, I checked with all the major banks. Canadian cash would have been okay, and US dollar travellers cheques were okay, but not US cash. I would have had to go back to the airport in DF to exchange the cash, or exchange it at a Casa de cambio at a much reduced rate. The only way I could access my US dollar account was to call the bank and have them transfer the money from the US dollar account to my Canadian dollar account, then withdraw $ from the ATM.
We've since sent further funds through online foreign exchange services, which give a better rate than a wire transfer through the major banks in Canada. They online forex company is able to debit my US dollar account at the Canadian bank, but they do need a bank account in Mexico to transfer it to, so you end up with the same problem of needing a Mexican bank account.

Accessing Canadian dollar accounts with a Canadian bank debit card is no problem but accessing US dollar accounts held at a Canadian bank is a problem. Exchanging from US dollars to Canadian, then withdrawing is a solution, but you end up losing money on the double foreign-exchange transactions.

markinoshawa if you have found a way to directly access your US$ account from Mexico I'd like to know. I use TD but was going to look into Scotiabank for this reason. I was hoping there would be more of an affiliation between the banks in the 2 countries, but it sounds like that's not the case.


----------



## markinoshawa

ojosazules11 said:


> Getting back to the original post, it makes a significant difference that the poster is based in Canada and wants to access his US dollar account held at a Canadian bank from Mexico. I've had the same problem, because I cannot access my US dollar account through my debit card. I do have the "most valued customer" account, which waves ATM fees when I travel abroad, but I can only access my Canadian dollar accounts.
> 
> I had a real mess when we were purchasing our property in Tepoztlan, because I had taken a fairly large amount of US dollars in cash to Mexico, only to discover that no bank in Morelos is allowed to accept US cash - believe me, I checked with all the major banks. Canadian cash would have been okay, and US dollar travellers cheques were okay, but not US cash. I would have had to go back to the airport in DF to exchange the cash, or exchange it at a Casa de cambio at a much reduced rate. The only way I could access my US dollar account was to call the bank and have them transfer the money from the US dollar account to my Canadian dollar account, then withdraw $ from the ATM.
> We've since sent further funds through online foreign exchange services, which give a better rate than a wire transfer through the major banks in Canada. They online forex company is able to debit my US dollar account at the Canadian bank, but they do need a bank account in Mexico to transfer it to, so you end up with the same problem of needing a Mexican bank account.
> 
> Accessing Canadian dollar accounts with a Canadian bank debit card is no problem but accessing US dollar accounts held at a Canadian bank is a problem. Exchanging from US dollars to Canadian, then withdrawing is a solution, but you end up losing money on the double foreign-exchange transactions.
> 
> markinoshawa if you have found a way to directly access your US$ account from Mexico I'd like to know. I use TD but was going to look into Scotiabank for this reason. I was hoping there would be more of an affiliation between the banks in the 2 countries, but it sounds like that's not the case.


Thank you for responding to my post. 

In the past couple of months, 2 Canadian banks have created a solution that we are looking for. Since you are with TD, and they are one of the banks that is now offering the accounts, I will explain their program. You can go to TD's website or contact a branch in Canada to confirm this. The first thing you do is call a toll-free number to TD Bank in the US. They will get a bunch of information from you, then mail some forms to you to sign. You will then go to a TD Canada Trust branch in Canada and open a US dollar account. They will then assist you to connect your TD Bank account (US$) in the US to the TD Canada Trust account (US$) in Canada. You can transfer funds instantly between the 2 accounts at no charge. You will be issued a bank card on the US$ bank account at TD Bank in the US. This way you can access your US$ at ATM's anywhere in the world.

This is my understanding of how the plan works. I was going to do it, however I did not have enough time as it takes approximately 30 days to set up. 

The only other bank in Canada that is offering a plan like this, that I am aware of, is Royal Bank. Unless they have done it very recently, Scotiabank has not introduced one yet. 

I would appreciate any feedback or other information that you can offer.

Thanks again.


----------



## Dephender

I am also trying to open a bank account in Mexico as well. I already have a passport and the deposit money, but no bills have come in my name yet. As I am renting, is it possible to use a recent utility bill with my landlords name to open an account?


----------



## joaquinx

Dephender said:


> I am also trying to open a bank account in Mexico as well. I already have a passport and the deposit money, but no bills have come in my name yet. As I am renting, is it possible to use a recent utility bill with my landlords name to open an account?


Yes. That is what I used.


----------



## Isla Verde

joaquinx said:


> Yes. That is what I used.


Me too. Even though I've lived in my apartment for over 6 years, none of my utility bills are in my name. One of them is in the name of someone who lived here over 35 years ago, and my landlord (also a good friend) has no idea who it is (or was)!


----------



## Dephender

joaquinx said:


> Yes. That is what I used.


What is a bank you would recommend? I just need a standard account as I work on web sites and need an account / Debit (Not Credit- I don't do debt) card. I am willing to deal with conversion fees if neccessary.


----------



## joaquinx

Isla Verde said:


> Me too. Even though I've lived in my apartment for over 6 years, none of my utility bills are in my name. One of them is in the name of someone who lived here over 35 years ago, and my landlord (also a good friend) has no idea who it is (or was)!


In adding to this conversation, a friend of mine decided to change the name on his Telmex account. He thought that this was the thing to do just as we would do NOB. It took some time and a few visits to the Telmex office and around 3,000 pesos in fees. 

It should be noted that the name on the account of Telmex, CFE, Aqua, etc is usually the owner of the property. This is because the owner is responsible for these utilities. If the account is left in arrears after the tenet has moved, the bill is still due either to the owner or the new tenet. If the service is cut off, in order to have it reconnected, the past due bill must be paid.


----------



## ojosazules11

Thanks, markinoshawa, for the info on setting up a linked account through a TD US branch as a way to use a debit card to access my US $ account through the ATM. This is very helpful. I already have a US dollar account with TD so this shouldn't be too hard for me to set up. Do you know by chance if I would need a US address to open an account with the US branch? If you don't know, don't worry, I'll figure it out.


----------



## markinoshawa

ojosazules11 said:


> Thanks, markinoshawa, for the info on setting up a linked account through a TD US branch as a way to use a debit card to access my US $ account through the ATM. This is very helpful. I already have a US dollar account with TD so this shouldn't be too hard for me to set up. Do you know by chance if I would need a US address to open an account with the US branch? If you don't know, don't worry, I'll figure it out.


No, you don't need a US address to open the US bank account. The program I mentioned in my previous post is for Canadians that want the convenience of a US$ bank account in a US based bank. It is called 'TD Cross-Border Banking'.

Just a few notes. You can transfer up to $100,000 a day for free between the 2 accounts. They provide you with a 24/7 toll free phone number to do this. You can view your 2 accounts on the same page online. It doesn't appear that you can transfer funds between the 2 accounts online, as least not at this time.


----------



## wonderphil

Back on topic: I am back in Mexico and have used my Fidelity Debit Card to withdraw money at the official exchange rate and the fees from the atm were credited back to my account. I have also used my Capital One and Chase Sapphire preferred cards to charge items at the fair (real) exchange rate with no fees so I am now one very happy camper knowing that I am not being ripped off by high bank fees. My wife and I are buying furniture for the new condo we purchased recently. 

Some people have reported on this forum that banking with Charles Schwab and Credit Unions also give great similar results and I believe this now after seeing this happen and looking at my account to see the transaction and rebate of fees. The exchange rate I received was better than any bank or money changer in the city. I pass by the best bank who post the rate outside every day, that rate is higher than any other bank and several basis points higher than any money changer. The rate I received from the ATM was higher than all of these.


----------



## CTkid

Hound Dog said:


> We have two Mexican bank accounts (Banamex and Bancomer) along with our U.S. account and agree that all three are quite important for paying all utility and satellite TV and cable TV service bills and, since we live in two communities about 1,500 kilometers apart, these accounts come in handy for payment transfers to the accounts of people in one place we need to pay on a recurring basis for services rendered in the other place. We have no credit cards at all but use any of the three debit cards attached to each account for retail product purchases, hotels and other services. We also use all three for ATM transactions and our U.S. bank not only charges no fees for international ATM transacrtions but rebates any fees charged by any ATM at any bank or free standing ATMs anywhere in the world. Of course, both Banamex and Bancomer charge no ATM fees for customers using their ATMs. Those fees can add up over time so that is a significant benefit. On those occasions when one might need to wire transfer a large sum from the U.S. to Mexico to, say, buy a car or some such transaction, having a local bank account is damned convenient.
> 
> Incidentally, none of my banks in the .S. or Mexico charge me any fees for those bank accounts at all with certain small minimum balances so what´s the big deal? I haven´t stood in any line to pay any service fees to any entity in years except annually to pay property taxes or auto registration fees and, since I pay those fees early, those lines are miniscule. I hate waiting in line with a passion and since l mantain bank accounts here in Mexico, if I have rare occasions when bank business requires I go into the bank, I join the short, valued-client-only line.


What is the name of this "rare" US bank of which you speak? I'll be moving to Playa Del Carmen in a few months and need to establish my bank accounts soon.


----------



## Corri

*Bank USA, California*



CTkid said:


> What is the name of this "rare" US bank of which you speak? I'll be moving to Playa Del Carmen in a few months and need to establish my bank accounts soon.


If you want to transfer dollars to pesos or have a pension deposited to a USA bank in order to access then the bank was called ¨California Commerce¨ located in Los Angeles, California. Since then it has changed its name to Banamex USA which is still owned partly by Citi Bank. Easy access to transfer funds from dollars to pesos in a matter of 30 seconds or less to a checking account at Banamex Mexico. The exchange rates are reasonable and the convenience is excellent. All you need to do once the accounts are set up and linked is make a phone call, no charge, give them your access numbers and amounts, and its done. Hope this helps. Saludos!


----------



## chicois8

I have a citibank and banamexUSA account so I can transfer funds from citi to banamexUSA...if you had a banamex account in mexico you could transfer from their usa account up to 10,000 dollars a day...I can withdrawl fee free from Banamex USA or citi fee frr using Banamex ATM"S.......


----------



## Ted88888

For your Fidelity card is there a specific bank's ATM that you used? I've tried Santander and HSBC and my Fidelity doesn't work in either. Santander just says come back later (my BofA and others work fine there) and HSBC says they can't do it with the "card issuer". 

From what bank's ATM did you have success?

Ted


----------



## wonderphil

Ted88888 said:


> For your Fidelity card is there a specific bank's ATM that you used? I've tried Santander and HSBC and my Fidelity doesn't work in either. Santander just says come back later (my BofA and others work fine there) and HSBC says they can't do it with the "card issuer".
> 
> From what bank's ATM did you have success?
> 
> Ted


I used it in Mazatlan several times at resorts (in El Sid properties) these were operated by banco Multiva.
I used it in Mazatlan at a Banco Santander atm.
I used it Tonala at a HSBC atm.

These all say they are charging you a fee which you agree to and then if you ask for 5000 pesos you get 5000 pesos and when I look at my fidelity statement I find that the exchange rate of the transaction was great and the fee was credited back to my account.

The card I used is a visa debit card issued by PNC bank NJ (in the name of Fidelity Investments) and is linked to one of my accounts @ fido.


----------



## Ted88888

Hmmm. My card is the same. Will maybe try one more time. 

Thanks.


----------



## wonderphil

Ted88888 said:


> Hmmm. My card is the same. Will maybe try one more time.
> 
> Thanks.


That is a good idea, i suggest that you try again and if that fails contact fido.

I failed to mention that I had problems a couple of times in the beginning because I did not understand how to do it or the lingo and I may have pushed the wrong button. You have to select checking account not savings account for one thing even thigh to us it may be the same thing or actually it is a brokerage account.


----------



## Hollypop1986

I have Chase bank here in the States and I went in my local branch a few days ago to see what the process will be for using my debit card in Mexico. They told me that I would be charged $2 ATM fee, plus whatever fee the Mexican ATM charges, plus a $5 foreign ATM fee plus 3% of the amount I withdraw.  Not cool. So I was planning on switching banks before I move, but am trying to find out what is going to be the best bank...

I have heard good things about Citibank and BBVA Compass since both have counterparts in Mexico. Any thoughts on the differences between these two? I would like to keep a US bank account while I'm down there, since I will be working via the internet and getting paid in US dollars, and in case my family wants to deposit anything as well, for trips home, etc.


----------



## TundraGreen

Hollypop1986 said:


> I have Chase bank here in the States and I went in my local branch a few days ago to see what the process will be for using my debit card in Mexico. They told me that I would be charged $2 ATM fee, plus whatever fee the Mexican ATM charges, plus a $5 foreign ATM fee plus 3% of the amount I withdraw.  Not cool. So I was planning on switching banks before I move, but am trying to find out what is going to be the best bank...
> 
> I have heard good things about Citibank and BBVA Compass since both have counterparts in Mexico. Any thoughts on the differences between these two? I would like to keep a US bank account while I'm down there, since I will be working via the internet and getting paid in US dollars, and in case my family wants to deposit anything as well, for trips home, etc.


I tried BBVA Compass and BBVA here for awhile. I was told they were going to merge their account handling. Then after a year they told me they had changed their mind and there would be no connection between them. They are both owned by BBVA but they are run as independent banks as far as I can tell.

So I switched to Citibank and Banamex. I have transferred money from Citi to Banamex with no fee. The transfer occurs instantly.


----------



## Hollypop1986

Yayayayay! I just opened an account with Charles Schwab after reading a little bit more on the forum about banking. They were super helpful and nice, and the best part is it looks like (of course I haven't been to Mexico to test it out yet) the account has no minimum balance, no ATM fees, refunded ATM fees when using another banks ATM, and NO exchange fees when using internationally. You guys are the best, thanks for the recommendation Hound Dog (even if it was in a different thread... From July...) ;-)


----------



## Hollypop1986

Oops! Thanks Tundra, sorry I must have been writing my last post because I didn't see your response until after I posted it.


----------



## Hound Dog

[_QUOTE=CTkid;2611937]What is the name of this "rare" US bank of which you speak? I'll be moving to Playa Del Carmen in a few months and need to establish my bank accounts soon.[/QUOTE]_

The "bank" i use is Charles Schwab. I also use Bancomer and Banamex here in both Chapala and San Cristóbal de Las Casas. I never pay any disclosed or hidden transaction fees of any kind including ATM fees or foreign exchange fees or wire transfer fees outside of a normal and reasonable standard needed for the bank or other financial services purveyor to make a decent return on investment.


----------

