# Quick question about banking



## rivierem (Sep 16, 2010)

Hi everyone... 

I just moved to Guadalajara for few years for work with my family. We were able to get our FM3 last week and we are slowly settling in. 

I found a lot of info in the forums that were really useful and sorry if my question has been already beaten to death but here it is:

I decided to open a bank account yesterday. I was able to open a checking account and get my atm card right away with my FM3, passport and proof of domicile. 
It was smooth and quick .. however when I asked about credit card (to build some history) I was told that with my FM3 because of the mention visitante I would not be able to get a credit card.

Is this true for all banks (because of the visitante FM3 status) or some banks are more open towards FM3 holders ?

It is the long weekend/puente so most banks are closed and I can't check with the other ones ;-) so any input / feedback would be appreciated.

Cheers!
-Michel


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## chicois8 (Aug 8, 2009)

Just remember if you are a US citizen you will have to report to the IRS you have a foreign bank account.....


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## joaquinx (Jul 3, 2010)

chicois8 said:


> Just remember if you are a US citizen you will have to report to the IRS you have a foreign bank account.....



You must file Form TD F 90-22.1 if at any time during the year you had an interest in, or signature or other authority over, a bank account, securities account, or other financial account in a foreign country. This applies if the combined assets in the account(s) were more than $10,000.

http://www.irs.gov/publications/p516/ar02.html


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## rivierem (Sep 16, 2010)

Useful info thanks!

I'm still interested in feedback regarding my original question. Are there any restrictions with the FM3 and getting a credit card in Mexico ? Or the rules vary from bank to bank just because they can.

No that I need a credit card, I am more interested in building some credit historic since I'll be staying in Mexico for a long period 3y+ and who knows what will happen at the end ;-)

Cheers!
-Michel


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## joaquinx (Jul 3, 2010)

rivierem said:


> No that I need a credit card, I am more interested in building some credit historic since I'll be staying in Mexico for a long period 3y+ and who knows what will happen at the end ;-)


You could apply for a credit card at Sears, Liverpool, Fabricas, etc. Buy something on credit at one of the Mexican chain stores.


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## conklinwh (Dec 19, 2009)

I use Actinver Lloyd and haven't asked about credit card but was stopped in Costco and offered a bank credit card based on my Costco membership.


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## rivierem (Sep 16, 2010)

Thanks. The store CC is a good idea indeed. 

It feels weird to ask about how to get a CC .. I was always complaining about getting so many offer in the mail ;-)

Cheers!
-Michel


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## joaquinx (Jul 3, 2010)

rivierem said:


> Thanks. The store CC is a good idea indeed.
> 
> It feels weird to ask about how to get a CC .. I was always complaining about getting so many offer in the mail ;-)


I have to interject this, everyone does know the interest rates for bank cards and store cards, right? Banks about 45% and store cards from 45% t0 ~55%. Just in case someone goes off and applies for one and gets sticker shock.


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## conklinwh (Dec 19, 2009)

If there is anyone out there that uses credit cards for a form of carrying credit then that the least of the problems. I use credit card as backup to cash where no descuento para effectivo but always pay the full bill. On line account management for tax purposes a 2nd benefit.


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## HolyMole (Jan 3, 2009)

joaquinx said:


> I have to interject this, everyone does know the interest rates for bank cards and store cards, right? Banks about 45% and store cards from 45% t0 ~55%. Just in case someone goes off and applies for one and gets sticker shock.


Nice to know that usury is still alive and well in Mexico.

Those kind of rates might have been justifiable when banks were paying 20% or more in interest a few years ago, but I don't imagine savings rates are anywhere near that now.


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## conklinwh (Dec 19, 2009)

Read your US credit card agreement. That is about the rates that you will find


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## HolyMole (Jan 3, 2009)

conklinwh said:


> Read your US credit card agreement. That is about the rates that you will find


I don't imagine that US and Canadian rates differ all that much - and my Royal Bank of Canada VISA is now charging 19.99%. (Which is still usury).


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## Salto_jorge (Mar 28, 2010)

Do not forget the annual fee that many credit card companies charge just to have their card.


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## RVGRINGO (May 16, 2007)

The vast majority of expats in Mexico maintain their relationship with a US bank, credit card and all. Naturally, they use a US debit card for cash and find no need to deal with Mexican banks at all.
Online banking is wonderful!


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## pappabee (Jun 22, 2010)

Something that you might look into is BBVA. They have a special department that is supposed to help us expats with our financial needs here in Mexico. The local office here in San Antonio Tlayacapan was great in getting my savings account set up with on line payment of utilities and was able to answer all my questions. Something new, that I just found out, is that as of June 1 you can't deposit more than $1500 in US bills nor $15000 in Pesos in any one month without certain restrictions.


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## conklinwh (Dec 19, 2009)

I asked about the deposit change. As best as I understand, the change doesn't apply to wire transfers and that's my preferred method if in/out.


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## Ana Hernandez (Aug 19, 2009)

we use BBVA Compass. they have banks in the U.S. and they work with Bancomer in MX. I can move money from my investment broker to BBVA and have my pension direct deposited into BBVA and they can transfer it to my husbands Bancomer account here in Mexico free of charge. We have a credit card from BBVA that is accepted everywhere here that takes Visa or MC and still pay low interest rates. Here is a link to their website: BBVA Compass - Free Checking, Personal and Business Banking, Home Equity, Investments and more. Might want to check and see if that would count as credit with Bancomer since they are affiliated.
Hope this helps. As far as building credit here, if we do not have cash, we just do not buy it. we use our credit card for emergency situations. I would not have a credit card or take out a loan in Mexico, the interest rate is too high, and MX banks are unforgiving.


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