# Safe place to park money



## Joycee (Jul 22, 2009)

Hello
I am looking for suggestions for a safe place to park money to have available to buy a car or just have available for emergencies. After being burned by outrageous fees from a Mexican bank, I don't want to go that route again. I have seen some suggestions for a brokerage firm such as Lloyds, but there is no branch here in Puebla. If the only answer is a brokerage firm, how does one find a safe brokerage firm?


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## RVGRINGO (May 16, 2007)

Why not use your bank in the USA? We purchased a new car by simply calling the bank and asking them to authorize a one time increase in the debit card limit for the price of the car. Of course, that will only work for a new car dealer. Otherwise, you might get them to increase your daily limit for a week, or so, to allow you to really raid the ATMs and accumulate the cash. The other simple options are to use a dealer that will accept your check or to have the funds wired to you, when you decide on the car and the price.
When buying a home, personal checks have worked through real estate companies with US accounts. We've been here ten years with no Mexican bank, but do have an Actinver/Lloyd account for small emergencies.


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## conklinwh (Dec 19, 2009)

Every expat I know has an account at either Actinver/Lloyd or Intercam for the ability to easily wire transfer money as wwell as get access to cash that actually makes some money. There is always a risk since no Mexican FDIC but certainly reasonable returns and options. I know that Actinver/Lloyd has recently either acquired or become a bank as we need go in to sign some papers. If acquired a bank as had been rumored, you may soon have a branch.


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## sparks (Jun 17, 2007)

With an Intercam account your money stays in your home bank until you write a check to the local Intercam office. They then give you a bank draft. Cost $8


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## Joycee (Jul 22, 2009)

Thanks RV ******, Conklin and Sparks for your quick replies. It is hard for me to imagine going to a used car dealer and plunking down the equivalent of $15,000 in pesos for a used car. I get nervous in Las Vegas carrying around just $2000 in cash. I did find an Actinver branch in Puebla. Thanks, Conklin, I was not familiar with that name. My next question is if one sells a house, how does one get the money back to an account in the USA? 
Thanks again

Joycee


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## chicois8 (Aug 8, 2009)

Joycee said:


> Thanks RV ******, Conklin and Sparks for your quick replies. It is hard for me to imagine going to a used car dealer and plunking down the equivalent of $15,000 in pesos for a used car. I get nervous in Las Vegas carrying around just $2000 in cash. I did find an Actinver branch in Puebla. Thanks, Conklin, I was not familiar with that name. My next question is if one sells a house, how does one get the money back to an account in the USA?
> Thanks again
> 
> Joycee


Hola Joycee,

Citibank owns Banamex in Mexico,who owns BanamexUSA, located in Los Angles and Mexicali, they have a special account for expats living in Mexico. You can do everything online, all you need is a Mexican address and a copy of phone,water or electric bill that you fax to them...You can get a saving account.,checking acct. or both and an ATM card comes with it to get cash from Banamex ATM's without fees...to transfer large amounts of funds you could then open an acct. with Banamex in Mexico and transfer online...or transfer from Banamex to BanamexUSA...easy


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## conklinwh (Dec 19, 2009)

I went to do banking at Actinver Lloyd today and they printed branch listing that had 3 locations in Puebla. Can wire transfer either direction between Actinver and my US bank. Actinver also has US dollar accounts to stay stable with the US as an option.


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## TundraGreen (Jul 15, 2010)

Joycee said:


> Hello
> I am looking for suggestions for a safe place to park money to have available to buy a car or just have available for emergencies. After being burned by outrageous fees from a Mexican bank, I don't want to go that route again. I have seen some suggestions for a brokerage firm such as Lloyds, but there is no branch here in Puebla. If the only answer is a brokerage firm, how does one find a safe brokerage firm?


What were the "outrageous fees" all about. I have had a bank account in a Mexican bank for several years with no problems. I do pay a monthly fee which I think is for internet access. It amounts to 34.50 pesos/month. I don't like paying any fee to let them keep and collect interest on my money but it is a pretty modest fee.

Will


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## Joycee (Jul 22, 2009)

Hi TundraGreen,
Sorry for the delay in responding to you. I was busy traveling back to the USA.
The outrageous fees I referred to occurred when I was involved in a real estate purchase. I transferred a considerable amount of money from BOA to a Mexican bank account where it stayed for several months until I was able to complete the purchase. Not only did I not get a penny in interest, but the bank charged me several hundred dollars for the privilege of withdrawing my money.


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## TundraGreen (Jul 15, 2010)

Joycee said:


> Hi TundraGreen,
> Sorry for the delay in responding to you. I was busy traveling back to the USA.
> The outrageous fees I referred to occurred when I was involved in a real estate purchase. I transferred a considerable amount of money from BOA to a Mexican bank account where it stayed for several months until I was able to complete the purchase. Not only did I not get a penny in interest, but the bank charged me several hundred dollars for the privilege of withdrawing my money.


Interesting. I did the same thing and incurred no fees No interest but no fees.


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