# minimum balance in mexican bank account



## englishman (Dec 6, 2010)

hi guys

I just went into to Inbursa and asked for a basic, visa debit, atm bank account, no thrills.
The guy started to open it and then told me that if i dont have a minimum balance of 30,000 pesos in the account then i must pay a monthly fee of 139 pesos.
I was suprised and said, is this normal in mexico and he said, yes and some have bigger fees.
Fair enough but imn not convinced this is true.
With this in mind, i asked a mexican friend and said they have a bancomer and they only need minimum of 1,000 pesos in their account.
can anyone shed any light on this ???

thanks

So, where can i go for an account, if at all


----------



## makaloco (Mar 26, 2009)

I have a basic Bancomer checking account (ATM & debit card, no interest and no fees except a small monthly charge for online banking). The minimum balance is 2,999 pesos. When I opened it a few years ago, I think it was only 1,999. As is true elsewhere, different types of account probably have different minimum balances. Not sure why you'd go through Inbursa to open a bank account. You might try going directly to a few banks to compare what they offer. I'm happy with Bancomer, but it may be different in your area.


----------



## sparks (Jun 17, 2007)

Bananex is 1000 for an ATM card and 4000 for a checking account


----------



## johnmex (Nov 30, 2010)

I believe Banco WalMart to be 50 pesos...


----------



## maesonna (Jun 10, 2008)

Bancomer has several different kinds of accounts, the minimum balance and annual fee are different for each kind of account. Probably the same applies to other banks, too. 

Of the accounts I know about, the no-fee ones have higher minimum balances. The ones with lower minimum balance do have annual fees.

At any rate, there are lots of accounts with lower minimum balances than 30,000. That is very high!


----------



## kazslo (Jun 7, 2010)

I have a Banamex 'Perfiles' Debit Account that has a minimum balance of $1000 (pesos). I think thats the lowest level account they provide. As in the US, the larger minimum balance that you commit to, the more perks come with the account. I believe if you want it as a check account, min balance is $3k, and if you want both its $4k.

I needed proof of residence (not necessarily in your name), my fm3, and passport. They also had me fill out a W9 (I think): the social security number he asked for was not confirmed or credit checked but only used for purposes of that tax form. If you want internet banking or phone banking, be sure to set that up when you apply for the account.


----------



## gkloken (Aug 9, 2007)

kazslo said:


> I have a Banamex 'Perfiles' Debit Account that has a minimum balance of $1000 (pesos). I think thats the lowest level account they provide. As in the US, the larger minimum balance that you commit to, the more perks come with the account. I believe if you want it as a check account, min balance is $3k, and if you want both its $4k.
> 
> I needed proof of residence (not necessarily in your name), my fm3, and passport. They also had me fill out a W9 (I think): the social security number he asked for was not confirmed or credit checked but only used for purposes of that tax form. If you want internet banking or phone banking, be sure to set that up when you apply for the account.


I just returned from Banamex Citi bank. Only 100 Pesos for the debit account and US$75 for the checking account to open only a current electricity bill not necessarily in your own name and passport and FM2 or FM2.

I asked again about minimum in the accounts and the answer remained the same . you cannot pay more than $1500 or pesos 15 000 in cash per month into either account. if you pay more you will pay narco tax. transfers are fine and checks including US checks is fine , only on cash will the narco tax apply.


----------



## TundraGreen (Jul 15, 2010)

I had a Banamex account with zero balance for about a year. I took all the money out and assumed it had been closed, but later discovered it was still active. When I decided to start using it again, I deposited some money in it, and they immediately deducted months of the monthly fee that had accrued.

Incidentally, does anyone know what the minimum balance is to avoid fees from Banamex. I have two accounts. One is charged a monthly fee and one isn't. The only difference is that one has a substantial balance and the other is under $2000 pesos. I asked what the minimum was to avoid fees. They just told me that all accounts are charged fees. This is inconsistent with my bank statements, but my spanish wasn't up to arguing with them.


----------



## maesonna (Jun 10, 2008)

Here is the page listing all the kinds of Banamex accounts, each one has a pdf you can view to see all the minimum balances and fees associated with that kind of account.

I took a look at the first one (Cuenta Perfil), and this is what the first part means:

Monto de apertura - amount to open account
Saldo promedio mínimo mensual - minimum monthly average balance
Manejo de cuenta por saldo inferior al mínimo - Handling fee for balance below minimum (Footnote: This fee cannot exceed the lower of i) the difference between the required minimum average monthly balance and the actual average balance; and ii) the contracted amount of the fee.)
Renta mensual - monthly fee
Aclaración improcedente - (don't know exactly, sounds like the fee for an undue clarification)
Tasa de interés anual - annual interest rate.

The column headings are:
Renta mensual - monthly fee
Pago por operación - cost per transaction.

Anyway you would have to check what kind of accounts you have and look at the corresponding pdf’s from the page linked above to see what the minimum balances and fees are.


----------



## TundraGreen (Jul 15, 2010)

Thanks. That is a very helpful page. It doesn't exactly answer my question because both accounts are the same type. But it may answer the balance question anyway.


----------



## englishman (Dec 6, 2010)

guys, just to report back...........there is actually a really basic scotiabank account which you can have a debit card on, no internet banking..........no transfers to other accounts (!!!) but no minimum required and no fee. i took this. Think its about the only place that does it in mexican banking system


----------



## Guest (Jul 15, 2011)

I have a checking account with Scotia (although I don't use checks, and specifically told them I don't want checks). There is no minimum balance required, no monthly fees, a debit card with no fees when used on their ATM, and internet banking that uses a security dongle that you stick into a USB port to generate a one-time transaction code. This account was a TRUE pain in the rear to open, and it might have been difficult because I had an FM-3 at the time I opened this account. 

I had considered opening an account with INBURSA so that I could cash checks until reading that I would have to leave $30k in pesos sitting there just to maintain the account. Is this the same situation at Lloyds?


----------



## "Chill"lula (Jun 20, 2011)

Has anyone considered a HSBC. I was reading the other day that they had an expat off shore account feature. It seemed attractive to me at first because I know of a few HSBC locations in my town in the US


----------



## "Chill"lula (Jun 20, 2011)

Has anyone considered a HSBC. I was reading the other day that they had an expat off shore account feature. It seemed attractive to me at first because I know of a few HSBC locations in my town in the US


----------



## DennyDaddy (May 3, 2011)

Hello 
Most Mexican banks are affil with banks in the states. 
But, any Mex bank is ok to do business with.
Most, and this is loosely, someone will speak English in the bank, just ask in English...and the bank will send out the English speaker.

But, any bank you have in the states will do a money transfer to a Mex bank, phone or on-line in Mexico. I do it all the time in Mexico.

And in my other thread I said that Bancomeer bank has an English section set up for non Spanish speakers. And once you get an account, you'll get set up by them, to do on line banking.....

They are set up to help you also get on line if you prefer, and has a click for English.

They will work with you at the preferred cust., section till ya get on line and under stand the system and also a tele number to contact an English speaker.

I even have it set up that when any trans-actions occur like I use my debit card, it auto sends me an e-mail or text on any phone.

Just keep their min balance in and for my two accounts at Bancomeer was 100 bucks in the peso account and 100 bucks in the US currency account.

When we need mex money, as I don't carry much, a call or e-mail to Wells in the states and they transfer up to 1500 a day to my account. Wells does not send US currency, but other banks in the states do.

After a while they will push a mex credit card on ya.... But don't!! Use your US credit card in special times you need to.

Three weeks ago a local appl store gave us a real good discount on a split system heat pump and install at our place there in Mex.....
Did not have enough in Mex peso debit account, so used US card..... It was a good deal could not pass up and wife said she did not care how it is brought, it just better be there asap. This was about 2 pm, 4 pm they del and drilled and installed.... My life was saved...my wife said...

I just love the way things work in Mexico....

DD


----------



## pappabee (Jun 22, 2010)

*BBVA Bancomer*

When I first got down to Lakeside I asked around about getting a local bank. I guess it's because there are so many expats here that the one bank that was suggested was BBVA (Compass in the states). There are a few advantages to the expat. First they have an entire division dedicated to expat business it’s called “Preferred Customer’s Unit”. What they really want to do is to get you to use them as your banking partner in Mexico but for a non Mexican speaking expat it works just fine. They walked me through whatever I would need to open an account, suggested that I do not get a savings account (needed more of a minimum balance) but get a checking account and taught me how to use the debit card and how to do my banking on line. They also set up paying my utilities directly from my account. I think that there is only $1000 mx minimum but I’m not sure. 

As I have said before it is my understanding that there are PCU’s at all Bancomer locations and, at least at Lakeside, there is one freestanding PCU location (no cash banking) but an ATM and someone to answer all question and to help you do whatever you want to do.


----------



## conklinwh (Dec 19, 2009)

Answer to earlier question-there is no minimum at Actinver Lloyd.


----------



## rckrckr (Jan 12, 2010)

pappabee said:


> When I first got down to Lakeside I asked around about getting a local bank. I guess it's because there are so many expats here that the one bank that was suggested was BBVA (Compass in the states). There are a few advantages to the expat. First they have an entire division dedicated to expat business it’s called “Preferred Customer’s Unit”. What they really want to do is to get you to use them as your banking partner in Mexico but for a non Mexican speaking expat it works just fine. They walked me through whatever I would need to open an account, suggested that I do not get a savings account (needed more of a minimum balance) but get a checking account and taught me how to use the debit card and how to do my banking on line. They also set up paying my utilities directly from my account. I think that there is only $1000 mx minimum but I’m not sure.
> 
> As I have said before it is my understanding that there are PCU’s at all Bancomer locations and, at least at Lakeside, there is one freestanding PCU location (no cash banking) but an ATM and someone to answer all question and to help you do whatever you want to do.


Not all Bancomer offices have PCU units. For instance, the office in Manzanillo not only doesn't have one, the staff knows nothing about them. Check the Bancomer website for PCU locations.


----------



## bigmutt (Aug 5, 2008)

makaloco said:


> I have a basic Bancomer checking account (ATM & debit card, no interest and no fees except a small monthly charge for online banking). The minimum balance is 2,999 pesos. When I opened it a few years ago, I think it was only 1,999. .


I have the same Bancomer basic account but there's no longer a 3000 minimum balance but rather a "average" balance required of 4000 pesos.
..

I also like Bancomer because of the "Preferente" status they offer to all foreigners, no matter what type of basic account you may have. It means no waiting in lines, usually, and 1 year online access *free *of charge.
..
BTW, contrary to the previous post, the actual branch does not have to have a PCU there; neither of my branches had also never heard of PCU but all I had to do is call the main PCU number and they sent a Personal Banking Officer to my home and he set everything up. In fact, now when I have any problem I just call or email my PBO and he takes care of everything.


----------



## Du Cooke (Jul 20, 2011)

Hi there been reading the comments so just wondering if anyone could give me some info or point me in the right direction. Am planning on making a move over to Mexico (playa de cerman/ cancun area) in the next couple of year so am planning now, what banks & bank account would be best to set up from overseas & is there a certain amount that is required for a mexican bank account? 
Any help would be great, thanx


----------



## pappabee (Jun 22, 2010)

bigmutt said:


> I have the same Bancomer basic account but there's no longer a 3000 minimum balance but rather a "average" balance required of 4000 pesos.
> ..
> 
> I also like Bancomer because of the "Preferente" status they offer to all foreigners, no matter what type of basic account you may have. It means no waiting in lines, usually, and 1 year online access *free *of charge.
> ...


Thank you all for correcting my post. Again living at Lakeside I tend to forget that not all business outlets carry the same services as the ones here. Both of the BBVA locations have PCU people or at least someone who knows where to look and how to get it done. But it does seem that BBVA is really trying to provide extra service to the expat. And for those of you who have stateside banks that will not easily transfer money into your local bank, BBVA will accept your foreign personal check for deposit into your account with two rules. The check must be presented before 3 PM (so that the bank can get the correct exchange rate) and the deposit will be held for 8 working days. There is no additional charges so long as your check clears


----------



## JoParsons (Jun 25, 2011)

What about leaving my money in my US bank. I have social security benefits direct deposited. I can use my debit card to pay or get cash.


----------



## joaquinx (Jul 3, 2010)

JoParsons said:


> What about leaving my money in my US bank. I have social security benefits direct deposited. I can use my debit card to pay or get cash.


Many of us do this. Probably the overwhelming majority of us do. I have my SS and VA benefits direct deposited to my US bank account. I do not use that debit card for anything other than withdrawing funds to either deposit in my Mexican bank account or for cash purchases. I make purchases either with cash or the Mexican bank debit card. I like the idea of a Mexican bank since that card is accepted everywhere that accepts cards whereas the US card is often rejected because the merchant doesn't subscribe to foreign debit/credit card services. Secondly, if the Mexican card is stolen or forged, they will only get a small amount (under 500usd) rather than the amount in my US bank.


----------



## pappabee (Jun 22, 2010)

JoParsons said:


> What about leaving my money in my US bank. I have social security benefits direct deposited. I can use my debit card to pay or get cash.


Part of the answer is up to your bank. Do they allow 'out of country withdrawls' and if so what is the fee and how much do they allow per day.

My US debit card is a visa so there is a visa charge plus the 'out of network' ATM fee. Also, my bank will only allow $500US per day. Then there is the communication problem. There have been some days when the ATM here could not communicate with my US bank. Few and seldom but it did happen.

Also please remember that Mexico is basically a cash only society. Very few business accept credit or debit cards. Some of the bigger and pricer restaurants might but the day to day expenses are cash only so you will need to be able to get enough cash to process your normal needs.


----------



## joaquinx (Jul 3, 2010)

My US bank, Bank of America, can get strange about having their customers living outside of the US. You can change the daily withdraw amount and withdrawing from ATMs isn't a problem, however, making large purchases was a problem for me. Trying to buy a cell-phone, refrigerator, furniture can cause BofA to freeze the account. Then you have to call the bank and tell them that you are the one buying and then they will clear the freeze. It is best to call them before hand and let them know you are about to buy something expensive. Since I have a BofA account, Banco Santander will permit me to withdraw funds without a charge and BofA will not charge me a foreign currency conversion fee nor a non-BofA withdrawal charge.

Credit/debit cards are accepted at all supermarkets, shopping malls and most restaurants. McDonalds and Burger King does. If you are shopping at small stores, small misc. stores (corner stores, etc), small restaurants, or in small villages. they probably don't accept credit/cards. If they do, it might only be Mexican credit/debit ones. Still Mexico is more cash oriented than the US and merchants do expect the correct change if possible.


----------

