# Translation of Bank Statements and update on INM visit



## La Osita

Hi-

I went to INM in Queretaro today to get the information for applying for my residency visa and... they are still using the old system as they do not have the regulations for the new laws as yet. So, I'll be applying for an FM2.

I did a search but couldn't find an answer here on the forum. How do I best obtain my bank statements from Wells Fargo in Spanish. The instructions I received note " _(los documentos emitidos en otro idioma se deberan presentar acompanados de traduccion simple al espanol)_ As it is, my account is 'paperless' so the best I could do from here is to print out my statements from the internet and I am doubtful that would fly as folks here seem real particular about having ORIGINAL paperwork.

Do I need to contact Wells Fargo in the US to have original statements sent? (and am hoping that maybe they can send them in Spanish). 

INM in Queretaro are using the new fees: 3,139 pesos & 750 pesos, and then for me another 750 pesos to change my estado civil from single to married! 

Thanks for the help as I know that so many of you have already done this!


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## sparks

Do they insist they need to be in Spanish. 5 years now in Guadalajara and Manzanillo I've only used statements in English downloaded from the web. The only issue I've had has been proof the account is mine ... either a letter from the bank or a copy of a check

Pay a local translator?


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## Guest

I have given the Queretaro INM office printed internet banking copies of my US bank statements in English for the past 4 years, and they didn't blink an eye. I also black out all but the last 4 numbers of my account number for my security. The statements have my name printed on them, and that was all that was needed.


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## Ken Wood

*Bank statements*

I recently went through the FM2 procurement process, and have nothing but praise for the way I was treated, especially the politeness, knowledge, courtesy, etc, of the young lady at the front desk in the INM office. Regarding the bank statements, just as a precaution, my wife created a Spanish language copy of the statement and we submitted both, with account numbers omitted. I'll never know if it helped or not, but another nice lady at the window we were called to looked at both versions and accepted them without question.


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## La Osita

Claudia at the INM office gave me the printed instruction sheet which indicated that the bank statements need to be in Spanish. But no, no one there specifically stated such. Given your experiences I think I'll give it a try in English (and will attempt to make a Spanish version on the computer) Thank you all. I was not looking forward to trying to get original bank statements from Wells Fargo in Spanish. 

And, yes, Claudia at the front desk is a joy. Her knowledge and professionalism are exemplary. 

Ken, if you could share with me the program or process your wife used to translate your bank statements I'd appreciate it. It could come in handy for other docs as well.


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## conklinwh

We use INM in San Miguel. I know that San Miguel always a little lenient with English submissions but we've never had any issue with using downloaded English bank statements.
Blacking out account number always a good precaution as they really just look for names, joint in our case, and a pattern of deposits, in our case pensions and social security.
They have only ever asked for bank statements, entry permit and passport.


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## Ken Wood

*Bank statement translation*

In translating the downloaded bank statement, we simply recreated it one line at a time on an excel spreadsheet. The same could be done with any word processing software, I just prefer the ease of formatting that excel allows. For the heading, we also recreated it the same way. The end product is something that very likely would not fly in a court of law, but does give an assist to help someone uderstand a foreign document. 
Saludos


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## La Osita

Ken Wood said:


> In translating the downloaded bank statement, we simply recreated it one line at a time on an excel spreadsheet. The same could be done with any word processing software, I just prefer the ease of formatting that excel allows. For the heading, we also recreated it the same way. The end product is something that very likely would not fly in a court of law, but does give an assist to help someone uderstand a foreign document.
> Saludos



Thanks Ken. I haven't used Excel in a few years but I'll give it a go.


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## DennyDaddy

Hi..

Last year I opened a Mex bank acc
and for 3 months made deposits.

I put in 80,000 pesos over those 3 months. 

Did not know how much money was needed.

When I filled out my Mex res visa I just went to my Mex bank and they gave me the 3 months bank statments in spanish. IIM accepted it.

This way I did not have to show my
US bank statements, and it was translated.

DD


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## La Osita

DennyDaddy said:


> Hi..
> 
> Last year I opened a Mex bank acc
> and for 3 months made deposits.
> 
> I put in 80,000 pesos over those 3 months.
> 
> Did not know how much money was needed.
> 
> When I filled out my Mex res visa I just went to my Mex bank and they gave me the 3 months bank statments in spanish. IIM accepted it.
> 
> This way I did not have to show my
> US bank statements, and it was translated.
> 
> DD


Hmm, I am going to guess that prior to getting your residency visa, the visa you held allowed you to open a Mexican bank account. As I hold only the FMM 180 day visa at this time, I cannot open an account. The managers at two banks both stated that I needed either the FM2 or 3 in order to open an account with them. Kind of caught between a rock and a hard place. I had thought of doing just that a few months back but no go. The information I received from the INM office in Queretaro is that that they look for 25,000 pesos per month.


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## chicois8

did you have to pay the 3% charge for deposits over 15,000 Pesos per month?

I would take your FMM and take it to the bank and ask how to make deposits without an account,( last paragraph which also states you can buy property with an FMM) you should be able to open an account with an FMM and a passport...I know someone who opened an account with Banamex through his Citi account while still in New Hampshire...good luck


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## DennyDaddy

Hi..

When I went to the bank to open a Mex account at Bancomer, I just had to show my passport, a rental address, and I showed the bank an electrical bill for my rental place.

They did not ask for any visas, or FMM.

I did go to the special english office there at the bank and I took my
Spanish land lady in with me.

Signed up two accounts, one nmx money and one account for US noney.

A year later is when I went in for the last three months spanish statements for my res visa.

Maybe cause	I brought in my Mexican lord lady.

DD


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## RVGRINGO

There is no restriction on bank deposits by check or transfer. The restriction and fee is only for deposits made in cash, actual banknotes, in order to reduce money laundering and to collect some 'tax' from the underground economy.

That said; we have lived here for over a decade and have never found a need for a Mexican bank account. They are expensive, service is not what you might expect and they have high fees and no protection for your accounts. Banking is easily done online with your US bank. If you want, you might keep a small investment account with an investment house, simply to provide a way to cash checks or to have a place to transfer funds for a home purchase, new car, etc. Other than that, this is a cash society and there are ATMs everywhere.


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## conklinwh

I agree and have continued to use my US bank as primary and Actinver Loyd in Mexico for easy local cash and to park dollars for purchases.
I'm now seriously weighing the pros/cons of shifting more into Actinver. I do understand risk and that has offset the higher interest received here(BTW, I've always netted positive with interest versus fees and yes report as foreign income). However, I'm really concerned about the dollar. I think the recent rise an anomaly and may take the risk and move more dollars than what we need to live on.


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## circle110

I also opened an account at Bancomer without a visa. The did ask for my FMM but that was only because I had no CURP and they wanted some Mexican document to identify me. I have only used the Bancomer account as a place to receive large transfers of money for major purchases. Otherwise, I use only my American account.


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## joaquinx

I have lived here for over a decade and found having a Mexican bank account an asset. No more expensive than one in the US. Keeping a minimum balance, the account will be fee free. Besides that, I get excellent service from the HSBC branch near to where I live. I don't like to carry my US bank card with me, but prefer a Mexican debit card that carries a low balance of around 6 to 8,000 pesos. If I lose that or it gets compromised, I don't lose that much as compared to my US card. That card is only carried to a bank ATM to withdraw funds for my wallet or deposited in my Mexican account. Yes, Mexico is primarily a cash society, but who wants to carry that much cash around? Cards are being accepted at more stores everyday.


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## La Osita

Even with the info I rec'd from INM I'm LOST and CONFUSED. I'm trying to write my "letter" requesting my visa. I could have sworn they told me I would be applying for an FM2 but now I'm not sure that's correct. I have just a tourist visa for 180 days and have never held any other type of visa for Mexico. I got married this past month and so am applying to live here permanently. I have all my other paperwork ready (yay) but this letter is making me talk to myself! Aargh.

Am I applying for an FM2 or an FM3? and what exactly is it that they want me to write?

Regarding the banking topic:
I've been here more or less one year with my FMM and find it easy to live without having a Mexican bank account. The world I live in is cash only and I'd have no reason for a debit card. When I need additional money, I simply transfer funds from my Wells Fargo account to the Bancomer and pick up cash, no fees other than $6 usd from Wells Fargo. I can move up to $1,500 per day... I can live off $1,500 for months!


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## La Osita

As an aside, it must be luck location or individual that determines whether or not a bank account can be opened with the FMM. Here in Tequisquiapan, the answer at two banks was no. (Banjercito and Bancomer) I can't even add my name as a beneficiary to my husband's (Mexican) accounts without an FM2 or FM3.


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## DennyDaddy

Mexico is slowly turning into a plastic society, and the ease of useing plastic is becoming more and more common, both business
and personal.

I also use my mx plastic in the states.
And we keep enought in the mx account for one to two months Mexican living. 

Same with my Mx US account. So on line I can always buy pescos when,the US buck is high, or, vice a versa.

That pays my mx bank fees. and on line or a call to my US bank, its only
$2.50 a transaction to get more monthly liveing expense money sent down.

To worry about the safety of Mexican banks, over the ease of small money matters to have less hassels, I don't worry about it. I lost more money in a penny stock deal.

And I was screwed by a small US bank in the mid '80's, who after closeing, and signed, removed a signed page from the bank and me to not vary interest over 5%.

Removed from my copy, and later theirs. And as interest raised over 5%, I was told there was no aggreement. Even my wife said she remem her signning.

So, is Mexican banks safe????

The ease of not carrying, but haveing
Pesco's when needed or plastic, to me, is worth a month's loss of inome, if it ever happens to me, in Mexeco is worth it.

On the other hand, before me getting my Mx bank account, I used my US bank plastic, and was charged by my US bank 5 bucks per transaction and a fee from the Mx bank.

So, for each his own way! 

And my MX bank is owned by a major international bank in another major country.

Mexico is not a third world country
anymore. Things are changeing in Mexico for the good!

I don't think the Mexicans mind it.

DD


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## makaloco

Like JoaquinX and DennyDaddy, I find it very convenient to have a local peso checking account and debit card. I rarely use checks, but I use the card routinely for purchases and to get cash from the ATM. My Bancomer Visa debit card also works for withdrawing cash from ATMs in the US during visits, although there's a small fee per transaction. I linked my Telmex account so that charges are paid automatically from my bank account in case the bill doesn't arrive. Another advantage is that I can write a US check for deposit in my Bancomer account whenever I need funds. Though it takes a week or so to clear, there's NO fee, and the transaction shows on my statement as a "transfer from abroad" for INM purposes.

My wallet was stolen a couple of years ago, and it took about three weeks to get my US bank card replaced and sent here. If it had been my only source of cash, I'd have been screwed. Now I don't carry it unless I'm traveling. Replacing my Bancomer card took about 15 minutes at the branch.


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## chicois8

*NO FEE BANKING*

I have a BanamexUSA savings account that comes with a ATM card that can be used fee free at any
CITI bank,Banamex or BanamexUSA ATM in the US or Mexico. You have to have a home in Mexico to open a Banamex USA account, (CFE bill,phone or water bill as proof) you can have pension checks sent to them and transferred into your Mexican account..up to $10,000USD a day...and they are FDIC insured to $250.000 , DD and macaloco what is the insurance of a Mexican Bank? Oh, DD the Mexican monetary unit is the PESO not as you spell it the PESCOS............


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## DennyDaddy

checois8...

Your so right, I mis~spelled a word. I do once in a while, so I can be corrected by folks who like to inform people of their screw ups.

But, thank you tho! But I take the position of don't worry about the small stuff.

But anyway, have a good day. And keep people on their toes.


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## Ken Wood

*The high road*



DennyDaddy said:


> checois8...
> 
> Your so right, I mis~spelled a word. I do once in a while, so I can be corrected by folks who like to inform people of their screw ups.
> 
> But, thank you tho! But I take the position of don't worry about the small stuff.
> 
> But anyway, have a good day. And keep people on their toes.




Good man...Stay up on the high road.


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## joaquinx

Ken Wood said:


> Good man...Stay up on the high road.


Hey, I thought that it was pescos all along.


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## makaloco

*Insurance?*



chicois8 said:


> DD and macaloco what is the insurance of a Mexican Bank?


Haven't a clue, and I only wish I had enough money for it to be a concern.


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## DennyDaddy

The question was....What is the 
insurance of a Mexican bank?

To keep a month's living expense in a Mexican bank and refilling that supply once a month, and the normal fee of that bank for giveing us the service of that bank, what would the chance we would ever be caught in a problem of needing that insurance Be?

The xpats who use Mexican banks and injoy the use of Mexican plastic money, most likely feel that the chance of needing that insurance will be rare, tho yes, I guess it can happen.

But the ease of instance cash in Mexico, I feel it outweights the risk.

Fees have to be paid, no matter what country we bank in. 

I would like to know, if any Mexican banks failed in the last few years, and how strong they were?

The use of Mexican banks is no differant than what kind of best car to buy! To each his/her own.

But we all know that the best rig to drive is a Ford Pick Up.... Oooops!

DD


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## La Osita

I'm liking you more and more DD. Love my old F250. It's a beater but it keeps on going! I'm not buying into the bank tho. I've had my fill of banks, both US and Mex.


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## DennyDaddy

iTnavell.....

You don't like any banks you say!

Sure hope you don't hide your
Loot under your bed! Ha orja.

DD


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## TundraGreen

DennyDaddy said:


> The question was....What is the
> insurance of a Mexican bank?


What is a "Mexican" bank? Santander and BBVA Bancomer are both owned by Spanish companies. I believe HSBC is a British company. Banamex is part of Citi Group.I suppose the way the term "Mexican Bank" is being used here, it means a bank with branch offices in Mexico.


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## joaquinx

TundraGreen said:


> What is a "Mexican" bank? Santander and BBVA Bancomer are both owned by Spanish companies. I believe HSBC is a British company. Banamex is part of Citi Group.I suppose the way the term "Mexican Bank" is being used here, it means a bank with branch offices in Mexico.


Yes. Any bank that does business in Mexico is a Mexican bank. If you have a complaint against a Mexican bank, going to the foreign owner and complaining does no good. They will tell you that their branch in Mexico makes its own rules subject to the approval of the Mexican government. 

Personally, I feel that Citi Group is a part of Banamex considering that Banamex is the most profitable entity in that group.

You forgot Scotia, which is Canadian.


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## DennyDaddy

Yes.I was going say that most Mexican banks are owned by out
of country banks

But in Mexico its under Mex banking laws. 

I really feel that its no barrier or any reason not to bank in Mexico.

Is anything really safe? I guess we really pick and choise our own level of safety.

I do not feel 100% safe in Mexico, can be caught in a drug war cross fire, hope not!

But my own level of safety in Mexico
is high enought to live, or go to Mexico. So I feel the same about banking in Mexico.

I myself, but others do not, feel safe in useing Mex banks.

My standard two months living expence I keep in mex banks could have the same level of safety if I get get shot in a drug war sboot out.

But, with my Murfey Law experance,
both could happen..lose my money
in a Mex bank and be caught in a cross fire.

But being an over 60 geeser, I worry
less now, and injoy life more now!

Again to each his own way!

DD


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