# Mexican banking hassles



## dogtags (Apr 24, 2011)

I now have two properties in Mexico, one in Bucerías (PV), and one in Silao (Guanajuato, nr the airport). I got my bank account from Banco del Bajío because they hold my fideicomiso and were the only bank that would give me an account at that time because I didn't yet have Luz or water so no other proof of residence.

I like BanBajío, but they are VERY restrictive. If I have a lost debit card (mine was stolen), they insist that I come to their Bucerías office even though I'm in Guanajuato, very close to another branch. After two weeks, I got this worked out, but it's a huge hassle. Today I had to reset my phone, and the app no longer works, and they tell me it WON'T work until I stop in their office in Bucerías.

The securities procedures are very cumbersome, and addl info and assistance seems to require a visit in person...to ONE specified branch only.

I really need access when I'm away so that I can pay my employees by SPEI transfer, but fixing problems anywhere outside Bucerías is almost impossible

Question: Is this common at all Mexican banks? I now have all the necessary documentation for ANY bank, but I won't bother to switch if they're all the same in this regard. My employee in Bucerías has Banco Azteca because they were so much easier regarding paperwork. 

Does anyone have some advice? Again, I'm asking only about Mexican banking. I already have an established service for international funds transfers.

Thanks for any info or suggestions


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## citlali (Mar 4, 2013)

have or rather my husband has a Banamex account in CHiapas that we want to close down and we have to go to the branch where we opened the account to close it , the first few days of the month.. I can sign on the account but cannot close it...so I do not know about the other operations but f yo have a place in Slao , I would open an account there...


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## xolo (May 25, 2014)

Whenever I comment on the poor customer service at Mexican banks (really it's cultural and throughout society) there are always a few people who want to say how great their Mexican bank is or maybe I'm not polite and I deserve poor service. 

All of which shows how unaware and culturally disconnected some people are. So yes, it's a real problem. I always thought it was Mexico, then I started travelling to other countries, especially Spain, that's when I realized where it came from.


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## citlali (Mar 4, 2013)

Customer service is fine until you have a problem and then good luck. It is never the fault or error of the business, always the fault of the customer.. People here hate to take responsabilty for anything and they deflect and deflect and when against the wall it become the fault of the person who has the problem.. It is cultural..

In the US people are always looking for the person to blame and here no one is to blame and if you have a problemm it is your fault...

Both are cultural attitudes and better accept it because it is not gong to change..

Yes it comes right from Spain, my family is originally from the Basque country so we have French and Spanish relatives and the Spanish side is exactly like that too..


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## citlali (Mar 4, 2013)

Yes it comes right from Spain, my family is originally from the Basque country so we have French and Spanish relatives and the Spanish side is exactly like that too..


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## lat19n (Aug 19, 2017)

dogtags said:


> I now have two properties in Mexico, one in Bucerías (PV), and one in Silao (Guanajuato, nr the airport). I got my bank account from Banco del Bajío because they hold my fideicomiso and were the only bank that would give me an account at that time because I didn't yet have Luz or water so no other proof of residence.
> 
> I like BanBajío, but they are VERY restrictive. If I have a lost debit card (mine was stolen), they insist that I come to their Bucerías office even though I'm in Guanajuato, very close to another branch. After two weeks, I got this worked out, but it's a huge hassle. Today I had to reset my phone, and the app no longer works, and they tell me it WON'T work until I stop in their office in Bucerías.
> 
> ...


I suspect that if you are a "first class" customer with your bank you may get better service than a "tourist". 

I am very happy with our current banking relationships but from time to time I get myself in trouble (like resetting my phone). When I do - I do not hesitate to call headquarters in Mexico City. I generally ask to speak to someone in English because for me it is still difficult to talk in Spanish over the phone, and since we are talking money, I want to make sure there are no misunderstandings. Often times, if I were to visit our local branch we would end up calling headquarters together anyway...

It seems like we have a million different addresses in Mexico (for the same house) - so when I call a bank I make sure I have a recent statement handy so I can read them my address when they ask (to verify my identity).

In your case it appears BanBajío has its headquarters in Leon.


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## Bobbyb (Mar 9, 2014)

Mexican Banks suck. Sorry but that is the best comment I can make. They need a blood sample and a pound of flesh to do anything. They dont trust you and Mexicans do not trust them. I have found that Scotiabank is slightly better. We gave up on any Mexican account. We have 2 trusts with 2 different banks and even paying the trust can be problematic.


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## dogtags (Apr 24, 2011)

Follow-up

Maybe I AM a "first class" customer. BanBajio is different from others banks in that its primary focus is businesses.

The agent here in Gto did actually straighten out my app, but she had to do it over the phone with her counterpart in Bucerías. 

It turns out that they realize that this decentralized system is not convenient for their customers and are testing a change. I'm not holding my breath.

Meanwhile, I opened a second account at Banco Azteca (Elektra). They have STORE hours (til 9pm and weekends) and have been very helpful with the typically complicated mobile banking setup. This is where many working class Mexicans back, and I see why. 

Living here is a continuous learning experience. I'll never get bored.


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## citlali (Mar 4, 2013)

Bancoppel and Banco Azteca are the banks for the poor as they do not require a minmum balance. Most of the indigenous I deal with useone of those 2 outfits.. Actually I think that amongst them Bancoppel is their favorite.. At least they do not sell them life insurrance over the phone and trick them over the phone like theinsurrance companies of the other banks do. They just get them on the rates when they want to make a big purchase on credit


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## Lawgrrl (Apr 24, 2015)

Banamex doesn't require a minimum balance to open a checking account. If I maintain a minimum balance of $4,000 Mx I avoid a monthly fee of $165 Mx. Their website has an English option, but there are no English-speaking customer service reps and no chat option to contact customer service. (I love chat for the ability to translate, cut & paste.) It's very easy to pay bills and what-not online. Plus, we have a linked savings account which is *not* accessible with my debit card. If I want to transfer funds from the savings account, I do it online or through the app. If my debit card is lost, stolen, or skimmed, all I can lose is what's in the checking account. It's not NOB-style but I can live with it.


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## dogtags (Apr 24, 2011)

I looked at various other debit card options, but ultimately it was the hours of service at Elektra/BancoAzteca that sold me. It's a pain to have an issue and have to wait until the bank reopens.

I only use debit cards, never credit. I understand Elektra's market for buying on weekly payments, and I guess that is what works for many customers. I don't buy anything unless I can pay for it up front.


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## citlali (Mar 4, 2013)

By the way , I do not think you can transfer money internationally to Coppel can you with ELektra? I have asked some artisan to check before opening the account but do not think he checked so I do not know still.. I think Coppel told me they did not have a swift number...


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## dogtags (Apr 24, 2011)

Mexico doesn't require a SWIFT code. They use the CLABE (Clave Bancaria Estandarizada). That's the first thing I ask about, since all my funds come from US institutions. (I use TransferWise, or Xoom is I'm in a hurry.) Banco Azteca does permit this, and I would be shocked if Bancoppel doesn't. That's the code they use for SPEI (interbank) transfers within Mexico.


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## dogtags (Apr 24, 2011)

PS:. "all my funds" = "my social security check"


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## citlali (Mar 4, 2013)

people who wanted a swift were Australians maybe they did not know about the interbancariaclabe or their bank was confuse.. Good to know it is ok with BancoAzteca.. When I go to Coppel I wll ask again if they can accept international transfers...They do have clabes so at least with the US it should be ok..
Thanks for the nformation


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## surabi (Jan 1, 2017)

Bobbyb said:


> Mexican Banks suck. Sorry but that is the best comment I can make. They need a blood sample and a pound of flesh to do anything. They dont trust you and Mexicans do not trust them. I have found that Scotiabank is slightly better. We gave up on any Mexican account. We have 2 trusts with 2 different banks and even paying the trust can be problematic.


Well, I've had a Mexican Bancomer account for over 10 years and I've never found that it sucks. I've never had any issues with it at all. And I've never had any issue paying my bank trust payments, either. How is it "problematic"?


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## citlali (Mar 4, 2013)

Banks services varry by branches..I have had an account with Bancoer for 18 years and never had a problem so mileage varies...


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## Charmingdrb (10 mo ago)

surabi said:


> Well, I've had a Mexican Bancomer account for over 10 years and I've never found that it sucks. I've never had any issues with it at all. And I've never had any issue paying my bank trust payments, either. How is it "problematic"?


What are bank trust pmts for


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## timmy45 (Mar 22, 2021)

Many of us that own property live in the "restricted" areas close to an international border or to the ocean. The law requires a bank to be involved in such properties and it uses a trust for which there is a yearly fee by the bank. If your property is not in that restricted area, no trust is needed. You might do research on this if you are thinking of buying property.


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## MangoTango (Feb 8, 2020)

Ok - so you have a trust with a bank in Mexico because you are not a Mexican citizen and live in restricted zone. Do you know - can you piggy-back on that trust and have it serve the purpose of a will as well ? As part of your trust can you bequest your property ? If so - can you bequest stuff to a physical human being as well as a charity-like entity ? 

If you have assets with a Mexican bank and would like to set a beneficiary it can ONLY be with a physical human being. To leave something to a charity you either have to setup a legacy in a will (or have a really trusted relationship with your executor who you can count on the follow your intentions not mentioned in your will). 

I live no where near a restricted zone and I am a citizen. I asked at the bank if I could have a 'trust' and I got some sort of response like - we normally require assets of 20 million pesos to set up a trust. (Maybe I misunderstood the woman).


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## eastwind (Jun 18, 2016)

Edit: just realized after posting you said you are a citizen. So a fideicomiso just doesn't apply to you.

It's not because you live in a restricted zone, it's because you own property that's in a restricted zone. You need such a trust if you are an absentee landlord too.

The trust for owning property in the restricted zone is called a fideicomiso. It does specify a beneficiary who would inherit the rights of the trust from you if you die. At least mine does. I was told my beneficiary had to be a person, and that there could be only one beneficiary on the trust. It was necessary to provide a copy of that person's passport (because they were also an extrajanero, had they been Mexican citizens it would have been their ID card I presume). I believe I have heard that you can use the same trust for more than one property in the restricted zone. I don't know if you can put other things in the trust as well.

Just because one person at one bank brushed you off doesn't mean you can't do that using some other bank, or even another branch, or (remotely possible) a different person at the same branch as where you asked! Mexican banks are like that, I think you know that by now.

But to get a trust I think you should probably start by talking to a lawyer rather than the bank - you'll need a lawyer to write it up, and if you find one who knows how, then it means they know which bank to deal with. I'm not sure whether you'd need a notario or just an abogado, so I wrote 'lawyer' in the previous sentence.

Not every bank branch in the restricted zone is going to be willing & able to do a fideicomiso. It's a specialized bank product, in effect. The branch has to have people who know how to do it, and manage it as an ongoing thing. My abogado had a particular bank that she preferred to work with, and I went along with that. They were pretty easy to deal with. Easier than the abogado, lol! Mine is at Ban Bajio FWIW. It seems to be a specialty of that particular branch, they had a sign in the window! I forget what it said, something along the lines of "do your fideicomiso here". I assume every notario practicing in a restricted zone, or at least in a city like Cancun, is going to have done lots of property transactions involving a fideicomiso, and will be able to point you to a bank that does it.


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## MangoTango (Feb 8, 2020)

eastwind said:


> Edit: just realized after posting you said you are a citizen. So a fideicomiso just doesn't apply to you.
> 
> It's not because you live in a restricted zone, it's because you own property that's in a restricted zone. You need such a trust if you are an absentee landlord too.
> 
> ...


Thanks for your reply. After reading it I did a very quick internet search and got lucky when I found the information provided at this link :
https://www.mdtlaw.com/images/uploads/The_Mexican_Trust_Fideicomiso1.pdf
That article has some excellent general purpose information. Like - YOU @eastwind are likely the beneficiary of your trust, and you may have specified a 'substitute' beneficiary in the case of your demise. It also mentions other types of trusts, and what can be done with them.

I have an account at both Banamex and HSBC. Both of them, this year, are very excited about a new insurance product (I am sure it is an investment trust) which is exempt of Mexican taxation (up to a certain limit). (The article kind of hints of these things near the bottom). I also found this interesting ... "By law, trusts are considered irrevocable, unless otherwise provided in the trust itself, and also by law, trusts can also hold most types of properties, and rights."

Mexican law is truly a different beast from what most expats are used to.


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## eastwind (Jun 18, 2016)

You're correct, I'm the beneficiary with the person I designate as the substitute. I'd forgotten that detail and was thinking about beneficiary using the US definition. Anyway, AFAIK it has to be a person, but IANAL.


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