# Banking and transfering money



## surfrider

I am adding up the costs that have occured with each transfer of money that I have made from my state side bank to here.

Lots of you have been doing this for some time. What advice on how to handle the internation exchange rates and getting money transfereed.

I get paid in four different checks that are auto deposited in the states. Then I have to transfer them to an internation bank and then withdraw. It seems like every action I make with the money - someone other than me gets my money.

Any suggestions on how to decrease all this. Is it good to have the checks deposited into banks here rather than the states?


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## sparks

>>>> Then I have to transfer them to an internation bank and then withdraw

Where and what International bank? What's the matter with ATM withdrawals from your bank the at checks are deposited into. Some banks have international fees and others don't. Other banks have relations with Mexican banks giving you no ATM fees.

You can also open an account with Intercam and write checks. $8us per check

Search this forum ... it's been covered many times


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## MJB5293

surfrider said:


> I am adding up the costs that have occured with each transfer of money that I have made from my state side bank to here.
> 
> Lots of you have been doing this for some time. What advice on how to handle the internation exchange rates and getting money transfereed.
> 
> I get paid in four different checks that are auto deposited in the states. Then I have to transfer them to an internation bank and then withdraw. It seems like every action I make with the money - someone other than me gets my money.
> 
> Any suggestions on how to decrease all this. Is it good to have the checks deposited into banks here rather than the states?


i use XOOM it costs 4.99 if you use you checking account then i deposit it to my local bank works for me $.99 once a month beets all


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## joaquinx

The only drawback to xoom is the exchange rate, which is lower than a typical ATM rate. Good for smaller amounts but cost rises for larger amounts. Bank transfers can be cheaper, but will take a day or more.

Of course, xoom's exchange rate is much better than PayPal. I did that once and learned my lesson.


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## makaloco

Before requesting direct deposit, contact the company that issues your checks. Depending on the type of funds, there may be up to 30% mandatory Federal withholding if the payments are deposited outside the US. This applies to my employer's retirement plan, for example, but not to my Social Security.

I used to do wire transfers a few times a year, but they became too costly ($40 USD on the US end and about $20 on the Mexico end for each one.) Now I write US personal checks for deposit into my bank account in Mexico. It's free, and the exchange rate is calculated at the time of deposit rather than the time the check clears, so you have some control. It does requires a little advance planning, because it normally takes a week to ten days for the check to clear.


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## conklinwh

We have everything deposited in our US bank. Then about 3 or 4 times a year we move sums to cover 3-4 month periods to our Actinver-Lloyds account. Since transfer goes to Actinver's account at BofA for further transfer to our account it gets treated as a domestic transfer and costs us $15. At Actinver, we have money initially put into a dollar account and work with them to max the exchange rate into pesos.
We do periodically use ATM's and a US credit card without a foreign transaction fee but basically cash withdrawals from Actinver. We actually make money on our Actinver account, in fact considerably more than our US bank.


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## Isla Verde

Before moving to Mexico, I opened an account online with Bank of America and had my SS checks and a pension check direct-deposited to that account. Here in Mexico I can withdraw money in pesos from any Santander or Scotiabank ATM and pay no fees or commissions. The exchange rate is always good too!


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## RVGRINGO

USAA Federal Savings Bank refunds the fees. Banking is online, no need for a Mexican bank. Use any ATM. Been doing that for ten years, or more and have been with USAA FSB since 1959.
Why do so many folks make it complicated?
Go to USAA.com for details.


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## Isla Verde

RVGRINGO said:


> USAA Federal Savings Bank refunds the fees. Banking is online, no need for a Mexican bank. Use any ATM. Been doing that for ten years, or more and have been with USAA FSB since 1959.
> Why do so many folks make it complicated?
> Go to USAA.com for details.


If you use BOA, there are no fees to be refunded.


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## RVGRINGO

Maybe, but you don't have the option to use whatever ATM is convenient. There are also many other advantages, besides banking, with USAA.


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## Isla Verde

RVGRINGO said:


> Maybe, but you don't have the option to use whatever ATM is convenient. There are also many other advantages, besides banking, with USAA.


That's not been a problem for me since one block from where I live, there is a major street with branches of almost all the banks in Mexico. That's one advantage of living in Mexico City!


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## makaloco

Don't these US banks require a US residence address? That was my problem a few years ago when I looked into opening a new account there. Something about a "Know Your Customer" law or act. So I kept the bank account I'd had since 1973, went to Plan B, and now am glad I did, but the situation may have changed since then.


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## Isla Verde

makaloco said:


> Don't these US banks require a US residence address? That was my problem a few years ago when I looked into opening a new account there. Something about a "Know Your Customer" law or act. So I kept the bank account I'd had since 1973, went to Plan B, and now am glad I did, but the situation may have changed since then.


When I opened my BOA account, I was still in the States and staying with my parents, so I used their address. Since you can open an account online, if I'd already been in Mexico, I still could have used their address to open the account.


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## surfrider

makaloco said:


> Before requesting direct deposit, contact the company that issues your checks. Depending on the type of funds, there may be up to 30% mandatory Federal withholding if the payments are deposited outside the US. This applies to my employer's retirement plan, for example, but not to my Social Security.
> 
> I used to do wire transfers a few times a year, but they became too costly ($40 USD on the US end and about $20 on the Mexico end for each one.) Now I write US personal checks for deposit into my bank account in Mexico. It's free, and the exchange rate is calculated at the time of deposit rather than the time the check clears, so you have some control. It does requires a little advance planning, because it normally takes a week to ten days for the check to clear.


:clap2: Now that makes logical sense. Good idea. I am going to do that from now on. Thanks.


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## pazenel

RVGRINGO said:


> Maybe, but you don't have the option to use whatever ATM is convenient. There are also many other advantages, besides banking, with USAA.


But, do you have to be a veteran?


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## RVGRINGO

Not for the banking, but for some of their other services, there are requirements. You can find the details at USAA.com


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## pazenel

RVGRINGO said:


> Not for the banking, but for some of their other services, there are requirements. You can find the details at USAA.com


Thank you, gringuito.


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## Isla Verde

pazenel said:


> Thank you, gringuito.


Pazenel, I didn't realize that you and RVGRINGO were on such intimate terms  !


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## RVGRINGO

How forward of him! Perhaps castigation is in order.


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## Isla Verde

RVGRINGO said:


> How forward of him! Perhaps castigation is in order.


What did you have in mind?


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## pazenel

Do not panic... I am an American naturalized Mexican Woman who speaks perfect Spanish.

In Mexico calling somebody in diminutive, is a form of care. He was nice enough to help me.

Maybe I do not belong here.

Have a great day.


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## RVGRINGO

Too late; missed my chance. I'm really over the hill so far that when a nice lady spoke up, I even mistook her gender.


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## pazenel

RVGRINGO,

I am glad that you are not mad anymore. I was ready to flee the forum.


Good day!


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## surfrider

RVGRINGO said:


> How forward of him! Perhaps castigation is in order.


OUCH - OR IS IT SQUEAK


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## PieGrande

As I often say, people are all different. In my case, somewhere in my life I decided to simplify my life. One of those choices was to stop worrying about incidental fees.

My best friend in the US will spend hours to save a few dollars, and he enjoys it. It's like a chess game to him, to find a way to cut expenses.

I used to be very conscious on ways to economize. At one point in my life, I found myself under stress (family issues.) As part of my learning process, I learned to not worry the small details. Better to choose a lifestyle and place to live so I can live easily within my means, and don't sweat the small stuff.

So, I have my income deposited in IBC in Texas, and hit the convenient ATM's in Mexico, pay the 29 pesos charge, and the 1% fee at whatever conversion rate they choose to give me, and don't think about it. Life for me is too short.

I am well aware I could find ways to cut those costs, I just don't care, and we do not suffer from the extra fees. Life is good.

I would never criticize anyone for going to great lengths to save a couple dollars a week, if they like, I simply don't care myself.

A lot of people have some really clever ways to cut transfer costs to the bone.


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## kcowan

PieGrande said:


> A lot of people have some really clever ways to cut transfer costs to the bone.


One of the simplest is to deposit a check written to yourself from your "home" bank. It takes a couple of weeks to clear but does so without any fees. Bancomer gives me good FX from my home bank (TD) in BC.


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## etyson

RVGRINGO said:


> USAA Federal Savings Bank refunds the fees. Banking is online, no need for a Mexican bank. Use any ATM. Been doing that for ten years, or more and have been with USAA FSB since 1959.
> Why do so many folks make it complicated?
> Go to USAA.com for details.




I quit dealing with USAA when they raised their insurance rates to regular commercial levels and started having million dollar christmas parties. I really don't want to support that kind of philosophy.


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## RVGRINGO

The cost of any USA insurance is a moot point, since we live in Mexico and must carry Mexican insurance on our vehicles.


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## pquick

For me the easiest way by far was to set up a transfer account Wells Fargo-Bancomer..you can transfer 1500.00 per day with a limit of 12,500 dollars per consecutive 30 days.. The charge is minimal all done online takes max 24 hours to receive. One catch ..you have to set the account up and do the first transaction from Wells Fargo bank in US after that , all can be done online. I use a Bancomer cash card for most all my transactions that can handle electronic payment and ATM for cash.


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## etyson

RVGRINGO said:


> The cost of any USA insurance is a moot point, since we live in Mexico and must carry Mexican insurance on our vehicles.



Well, er, ah ..... no it's not a moot point. 

I simply don't want to support the business practices of USAA. Insurance, banking, or if they buy a hot dog stand.


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## RVGRINGO

I said USA insurance, not USAA insurance. You jumped without reading and thinking. Oh well.


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## surfrider

pquick said:


> For me the easiest way by far was to set up a transfer account Wells Fargo-Bancomer..you can transfer 1500.00 per day with a limit of 12,500 dollars per consecutive 30 days.. The charge is minimal all done online takes max 24 hours to receive. One catch ..you have to set the account up and do the first transaction from Wells Fargo bank in US after that , all can be done online. I use a Bancomer cash card for most all my transactions that can handle electronic payment and ATM for cash.



the one catch setting up the account from the wells fargo bank in the us. I did not do that and wells fargo is charging me an arm and leg for each transfer. Know of any way to get around that set up in the states thing>


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## pquick

*banking*



surfrider said:


> the one catch setting up the account from the wells fargo bank in the us. I did not do that and wells fargo is charging me an arm and leg for each transfer. Know of any way to get around that set up in the states thing>



No I dont think there is anyway to start the process unless you are present in a WF bank..after that it costs $3.50 per transfer.


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## lonscotgib

everyone out to make money


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## Merida Yucatan

Please correct me if I'm wrong, but doesn't Forex at XE.com give among the best conversion rates? Would they be able to help in this case ?


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## terrybahena

pquick said:


> No I dont think there is anyway to start the process unless you are present in a WF bank..after that it costs $3.50 per transfer.


I have the same thing, but with WF and Santander. And it's also $3.50 unless you have $50K across all your WF accts, then there is no fees. But I did set it up here in the states....


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## robop

You could also try Banamex USA. You can withdraw $300. / day w/o fees.

If you have a boat load of cash and open a Citi account w/ 100k you will never be charged for any ATM / foreign transaction world wide.


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## surfrider

NEWS FLASH....I DID SET UP AN ACCOUNT WITH WF BANK TO TRANSFER MONEY WITHOUT GOING TO THE STATES. 
I had a girlfriend go to Wells Fargo and take her laptop with her. She contacted me on skype and I talked face to face with the banker and we set up the account. Now I can transfer quick and easy - just need the money to do so.


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## PieGrande

Wow, surfrider. That was one smooth move. Great job!


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## phyllisinMichigan

Isla Verde said:


> Before moving to Mexico, I opened an account online with Bank of America and had my SS checks and a pension check direct-deposited to that account. Here in Mexico I can withdraw money in pesos from any Santander or Scotiabank ATM and pay no fees or commissions. The exchange rate is always good too!


Dumb question: There is no reason to bring any personal checks from my account here right? Would not be able to cash one if something happend to debit card?


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## Isla Verde

phyllisinMichigan said:


> Dumb question: There is no reason to bring any personal checks from my account here right? Would not be able to cash one if something happend to debit card?


From time spent previously in Mexico, I knew that almost no one uses checks here, so when I opened my BOA account, I didn't order any checks. Nothing has happened to my debit card in almost five years, and if it did, having checks wouldn't be of much help.


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## makaloco

phyllisinMichigan said:


> Dumb question: There is no reason to bring any personal checks from my account here right? Would not be able to cash one if something happend to debit card?


I always bring a few US checks because I use them to deposit money into my Mexican bank account if needed. Other potential uses might be to buy something from a returning expat, or to send payment to the IRS with a tax return. As for the debit card, my wallet was stolen about three years ago, and replacing my Bancomer debit card required only a phone call and a few minutes at the branch. Replacing my US debit card took several weeks, so I was glad it wasn't my only option for getting cash.


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## Isla Verde

makaloco said:


> I always bring a few US checks because I use them to deposit money into my Mexican bank account if needed.


I have a Mexican bank account along with my BOA account. If I want to deposit money from one account into another, I can easily withdraw money from bank #1 via an ATM and then walk into bank #2 and make a deposit. No need for checks at all.


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## polamexpat

surfrider said:


> I am adding up the costs that have occured with each transfer of money that I have made from my state side bank to here.
> 
> Lots of you have been doing this for some time. What advice on how to handle the internation exchange rates and getting money transfereed.
> 
> I get paid in four different checks that are auto deposited in the states. Then I have to transfer them to an internation bank and then withdraw. It seems like every action I make with the money - someone other than me gets my money.
> 
> Any suggestions on how to decrease all this. Is it good to have the checks deposited into banks here rather than the states?


If you have a bank account in Mexico, check out OANDA's FXGlobalTransfer service. It may save you some money.


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## kcowan

Isla Verde said:


> No need for checks at all.


Bigger ticket items like refrigerators can be obtained with a discount for cash and a personal check NOTB counts as cash. It is also useful to transfer larger amounts if you have a Mexican bank account.


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## Isla Verde

kcowan said:


> Bigger ticket items like refrigerators can be obtained with a discount for cash and a personal check NOTB counts as cash. It is also useful to transfer larger amounts if you have a Mexican bank account.


But I don´t live NOTB anymore. And, unfortunately, I don't have large amounts of cash that need to be transferrred anywhere.


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## kcowan

Isla Verde said:


> But I don´t live NOTB anymore. And, unfortunately, I don't have large amounts of cash that need to be transferrred anywhere.


I paid many of my contractors with checks issued by Bancomer. It was easier than withdrawing large amounts of cash. I also pay my property manager and maid with post-dated checks when I travel out of country. They are treated much more seriously than those NOTB. And they are free.


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## Isla Verde

kcowan said:


> I paid many of my contractors with checks issued by Bancomer. It was easier than withdrawing large amounts of cash. I also pay my property manager and maid with post-dated checks when I travel out of country. They are treated much more seriously than those NOTB. And they are free.


I have no contractors, property manager or maid to pay, and I´m rarely out of the country, hence no need for checks. But if it works for you, then I guess that checks are the way to go.


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## joaquinx

kcowan said:


> I paid many of my contractors with checks issued by Bancomer. It was easier than withdrawing large amounts of cash. I also pay my property manager and maid with post-dated checks when I travel out of country. They are treated much more seriously than those NOTB. And they are free.


Very seriously, for if you float a bad one, the police will come knocking on your door.


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## gamax

Have any one tried using pay pal.
I use it here every month to send money from canada to usa with no charges.


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## joaquinx

gamax said:


> Have any one tried using pay pal.
> I use it here every month to send money from canada to usa with no charges.


Check the exchange rate. It's worse than the ATM, but better than the wire.


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## conorkilleen

makaloco said:


> I always bring a few US checks because I use them to deposit money into my Mexican bank account if needed. Other potential uses might be to buy something from a returning expat, or to send payment to the IRS with a tax return. As for the debit card, my wallet was stolen about three years ago, and replacing my Bancomer debit card required only a phone call and a few minutes at the branch. Replacing my US debit card took several weeks, so I was glad it wasn't my only option for getting cash.


so if I understand this, you can deposit a personal check from your US bank into your Mexican Bank account?


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## makaloco

conorkilleen said:


> so if I understand this, you can deposit a personal check from your US bank into your Mexican Bank account?


Yes, at least at Bancomer. There's no fee. It takes 8-10 days for the funds to be available, but the exchange rate is set at time you make the deposit so that you're not subject to fluctuations during the waiting period.


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## joaquinx

makaloco said:


> Yes, at least at Bancomer. There's no fee. It takes 8-10 days for the funds to be available, but the exchange rate is set at time you make the deposit so that you're not subject to fluctuations during the waiting period.


I don't like to harp on the subject of exchange rates, but how does it compare to ATM withdrawals. Just a thought, you are not subject to fluctuations - neither *up* nor *down*.


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## makaloco

joaquinx said:


> I don't like to harp on the subject of exchange rates, but how does it compare to ATM withdrawals. Just a thought, you are not subject to fluctuations - neither *up* nor *down*.


Don't know, as I almost never use my US ATM card here. I've checked the check deposit rate against xe.com and found it to be reasonable.

In my particular situation, check deposits are an alternative to the wire transfers I used to do when my US bank did them for free. I make the transfers during the three months of statements I provide for FM2 renewal. The check deposits show as transfers from abroad, just as the wire transfers did, and supplement my social security income for INM purposes. Then I don't have to bother again until the following year. My social security payments are direct-deposited here in Mexico, so I use my Bancomer card for routine cash and purchases.


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## conorkilleen

makaloco said:


> Don't know, as I almost never use my US ATM card here. I've checked the check deposit rate against xe.com and found it to be reasonable.
> 
> In my particular situation, check deposits are an alternative to the wire transfers I used to do when my US bank did them for free. I make the transfers during the three months of statements I provide for FM2 renewal. The check deposits show as transfers from abroad, just as the wire transfers did, and supplement my social security income for INM purposes. Then I don't have to bother again until the following year. My social security payments are direct-deposited here in Mexico, so I use my Bancomer card for routine cash and purchases.


I use my BOA debit card to withdraw cash all the time now. I was using it for credit/debit transactions up until a few months ago. I had a couple things happen where my card was cloned (somehow) and someone in LEON spent over 3,500 USD on "something". Now I have my new debit card I just take out cash and pay for everything in cash. I have a Santander account as well that I use to keep some money in as well just in case something happens again.


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## joaquinx

conorkilleen said:


> I use my BOA debit card to withdraw cash all the time now. I was using it for credit/debit transactions up until a few months ago. I had a couple things happen where my card was cloned (somehow) and someone in LEON spent over 3,500 USD on "something". Now I have my new debit card I just take out cash and pay for everything in cash. I have a Santander account as well that I use to keep some money in as well just in case something happens again.


I use my BofA debit card for withdrawal only. I have a HSBC debit card for purchases. In this account, I keep a balance under 10,000 pesos so if it is lost or compromised in any way, my lose is small as compared to the BofA account.


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## conorkilleen

joaquinx said:


> I use my BofA debit card for withdrawal only. I have a HSBC debit card for purchases. In this account, I keep a balance under 10,000 pesos so if it is lost or compromised in any way, my lose is small as compared to the BofA account.


With BOA you are covered for any fraudulent purchases/transactions. I got my money back in 72 hours of filing the claim. Of course my first identity fraud claim was in Mexico....had to happen sometime. I'm smarter for it.


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## Sisalena

conorkilleen said:


> I use my BOA debit card to withdraw cash all the time now. I was using it for credit/debit transactions up until a few months ago. I had a couple things happen where my card was cloned (somehow) and someone in LEON spent over 3,500 USD on "something". Now I have my new debit card I just take out cash and pay for everything in cash. I have a Santander account as well that I use to keep some money in as well just in case something happens again.


I had the exact same thing happen to me a couple of weeks ago with my BOA debit card. I have been living in Mexico for 6 years and using my BOA debit card at Santander ATMs for cash to live on. I got a BOA alert on Sunday the 22nd that there was unusual activity on my account. I went online and there were about 5 charges at Oxxo's in Queretaro, and one at a location in Mexico City. I must have had stupid "cloners", though, because the charges only added up to about $65! I called BOA immediately and they reversed the charges, and sent a new debit card to my daughter's house in the States (the address on the account). Now I have to get a friend to bring me the new card when they return from a trip to the States next month. 

Thank goodness I had opened an Intercam account a few months ago, so I was able to cash a check for money to live on until my new card gets here. Which brings up a very good reason to have checks as well as your debit/credit card. If something happens to your card, and you're living off of a U.S. bank account, you'll be SOL if you don't have a back up plan. I'm down to my last 4 checks, and had to order more online and the same friends will bring them to me as well. I would highly recommend opening an Intercam account if you don't want to open a Mexican bank account. 

I don't know if I'll ever feel comfortable using my new debit card, after this experience. The only places I ever used it was at Santander ATMs, and for paying for things online. With the timing of the theft, I'm pretty convinced someone got the number from the Santander ATM at Soriana grocery store on Avenida Canek in Merida, as that's the only place I had used the card for 2 weeks previous to the theft.


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## heather.agustin

surfrider said:


> I am adding up the costs that have occured with each transfer of money that I have made from my state side bank to here.
> 
> Lots of you have been doing this for some time. What advice on how to handle the internation exchange rates and getting money transfereed.
> 
> I get paid in four different checks that are auto deposited in the states. Then I have to transfer them to an internation bank and then withdraw. It seems like every action I make with the money - someone other than me gets my money.
> 
> Any suggestions on how to decrease all this. Is it good to have the checks deposited into banks here rather than the states?


Why not get a bank account in Mexico? I use Banamex. I get SS benefits form the U.S. all i had to do was go to a bank and open an account. They asked for my passport and social security card that was it. Once i gave that information the account was open and i was giving a number to report to SS. I get my checks direct deposited into my account on the 3 rd of every month with no problems and no fee's. I have a bank card that has a visa symbol on it and can use it anywhere and even to pay my bills here in Mexico online. Its just like the statesm and better than paying all the fees. Now for my youngest son which he gets a ss check as well they will not open an account very easy for a minor. So i left my bank card in the U.S. with my mother and she withdraws his money out every month and sends it to me through money gram it costs 4.50 i think to send to me, and another 3.50 for the bank fee as she is in another state as my bank is.


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## makaloco

heather.agustin said:


> Why not get a bank account in Mexico? I use Banamex. I get SS benefits form the U.S. all i had to do was go to a bank and open an account. They asked for my passport and social security card that was it. Once i gave that information the account was open and i was giving a number to report to SS. I get my checks direct deposited into my account on the 3 rd of every month with no problems and no fee's. I have a bank card that has a visa symbol on it and can use it anywhere and even to pay my bills here in Mexico online. Its just like the statesm and better than paying all the fees.


Direct deposit in Mexico works well for Social Security (I do it with Bancomer), but not for all retirement funds. My former employer's 403b plan, for example, withholds 30% Federal tax on distributions deposited outside the US, even though I'm in the 10% bracket. I've heard of pension plans that won't deposit outside the US at all. So some of us find ourselves in the position of having to transfer funds even if we'd rather not.


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## Isla Verde

makaloco said:


> Direct deposit in Mexico works well for Social Security (I do it with Bancomer), but not for all retirement funds. My former employer's 403b plan, for example, withholds 30% Federal tax on distributions deposited outside the US, even though I'm in the 10% bracket. I've heard of pension plans that won't deposit outside the US at all. So some of us find ourselves in the position of having to transfer funds even if we'd rather not.


One of my pension checks is from a previous employer. I have the check deposited in my Bank of America account in the States every month and withdraw money as I need it from any Santander or Scotiabank ATM in Mexico, no muss, no fuss, and no fees.


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## fjack1415

joaquinx said:


> The only drawback to xoom is the exchange rate, which is lower than a typical ATM rate. Good for smaller amounts but cost rises for larger amounts. Bank transfers can be cheaper, but will take a day or more.
> 
> Of course, xoom's exchange rate is much better than PayPal. I did that once and learned my lesson.


Are you sure? PayPal is now 2.5% -- *but it will be going up to 3.5% *before the end of the month! BoA has the SafeSend program, and that is about 2.5% also. I think Xoom is really pricey, but I forget the rate.


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## Sisalena

fjack1415 said:


> Are you sure? PayPal is now 2.5% -- *but it will be going up to 3.5% *before the end of the month! BoA has the SafeSend program, and that is about 2.5% also. I think Xoom is really pricey, but I forget the rate.


There are no fees with SafeSend. Check out this link for information about SafeSend: 

Bank of America | Please Select Your State 

(Don't be confused by the "please select your state" in the link. It will take you directly to the FAQ's about the BOA SafeSend program.)

Also, all ATM withdrawals using a BOA debit card at a Santander ATM are free. One month (after I had been using the card fee-free for a couple of years), I found some charges for the ATM withdrawals on my monthly statement, but I contacted BOA and they immediately reversed them, and have never tacked on any more since then.


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## Davidc

Ok, guys, there is always a way to eliminate fees. That is really not the issue. It is the exchange rate that you are getting that is the killer. Most exchange rates include the value of the fees in the rate. The rates are all over the place and finding the best rate is the puzzle.
There is a spot rate out of Mexico City that the banks have to call to get approval from their main office. That rate can exceed any others by a significant amount, however, your relationship with your bank determines how far you can get them to raise the rate and eliminate the fees. Good luck!


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## joaquinx

From the good folks at OANDA:
13.98070 at the 0% interbank rate
13.84089 at the 1% ? rate
13.70109 at the 2% ATM rate
13.56128 at the 3% Credit card rate
13.42147 at the 4% Mexican bank rate
13.28166 at the 5% Kiosk rate

This is at 17:28 May 25,2012

These fees will not appear on your bank statement.


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## leonenlee

I am moving to Monterrey. My money gets paid into HSBC London, and then transferred into a South African account. Will I be able to open a Mexican Bank account that will allow money to be paid directly from my Mexican employer to that account?


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## TundraGreen

leonenlee said:


> I am moving to Monterrey. My money gets paid into HSBC London, and then transferred into a South African account. Will I be able to open a Mexican Bank account that will allow money to be paid directly from my Mexican employer to that account?


HSBC has branches in Mexico. You need to have a no-imigrante or imigrante visa (formerly FM-3, FM-2) in order to open a bank account. I don't believe you can open one while in Mexico on Tourist Permit.


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## leonenlee

Thats GREAT! I will be working in Monterrey, and will hold a FM3
Thanx for the help


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## kcowan

TundraGreen said:


> HSBC has branches in Mexico. You need to have a no-imigrante or imigrante visa (formerly FM-3, FM-2) in order to open a bank account. I don't believe you can open one while in Mexico on Tourist Permit.


I opened an account at Bancomer with my passport and a utility bill in another's name that was the address of the place I had bought. I had heard the same thing but decided to give it a try. Subsequently, last May, a friend did the same as me. Lloyds also said that was all they needed.


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## fjack1415

Sisalena said:


> There are no fees with SafeSend. Check out this link for information about SafeSend:
> 
> Bank of America | Please Select Your State
> 
> (Don't be confused by the "please select your state" in the link. It will take you directly to the FAQ's about the BOA SafeSend program.)
> 
> Also, all ATM withdrawals using a BOA debit card at a Santander ATM are free. One month (after I had been using the card fee-free for a couple of years), I found some charges for the ATM withdrawals on my monthly statement, but I contacted BOA and they immediately reversed them, and have never tacked on any more since then.


Yes, I have been using SafeSend for two years now to deposit money in my Santander account. However, I just learned recently about using the BOA debit card at Santander ATMs. I plan now to use the BOA card for my regular cash withdrawals. My note on PayPay had to do with my using PayPal for additional transfers over the Safesend limit of 3K/mo.


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## Guest

leonenlee said:


> I am moving to Monterrey. My money gets paid into HSBC London, and then transferred into a South African account. Will I be able to open a Mexican Bank account that will allow money to be paid directly from my Mexican employer to that account?


V new to the site but would appreciate your views on your move to Monterrey. We (husband 66, self just turned 62) would v much like to move to Mex to look at retiring there. We also have a granddaughter from my son who married a Mexican lady & is currently living with us in Jozi. I liked your comment re living in Jhb makes Mex look like a kindergarden....


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## leonenlee

Can I PM you on that. This thread is for banking 
Please go look at that thread as well (SA one)


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## grotton

There is a lot of great information here on how to transfer amounts to cover daily expenses such as rent, etc. My question is what is the best way to transfer larger sums. We will be arriving in Guadalajara in September and one of the first orders of business will be to by a decent used car. Probably in the $15,000. to $20,000 range. And in a years time after renting we may consider buying a house which would involve a much larger transfer. How do people handle these large transfers most efficiently. I bank with Bank of America and plan to open an account with Santander (unless there is a better option suggested) upon arrival.


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## MJB5293

grotton said:


> There is a lot of great information here on how to transfer amounts to cover daily expenses such as rent, etc. My question is what is the best way to transfer larger sums. We will be arriving in Guadalajara in September and one of the first orders of business will be to by a decent used car. Probably in the $15,000. to $20,000 range. And in a years time after renting we may consider buying a house which would involve a much larger transfer. How do people handle these large transfers most efficiently. I bank with Bank of America and plan to open an account with Santander (unless there is a better option suggested) upon arrival.


dont use Santander the fees will kill you look at hsbc as a option


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## joaquinx

MJB5293 said:


> dont use Santander the fees will kill you look at hsbc as a option


I have to disagree with this statement. With a BofA account, you can withdraw from Santander's ATMs without a fee. Of course, you can do that even if you have an account with HSBC. However, HSBC has fees also. I have an HSBC account and the only reason is that my branch is two blocks from my apartment. A plus with the Santander account is that if you opted to sign up for SafeSend at BofA, you can transfer funds from BofA to your Santander account without fees and it can be done in a matter on hours not days like a wire transfer. You must sign up for SafeSend at a BofA branch in the US before moving to Mexico.

Secondly, I wouldn't believe anyone telling me "not to do something" without citing a reason not.


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## grotton

joaquinx said:


> I have to disagree with this statement. With a BofA account, you can withdraw from Santander's ATMs without a fee. Of course, you can do that even if you have an account with HSBC. However, HSBC has fees also. I have an HSBC account and the only reason is that my branch is two blocks from my apartment. A plus with the Santander account is that if you opted to sign up for SafeSend at BofA, you can transfer funds from BofA to your Santander account without fees and it can be done in a matter on hours not days like a wire transfer. You must sign up for SafeSend at a BofA branch in the US before moving to Mexico.


I've got all that, but what's the best and most efficient way to send large sums, say $20,000. for the purchase of a car? SafeSend only allows for transfers of $2000.00 a month I believe.


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## TundraGreen

joaquinx said:


> ...
> Secondly, I wouldn't believe anyone telling me "not to do something" without citing a reason not.


I don't have a dog in this race, but they gave a reason. They said the fees were high. I don't use any of Santander, BofA, or HSBC, so I have no knowledge of the accuracy of the statement.


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## joaquinx

grotton said:


> I've got all that, but what's the best and most efficient way to send large sums, say $20,000. for the purchase of a car? SafeSend only allows for transfers of $2000.00 a month I believe.



See the thread about Transfering Money to Mexico.


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## surfrider

The best way to send large sums of money is to wire transfer to yourself. You need to set that service up with your bank in the states before you leave. You will need information on what bank to send the transfer to here in Mexico. How it works is like this.
you set up a wire transfer with say wells fargo. you give wells fargo information from a bank here in mexico. in mexico - on line you go to your account in the states and wire money to another country. The information is already at your bank as to where to wire and the wire is done that day. Within minutes you go to the bank here in Mexico and you have a code (a bunch of numbers) that your state side bank gives you. Go to the window at the bank in mexico and give them your passport and the numbers and you get cash ----. Now there is a federal law that states you can only send so much out of the states within a months time frame. So you just send the max. each month and put it into an account here until you have enough. On housing amounts you can get that done through the escrow account and the feds will ok that.If I were you I would use two different banks in the states - just in case something happens somewhere between here and there you will have a back up account. set up wire transfer with both banks. the wire transfer costs me something like three dollars.


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## joaquinx

Needing some money for car repairs and not having it in my Mexican bank, I thought to transfer funds from my Bank of American account to my Mexican bank. I did it before, but it has been a few years. I found that I can not transfer funds greater than 1,000 usd without having a SafePass addition to my BofA account which you can get online. It seems that you enter the amount greater than 1,000 usd and BofA will send you a SMS message to your cell phone with a six digit number that you enter on the computer form to complete that transfer. But they don't support Mexican cell phone numbers! You can order a SafePass card from them for 19.95 usd and it will be sent to the address on your account. That address must be in the US for they will not permit you to transfer funds if your account address is in Mexico. Can you change your address? Of course, but they you must wait 30 days after the change to make the transfer. My solution is to transfer 999.99 usd at a time at 35 usd a transfer. I need a better bank.


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## MJB5293

joaquinx said:


> Needing some money for car repairs and not having it in my Mexican bank, I thought to transfer funds from my Bank of American account to my Mexican bank. I did it before, but it has been a few years. I found that I can not transfer funds greater than 1,000 usd without having a SafePass addition to my BofA account which you can get online. It seems that you enter the amount greater than 1,000 usd and BofA will send you a SMS message to your cell phone with a six digit number that you enter on the computer form to complete that transfer. But they don't support Mexican cell phone numbers! You can order a SafePass card from them for 19.95 usd and it will be sent to the address on your account. That address must be in the US for they will not permit you to transfer funds if your account address is in Mexico. Can you change your address? Of course, but they you must wait 30 days after the change to make the transfer. My solution is to transfer 999.99 usd at a time at 35 usd a transfer. I need a better bank.


i have a Mexican phone but i bought a go phone at walmart 11.95 ATT, ATT has a cross agreement with tel cell it comes with 25.00 of time i programed it with a US phone number 

i keep it for such things and for emergency from the states i also use skype i bought a US number and us it for my iPhone and computer so problem solved


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## joaquinx

I've got Skype also with a plan that permits free calls to the US. Of course, 800 numbers are free. That permits me to call BofA and give them the pleasure of telling me that they like my monthly direct deposits, but as for any help - forget it. Aside from calls to BofA for screwing up my account, I don't call the US. If it's an emergency, which I haven't had outside of BofA, they can email me or use WhatsApp. My solution is a better bank that doesn't stop at international borders.


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## terrybahena

joaquinx said:


> Needing some money for car repairs and not having it in my Mexican bank, I thought to transfer funds from my Bank of American account to my Mexican bank. I did it before, but it has been a few years. I found that I can not transfer funds greater than 1,000 usd without having a SafePass addition to my BofA account which you can get online. It seems that you enter the amount greater than 1,000 usd and BofA will send you a SMS message to your cell phone with a six digit number that you enter on the computer form to complete that transfer. But they don't support Mexican cell phone numbers! You can order a SafePass card from them for 19.95 usd and it will be sent to the address on your account. That address must be in the US for they will not permit you to transfer funds if your account address is in Mexico. Can you change your address? Of course, but they you must wait 30 days after the change to make the transfer. My solution is to transfer 999.99 usd at a time at 35 usd a transfer. I need a better bank.



I have Wells Fargo and I can transfer money online or by phone call, free to Santander. I believe they have relationships with other Mexican banks as well. However the daily limit to Mexico is $1500.


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## RPBHaas

International bank transfers occur every day for very large sums of money. I have received wire transfers from at least 8 different US banks to HSBC Mexico over the course of the past few years and have never had a problem. 
The US banks have varying standards and requirements for international wire transfers. For my personal account, I added my sister as a signer with the US bank as they require someone to physically enter a bank branch to sign the transfer request. Many US savings and loans or credit unions allow for a presigned transfer document. This would alleviate the issue of having someone sign the day of the transfers. 
I have never had a transfer from the US to Mexico take longer than a couple hours. The fees from the US banks range from $10 to $35. HSBC Mexico charges about $15USD for the receipt and process of the funds regardless of the amount.

To open a legal bank account with HSBC Mexico one must have a FM2/3 type visa. A passport nor a FMM immigration form is technically not accepted. In Mexico, the tellers, not the managers, generally have full authority to accept or deny "out of the norm" identifications for bank transactions.


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## surfrider

Now I may be wrong but the way that I see banks - any bank is like this;
you put your money in their bank, they do not really pay you anything to do that (oh some have a tiny bit of interest) and then they borrow against your money and use your money to make more money (they do not pay you for that usage) and when you want your money your pay them to get it. 
Does anyone see something wrong with this?


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## tresninos

I was thinking about opening a Citibank account in the US, since the have Banamex in Mexico to transfer money between Citibank accounts .This way I hope I can eliminate wire transfers.

I wont do business with BoA and HSBC


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## dongringo

Chase Manhattan at this time allows you to transfer the US national debt to Mexico, or less, if you are poor.


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## DennyDaddy

I bet if you have a Mex bank account, mine saids I have to not only have a Mex money acc, I also have to have a US dollar mex bank account....

Reason, they require a US money mex account to get them to take US money when we get to mex to exchange for mex pesos! This is cash in hand!

But, now the Mex bank will accept a US check to deposit in my Bancomer accounts. So, If I write say a large Check drawn on my Wells bank, they, the Mex bank will cash it for 9.00 bucks, and put it in my Mexican acc, and they put a hold on it till it clears!

So for a large sum to buy a car or something, a US check is fine, to deposit in the Mex bank!

Really, the Mexican banking system is not run by 3th world standards!

I just made sure when I decided on a Mex bank, they had a English dept. or I take a good english/spanish
specking Mex friend in with me.

Mexican banks will amaze you with what they will do.....to take your money.

DD


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## edgeee

surfrider said:


> Now I may be wrong but the way that I see banks - any bank is like this;
> you put your money in their bank, they do not really pay you anything to do that (oh some have a tiny bit of interest) and then they borrow against your money and use your money to make more money (they do not pay you for that usage) and when you want your money your pay them to get it.
> Does anyone see something wrong with this?


that's pretty much the way it is, all over the world.
the only way to change it is to become a banker, and by the time that happens, it's too late.
as i have said before, we have become the locusts.


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