# Banking in Mexico



## skip8622 (Jul 16, 2016)

I've been looking through the banking threads regarding banking in Mexico. Sounds like no one really likes it.
How do you get your money from your home country to Mexico?
Are there any Mexican banks that have a branch somewhere in the USA? 
For example, I currently live in Thailand. I have two accounts with Bangkok Bank: one in New York City and one here in Thailand. I deposit money to the New York branch, which then transfers it to my account here in Thailand. All online too. It was a pain to set up but now it's a breeze to access money. Anything similar to that available in Mexico?


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## joaquinx (Jul 3, 2010)

Expats generally get their money from US banks via ATM card or transfers. I use xoom.com, but there are other transfer services. Banamex is associated with Citi, HSBC and Santander have branches in the US, but don't expect much cooperation between countries. Best to ask.


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## skip8622 (Jul 16, 2016)

I was paying almost 3% in International Transaction Fees in Thailand until I found a better way. Is that more or less the same as happens at Mexico ATM's?
The better way I found was to open a savings account with Bangkok Bank in Thailand, then open an account with the New York City branch of Bangkok Bank, then link them. Tedious but effective, and now I'm paying 0.5% in fees. And I also get a better exchange rate than using an ATM.
I'll have to check with my bank to determine what affiliations they may have with banks in Mexico.
What is xoom.com?


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## joaquinx (Jul 3, 2010)

skip8622 said:


> I was paying almost 3% in International Transaction Fees in Thailand until I found a better way. Is that more or less the same as happens at Mexico ATM's?
> The better way I found was to open a savings account with Bangkok Bank in Thailand, then open an account with the New York City branch of Bangkok Bank, then link them. Tedious but effective, and now I'm paying 0.5% in fees. And I also get a better exchange rate than using an ATM.
> I'll have to check with my bank to determine what affiliations they may have with banks in Mexico.
> What is xoom.com?


The 3% International Transaction Fee is universal. Many expats have Schweb or CapitalOne accounts and those accounts have now fees. I don't have any information on their exchange rates unless they are using Visa and MasterCard services. Xoom.com is a transfer service that offers exchange rates plus fees that are bit lower than the average debit card.


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## chicois8 (Aug 8, 2009)

joaquinx said:


> Many expats have Schweb or CapitalOne accounts and those accounts have now fees.



Schwab ( correct spelling ) and Capital One have re-embursted fees that shows up on your monthly statement...Both have very good exchange rates but the best is my Citi Bank Gold Account, when using the banking card at a Banamex ( they own Banamex ) ATM there are no fees and the exchange rate is the official rate of the day from Banco de Mexico..........


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## Isla Verde (Oct 19, 2011)

chicois8 said:


> . . . the best is my Citi Bank Gold Account, when using the banking card at a Banamex ( they own Banamex ) ATM there are no fees and the exchange rate is the official rate of the day from Banco de Mexico..........


How does one qualify for a Citi Bank Gold Account?


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## TundraGreen (Jul 15, 2010)

Isla Verde said:


> How does one qualify for a Citi Bank Gold Account?


There is a minimum balance requirement.


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## Isla Verde (Oct 19, 2011)

TundraGreen said:


> There is a minimum balance requirement.


As I had suspected . . .


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## Anonimo (Apr 8, 2012)

Banorte (Mexico) has a "child" bank in the U.S., International Bank. It's headquartered in McAllen, TX.

If you go in person to an INB branch, it's possible to open a checking account. Those checks can be written and deposited in a Banorte account, without commission. Of course, there are details. Always details.


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## skip8622 (Jul 16, 2016)

Isla Verde said:


> How does one qualify for a Citi Bank Gold Account?


I was going to ask the same thing. 

For what it's worth - one thing I have learned about bank accounts is never apply for one on the phone unless you are calling from your home phone in the USA. They know where the call is originating from by the caller ID technology. Calling from outside the USA raises red flags - I suppose about whether it's legitimate, or is it about drugs, money laundering, terrorism.... of course no one thinks about the poor lil' ol' retiree who can't afford to live in his own country. :heh::heh:


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## skip8622 (Jul 16, 2016)

Anonimo said:


> Banorte (Mexico) has a "child" bank in the U.S., International Bank. It's headquartered in McAllen, TX.
> 
> If you go in person to an INB branch, it's possible to open a checking account. Those checks can be written and deposited in a Banorte account, without commission. Of course, there are details. Always details.


Yep - the devil is always in the details.

Can deposits be made electronically? Have you been able to transfer money between banks. Hmmm... confusing question.

What I do now is have my retirement check deposited to my bank in the USA. From that bank I transfer funds to Bangkok Bank. Is that possible with Banorte?


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## chicois8 (Aug 8, 2009)

Isla Verde said:


> How does one qualify for a Citi Bank Gold Account?



Put lots of money in the bank.....


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## Isla Verde (Oct 19, 2011)

chicois8 said:


> Put lots of money in the bank.....


No big surprise there. Of course, not all of us have lots of money, which is one reason why we've chosen to live in Mexico!


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## chicois8 (Aug 8, 2009)

Some of us who may have more money than they can use live in Mexico because they love the country and the people, and can give away some of their money to those who can really use it...


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## Isla Verde (Oct 19, 2011)

chicois8 said:


> Some of us who may have more money than they can use live in Mexico because they love the country and the people, and can give away some of their money to those who can really use it...


I have chosen to live in Mexico partly because my modest retirement goes much further here than it would if I were still living in the States. And partly because I love the people, the culture and the usually benign weather. Though not rolling in excess pesos, I leave nice tips at restaurants and help out street musicians with a few coins when I can.


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