# Cashing a US check in Mexico



## conorkilleen

So, I just signed the lease on my house in Monterrey!!! So excited!

One drawback right now- My company wired the money for first and last months deposit into the owners "power of attorney" bank account because she(dueno) is a minor and still does not have a bank account until next September. Sounds weird but the girls(dueno) mother died last year and left everything to her even though she is a minor. They requested today that after this point they want the rent paid in cash. No problem I guess.

I have a few options but wanted to know if its possible to cash an american check here in Mexico, Monterrey specifically.

I can take the money out of a mac machine over 3 days or so, but wanted to see if anyone has done this before. If yes, where?


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## RVGRINGO

To cash a check from your US account (no third party), you may be able to register with a 'casa de cambio' with your passport and visa; some will accommodate you. Otherwise, you would need to open an account at a bank or investment house. Frankly, it is simpler to get your cash from an ATM machine. You can ask your home bank to raise your daily limit to lessen the number of trips needed. The machines are everywhere.


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## mexliving

because of the situation, make sure you get a receipt for the cash payment.......


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## ReefHound

Just curious, does anyone know if a minor can even legally enter into a contract in Mexico?


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## sparks

Open an account with the local 'Intercam' office and they charge $8 to cash a check. Saves a lot of ATM fees


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## sunnyvmx

Wouldn't it be better to have the check automatically deposited into a bank in the States rather than the stress of receiving it in Mexico each month?


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## RVGRINGO

Why make it more complicated? Eight dollars to cash a check??? Even eight pesos???
The best exchange rates is from an ATM and there are bank relationships that do not charge fees, or refund the ATM commissions.


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## sparks

Well the Mexican bank charges you 28 pesos and my bank charges 1% with an ATM. I save about $25 dollars with Intercam when I need $2000us. Some US banks even have an International fee


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## sparks

sunnyvmx said:


> Wouldn't it be better to have the check automatically deposited into a bank in the States rather than the stress of receiving it in Mexico each month?


I think they are renting in Mexico with a Mexican landlord


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## joaquinx

Receiving a monthly check from the US via Mexican Post is not the most reliable method of getting cash. I receive mail from the US and it's at least three weeks late. Some mail doesn't matter if it is late by a week or two, but a check to pay rent must arrive on time. The suggestion to have the check directly deposited in a US bank and then withdrawing the money via ATM is the best method. Choose an US bank that when you withdraw funds from a Mexican bank's ATM, there are no charges. An example would be Bank of America in the US and Scotia in Mexico. There are others, I believe.


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## RVGRINGO

If you are eligible, USAA refunds all ATM charges and commissions up to ten times per month. There is no escaping the international 1% fee charged, not by the bank, but by the credit card/debit card company; like VISA or MASTERCARD, for example.


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## conorkilleen

sunnyvmx said:


> Wouldn't it be better to have the check automatically deposited into a bank in the States rather than the stress of receiving it in Mexico each month?


My company is paying me direct deposit in US dollars into my US bank account. I am considering not having a mexican checking account. That is why I asked if I can just write a check from my US account, cash it, then hand the landlord the cash. The first option is taking the cash out of the ATM.

I will definitely get a receipt for the cash transaction.

As for the minor in the legal contract, it is not her name on the contract, rather her aunt and the person that has the power of attorney. She cannot legally be on the contract until she turns 18. Very similar to the US.


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## grm

conorkilleen said:


> My company is paying me direct deposit in US dollars into my US bank account. I am considering not having a mexican checking account. That is why I asked if I can just write a check from my US account, cash it, then hand the landlord the cash. The first option is taking the cash out of the ATM.
> 
> I will definitely get a receipt for the cash transaction.
> 
> As for the minor in the legal contract, it is not her name on the contract, rather her aunt and the person that has the power of attorney. She cannot legally be on the contract until she turns 18. Very similar to the US.


You might want to check with your company they might do DP to a Mexican bank, I know Social Security will.


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## RVGRINGO

The vast majority of expats live in Mexico with no need for a Mexican bank, certainly no need for checks, which aren't used much at all. Keep your US bank account, online services and have a debit card for ATM cash. You might keep an account at a Mexican investment house, allowing for easier access, no lines, wire transfers and check cashing, if you receive checks from the USA, etc.


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## kcowan

We found a Mexican bank account to be convenient to get Discounts for Cash when purchasing household furniture from retailers. By giving them the exact discounted amount in Pesos, we have saved a bunch of money. 

Plus we found the exchange rate offered by Bancomer (12x) to beat just about any other mechanism for converting dollars.


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## joaquinx

> We found a Mexican bank account to be convenient to get Discounts for Cash when purchasing household furniture from retailers. By giving them the exact discounted amount in Pesos, we have saved a bunch of money.
> 
> Plus we found the exchange rate offered by Bancomer (12x) to beat just about any other mechanism for converting dollars.


kcowan, I found this post confusing. Are you getting a discount because you have a Mexican bank account and can use a debit card to pay thus getting the discount or because you have ready access to pesos, you can pay in pesos in order to get the discount?

Exchange rates at ATM's are set by the cardholders bank (Bank of America for me), unless you are exchange actual dollars for pesos at the window.


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## kcowan

joaquinx said:


> kcowan, I found this post confusing. Are you getting a discount because you have a Mexican bank account and can use a debit card to pay thus getting the discount or because you have ready access to pesos, you can pay in pesos in order to get the discount?
> 
> Exchange rates at ATM's are set by the cardholders bank (Bank of America for me), unless you are exchange actual dollars for pesos at the window.


I have an account NOTB but could not pay in cash without withdrawing pesos. For large amounts, it was much easier to write a check on my MP account. And the retailers consider a local check to be the same as cash. The discounts ranged from 10% to 15% off list.

And the exchange rates are very good (12.02 this morning).


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## joaquinx

kcowan said:


> And the retailers consider a local check to be the same as cash. The discounts ranged from 10% to 15% off list.


Not a bad discount. You do realize that floating a bad check does not mean that the store calls you up and asks you to make it right. Rather, they call the police who come and arrest you.

Every time I make a large purchase, I ask for a discount no matter the type of payment. I often get it.


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