# Capital Controls' affects on Expats in Mexico



## TigerFox (Aug 16, 2013)

I received information today that Chase is limiting financial activity to $50,000 per statement cycle and will allow NO MORE international transfers.

Also, HSBC now demands that you wait 5 days to transfer your own money to your own international account.

Folks, this is very, very bad. Capital Controls will only get worse. I don't know how expats, especially those who have businesses, will manage all of this. It seems that having one's money in the US is quite dangerous, as the day will come when you won't be allowed to take any of it out of the country.


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## The Largisimo (Mar 30, 2009)

Google "Chase Capital Controls" and you will get news reports better explaining the information you are posting,


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## joaquinx (Jul 3, 2010)

It appears that the scarier bloggers are the ones reporting this. Shouldn't we wait for more reliable sources to chime in?


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## chicois8 (Aug 8, 2009)

The chase is for business accounts only:

» UPDATED: Chase Bank Limits Cash Withdrawals, Bans International Wire Transfers Alex Jones' Infowars: There's a war on for your mind!


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## ElPaso2012 (Dec 16, 2012)

joaquinx said:


> It appears that the scarier bloggers are the ones reporting this. Shouldn't we wait for more reliable sources to chime in?


Something like this Forbes article maybe?


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## joaquinx (Jul 3, 2010)

ElPaso2012 said:


> Something like this Forbes article maybe?


That'll work. It is quite different than the OP's posting or the other bloggers. I did the search at mentioned above and couldn't fine Forbes in the list, nor could I find Reuters or Bloomberg. You'll have to agree that the Forbes article ices the scarier blogs.


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## ElPaso2012 (Dec 16, 2012)

joaquinx said:


> That'll work. It is quite different than the OP's posting or the other bloggers. I did the search at mentioned above and couldn't fine Forbes in the list, nor could I find Reuters or Bloomberg. You'll have to agree that the Forbes article ices the scarier blogs.


Perhaps, but it does mark the ending of a service that had previously been available to smaller businesses who don't want to pay for a more premium level account at Chase -- and for really vague reasons, I might add. As such, it could be viewed as a sign of more restrictions on outgoing transfers from the US being in the works, as the OP fears. Only time will tell, many of the sites you might consider as "conspiratorial" these days are asking some darn good questions people should be thinking about if they value their freedoms.


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## joaquinx (Jul 3, 2010)

Or they could be ridding themselves of 'loser' accounts.


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## ElPaso2012 (Dec 16, 2012)

joaquinx said:


> Or they could be ridding themselves of 'loser' accounts.


Believe what you wish, and I'll do the same.


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## Hound Dog (Jan 18, 2009)

_


TigerFox said:



I received information today that Chase is limiting financial activity to $50,000 per statement cycle and will allow NO MORE international transfers.

Also, HSBC now demands that you wait 5 days to transfer your own money to your own international account.

Folks, this is very, very bad. Capital Controls will only get worse. I don't know how expats, especially those who have businesses, will manage all of this. It seems that having one's money in the US is quite dangerous, as the day will come when you won't be allowed to take any of it out of the country.

Click to expand...

_This story makes no sense. The notion that Chase, HSBC or any other major bank is limiting financial activity (whatever that means) to $50,000USD per statement cycle and allowing no more international transfers is an absurdity whether the account is personal or for business purposes. The idea that there will come a time when you cannot transfer your money out of the U.S. is even more ridiculous. I know someone may be pulling our legs but this sort of nonsense is not amusing. Please, readers, pay no attention to this nonsense. 

Something is going on here that does not meet the eye. Maybe I am foolish to even respond but I´m afraid some out there may actually believe this. I m not criticizing the OP, but this is a modern day recounting of _Alice Down The Rabbit Hole_. 

Maybe joaquinx is right and the banks are sloughing off marginal accounts. When I last visited Bancomer at Lake Chapala where I have had accounts since 2001, the account officer I was meeting with informed me that the Preferred Customer Units were closing because the Preferred Customer marketing gimmick, a dumb idea from the start probably thought up by some team of recent university graduates in a management training program, had been a failure as I had thought it would be since its inception.


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## ElPaso2012 (Dec 16, 2012)

Hound Dog said:


> This story makes no sense. The notion that Chase, HSBC or any other major bank is limiting financial activity (whatever that means) to $50,000USD per statement cycle and allowing no more international transfers is an absurdity whether the account is personal or for business purposes. The idea that there will come a time when you cannot transfer your money out of the U.S. is even more ridiculous. I know someone may be pulling our legs but this sort of nonsense is not amusing. Please, readers, pay no attention to this nonsense.
> 
> Something is going on here that does not meet the eye. Maybe I am foolish to even respond but I´m afraid some out there may actually believe this. I m not criticizing the OP, but this is a modern day recounting of _Alice Down The Rabbit Hole_.
> 
> Maybe joaquinx is right and the banks are sloughing off marginal accounts. When I last visited Bancomer at Lake Chapala where I have had accounts since 2001, the account officer I was meeting with informed me that the Preferred Customer Units were closing because the Preferred Customer marketing gimmick, a dumb idea from the start probably thought up by some team of recent university graduates in a management training program, had been a failure as I had thought it would be since its inception.


Just two years ago many would have argued that it was unthinkable that the US government was capturing every single thing you did on the web and storing it for future use, not to mention recording the metadata for every phone call you make, every purchase you make using a debit or credit card -- just should they ever need to use it. Looking at the banking industry in general, the people in Cyprus recently had 40% of their cash seized from their private accounts right in front of their eyes in order to assist in paying off international loans. Why should we believe something similar could not happen here? I'm sure many Chase customers feel it's their cash, and they should be able to do with it as they wish, and your premise that the bank is trying to relieve itself of less than desirable accounts is just 100% speculation. 

I'm having a little trouble here understanding if you even believe the notices are real or fictional.


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## ElPaso2012 (Dec 16, 2012)

Here's the story from CBS News about the bank seizures.


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## TigerFox (Aug 16, 2013)

Hound Dog said:


> This story makes no sense. The notion that Chase, HSBC or any other major bank is limiting financial activity (whatever that means) to $50,000USD per statement cycle and allowing no more international transfers is an absurdity whether the account is personal or for business purposes. The idea that there will come a time when you cannot transfer your money out of the U.S. is even more ridiculous. I know someone may be pulling our legs but this sort of nonsense is not amusing. Please, readers, pay no attention to this nonsense.
> 
> Something is going on here that does not meet the eye. Maybe I am foolish to even respond but I´m afraid some out there may actually believe this. I m not criticizing the OP, but this is a modern day recounting of _Alice Down The Rabbit Hole_.
> 
> Maybe joaquinx is right and the banks are sloughing off marginal accounts. When I last visited Bancomer at Lake Chapala where I have had accounts since 2001, the account officer I was meeting with informed me that the Preferred Customer Units were closing because the Preferred Customer marketing gimmick, a dumb idea from the start probably thought up by some team of recent university graduates in a management training program, had been a failure as I had thought it would be since its inception.


A lot of things make no sense, specifically, a lot of policies. The US has implemented many regulations that are insane, bad for business, bad for individuals and bad for the whole country. However, that doesn't stop them for implementing even more. Of course, you probably already know that banks now have to make monthly reports on transactions over a certain amount. I believe they are called "suspicious activity". I think the amounts are even fairly small. I think it is $5,000. 

The idea that one day we won't be allowed to send out money of the country may be ridiculous and even outrageous, but not unrealistic. I am sure that citizens who owned gold at one time also never thought it would be illegal, but gold was confiscated and became illegal to hold. It is legal again, for now.....The idea that we could not leave with our own money also would have been unheard of a long time ago, and yet, now you have to declare over $10,000 and they even have to explain where you got it even though no evidence of wrong doing exists. People's funds have been confiscated at the airports without cause. No one would have believed any of this back when we actually had freedom. Just saying.....

We have been conditioned to accept these things. Personally, I liked the concept of privacy, innocent until proven guilty, probably cause being required. There was also a time when police departments didn't count on confiscations for to be included as part of their budgets You know the usual constitutional rights.....from the good old days. 

As someone wrote earlier, believe as you wish.


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## citlali (Mar 4, 2013)

Nice to see paranoia is alive and well amongst some citizens...Become a Mexican citizen renounce your US c buy gold and bring it down here itizenship and I am sure everything will be rosy.


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## Longford (May 25, 2012)

ElPaso2012 said:


> Only time will tell, many of the sites you might consider as "conspiratorial" these days are asking some darn good questions people should be thinking about if they value their freedoms.


Hogwash. Those types of blogs peddle lies with the intent of creating fear ... and they, generally, oppose the form of government Americans have chosen over the years. Don't think moving to Mexico will get you a better banking or form of government.


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## Isla Verde (Oct 19, 2011)

Longford said:


> Don't think moving to Mexico will get you a better banking or form of government.


Ain't that the truth!


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## citlali (Mar 4, 2013)

Isla Verde said:


> Ain't that the truth!




That is for sure and same for a lot of other countries...

With all their warts the banking system in the US and the banks beat a lot of other systems.


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## ElPaso2012 (Dec 16, 2012)

Longford said:


> Hogwash. Those types of blogs peddle lies with the intent of creating fear ... and they, generally, oppose the form of government Americans have chosen over the years. Don't think moving to Mexico will get you a better banking or form of government.


I never said I thought that... sheesh, you people can be just downright mean when you get it in for someone, can't you?


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## ElPaso2012 (Dec 16, 2012)

Longford said:


> Hogwash. Those types of blogs peddle lies with the intent of creating fear ... and they, generally, oppose the form of government Americans have chosen over the years. Don't think moving to Mexico will get you a better banking or form of government.


Also, Longford, none of the things I've mentioned in this thread are lies. They are facts, and all from mainstream media sources. If I'm wrong about that, please do point out specifically which things. Of course, facts don't have much meaning for some people when they feel their normalcy bias is being challenged, which was of course the purpose of TigerFox's post. There are unsettling developments afoot in the US, whether you choose to acknowledge them or not, things which could very well affect people living abroad on SS.


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## TigerFox (Aug 16, 2013)

ElPaso2012 said:


> Also, Longford, none of the things I've mentioned in this thread are lies. They are facts, and all from mainstream media sources. Of course, facts don't have much meaning for some people when they feel their normalcy bias is being challenged, which was of course the purpose of TigerFox's post.


Well said. I have never understood why people get angry at receiving this type of information. All of these types of actions have been taken by other governments in the past, and history shows where they lead, and history does repeat itself. 

I posted this as informational, as I THOUGHT people would want to know as it is difficult to keep up with everything that is happening in our world.

Also, no one said anything about moving to Mexico because the government is better.


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## Hound Dog (Jan 18, 2009)

_


ElPaso2012 said:



Perhaps, but it does mark the ending of a service that had previously been available to smaller businesses who don't want to pay for a more premium level account at Chase -- and for really vague reasons, I might add....

Click to expand...

_


ElPaso2012 said:


> Well,mi amigo ElPaso, vagueness is a primary tool in the banker´s toolbox as I can assure you after 35 years as a banker, many of those years devoted to building a portfolio of commercial loans and resulting demand deposit accounts among what we called in those days (1966 to 2001), small businesses which in the lexicon of the types of banks for whom I worked, meant businesses, whether corporately or individually held, with sales/revenues between $5,000,000 and, say, $500,000,000 USD. I also dealt with a wealthy private banking clientele of professionals from investors to attorneys to real estate developers and, you name it. If I ever decided to tell you how these entrepreneurs and wealthy investors game the systems in the U.S. and all over the world to avoid taxes or the other governmental restrictions making life miserable for us middle class folks living here as expatriates in Mexico, you would, if you are like most of us, be appalled but there is nothing you can do about it because _*they own the store *_and most of us are the equivalent of a WalMart greeter in comparison.
> 
> When I first entered banking as a career in the 1960s, banks had no idea what was a profitable or unprofitable clientele relationship and that is because just being a bank or other financial istitution in those days was so immensely profitable if prudently managed, you could not help but make money even if you were as stupid as Bullwinkle J. Moose. Therefore, they could afford to carry numerous unprofitable accounts ( a strictly imposed governmental regulatory requirement in the U.S. that they serve everyone in their market area if they wanted to keep their banking licenses) that they viewed, or posed to view, in a self-serving manner as "community service". It was all what the Mexicans call "pantalla" or what we Alabamians call "bullsh*t".
> 
> ...


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## ElPaso2012 (Dec 16, 2012)

Hound Dog said:


> _
> 
> 
> ElPaso2012 said:
> ...


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## TigerFox (Aug 16, 2013)

citlali said:


> Nice to see paranoia is alive and well amongst some citizens...Become a Mexican citizen renounce your US c buy gold and bring it down here itizenship and I am sure everything will be rosy.


I am sure some said the same thing about the jews in Nazy Germany.


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## chicois8 (Aug 8, 2009)

In my limited business with financial institutions I think of banks, bankers and ex-bankers akin to used car salesmen, not to be trusted.......


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## Isla Verde (Oct 19, 2011)

chicois8 said:


> In my limited business with financial institutions I think of banks, bankers and ex-bankers akin to used car salesmen, not to be trusted.......


With our e-buddy Hound Dog being the exception, ¿verdad?


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## TigerFox (Aug 16, 2013)

joaquinx said:


> It appears that the scarier bloggers are the ones reporting this. Shouldn't we wait for more reliable sources to chime in?


What exactly is a "scarier blogger"?


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## joaquinx (Jul 3, 2010)

TigerFox said:


> What exactly is a "scarier blogger"?


Bloggers writing to get jobs on Fox News. Boo!


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## TigerFox (Aug 16, 2013)

joaquinx said:


> Bloggers writing to get jobs on Fox News. Boo!


What a pity you have no tolerance for those who don't agree with you and feel the need to berate those whose posts you do not like, whether or not what is posted is in fact correct and verifiable. 

Your last remarks were downright nasty, unnecessary, and that last little "boo" at the end really reveals much about your level of maturity. 

Interesting to see that if you don't like what is written, that person is spreading fear. I did not know that only good news was allowed here.

I foolishly thought the purpose of the forum was to share information (with other adults), whether it be pleasant or not. My mistake.


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## joaquinx (Jul 3, 2010)

TigerFox said:


> What a pity you have no tolerance for those who don't agree with you and feel the need to berate those whose posts you do not like, whether or not what is posted is in fact correct and verifiable.
> 
> Your last remarks were downright nasty, unnecessary, and that last little "boo" at the end really reveals much about your level of maturity.
> 
> ...


I didn't realize that you would take this personal as it wasn't meant to be.


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## ElPaso2012 (Dec 16, 2012)

joaquinx said:


> I didn't realize that you would take this personal as it wasn't meant to be.


Your remark about Fox News was a snub to anything that remotely smacks of conservative ideas, of which TigerFox has expressed several, so no wonder she took it a little personally. Those of you who insist on these little drive-by cheap shots at anything except what you consider to be the correct liberal view of US politics should expect a little blow back from those who disagree with you. You can put on a little pair of angel wings now and say it wasn't intended to offend, and I agree. It was not intended to offend. It was intended to smugly condescend. And now you can't even admit it...


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## joaquinx (Jul 3, 2010)

I had no idea that tigerfox was politically so aligned. However if she was so offended, so be it. My skin is a bit thicker.

Sent from my Motorola Razr using Expat Forum


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## ElPaso2012 (Dec 16, 2012)

joaquinx said:


> I had no idea that tigerfox was politically so aligned. However if she was so offended, so be it. My skin is a bit thicker.
> 
> Sent from my Motorola Razr using Expat Forum


So is mine, but the OP didn't feel like sitting here silently pretending you were making nice. I don't believe I unfairly characterized your post, and if you're going to get political some people are going to get political with you, whether you were aware of their views or not. 

Frankly, I think US political orientation is irrelevant to this forum and that as a common courtesy we should avoid getting into long tussles over irreconcilable differences that very, very quickly soon have absolutely nothing to do with the topic of discussion. 

But that's just one person's opinion. It can go either way as far as I'm concerned.


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## Longford (May 25, 2012)

The b.s. being tossed about in this discussion probably belongs on the chat forum, not this one.


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## ElPaso2012 (Dec 16, 2012)

Longford said:


> The b.s. being tossed about in this discussion probably belongs on the chat forum, not this one.


Like so many other threads around here...


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## chicois8 (Aug 8, 2009)

This could be renamed the hijacked express........


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