# Banking/Moving money



## Bocoyna (Dec 26, 2012)

It is said about the Mexican Economy so close to the United States yet so far from GOD. There are many banks in the US that you can keep your money where it is FDIC insured and pull it out at the Visa M/C rate. Plus the banks will reimburse you for the ATM imposed by the Mexican Bank. I have two accounts one with money the other with little or nothing in it. When I arrive I transfer money as needed to the account that is tied into the ATM debit card. That way I appear to be a broke American Retiree.


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## Infidel_jack (Nov 23, 2012)

I use XOOM to transfer money. It caost me $5 per transaction and @ 2% on the exchange rate.
They are reliable and I do not have faith in my bank to operate efficiently. 
I probably need to change banks but I have a number of auto drafts set up and for the time being it works ok.


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## Bocoyna (Dec 26, 2012)

Jack I use State Farm Bank You can open an account at any State Farm Insurance Agency. I have never had a problem I can pay bill on line from any computer. In Mexico I have a telephone and internet. With this I use Magic Jack with an El Paso number. I do not pay any fees to get my money any where in the world. I was just in England for 40 days visiting my daughter and her family. There they do not charge ATM fees. Last time B of A and American Express charged me 3%of each transaction. This time with State Farm I paid nothing.


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## mickisue1 (Mar 10, 2012)

Now the thread that was moved because it was NOT about MX has morphed to one about MX banking.

You who are participating in that conversation may want to open a thread in the main MX forum, as this is a topic of interest to many.


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## Steven John (Jun 25, 2012)

My wife and I use Bank of America debit card at their affiliate in the Yucatan which is Santander Bank and there are NO ATM fees. We have our utility bills back in Texas on auto pay out of our BOA bank account. We can also have our annual property taxes put on autopay. 

Our US dollars are converted to the exchange rate and we receive Peso's from the ATM. Works pretty good and have had no issues. 

Steve & Gloria
Austin, Texas
hillcountrynetradio dot com


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## joaquinx (Jul 3, 2010)

This has to be the most popular topic on any Mexico oriented forum. Now it is being resurrected again. Seriously, you can do a search on past post and find a wealth on information of banking and transferring funds.


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## Longford (May 25, 2012)

Bocoyna said:


> I have two accounts one with money the other with little or nothing in it. When I arrive I transfer money as needed to the account that is tied into the ATM debit card. That way I appear to be a broke American Retiree.


And to whom is it you wish to appear as a "broke American Retiree"? The computer which handles the transaction? This doesn't make sense, to me.


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## joaquinx (Jul 3, 2010)

Longford said:


> And to whom is it you wish to appear as a "broke American Retiree"? The computer which handles the transaction? This doesn't make sense, to me.


I wondered about that myself. Bocoyna could be doing what I do. I have an account in the US and it is my main account with the bulk of my funds. I use its debit card only at ATMs to get spare cash and to fund my Mexican bank account. That debit card has a few thousand pesos in it so if it is ever stolen or compromised, I won't lose a lot of money.


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## Joycee (Jul 22, 2009)

Joaquinx
You raise a good point regarding having two accounts and using the smaller account for withdrawals in Mexico. Once when my husband and I used the ATM in Mexico, our account was compromised. I have no idea how. Thankfully since we did like you having two accounts, our main account was not affected. If can be a hassle when you have to wait for a new debit card to be issued.


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## joaquinx (Jul 3, 2010)

Joycee said:


> Joaquinx
> You raise a good point regarding having two accounts and using the smaller account for withdrawals in Mexico. Once when my husband and I used the ATM in Mexico, our account was compromised. I have no idea how. Thankfully since we did like you having two accounts, our main account was not affected. If can be a hassle when you have to wait for a new debit card to be issued.


Especially if you bank at Bank of America who likes to send out cards via the Post Office instead of DHL or FedEx.

Many posters on many forums have stated to only use ATMs at banks or supermarkets. These places have many people around the machines thus, hopefully, no one can rig the machines to capture account numbers and pins. I'm not paranoid, but I have avoided some ATMs just because I felt that they "looked" suspicious.


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## Longford (May 25, 2012)

joaquinx said:


> ... I have avoided some ATMs just because I felt that they "looked" suspicious.


Good advice. Go with your "gut." :wreath:


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## mickisue1 (Mar 10, 2012)

A friend who lives in southern CA had her card compromised using it at a gas station she'd bought gas at many times before.

Within three hours of filling up, her card had been used in the central valley and in northern CA. Apparently a new way to capture information is to use high powered telescopes set up in buildings near ATMs and gas stations--there is a three story apartment building next to the gas station she used.

Moral: always be wary when using your card. No matter where.


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## PVMikey (Apr 18, 2012)

We now live in Puerto Vallarta (and have lived here for two years). On our very first trip to PV (a "house hunting" trip), our B of A ATM card was "cloned" when we used an ATM located in a large local Pharmacy. It was then fraudulently used at several locations throughout Mexico before we could get B of A to cancel our card and issue a new one. The "cloning" was accomplished via a small recording device that had been affixed to the ATM machine in the Pharmacy. Since that time, we have been very careful to only use ATMs located in the banks here, and have had no subsequent problems.


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## joaquinx (Jul 3, 2010)

PVMikey said:


> The "cloning" was accomplished via a small recording device that had been affixed to the ATM machine in the Pharmacy. Since that time, we have been very careful to only use ATMs located in the banks here, and have had no subsequent problems.


A hard lesson to learn. I know that I've said this before, but I often repeat myself. I have a Mexican bank account with a debit card. I only use my BofA card at banks and supermarkets and use the funds as deposit for my Mexican account. I keep under 5,000 pesos in it so if it get compromised or lost, I won't lose much as compared to the BofA account. I mention supermarkets because the ATMs there are used just as much as the banks and are in public view so I feel that they are safer than those in smaller businesses or in a mall. ¡Suerte!


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## Infidel_jack (Nov 23, 2012)

joaquinx said:


> A hard lesson to learn. I know that I've said this before, but I often repeat myself. I have a Mexican bank account with a debit card. I only use my BofA card at banks and supermarkets and use the funds as deposit for my Mexican account. I keep under 5,000 pesos in it so if it get compromised or lost, I won't lose much as compared to the BofA account. I mention supermarkets because the ATMs there are used just as much as the banks and are in public view so I feel that they are safer than those in smaller businesses or in a mall. ¡Suerte!


Some of the banks here offer reasonable rates of return on savings.
The return in the US is nil. Have you useded the mex banks for savings?


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## joaquinx (Jul 3, 2010)

Infidel_jack said:


> Some of the banks here offer reasonable rates of return on savings.
> The return in the US is nil. Have you useded the mex banks for savings?


No, I admit that I'm not too smart regarding savings. My savings are in the stock market. Call me crazy!


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## masmgt (Feb 19, 2009)

I used my US card for years, but fees crept ever higher. Now I fund a Mexican bank account periodically with a US dollar check, then get cash with a debit card on that account at one of my bank's ATMs. 

FYI, a larger check rates a better exchange rate. Bancomer gave me 12.40 for $5000US v. 12.09 there for a smaller check.


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## joaquinx (Jul 3, 2010)

masmgt said:


> FYI, a larger check rates a better exchange rate. Bancomer gave me 12.40 for $5000US v. 12.09 there for a smaller check.


On the same day? If on different days, what was the posted exchange rate?


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## masmgt (Feb 19, 2009)

*Dr*



joaquinx said:


> On the same day? If on different days, what was the posted exchange rate?


My banker calls Mexico City for checks of $5,000+. The rate for lower amounts is in her computer. She told me both at the same time, and I got the higher one with my big check.


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## Infidel_jack (Nov 23, 2012)

masmgt said:


> My banker calls Mexico City for checks of $5,000+. The rate for lower amounts is in her computer. She told me both at the same time, and I got the higher one with my big check.


For some reason, Bancomer limits transfers by Xoom to a maximum of $1000 USD. (It could be a limit imposed by XOOM) but on the 23rd I got a rate of 12.44 plus a fee of $5. Since I had to use two seperate transfers it cost me $10 to move $2000 at 12.44. So I guess I actually got a rate of 12.378.


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## cscscs007 (Jan 8, 2011)

Credit Card Numbers Skimmed From Gas Pumps

This just happened very recently in the US. The extremes criminals will go to in order to steal information.

Credit Card Numbers Skimmed From Gas Pumps

Paying at the pump allowed identity thieves to fill up phony credit cards with customer's account numbers. Fact Finders discovers skimming devices had been planted inside pumps at three stations in northwest Omaha.

One customer named Tonya who asked we not use her last name said her bank notified her of a suspicious gas purchase in California for about $100. Tonya said, "We just don't know how much information they have so we are watching our credit closely" She is not alone and several reports in the same area lead investigators to look for skimming. That's when small hard drive devices are attached inside a gas pump.

Secret Service Agent in Charge of the Omaha office John Gutsmiedl told Fact Finders its likely hackers passing through the area used universal keys to open pumps and install the small devices in minutes. The hackers then come back through the area a few months later and retrieve the skimming devices then download the credit and debit card numbers used at the pump. Gutsmiedl said, 'They load the information in a decoding device then swipe blank cards and that puts your account information on those cards." Gutsmiedl said the hackers pull up to pumps at night or with vans that hide them from clerks inside gas stations and convenience stores.

Douglas County sheriff's investigators believes the skimming devices had been on pumps from September through the first week in January. Fact Finders talked to another victim who also had a California gas charge show up on her debit card account.

As in this case the skimmer aren't discovered until victims file reports of suspicious purchases and investigators check stations and then pumps.


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## naksuthin (Jan 30, 2013)

Steven John said:


> My wife and I use Bank of America debit card at their affiliate in the Yucatan which is Santander Bank and there are NO ATM fees. We have our utility bills back in Texas on auto pay out of our BOA bank account. We can also have our annual property taxes put on autopay.
> 
> Our US dollars are converted to the exchange rate and we receive Peso's from the ATM. Works pretty good and have had no issues.
> 
> ...



Sounds like a good idea. But I thought property taxes vary from year to year. Doesn't autopay just pay a specific amount over and over again?


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## rogermnc (Jan 31, 2013)

Infidel_jack said:


> For some reason, Bancomer limits transfers by Xoom to a maximum of $1000 USD. (It could be a limit imposed by XOOM) but on the 23rd I got a rate of 12.44 plus a fee of $5. Since I had to use two seperate transfers it cost me $10 to move $2000 at 12.44. So I guess I actually got a rate of 12.378.


I get XOOM transfers in Electra (Banco Azteca) with my passport and they are over 1500 USD.


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## mickisue1 (Mar 10, 2012)

naksuthin said:


> Sounds like a good idea. But I thought property taxes vary from year to year. Doesn't autopay just pay a specific amount over and over again?


If that's how you set them up. But most autopay plans give the option of paying a set amount, the minimum amount OR the entire amount owed at any given time.


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