# depositing checks?



## Monty Floyd

I have been researching ways to eliminate ATM fees. They are not much, I know, but on my budget, every little bit helps.
My first plan was to open an account in banks that have common ownership. For example; Bancomer/Compass are both owned by BBVA. I talked to a Compass bank in Texas and they did indeed confirm that if I had my pension direct deposited in their bank, I could use Bancomer's ATMs without incurring a fee. Problem is that I need a US address to open an account with them and it's the same with every other bank that I've checked with.
So, plan #2 was to open an account here and deposit a personal check from my bank in Texas. Even if it takes a month to clear, is more acceptable than paying ATM fees.
Today, I went Bancomer to open an account and was told that they do not accept checks from US banks for deposit.
Is this true? I could have sworn that I have read here or elsewhere, that this is done regularly. Anybody have experience with this?


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## pappabee

According to the BBVA expat center here in San Antonio T, they will not accept US checks to open an account but once opened you can write a check on your US bank and deposit it to your BBVA Mexican account. There are a few drawbacks though. First the check must be deposited before 3.00 here (that's when the exchange closes so that they can know what the exact exchange rate is for that check) and the other is that it will take 5 business days for that check to clear. (that does not include Saturday). If you want to use BBVA check with Phoebe Custer at the Interlago Plaza office.


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## tepetapan

We have deposited checks (only a couple) from a Canadian bank in Bancomer and waited 2 to 3 weeks for the money to show up in our account. Did you try and open an account with a check?


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## Monty Floyd

Thank you for the replies. I failed to mention in my original post that I offered cash to open the account but only on the condition that I could deposit my personal checks drawn on an American bank, in the future.
Perhaps she did not understand, I was using an interpreter so that means it's twice as likely that there may have been some confusion. I will try Bancomer again at another time and if they still say no, I'll try a different bank.


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## maesonna

“Is this true?” you asked. Sometimes, sometimes not, according to my experience. I had a cheque from a client in the US to deposit in my Bancomer account. They said they couldn't accept it (this was last year, just after the regulations designed to curb money laundering had gotten much stricter).

They said to try a Casa de Cambio. I asked at several casas de cambio and they said, no casa de cambio will accept a US cheque, try your bank.

I was ready to send the cheque back and ask them to wire me the money instead, but a couple weeks later, before I had got around to doing so, I mentioned it at my bank again, and the teller (who remembered me from before) said, bring the cheque in, we can deposit it. And they did, and it was credited to my account.

So in my case, a ”no” turned into a “yes.” But by the same token, I wouldn’t trust a “yes” either, because it could later turn into a ”no,” or the rules could change again.


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## sparks

If you want to cash checks in Mexico ... open an Intercam account. Every check costs $8us no matter the amount. Getting $2000 a month from Intercam (with a check) cost $8 .... while 4 withdrawals of $500 from an ATM cost me $32+/-


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## sparks

maesonna said:


> I was ready to send the cheque back and ask them to wire me the money instead


Bank to bank transfer can cost as much as $45us on each end


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## TundraGreen

When I bought a house, I had a mutual fund company in the US electronically transfer the money to a Banamex account. There were no fees on either end. However, the mutual fund company required a signature guarantee form. In the US, you can get your bank to guarantee your signature for free. However, Banamex wouldn't sign the form because it was not in Spanish. I had to take it to the US Consul and pay $30 or $40 dollars for them to guarantee my signature. Then I had to Fedex the signature form back the mutual fund company for another $30 or $40 us. So the process wasn't cheap.


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## maesonna

sparks said:


> Bank to bank transfer can cost as much as $45us on each end


Yes, I know, to my sorrow. But if the alternative was not getting paid at all, I was prepared to swallow it. I was very happy when my bank mysteriously changed their answer to me.


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## Monty Floyd

maesonna said:


> “Is this true?” you asked. Sometimes, sometimes not, according to my experience. I had a cheque from a client in the US to deposit in my Bancomer account. They said they couldn't accept it (this was last year, just after the regulations designed to curb money laundering had gotten much stricter).
> 
> They said to try a Casa de Cambio. I asked at several casas de cambio and they said, no casa de cambio will accept a US cheque, try your bank.
> 
> I was ready to send the cheque back and ask them to wire me the money instead, but a couple weeks later, before I had got around to doing so, I mentioned it at my bank again, and the teller (who remembered me from before) said, bring the cheque in, we can deposit it. And they did, and it was credited to my account.
> 
> So in my case, a ”no” turned into a “yes.” But by the same token, I wouldn’t trust a “yes” either, because it could later turn into a ”no,” or the rules could change again.


I believe you are talking about a two-party check... no at all what I am asking about


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## Monty Floyd

sparks said:


> If you want to cash checks in Mexico ... open an Intercam account. Every check costs $8us no matter the amount. Getting $2000 a month from Intercam (with a check) cost $8 .... while 4 withdrawals of $500 from an ATM cost me $32+/-


again, not what I am asking about, I am NOT trying to cash a check


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## Monty Floyd

sparks said:


> Bank to bank transfer can cost as much as $45us on each end



well that would hardly be worth it since I am trying to eliminate the ATM fees


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## Monty Floyd

TundraGreen said:


> When I bought a house, I had a mutual fund company in the US electronically transfer the money to a Banamex account. There were no fees on either end. However, the mutual fund company required a signature guarantee form. In the US, you can get your bank to guarantee your signature for free. However, Banamex wouldn't sign the form because it was not in Spanish. I had to take it to the US Consul and pay $30 or $40 dollars for them to guarantee my signature. Then I had to Fedex the signature form back the mutual fund company for another $30 or $40 us. So the process wasn't cheap.



I give up...


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## Guest

Monty Floyd said:


> I have been researching ways to eliminate ATM fees. They are not much, I know, but on my budget, every little bit helps.
> My first plan was to open an account in banks that have common ownership. For example; Bancomer/Compass are both owned by BBVA. I talked to a Compass bank in Texas and they did indeed confirm that if I had my pension direct deposited in their bank, I could use Bancomer's ATMs without incurring a fee. Problem is that I need a US address to open an account with them and it's the same with every other bank that I've checked with.
> So, plan #2 was to open an account here and deposit a personal check from my bank in Texas. Even if it takes a month to clear, is more acceptable than paying ATM fees.
> Today, I went Bancomer to open an account and was told that they do not accept checks from US banks for deposit.
> Is this true? I could have sworn that I have read here or elsewhere, that this is done regularly. Anybody have experience with this?


If all that you need to open the US account is a US address, then get an account with a MX mail forwarder, who will then GIVE you a US address for your mail to be sent to. You can then use your ATM card with the MX bank, and the problem is solved. (and seiously, you don't have any family members or friends whose address you can use for this purpose? )

The only caveat is that if you are on a fixed income, then guard this US address jealously so that you aren't bombarded with junk mail being sent to that US address, for which you will then pay to receive in MX at th mail forwarder here. Also, sign up for online delivery of the Us bank statements and opt out of the paper deliveries from that bank.

Will that work for you?


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## Monty Floyd

GringoCArlos said:


> If all that you need to open the US account is a US address, then get an account with a MX mail forwarder, who will then GIVE you a US address for your mail to be sent to. You can then use your ATM card with the MX bank, and the problem is solved. (and seiously, you don't have any family members or friends whose address you can use for this purpose? )
> 
> The only caveat is that if you are on a fixed income, then guard this US address jealously so that you aren't bombarded with junk mail being sent to that US address, for which you will then pay to receive in MX at th mail forwarder here. Also, sign up for online delivery of the Us bank statements and opt out of the paper deliveries from that bank.
> 
> Will that work for you?


only if it's cheaper than ATM fees which I doubt that it is


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## Guest

Monty Floyd said:


> only if it's cheaper than ATM fees which I doubt that it is


To ask again, don't you have any family or friends in the US who will let you use their address simply to open the US bank account so that you can get fee-free withdrawals here in MX at their related bank? 

(your quote from your original post: "My first plan was to open an account in banks that have common ownership. For example; Bancomer/Compass are both owned by BBVA. I talked to a Compass bank in Texas and they did indeed confirm that if I had my pension direct deposited in their bank, I could use Bancomer's ATMs without incurring a fee. Problem is that I need a US address to open an account with them and it's the same with every other bank that I've checked with." )

What am I not understanding, Monty? What difference does the US address make, if it is just for the bank to fill in the little boxes on their computer when you open the account so that your pension money goes there electronically, and then you pull it out down here without getting gouged for fees? 

The bank probably just needs to verify your citizenship for the IRS and any tax questions. No mail will ever go to the address you provide to the bank as long as you request online statements when you open the account.

*When asked for I.D. to open the account - show them your US passport*, and just tell the bank you are temporarily at the US address as a boarder or as a family member, all of the utilities are in their names, you don't drive so no local license, etc and that's it, isn't it? What am I missing?


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## Monty Floyd

To ask again, don't you have any family or friends in the US who will let you use their address simply to open the US bank account so that you can get fee-free withdrawals here in MX at their related bank? 

no


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## nmhuni

*Bannorte will not accept a US check either*

Banorte will not accept a US check either


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## rosfreed

What is Intercam? A Bank? I have the same problem.


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## TundraGreen

GringoCArlos said:


> ...
> What am I not understanding, Monty? What difference does the US address make, if it is just for the bank to fill in the little boxes on their computer when you open the account so that your pension money goes there electronically, and then you pull it out down here without getting gouged for fees?
> 
> The bank probably just needs to verify your citizenship for the IRS and any tax questions. No mail will ever go to the address you provide to the bank as long as you request online statements when you open the account. ...


Many US banks are only licensed to operate in specific states and will only accept customers with addresses in those states. It is likely that some mail will go to the address you give a bank, so it is not arbitrary. For example, I use my son's address. I have turned off paper statements etc. But he still gets cards when they are renewed and other stuff from the bank.


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