# Banking



## JimJones

What is the simplest way to get money in Mexico? Do any US banks have branch offices in Mexico? I know that some US banks have relationships with Mexican banks but what im looking for is a bank that I can open an account with in the US and be able to walk into a bank in Mexico and withdraw money from without having to do a wire transfer does such a thing exist?


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## Isla Verde

JimJones said:


> What is the simplest way to get money in Mexico? Do any US banks have branch offices in Mexico? I know that some US banks have relationships with Mexican banks but what im looking for is a bank that I can open an account with in the US and be able to walk into a bank in Mexico and withdraw money from without having to do a wire transfer does such a thing exist?


You can do what I did before moving to Mexico: I opened an account with Bank of America. Every month my two pension checks are directly-deposited into this account. When I need cash here, I can use any Santander or Scotia Bank ATM to withdraw money from the BOA account in pesos and at excellent exchange rates, with no fees charged.


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## JimJones

So you don’t have to have an account with Scotia Bank or Santander? Your are just using your BOA ATM card right?
Can foreigners open a bank account in Mexico?


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## TundraGreen

JimJones said:


> So you don’t have to have an account with Scotia Bank or Santander? Your are just using your BOA ATM card right?
> Can foreigners open a bank account in Mexico?


Yes. I have Mexican and US bank accounts and debit cards. When I buy things priced in pesos, I either pay cash or use a Mexican debit card. When I buy things priced in dollars I use a US debit or credit card.


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## Hound Dog

I have one U.S. based bank account through my investment house in the states and two Mexican bank accounts and carry debit cards on all three. We have no credit cards at all. All normal cash transaction are handled through ATMs where ever we are in Mexico or overseas anywhere on earth. We also have the capacity to write U.S. checks at Intercam for larger transactions but could also wire funds from our U.S. financial institution to one of our Mexican banks for major purchases such as an automobile. If you have a large international bank in the U.S. rather than a podunk bank, they will likely wire money free of charge. We have found that we can also save money on wire transfers from the U.S. to Mexico by having our investment house exchange dollars for pesos in the U.S. and wire pesos to us for our Mexican bank account. This expidites the wire transfer and, since we are piggybacking out currency exchange onto the much larger daily exchanges of our investment house, we get a better exchange rate. 

Whatever you do, if you are migrating to Mexico from the U.S., try to establish a good relationship with a savvy internationally oriented bank or invstment house before moving here because opening a U.S. banking relationship or a credit card account once you´ re here with no U.S. address may prove problematic to say the least.


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## JimJones

What kind of documents do you need to open a account?


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## Hound Dog

[_QUOTE=JimJones;1226924]What kind of documents do you need to open a account?[/QUOTE]_

I presume you mean a Mexican bank account because, if you are no longer a resident of the U.S. you will find opening a bank account there close to impossible. 

For opening a Mexican bank account, you need to have your passport and residency status visa plus proof of residency meaning a recent utility bill with your address on it. I think you can also open a Mexican bank account with a tourist visa and no Mexican residence but I´ve never tried that so perhaps someone else can address that question.


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## JimJones

Hound Dog if you don’t mind recommend me an "internationally oriented bank".

I quit doing business with the big banks here in the US years ago because of all their outrageous fees and unbearably long lines.
In the last couple of days I have been checking out BofA Wells Fargo and City Bank but haven't found too much useful info yet.

In all honesty I'm not really sure that I even want to maintain a US based bank account. Once I make the move south I have no desire to ever return here ever for any reason.

For right now I would like to open a Mexican account and slowly add funds to it two ways. One by making deposits in a branch when I am there visiting and two which is the hard part for me to figure out making online deposits every pay day or once a month.


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## Isla Verde

JimJones said:


> So you don’t have to have an account with Scotia Bank or Santander? Your are just using your BOA ATM card right?
> Can foreigners open a bank account in Mexico?


That's right. I use my BOA debit card to withdraw money from Santander or Scotia Bank ATMs. I eventually opened an account at Santander and did need my FM3 to do so.


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## JimJones

Sorry I didn't specify yes Mexican bank account. Another thing I need to know is can I walk into a bank in Mexico with my US passport and Mexican tourist visa and open an account?


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## citlali

Who knows but probably NO. 
You should know that also cash deposit get taxed over a certain amount so wiring or depositng checks is a better way to do it.
Fast rules in Mexico are broken all the time but I do not believe you can open an account in a regular bank with a tourist visa. You need a proof of residence in Mexico usually a phone bill or an electric bill in your name a copy of your passport and visa other than tourist visa.


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## Hound Dog

[_QUOTE=JimJones;1226947]Hound Dog if you don’t mind recommend me an "internationally oriented bank".

I quit doing business with the big banks here in the US years ago because of all their outrageous fees and unbearably long lines.
In the last couple of days I have been checking out BofA Wells Fargo and City Bank but haven't found too much useful info yet.

In all honesty I'm not really sure that I even want to maintain a US based bank account. Once I make the move south I have no desire to ever return here ever for any reason.

For right now I would like to open a Mexican account and slowly add funds to it two ways. One by making deposits in a branch when I am there visiting and two which is the hard part for me to figure out making online deposits every pay day or once a month.[/QUOTE]_

Jim:

I bank with Charles Schwab and pay no fees at all for any services I receive including international wire transfers. As I previously wrote, I am a full time resident in Mexico and have not tried to open bank accounts here as a tourist but I believe that your opening of a Mexican bank account with a tourist visa should be OK - perhaps someone more experienced than I could address that issue. 

As for making "on-line" U.S. deposits to an foreign bank, I believe you can do that through instructing the issuer of the funds. Our monthly social security benefits are automatically deposited to our U.S. bank account but the SSA would just as well deposit those benefits to one of our mexican bank accounts if we so requested. We do not maintain more than working capital funds in our Mexican bank accounts because of what we consider to be the high risk of currency exchange fluctuations.


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## michmex

Banks in Mexico with Worldwide Operations

Bancomer - Many branches and ATM's throughout Mexico - Affiliate of Spanish bank BBVA - BBVA also has interest in BBVA Compass, a large bank with branches in Texas and SE USA. Accustomed to doing business with foreigners.

Bancomer.com

HSBC - Many branches and ATM's throughout Mexico. HSBC has a few USA branches, primarily in New York state. Accustomed to be business with foreigners.

Productos Financieros, Servicios Bancarios ? Banco HSBC México

Banamex-Affiliate of Citibank in the USA. Has many branches and ATM's throughout Mexico. Branches tend to be quite crowded. Banamex USA has a few branches in the USA as well as CitiBank's huge USA presence. Accustomed to doing business with foreigners.

El Banco Nacional de México | Banamex.com


We have an account in a large regional bank in the USA and checking accounts at HSBC and Bancomer. Generally, we prefer the services offered and rendered by Bancomer. We utilize Xoom for money transfers. It offers an easy to use and fairly low cost service similar to Wells Fargo's "Express Send" and "Safe Send" from Bank of America.



Here is a link to Bancomer's Preferred Customer information page for expats wanting to open a checking account. It describes the typical information as required by other banks for an expat to open an account in Mexico. Unless you are located close to the border you will be limited to a Mexican Peso denominated account. Most bank accounts in Mexico are covered by an insurance program somewhat similar to the FDIC program in the USA.

Bancomer

https://www.xoom.com/mexico

Using a money transfer service or a debit card for cash withdrawals works well for smaller amounts to support monthly expenses. Larger amounts usually require the use of a wire transfer. These generally cost between $20 and $40 USD at both the originating and receiving banks.


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## mes1952

I have used my Bank of America debit card here in Baja for 2+ years and never had a problem and always get the current exchange rate; I rarely use cash. So there is no need for both a Mexican and American bank accounts unless you have a specific reason esp. since many don't qualify for FM3 visas.


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## Hound Dog

_...bank accounts in Mexico are covered by an insurance program somewhat similar to the FDIC program in the USA...._

Not even remotely true. There is absolutely no equivalent bank deposit protection to FDIC insurance in Mexico that one may depend upon covering U.S. bank deposits. 

Never forget, as well, that one incurs significant exchange and sovereign risk on funds transferred outside of the United States. When we arrived here in 2001, we bought a house at the rate of $9 Pesos to $1USD and today that rate is about $13 Pesos for $1USD. That means that, if you are from the U.S. and paid $1,000,000 Pesos for a house in 2001, that house cost you the eqiivalent $90,000USD. Today, that house would have cost you the equivalent of $76,000USD. Who knows about tomorrow? That also means that, while you can get a higher yield on Mexican term investments than U.S. term investments, you are taking far larger risks with the intrinsic principal value of your liquid resources by having converted your U.S. low-yield term investmnts into higher yield Mexican term investments. Go back to Economiics 101at Amarillo State Teachers College to figure that out.


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## michmex

Hound Dog said:


> _...bank accounts in Mexico are covered by an insurance program somewhat similar to the FDIC program in the USA...._
> 
> 
> Not even remotely true. There is absolutely no equivalent bank deposit protection to FDIC insurance in Mexico that one may depend upon covering U.S. bank deposits.
> 
> 
> 
> 
> I would agree. There is absolutely no program in Mexico that covers U. S. bank deposits. Mexico does have a program to cover most consumer accounts in Mexican banks. It is not widely advertised nor it is in the news much since Mexico has not had much of a history of bank failures in the last 10 years.
> 
> 
> From of old post of mine regarding insured bank accounts in Mexico.
> 
> Mexico DOES have an agency, IPAB, Instituto para la Protección al Ahorro Bancario , that is the equivalent of the FDIC in the USA. It is not as widely advertised as is the FDIC in the USA. The IFAB coverage includes the most common accounts an expat would use such as savings, checking and debit. Since not all accounts are covered it is wise to ask the bank if the account you want is indeed covered by the IFAB. All major banks such as Bancomer, Banamex, Banorte, HSBC and Santander are covered. Coverage is up to maximum of 400,000 IDU's . The peso equivalent of 400,000 IDU's on July 15, 2012 is $1,901,074.40 Mexican Pesos or about $146,236 at an exchange rate of 1 US Dollar equals 13 Mexican Pesos.
> 
> The IFAB was created in 1998 by the Mexican Congress. Prior to the IFAB was the Bank Fund for Savings Protection (Fobaproa). It was created in 1995 to deal with the economic crisis of 1994-1995 also known as the "Tequila Crisis" or the " el error de diciembre — The December Mistake" Fobapro assisted in the stabilization of the economy and recapitalization of the banking system. During this period some banks were merged while others were taken over by others such as Citibank-Banamex, Confia-HSBC.
> 
> For more information regarding IFAB and the protection of your accounts Google "IPAB Mexico"Or go to ipab.org.mx You can click on the English icon to read the site in English!
> 
> 
> ipab.org.mx
> 
> Information about the IFAB can be difficult to find. From the Banorte website (In Spanish but Google Translate or other program should make it understandable)
> 
> Banorte | El Banco Fuerte de México
> 
> Santander has a link on its home page that brings up a pop-up that discloses its accounts covered by IFAB. Look at bottom left of page under "Transparencia"
> 
> Santander


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## mexikatz

We opened a Mexican HSBC checking account while sitting in an HSBC office in Florida. The paperwork was involved but we had the account exec. help us with all of it. We didn't even have a tourist visa at the time.

That HSBC checking account - and I believe any other account you open without resident credentials will reap no interest (98% sure on that). We needed to have our credentials before we could purchase pagares or inversiones.

How you move money from the US really does depend on the amount of money. As has been pointed out small transactions can be handled via the ATM. I did a little research recently when someone else in my community was excited at what a great exchange rate they had just gotten. Let's take Schwab as an example. They apparently have a Visa Debit card. Visa interestingly enough totally disregards the current exchange (spot) rate. They use something derived off YESTERDAY'S rate and post their daily rate once and honor it throughout the day.

You can see their calculator here:
Exchange Rates - Visa Corporate

Mastercard works in a similar manner.

If you want to transfer larger sums of money, or you want more control over your exchange rate, you can place a currency exchange with some US brokerage firms, exchanging dollars for peso at some percentage off the current spot rate. This is not a Forex trade. You would likely want to do this say for a car or house purchase, or if you thought the exchange rate was VERY good and wanted to squirrel away some pesos. BTW - that US brokerage and the Mexican bank would allow you to freely wire those pesos back and forth at no expense - as long as yuo had a good relationship with them.

Personally I have high expectations that Mexico will have a very bright economic future because from what I know they are not burdened nearly as much as some countries with entitlement programs, housing and student loan bubbles, sky high health care, massive legal system and on and on. I love just about everything about Mexico - well except for corrupt police - and obviously there is no place I'd rather live.


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## rijit

hi newbie here, i'm currently uk based but will be heading to mexico in sept/oct. will be keeping a uk address and bank accounts for the time being. so what i've done b4 is just used atms and taken direct from my uk bank but tbh found doing it that way a touch expensive and felt i had no control. SO this time away I was going to try and be a little more organized. I will have a monthly income and will use xe currency converter but will need a Mexican bank to transfer the money into. Not sorted yet, but i will be renting an apartment in Mexico city, initially for 6 months,and staying in Mexico 4 anything up to 18 mnths maybe longer, will i be able to open a Mexican bank account with the contract for the apartment or will ineed more doc's.?


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## mexikatz

Read my post just above yours. HSBC is a UK bank isn't it ? I believe we provided our passports for documentation - although we _may_ have already signed our rental agreement - sorry not sure on that point. I believe HSBC will let you open bank accounts in dozens of countries.


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## rijit

mexikatz said:


> Read my post just above yours. HSBC is a UK bank isn't it ? I believe we provided our passports for documentation - although we _may_ have already signed our rental agreement - sorry not sure on that point. I believe HSBC will let you open bank accounts in dozens of countries.


thanks tbh i would like a Mexican bank account, do you know what i would need or if it's possible?


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## TundraGreen

rijit said:


> thanks tbh i would like a Mexican bank account, do you know what i would need or if it's possible?


To open a Mexican bank account, you will need your passport and a copy of a utility bill with your name on it. If the utility bills are not in your name, you might need a letter, in Spanish, explaining that the name on the bill is your landlord. They might want to see your visa or tourist permit.

HSBC is a British bank with lots of branches in Mexico.


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## rijit

TundraGreen said:


> To open a Mexican bank account, you will need your passport and a copy of a utility bill with your name on it. If the utility bills are not in your name, you might need a letter, in Spanish, explaining that the name on the bill is your landlord. They might want to see your visa or tourist permit.
> 
> HSBC is a British bank with lots of branches in Mexico.



thanks tundra, will see what HSBC uk have to say for them selves. the Mexico side sounds straight forward enough. I can get by in Spanish, order in restaurants ect ect but 1st port of call in mexico city was going to be a month ish in a residential language school , which hopefully will give me some time to have a look at apartments and generally find my feet. i digress but any recommendations 4 language school s no worries if not i will check the rest of the forum out, thanks again.:clap2:


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## rijit

ok was going 2 post a link


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## rijit

maybe not


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## Hound Dog

I repeat that there is nothing even remotely compared to FDIC insurance guaranteeing the principal value of your bank accounts in Mexico to the FDIC insurance backing the principal value of your bank accounts in the U.S which insurance is backed by the full faith and credit of the U.S. government. Anything offered down here is a sham compared to that FDIC insurance and you had better believe it. You not only lack insurance guaranteeing the principal value of your accounts in a Mexican bank backed fully guaranteed by the Mexican government but your exchange risk is daunting and if you invest all of your money in Mexican securities you should have your head examined. I will be happy to sell you an interest in the Golden Gate Bridge and will guarantee you a 100% annual return as long as you do not require a return of your principal. Ever watch _American Grreed_?

Get off of the turnip truck and wake up. Or, alteratively, move to Lake Chapala which is filled with old goobers begging to be fleeced and the next charlatan passing through town will relive you of that excess cash. in a nonosecond.


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## chicois8

Hound Dog said:


> I repeat that there is nothing even remotely compared to FDIC insurance guaranteeing the principal value of your bank accounts in Mexico to the FDIC insurance backing the principal value of your bank accounts in the U.S which insurance is backed by the full faith and credit of the U.S. government. Anything offered down here is a sham compared to that FDIC insurance and you had better believe it. You not only lack insurance guaranteeing the principal value of your accounts in a Mexican bank backed fully guaranteed by the Mexican government but your exchange risk is daunting and if you invest all of your money in Mexican securities you should have your head examined. I will be happy to sell you an interest in the Golden Gate Bridge and will guarantee you a100% annual return as long as you do not require a retuer of yourt principal. Ever watch _American Grreed_?
> 
> Get off of the turnip truck and wake up.


Are you trying to sell the bridge I sold you yesterday?


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## Hound Dog

Excuse me, that should have read "nanosecond" but the administrator cut me off for correcctions timewise. These guys are slick. Even the administrator of a local Chapala forum was taken to the cleaners by a two-bit ******* sausage maker who fled town with this clown´s mosney, a sausage making machine and two pairs of knee socks. A fool and his money are soon parted.


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## Hound Dog

[_QUOTE=chicois8;1227360]Are you trying to sell the bridge I sold you yesterday?[/QUOTE]_

Damn!!!!.

Are you telling me I don´t own the Golden Gate Bridge? I was wondering why I stiill had to pay a toll to cross it- OK. I know I also own the Dauphin Isalnd Bridge from Bayou La Batre to the island as I bought it years ago from some snake oil salesman on his way from Mobile to New Orleans and, in over 30 yars no one has denied my claim. I´ll sell you that bridge for a pittance if you promise not to invade my crab traps on the bottom of Mobile Bay.


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## chicois8

The Golden Gate Bridge operators fired all the toll takers and installed cameras that photographs your license plate and they send you a bill in the mail...people ***** about tolls in Mexico, the GGB is 1 mile and the toll is $6.00.........


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## Hound Dog

HSBC, eh? A dreadful bank that is about to be fined an enormous amount of money in the billions of dollars for systematically and criminaly laundering drug cartel money over years for its own profit. Slime defnned in spades. 

I was a commercial banker in California for some 40 years. I understand that morality. If you wake up tomorrow morning and still have your shorts it´s because we didn´t want them.


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## Hound Dog

[_QUOTE=chicois8;1227434]The Golden Gate Bridge operators fired all the toll takers and installed cameras that photographs your license plate and they send you a bill in the mail...people ***** about tolls in Mexico, the GGB is 1 mile and the toll is $6.00.........[/QUOTE]_

Oh, I don´t know if $6.00USD is an exhorbitant price to cross the Golden Gate Bridge which Dawg did countless times to get into and out of San Fracisco from Marin County for many years. An engineering marvel which, considering the scope of tht accomplishment in the 1930s,is probably underpriced, There was a time that there was doubt that the bridge could even be built on the unstable mountainside comprising the Golden Gate and the building of the bridge was a monumental achievement. Today, we pay a huge amount of tolls to drive from Lake Chapala to the Chiapas Highlands several times a year and that money goes into the pockets of crooked politicians and useless functionaries so don´t preach to me about fairness or cost/benefit rationales.


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## JimJones

michmex said:


> Banks in Mexico with Worldwide Operations
> 
> Bancomer - Many branches and ATM's throughout Mexico - Affiliate of Spanish bank BBVA - BBVA also has interest in BBVA Compass, a large bank with branches in Texas and SE USA. Accustomed to doing business with foreigners.
> 
> Bancomer.com
> 
> HSBC - Many branches and ATM's throughout Mexico. HSBC has a few USA branches, primarily in New York state. Accustomed to be business with foreigners.
> 
> Productos Financieros, Servicios Bancarios ? Banco HSBC México
> 
> Banamex-Affiliate of Citibank in the USA. Has many branches and ATM's throughout Mexico. Branches tend to be quite crowded. Banamex USA has a few branches in the USA as well as CitiBank's huge USA presence. Accustomed to doing business with foreigners.
> 
> El Banco Nacional de México | Banamex.com
> 
> 
> We have an account in a large regional bank in the USA and checking accounts at HSBC and Bancomer. Generally, we prefer the services offered and rendered by Bancomer. We utilize Xoom for money transfers. It offers an easy to use and fairly low cost service similar to Wells Fargo's "Express Send" and "Safe Send" from Bank of America.
> 
> 
> 
> Here is a link to Bancomer's Preferred Customer information page for expats wanting to open a checking account. It describes the typical information as required by other banks for an expat to open an account in Mexico. Unless you are located close to the border you will be limited to a Mexican Peso denominated account. Most bank accounts in Mexico are covered by an insurance program somewhat similar to the FDIC program in the USA.
> 
> Bancomer
> 
> https://www.xoom.com/mexico
> 
> Using a money transfer service or a debit card for cash withdrawals works well for smaller amounts to support monthly expenses. Larger amounts usually require the use of a wire transfer. These generally cost between $20 and $40 USD at both the originating and receiving banks.


Two more questions
There is a BBVA Compass location about an hour away from me. If I was to walk in there and open an account with them would I also have access to that same account in any Bancomer location in Mexico?

And the second
Let's say I opened an account with Citi Bank how do you go about accessing that account at a Banamex location in Mexico?


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## TundraGreen

JimJones said:


> Two more questions
> There is a BBVA Compass location about an hour away from me. If I was to walk in there and open an account with them would I also have access to that same account in any Bancomer location in Mexico?
> 
> And the second
> Let's say I opened an account with Citi Bank how do you go about accessing that account at a Banamex location in Mexico?


There is no connection between BBVA Bancomer and BBVA Compass. I opened a Compass account two years ago because they told me that they would soon be merging. A year later they said they changed their mind and the banks would remain completely independent. You may be able to use a BBVA Compass debit card at a BBVA Bancomer branch with no fee, but you will not be able to move money back and forth without fees.


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## Hound Dog

[_QUOTE=TundraGreen;1228687]There is no connection between BBVA Bancomer and BBVA Compass. I opened a Compass account two years ago because they told me that they would soon be merging. A year later they said they changed their mind and the banks would remain completely independent. You may be able to use a BBVA Compass debit card at a BBVA Bancomer branch with no fee, but you will not be able to move money back and forth without fees.[/QUOTE]_

Well, of course there is a connection between BBVA Bancomer and BBVA Compass (BBVA meaning the internatioin nal Spanish bank known as "Banco Bilbao Viscaya Argentaria") originally based in Bilbao, Spain with Basque roots but, regardless of that; I have been a BBVA Bancomer customer here Mexico or some eleven years now and pay no fees for anything. What am I missing?

Compass Bank. Isn´t that that Birmingham based bank that BBVA bought a few years ago? Perhaps that merger never took plce.


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## TundraGreen

Hound Dog said:


> Well, of course there is a connection between BBVA Bancomer and BBVA Compass (BBVA meaning the internatioin nal Spanish bank known as "Banco Bilbao Viscaya Argentaria") originally based in Bilbao, Spain with Basque roots but, regardless of that; I have been a BBVA Bancomer customer here Mexico or some eleven years now and pay no fees for anything. What am I missing?
> 
> Compass Bank. Isn´t that that Birmingham based bank that BBVA bought a few years ago? Perhaps that merger never took plce.


That is correct BBVA bought Compass a few years ago. They originally planned to merge the two operations, at least that is what an employee told me. However, they decided to keep them separate. So, the only connection between them is that they are both owned by the Spanish BBVA group. They do nothing to facilitate transferring money between accounts in the two banks, so there is no advantage if your goal is to find a convenient way to move money back and forth.


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## lobita

So ... is Bank of America the only U.S. bank option with fee-free transfers, then? (Bummer, if so, because I have BoA on perma-boycott.)


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## joaquinx

lobita said:


> So ... is Bank of America the only U.S. bank option with* fee-free transfers*, then? (Bummer, if so, because I have BoA on perma-boycott.)


Fee-free ATM withdrawals from Scotia and Santander. Wire transfer still cost 35/45usd. They dropped SafeSend months ago.


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## TundraGreen

lobita said:


> So ... is Bank of America the only U.S. bank option with fee-free transfers, then? (Bummer, if so, because I have BoA on perma-boycott.)


I was told yesterday by Citibank US, that you can do fee-free transfers between Citibank US and Banamex Mexico if you have accounts with both. Can anyone confirm that? I am seriously considering opening an account with Citibank.


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## chicois8

Banamex owns BanamexUSA, Citibank owns both, I have a citi account and a banamexusa account, I can transfer monies to a Banamex account if I had one...I just use their fee free ATM cards.....


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## Hound Dog

[_QUOTE=lobita;1230603]So ... is Bank of America the only U.S. bank option with fee-free transfers, then? (Bummer, if so, because I have BoA on perma-boycott.)[/QUOTE]_

We bank with Charles Schwab which not only waives wire transfer fees but all ATM fees as well at any ATM anywhere in the world. Not only that, but Schwab exchanges dollars for pesos in the U.S. for us under their own account - thereby getting us a much better exchange rate than we would normally get here in Mexico.

We maintain service charge free accounts at both Banamex and Bancomer in Jalisco and Chiapas and pay no ATM fees using their respective ATMs but when we use our Schwab debit card at either of those banks, Schwab waives the feest they charge at all timees. 

A fine investment house with which to do business.


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## Isla Verde

:focus:, please.


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## Hound Dog

[_QUOTE=Isla Verde;1231921]:focus:, please.[/QUOTE]_
m not sure I understand your comment Isla Verde; was n´t this thread about banking and did it go astray? Just curious as to why you felt the subject had meandered.


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## Isla Verde

Hound Dog said:


> [_QUOTE=Isla Verde;1231921]:focus:, please._



m not sure I understand your comment Isla Verde; was n´t this thread about banking and did it go astray? Just curious as to why you felt the subject had meandered.[/QUOTE]

Wrong thread, my mistake. Sorry . . . I'm not quite myself this morning.


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## lobita

I would also be curious whether anyone can confirm making a free transfer (not an ATM withdrawal) between Citibank and Banamex accounts. It would be a welcome convenience, if so.

Hound Dog, thanks! I knew about Schwab's account and their ATM refunds, but not about the exchange rate.

When we visited last year, Ally Bank refunded all our ATM fees, even though an online rep had told me that foreign ATMs were not included in their refund policy! Maybe I'll open up a Schwab account also as a backup. Do you get the exchange rate through ATM withdrawals, or some other kind of transaction? Have you ever made a same-day comparison between Schwab's rate and another exchange?


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## oaxacaone

I was spending $600 a year on ATM fees and exchange fees until I finally wised up. My friends had been promoting BanamexUSA for years so I signed up. Google BanamexUSA and give them a call. They are located in California and owned by Citibank (as is Banamex). The account is called the Amistad (friendship) account and is for USA citizens living in Mexico. You have to have a temporary or permanent visa, not tourist visa. They even sent me the forms via FedExp to my home in Oaxaca. Now I move money from my investment account to BanamexUSA then I use their Banamex card all over Mexico with no fees. They have recently added bill pay too. It's great!!


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## chicois8

I opened a BanamexUSA account with no visa or tourist permit at all, did it from San Francisco CA, all I had to show was real property I own, a copy of my CFE bill is the only document I sent them...

By the way with BanamexUSA you can transfer up to $10.000 a day fee free to a Banamex account but they get their money from a slightly lower exchange rate...........


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## Hound Dog

[_QUOTE=chicois8;1253212]I opened a BanamexUSA account with no visa or tourist permit at all, did it from San Francisco CA, all I had to show was real property I own, a copy of my CFE bill is the only document I sent them...

By the way with BanamexUSA you can transfer up to $10.000 a day fee free to a Banamex account but they get their money from a slightly lower exchange rate...........[/QUOTE]_

Tell me something, Chicois8, if they lower the exchange rate, is that not a fee? Now, as an alternative, I transfer via wire from my account at Schwab in the U.S. with no fee - ever - no matter the amount to any bank of my choice in Mexico of anywhere else in the world not embargoed and they exchange my dollars for pesos or euros at their corporate rate up in the states. Schwab whips them all.


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## Hound Dog

_


lobita said:



I would also be curious whether anyone can confirm making a free transfer (not an ATM withdrawal) between Citibank and Banamex accounts. It would be a welcome convenience, if so.

Hound Dog, thanks! I knew about Schwab's account and their ATM refunds, but not about the exchange rate.

When we visited last year, Ally Bank refunded all our ATM fees, even though an online rep had told me that foreign ATMs were not included in their refund policy! Maybe I'll open up a Schwab account also as a backup. Do you get the exchange rate through ATM withdrawals, or some other kind of transaction? *Have you ever made a same-day comparison between Schwab's rate and another exchange*?

Click to expand...

_That´s just not practical as far as I know, lobita. While I sometimes cash checks at Intercam in Ajijic, my favorite way to get my pesos from dollars is at ATMs wherever I may be in Mexico or France or anywhere else for that matter. Life is too short to sweat the small stuff.


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## rijit

Hound Dog said:


> [_QUOTE=chicois8;1253212]I opened a BanamexUSA account with no visa or tourist permit at all, did it from San Francisco CA, all I had to show was real property I own, a copy of my CFE bill is the only document I sent them...
> 
> By the way with BanamexUSA you can transfer up to $10.000 a day fee free to a Banamex account but they get their money from a slightly lower exchange rate..........._




Tell me something, Chicois8, if they lower the exchange rate, is that not a fee? Now, as an alternative, I transfer via wire from my account at Schwab in the U.S. with no fee - ever - no matter the amount to any bank of my choice in Mexico of anywhere else in the world not embargoed and they exchange my dollars for pesos or euros at their corporate rate up in the states. Schwab whips them all.[/QUOTE]

I plan to use xe, XE Currency Converter - Live Rates YOU CHOOSE THE TIME TO BUY AND YOU 100% get the current market rate. no fee and transfer is free. 4 me it will work ; once uve bought currency , transfer the cash to their uk bank , then they transfer to your mexico account .


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## chicois8

rijit said:


> [/I]
> 
> Tell me something, Chicois8, if they lower the exchange rate, is that not a fee? Now, as an alternative, I transfer via wire from my account at Schwab in the U.S. with no fee - ever - no matter the amount to any bank of my choice in Mexico of anywhere else in the world not embargoed and they exchange my dollars for pesos or euros at their corporate rate up in the states. Schwab whips them all.




Yes, I meant that is more like a hidden fee that I feel would be a different type of cost than a certain amount for a transfer...That is why I pointed out the lower exchange rate...I just checked and today to do a peso transfer the BanamexUSA exchange rate is 12.38 and the official rate is 12.54 or a .16 centavo difference which equals 1 US cent or a 1% "fee"....I am happy with my Citibank, Schwab Bank and BanamexUSA accounts where I am able to withdrawal from ATM's fee free and have for years.....


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## Hound Dog

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lobita said:



I would also be curious whether anyone can confirm making a free transfer (not an ATM withdrawal) between Citibank and Banamex accounts. It would be a welcome convenience, if so.

Hound Dog, thanks! I knew about Schwab's account and their ATM refunds, but not about the exchange rate.

When we visited last year, Ally Bank refunded all our ATM fees, even though an online rep had told me that foreign ATMs were not included in their refund policy! Maybe I'll open up a Schwab account also as a backup. Do you get the exchange rate through ATM withdrawals, or some other kind of transaction? Have you ever made a same-day comparison between Schwab's rate and another exchange?

Click to expand...

_lobita:

Hree is what I like about Charles Schwab and I mean a "Schwab One" account cleared through PNC in Philadelphia, not a Schwab Bank account with which I am unfamiliar. 

The Schwab customer services for international clients is remarkabe and has been for us over the past 12 years since we moved here from California. Instant free access through AT&T to any customer service function at Schwab and refunds on all ATM transaction fees plus cash wiring fees anywhere in the world. They will convert your dollars to pesos piggybacking your exchage transaction on their own daily conversions for a better rate and wiring pesos to Mexico to save you invisible interbank transaction hidden fees. 

I was a commercial banker dealing with large commercial loans and international transactions involving currency exchange rates and hidden fees for many years and I will tell you folks you are on the banker´s ferris wheel destined to end up wherever you started after a wild ride until you catch on that you are beiing fleeced.

Not my problem. I know the road upon which I am driving.


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