# Accessing my US funds while in Mexico?



## amberbergara (Dec 23, 2014)

I have a small income from online work I do, and my children get social security. My current bank charges 3% conversion fees on check card purchases outside the US and a $5 int'l ATM. Are there any ways to access my funds without so many fees while in Mexico? Anyone know of a bank that has less fees maybe?


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## RVGRINGO (May 16, 2007)

You may need to find a new bank for a more competitive situation. If you have served in the military, are the spouse, ex-spouse or child of a person who served, you may be elibible for a USAA account. Go to USAA.com and see if you qualify. Otherwise, there are banks with lower fees and which rebate ATM fees. There is a rather ubiquitous 1% foreign exchange fee charged by MasterCard, and others, for example, and that is not refunded.
You should also get the daily limit on your debit card increased to $1000 USD, for example, to reduce the number of visits to an ATM every month, thereby reducing the number of transaction fees.
Hope that helps.


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## dwwhiteside (Apr 17, 2013)

So far, the best I have found is Ally Bank. They do not charge any ATM fees and reimburse me for fees charged at the ATMs here. And they seem to be fairly good with the exchange rates. Twice in the past 30 days I took money from an ATM in Mexico using my Ally debit card. After the fee reimbursement (they credit my account for the fees I paid once a month), I got 14.5 pesos to the dollar.


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## TundraGreen (Jul 15, 2010)

RVGRINGO said:


> You may need to find a new bank for a more competitive situation. If you have served in the military, are the spouse, ex-spouse or child of a person who served, you may be elibible for a USAA account. Go to USAA.com and see if you qualify. Otherwise, there are banks with lower fees and which rebate ATM fees. There is a rather ubiquitous 1% foreign exchange fee charged by MasterCard, and others, for example, and that is not refunded.
> You should also get the daily limit on your debit card increased to $1000 USD, for example, to reduce the number of visits to an ATM every month, thereby reducing the number of transaction fees.
> Hope that helps.


I concur with RV. Shop around for a bank with the best deal. It is easier to open US bank accounts while still in the US, so if you are planning ahead, now is a good time to do it. Most of the banks have their fee schedule on line although it can take some digging around in their web sites to find it. And finally, as RV mentioned, credit cards usually have a worse deal than debit cards for cash in foreign countries.

You can often get reduced fees from banks where you have a larger balance. That doesn't help people that are living from pay check to pay check, but for those with a little savings, getting a debit card from the institution that holds them can be a better deal.


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## Meritorious-MasoMenos (Apr 17, 2014)

amberbergara said:


> I have a small income from online work I do, and my children get social security. My current bank charges 3% conversion fees on check card purchases outside the US and a $5 int'l ATM. Are there any ways to access my funds without so many fees while in Mexico? Anyone know of a bank that has less fees maybe?


From information I learned I believe on this forum before moving to Mexico, I opened a checking account (and others) with the large and well respected Charles Schwab bank, all by internet, phone and mail. The beauty is not only that Schwab charges NO ATM fees, but reimburses me monthly for any fees charged in Mexico or elsewhere, and it has been doing it.

It also pays interest, though tiny, on the checking account balance. No fees at all, no minimum that I know of, no direct deposit needed. You can easily handle all banking by internet though they have both technical people and financial advisors available free by phone, and easy transfer between checking and various investment accounts.


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## Isla Verde (Oct 19, 2011)

amberbergara said:


> I have a small income from online work I do, and my children get social security. My current bank charges 3% conversion fees on check card purchases outside the US and a $5 int'l ATM. Are there any ways to access my funds without so many fees while in Mexico? Anyone know of a bank that has less fees maybe?


Will your children be coming with you to Mexico? If that's the case, it is very easy to arrange with US Social Security to have their checks directely deposited to a Mexican bank, in my case, Santander. That's what I've ended up doing, and it's worked out fine, and no fees when I use my Santander debit card to withdraw pesos from the ATM.


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## SirRon (Nov 4, 2014)

I use paypal account and a paypal debitcard, i just transferfunds to my paypal account and use my paypal debitcard at atms, and stores transaction fee free

i do get stuck with local atm fee from the atm machine itself but thats about 2.20 each time


also i get 1% cash back each month

also a good work around instead of western prunes or money ham for sending money to mexico with a fee of 4.95 instead of 20 dollars or more depending on the dollar amount the other services charge


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## ojosazules11 (Nov 3, 2013)

SirRon said:


> also a good work around instead of western prunes or money ham for sending money to mexico with a fee of 4.95 instead of 20 dollars or more depending on the dollar amount the other services charge


You made me laugh with "western prunes" and "money ham", Sir Ron (I presume due to Siri or a similar voice dictation misinterpreting "Western Union" and "MoneyGram" - the voice recognition can come up with some doozies)

Is a "money ham" the porcine version of the goose that laid golden eggs? If so, I want one!


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## SirRon (Nov 4, 2014)

ojosazules11 said:


> You made me laugh with "western prunes" and "money ham", Sir Ron (I presume due to Siri or a similar voice dictation misinterpreting "Western Union" and "MoneyGram" - the voice recognition can come up with some doozies)
> 
> Is a "money ham" the porcine version of the goose that laid golden eggs? If so, I want one!


spelled the names wrong didn't want to give those company any free advertisement haha


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## Isla Verde (Oct 19, 2011)

ojosazules11 said:


> You made me laugh with "western prunes" and "money ham", Sir Ron (I presume due to Siri or a similar voice dictation misinterpreting "Western Union" and "MoneyGram" - the voice recognition can come up with some doozies)
> 
> Is a "money ham" the porcine version of the goose that laid golden eggs? If so, I want one!


What (or who) is Siri? I too was confused about"western prunes" and "money ham". I thought it might have had something to do with a really bad spell-checker.


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## ojosazules11 (Nov 3, 2013)

Isla Verde said:


> What (or who) is Siri? I too was confused about"western prunes" and "money ham". I thought it might have had something to do with a really bad spell-checker.


Sorry - Siri is the "virtual assistant" on an iPhone/iPad. "She" does more than just voice dictation, but that is one of her functions and sometimes dictated text messages, emails, etc. can turn out quite funny. This is especially true if you have it set to one language and then start dictating in another. For instance, if I have the language set to English and start speaking in Spanish the program does its darnedest to come up with a word in English which sounds like the Spanish I'm speaking - so if I say "Quiero ir a Mexico" it types "Kiddo eat on Mahiko". If it's set on Spanish and I speak in English, "I want to go to Mexico" comes out "Hay guanche caucho Mexico". 

Of course given that it's January in Toronto, I really DO want to go to Mexico, no matter what the language!


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## Isla Verde (Oct 19, 2011)

ojosazules11 said:


> Sorry - Siri is the "virtual assistant" on an iPhone/iPad. "She" does more than just voice dictation, but that is one of her functions and sometimes dictated text messages, emails, etc. can turn out quite funny. This is especially true if you have it set to one language and then start dictating in another. For instance, if I have the language set to English and start speaking in Spanish the program does its darnedest to come up with a word in English which sounds like the Spanish I'm speaking - so if I say "Quiero ir a Mexico" it types "Kiddo eat on Mahiko". If it's set on Spanish and I speak in English, "I want to go to Mexico" comes out "Hay guanche caucho Mexico".
> 
> Of course given that it's January in Toronto, I really DO want to go to Mexico, no matter what the language!


Since I don't have an iPhone or iPad, I'd never ran across her. The examples of mis-hearing on her part are very funny, even moreso than misspellings we can blame on spell-check!


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## amberbergara (Dec 23, 2014)

Meritorious-MasoMenos said:


> From information I learned I believe on this forum before moving to Mexico, I opened a checking account (and others) with the large and well respected Charles Schwab bank, all by internet, phone and mail. The beauty is not only that Schwab charges NO ATM fees, but reimburses me monthly for any fees charged in Mexico or elsewhere, and it has been doing it.
> 
> It also pays interest, though tiny, on the checking account balance. No fees at all, no minimum that I know of, no direct deposit needed. You can easily handle all banking by internet though they have both technical people and financial advisors available free by phone, and easy transfer between checking and various investment accounts.


I did try Chsrles Schwab but I appearantly you have to pass a credit check to have that account, and I did not pass.


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## amberbergara (Dec 23, 2014)

Isla Verde said:


> Will your children be coming with you to Mexico? If that's the case, it is very easy to arrange with US Social Security to have their checks directely deposited to a Mexican bank, in my case, Santander. That's what I've ended up doing, and it's worked out fine, and no fees when I use my Santander debit card to withdraw pesos from the ATM.


I was thinking about doing this. However, we will be traveling back and forth to the US, probably be spending 2 months a year in the US and I need access to the funds here as well, so idk which is easiest. I know getting social security to switch a direct deposit is a hassle lol


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## sparks (Jun 17, 2007)

If you qualify for a Credit Union check out their rates. Mine charges 1% on an ATM ... no International


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## coondawg (May 1, 2014)

I recently set up a checking account online(with debit card) with Capital One 360. I have used the card in the US and Mexico, without any ATM fees, as they provide you with a list of their machines that are free to use. The exchange rate has always been better than I was able to obtain with my other cards, and the fee is zero. Now, looks like they are connected to Capital One Bank, with lots more services. Check it out. https://home.capitalone360.com/online-checking-account


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## Isla Verde (Oct 19, 2011)

amberbergara said:


> I was thinking about doing this. However, we will be traveling back and forth to the US, probably be spending 2 months a year in the US and I need access to the funds here as well, so idk which is easiest. I know getting social security to switch a direct deposit is a hassle lol


Not true. When I first went on Social Security, I had my checks direct-deposited to my Bank of America account. When I decided to switch to Santander, I easily did the whole thing on line, no hassles at all!


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## joaquinx (Jul 3, 2010)

Isla Verde said:


> Not true. When I first went on Social Security, I had my checks direct-deposited to my Bank of America account. When I decided to switch to Santander, I easily did the whole thing on line, no hassles at all!


Isla, could you outline your steps. I,too thought that it was difficult.


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## michmex (Jul 15, 2012)

Isla Verde said:


> Not true. When I first went on Social Security, I had my checks direct-deposited to my Bank of America account. When I decided to switch to Santander, I easily did the whole thing on line, no hassles at all!


Changing direct deposit seems to require a My Social Security account for on-line access. For new users to create a My Social Security account a USA address is required.

https://secure.ssa.gov/RIL/SiView.do

I recently changed mine to a Mexican bank to obtain a much better exchange rate. To do so I went to the FBU at the U. S. Embassy. It would be nice to be able to obtain other items on-line as well. Did you get a My Social Security account with a Mexican address?


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## TundraGreen (Jul 15, 2010)

amberbergara said:


> I was thinking about doing this. However, we will be traveling back and forth to the US, probably be spending 2 months a year in the US and I need access to the funds here as well, so idk which is easiest. I know getting social security to switch a direct deposit is a hassle lol


Even if it is easy to switch Social Security, I don't imagine you would want to do it twice a year. There is undoubtedly a lag. Given how easy it is to get money from an ATM in any country, it would make the most sense to use the same bank in both countries. I have debit cards for a couple US banks and a couple Mexican bank accounts. Whenever I purchase something with a card, I use the card with the same currency: if it is a dollar purchase, I use a US card, if it is a peso purchase I use a Mexican debit card. I move money to Mexico by way of ATM withdrawals from a US bank. There is no fee and the exchange rate is within 0.1 % of the quoted rate for the day.


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## Isla Verde (Oct 19, 2011)

michmex said:


> Changing direct deposit seems to require a My Social Security account for on-line access. For new users to create a My Social Security account a USA address is required.
> 
> https://secure.ssa.gov/RIL/SiView.do
> 
> I recently changed mine to a Mexican bank to obtain a much better exchange rate. To do so I went to the FBU at the U. S. Embassy. It would be nice to be able to obtain other items on-line as well. Did you get a My Social Security account with a Mexican address?


I make the switch about a year ago after BofA started charging a 3% fee for using Santander ATM's to make withdrawals in Mexico. I don't remember the details. I just remember logging onto the US SS website and doing the whole thing in a few minutes. Don't know anything about My Social Security, sorry.


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## RTL44 (Nov 26, 2013)

Meritorious-MasoMenos said:


> From information I learned I believe on this forum before moving to Mexico, I opened a checking account (and others) with the large and well respected Charles Schwab bank, all by internet, phone and mail. The beauty is not only that Schwab charges NO ATM fees, but reimburses me monthly for any fees charged in Mexico or elsewhere, and it has been doing it.
> 
> It also pays interest, though tiny, on the checking account balance. No fees at all, no minimum that I know of, no direct deposit needed. You can easily handle all banking by internet though they have both technical people and financial advisors available free by phone, and easy transfer between checking and various investment accounts.


I also recommend the Schwab checking. COMPLETELY FREE! I love that they refund the ATM fees and there are no fees. It is the best deal going in my opinion.


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## mattoleriver (Oct 21, 2011)

Can you have just a Schwab checking account or do you first need a Schwab brokerage account with a set minimum balance?


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## Meritorious-MasoMenos (Apr 17, 2014)

mattoleriver said:


> Can you have just a Schwab checking account or do you first need a Schwab brokerage account with a set minimum balance?


No brokerage account needed and never asked me for a minimum balance. Maybe they hope that satisfied customers will move other funds into their accounts. Worked for me.


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## mxfan (Jun 7, 2014)

I had USAA for years but when I encountered some hard times years ago, USAA treated me like a leper. They never responded to my requests for talks and I don't consider them a good place to do business. When I used them back in the 80 and 90's they only accepted officers and not enlisted members. That might tell you something about their thoughts of the common person. I hear many ads for them now and they talk a good show but didn't deliver when I was in need. 
They are a private business but represent themselves in ads as some arm of the military family which they are not.

I have used another credit union for 20 years and have had much better service.


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## mxfan (Jun 7, 2014)

My mistake, sent my reply off before I was done. My credit union does charge a fee in some atm and bank transactions in MX, but not all of them. I also concur about checking with a bank or CU for their policy in MX.


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## coondawg (May 1, 2014)

Meritorious-MasoMenos said:


> No brokerage account needed and never asked me for a minimum balance. Maybe they hope that satisfied customers will move other funds into their accounts. Worked for me.


When I look on the INTERNET, it says that this Schwab checking account is only available with a brokerage account. Thus, this account seems to not be rated highly, as the brokerage account is not insured. Maybe you missed that?


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## Meritorious-MasoMenos (Apr 17, 2014)

coondawg said:


> When I look on the INTERNET, it says that this Schwab checking account is only available with a brokerage account. Thus, this account seems to not be rated highly, as the brokerage account is not insured. Maybe you missed that?


Maybe Schwab does require but, but. I certainly didn't put any money into a brokerage account when I opened the checking account. I do have a brokerage account, but it's mostly been at zero. I did need it when I moved some money from an IRA account. It had to go to the brokerage account first, before into checking. As far as for my account, they don't require any money in the brokerage account then. 

As for insurance, of course, no brokerage account is America is insured, if you mean by the Fed govt'. That is only for bank accounts, coming fro the disasters of the Depression. So, that comment doesn't mean anything.

To wrap up, Schwab pays interest on its checking account, didn't charge for sending me a batch of checks, doesn't charge for any ATM withdrawals anywhere, and incredibly, refunds the ATM charges that Mexican banks take out. So, for me, this is an incredibly great way to live in Mexico.

Schwab also has very good telephone support or live online support, where you communicate in real time with a person by typing back and forth. All free. They also have free investment advisors.

After reading on this forum before coming to Mexico all the charges that people face with other methods, and then someone on this forum talked about his or her Schwab account, well, that has proved the value of the forum for me, for sure.

If Schwab ever turns on me, I'll be sure to report it here, but for now, it's been great. Almost all other methods I've seen on this forum costs people money in some way. To date, all of the many services Schwab has provided to me have been absolutely free, plus they pay interest.


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## michmex (Jul 15, 2012)

coondawg said:


> When I look on the INTERNET, it says that this Schwab checking account is only available with a brokerage account. Thus, this account seems to not be rated highly, as the brokerage account is not insured. Maybe you missed that?



The FAQ's on the Schwab site state that a brokerage will be opened along with the checking account but need not be used.

Online Checking Account FAQs | Schwab Bank High Yield Checking

The checking and savings accounts are FIDC insured.

The brokerage account is not insured against losses but the account balances are somewhat protected as Schwab is a SIPC member.

For more on the SIPC

SIPC - What SIPC Protects


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## Isla Verde (Oct 19, 2011)

Is there a minimum amount of money needed to open an account with Schwab?


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## Meritorious-MasoMenos (Apr 17, 2014)

Isla Verde said:


> Is there a minimum amount of money needed to open an account with Schwab?


I don't remember, frankly. I don't think so, but not sure. I don't have direct deposit with them, as that goes to another account, so that my account can fall below $1,000 at times during a month, and they haven't said a word nor have they imposed any fees for that (or for anything else - again, that amazes me, and I'm on watch, but so far, nothing amiss, and again, all thanks to another forum poster).
hey
It may need a US address, at least to start, but again all my interactions have been by internet, telephone. I have informed them I am in Mexico now. They also have a special 800 number for people calling from overseas.


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