# Mexican Bank



## elderp (Aug 22, 2018)

I am a dual US/Mexican citizen. I am saving up to buy a house in Mexico. Since I am a Mexican citizen I don't plan on needing a trust account. I am looking to slowly transfer money into a Mexican bank account for this purpose. Any suggestions? Any particular bank that makes this easier?


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## yamabob (May 23, 2018)

Not going to offer up bank advice but I would suggest when you do find with whom you wish to bank- check out money transfer services. I send money down using Monivo to find the best rate. It's not always Transferwise who will give the best. Often times this is a much better option than bank to bank. Keep the transactions under 10K as well


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## RickS (Aug 6, 2009)

Me, I'd keep the money in a US bank with FDIC insurance on it rather than use a Mexico bank which I don't believe has that kind of protection.

YMMV


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## elderp (Aug 22, 2018)

Mexico guarantees all bank deposits up to 2,406,702.40 MXN (about $125,000). I only plan on keeping about $50-75k in the bank. Guessing most people on this board are renting or paying through a trust?


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## ojosazules11 (Nov 3, 2013)

elderp said:


> Mexico guarantees all bank deposits up to 2,406,702.40 MXN (about $125,000). I only plan on keeping about $50-75k in the bank. Guessing most people on this board are renting or paying through a trust?


Only those looking to purchase in the restricted zone (defined as all land located within 100 kilometres of any national border and within 50 kilometres of any ocean) need a trust. Many of us have purchased property outright further inland.


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