# Banking in Mexico - Transferring Money to the U.S.



## m_p_w (Aug 7, 2013)

Hi all,

First post, so I apologies if this falls afoul of any of the forum rules.

I've just moved to Mexico City for work after several years in New York and London. I'm trying to figure out the best (i.e., least expensive) way to regularly transfer money back to my bank account in the U.S. I'm working in DF and have several obligations in the U.S., so will need to regularly transfer part of my income to my bank in the U.S.

Searching the Internet has been largely fruitless, as any search term I can think of produces results relating to U.S. *to* Mexico transfers. I certainly understand the importance of remittances, but sifting through the noise, there seems to be almost no options for easy/efficient transfers back to the U.S. I'm a bit surprised given the number of relationships between U.S. and Mexican banks.

Options I have seen mentioned:

*PayPal *- 3% transaction fee, making this option much more expensive than my current setup (~$15 incoming fee at my U.S. bank and ~$40 outgoing fee at my Mexico bank)

*HSBC Premiere* - Seems a good option, although they require a $100,000 minimum balance between HSBC investment and cash accounts; I'm not sure I want to move that much capital to HSBC

Has anyone found an efficient system for U.S. expats in Mexico? Any ideas would be greatly appreciated.

Thanks and kind regards,

M


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## TundraGreen (Jul 15, 2010)

m_p_w said:


> Hi all,
> 
> First post, so I apologies if this falls afoul of any of the forum rules.
> 
> ...


My current plan has not been tested yet, so this is hypothetical. CitiBank in the US and Banamex in Mexico allow free transfers between accounts. Banamex is owned by CitiGroup. Depending on the type of account, there are limits on the size of the transfers.


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## m_p_w (Aug 7, 2013)

TundraGreen said:


> My current plan has not been tested yet, so this is hypothetical. CitiBank in the US and Banamex in Mexico allow free transfers between accounts. Banamex is owned by CitiGroup. Depending on the type of account, there are limits on the size of the transfers.


If you could, let me know how that works. I've not been able to figure out if the Citi-Banamex transfers are actually free. There's conflicting info, when I can find it.

Thanks!


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