# Failure opening bank account



## eastwind (Jun 18, 2016)

I've been living here on Residente Temporale status without a bank account for four years. But since I bought an apartment, I decided I wanted a local bank account and debit card. I went back in July or August to CitiBanamex and tried to get an account and they said that they sometimes take people one RT as customers, but weren't at the moment, they were currently requiring Residente Permanente status. Since I was due to convert to RP in september I decided no problem, I'd just wait a couple months more.

Well this week I finally got my RP card! Yay! Only 5 visits to INM and about 8 hours standing in line.

So I tried again at Banamex and got refused again. This time their excuse was that my CURP wasn't printed on my shiny new RP card. I do have a CURP, and can print out a color form with my photo showing it, but when I filled out the demographic informaiton for the RP card I didn't know then that I already had a CURP and left it blank. So when the RP card arrived it does not show the CURP. The bank said they would only give me an account if the CURP was on the RP card. 

I think this is not according to the law, the CURP card says a self-printed version in either color or black and white must be accepted.

What I think is that because I'm a US citizen they simply don't want me as a customer. Too much hassle with FATCA and FINRE for them to deal with. I've heard other reports of banks reluctant to take US expats as customers. 

I have only tried at one branch so far. I didn't actually have my CURP with me, so I came home disgusted and plan to reload my smiley face and try again at a different branch another day. With a printed-out CURP in hand along with all the other stuff they need.

I will also try other banks, but I had particularly wanted citiBanamex becasue I heard they were good for moving money from the US and because of another reason unique to my situation.


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## TundraGreen (Jul 15, 2010)

I was going to suggest trying a different branch. Maybe even a different bank executive, as they are called, in the same branch. It is very easy to move money between CitiBank and CitiBanamex, as you mentioned.


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## maesonna (Jun 10, 2008)

What TundraGreen said. It’s quite common for different branches to give different answers to the same request. What’s more, at another branch, or with a different executive, they don’t know you and don’t have a history of denying you.
I’ve even gotten a different answer to the same question (“Can I deposit this cheque from the US into my account?”) at the *same* branch on different occasions (4 weeks apart).


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## MangoTango (Feb 8, 2020)

Even as a dual (US/Mexican) national you, as a US citizen, and the Mexican bank will not avoid FATCA etc. I suspect you would likely need to denounce US citizenship and provide proof to a Mexican bank.

Banamex, in particular, almost has the feel of being a US bank. Every year at tax time they provide a W2-INT form in English and in US dollars.

One of the aspects of the new NAFTA agreement not often mentioned is that now those Mexican banks with a US association (like Citi/Banamex) now maintain their data in the US on US servers. I'm not sure, but I think that might be ALL account information (not simply FATCA related).

Even if/when you become a Mexican dual national you will always be a foreigner in Mexico's eyes, and that information is embedded within your CURP - note the "NE" - _Nacido en el Extranjero_ (born abroad) . You get one CURP per lifetime.

My experience is that my CURP card is no longer accepted anywhere within Mexico. Even the full page (legal) CURP printout must be in color. Sometimes people have been willing to take my CURP information off my INE (voter credential).

Even today HSBC appears to allow anyone to open an international account in any of some 30 different countries. You can do that from within the US with NO Mexican residency. Search on something such as 'HSBC international account' for information / rules. I believe you are limited to a non-interest bearing checking account - but I think you get a debit card.


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## TundraGreen (Jul 15, 2010)

MangoTango said:


> …
> Banamex, in particular, almost has the feel of being a US bank. Every year at tax time they provide a W2-INT form in English and in US dollars.
> …


I have never seen a W2 form from Citibanamex nor its predecessor, Banamex.


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## MangoTango (Feb 8, 2020)

TundraGreen said:


> I have never seen a W2 form from Citibanamex nor its predecessor, Banamex.


Sorry, it is a 1099-INT. Mexico City address, reports interest income and foreign tax paid - all in English and in dollars.
I like that they do it for me because I am generally tougher on myself when it comes to the currency exchange etc.

Do you have interest earning/ investment accounts at Citibananex ?


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## TundraGreen (Jul 15, 2010)

That makes sense. I don't earn any interest with Citibanamex.


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## eastwind (Jun 18, 2016)

Interest from a single source of less than US$10/yr isn't reportable, and it's hard to get more than that on a simple savings account unless you have way too much money sitting in it. Term deposits are a different story, but all I want is a basic account I can use to pay bills and a debit card I can use to order stuff from Amazon & Mercado Libre. Pretty much any bank will do for those things, I'm told (I asked on an earlier thread here). Having an easy way to move cash from a US account to Mexico is the differentiator that points me to Banamex.

I have a Schwab account, and I get ATM fees reimbursed from that, so that's what I've been using to get cash to pay bills, but I want a back-up for cash access. Plus electronic bill pay to cut down on standing in line.

I wonder if it might help if I started with Citi US and opened a US account as a US citizen with foreign residency? I wouldn't mind having one of those to ease the money-moving. 

Their refusal might have had something to do with my level of Spanish (deplorable). Although they had no problem beckoning over a back executive with good english, he was the one who seemed intent on just getting rid of me. The other thing I did "wrong" was I didn't dress up. I wasn't ratty either, but had on blue jeans and a short-sleeve collared shirt (not a dress shirt, dress slacks and leather shoes). I didn't think I was on thin ice so I didn't bother. 

There are a lot of branches in town, I'll try another one and see how it goes.

There are plenty of Santandar branches around, so that would be a convenient alternative, except they always seem to have lines. There are convenient HSBC branches too, but somebody warned me away from them, I forget why now.

If any of these banks charges a fee to receive a wire of money from the US, that would be a negative strike, and I'd be grateful to people here if they know about it and would let me know.


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## eastwind (Jun 18, 2016)

I suceeded today. I went to a different citibanamex branch and it was entirely a different experience.

I showed up around 10:30 am, and there was a guy sort of dealing with people at the door, either directing them to the line for cashiers or telling them to go away or wait in another line or whatever. He gave me a slip with a number but wrote on the back to return at 13:45. So I basically got an appointment. That seemed promising! He'd asked if I had all the things. (passport, residente permanente card, CFE bill, CURP) and when I said I had them all with me then he gave me the appointment.

When I came back that guy was gone but a different person was manning the door, and presenting my number I got right in to sit in the cool waiting area - that was good because by then the cloud cover was gone and the line outside was in full sun, but I skipped it. He gave me a new number slip.

After a short wait, maybe 15 minutes, I got helped. It was clear that they wanted to make it work. They gave me no hassle at all about my CURP not being on my RP card, they took the color printout page of the CURP with my printed photo on it without issues.

My CFE bill was an issue. The most recent one came in December, when I was traveling. It got scanned and emailed to me by the apartment management, but when returned this month and I asked for the original they'd lost it. They printed it for me in black and white, but that wasn't good enough for banamex, nor was the one from October. But I emailed them the color scan and that they accepted. Strange/odd.

So now I have a couple questions about this account for those who are banamex customers.

They offered me a choice of two accounts, and I wasn't sure what I was choosing. I _thought _I was choosing the one that required a 4000 peso minimum balance. On the basis that higher minimum balance accounts usually are cheaper and have better features.

It seems from the paperwork that I got that they are going to hit me with a monthly administration fee of 165 pesos for this account. It's unclear to me whether keeping the minimum balance causes that to be waived, or whether I have to pay that anyhow, or whether there is in fact no minimum balance. If I am going to have to pay that it will be annoying. Generally I'd rather avoid fees and suffer any kind of minimum balance requirement necessary to do so, without worrying about not getting any interest. This is clearly a no interest account, which is fine (I'd almost rather not have the interest than have to deal with the taxes on it).

Did I choose the wrong account? The other choice seemed to have some requirement to make 5 transactions per month or something. I couldn't get my phone camera translator to work at the critical time and had to make an uninformed choice.

A Mexican friend told me Scotiabank was charging him 460 pesos and he was cancelling his account now that he had a banamex one, so he thought 165 was a better deal. Certainly some checking accounts in the US want $20 per month, but there's usually a way to avoid that. So to me it seems expensive if I can't avoid the 165 peso charge somehow.

Second question: the ATM card doesn't have my name on it - it says PERFILES AZUL. I understand that's a standard security thing now. But I'm wondering how I can use the ATM/debit card to buy stuff online via amazon or mercardo libre? Aren't they going to ask for 'name on the card'? Or are they only going to ask for card number and pin but not the name?


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## TundraGreen (Jul 15, 2010)

None of my Mexican debit cards have a name on them. It is not a problem.

Regarding the monthly fee... If your balance is over some minimum, you should not have to pay a fee. I suggest waiting to see what happens after the first month, then going to the bank to discuss what you need to do to avoid the fee, if there is one. At Bancomer, 4000 pesos seemed to be enough to avoid fees. It seemed to me that Banamex the minimum balance was higher but that may have changed.


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## eastwind (Jun 18, 2016)

Thanks! I'm glad for the confirmation that it's generally probably similar to the US and the fees can generally be avoided by meeting certain criteria. I just _hate _paying those kinds of fees! Paying them gets my goat in a disproportionate kind of way.


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## MangoTango (Feb 8, 2020)

I don't pay fees on any bank accounts. At Banamex we principally have two 'accounts'. One is our checking account where we keep a little money. A little more than the annual amount for the IMSS policy for the two of us. That account earns no interest. I have a blue debit card with my name on it and 'Cuenta Maestra'. That card seems important to the people at the bank. I get special treatment (like no lines).I need that card for anything/everything at Banamex. Even if I have all my other credentials (INE, INAPAM, drivers license, Banamex CC etc) - if I forget that debit card it means I will need to return home and get it.

We also have one pagare/cede at Banamex with more money in it. There is some sort of minimum balance and it matures every January when I roll the interest into our checking account and re-up the cede for another year. Here's a tip. If you are nice to the people at the bank you get better service. Interest rates are not cast in stone. I think every time we sit across the desk from the employee at Banamex they show us the posted interest on their computer screen and then they pick up the phone and get permission to give us more. It is a nice gesture but we are not talking big bucks.


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## eastwind (Jun 18, 2016)

Thanks for the replies. Perhaps I should change the thread title now to "success".


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