# Bank account in usa



## micsa81 (Aug 17, 2016)

I'm planning to move from California to Mexico to leave in couple of Months, but still trying to figure out what to do with my Bank account. I've been advise that I should keep it, but I thought that leaving a bank account open could be an issue for California taxes.


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## drewjones (Aug 15, 2016)

Keep your bank account. You might have to call them and tell them you are traveling to mexico for 6 months or they might block your card...no big deal.


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## dwwhiteside (Apr 17, 2013)

Generally speaking, I would advise you to keep your US bank account but, there are a few follow-up questions that might make a difference. Will your move to Mexico be a permanent move, i.e. on either a Residente Temporal or Residente Permanente visa; or will you be coming for 180 days at a time as a tourist? If this is a more or less permanent move, will you be working in Mexico? Will you still have income in the US after you move to Mexico? Does California tax law require you to provide bank account information on the yearly tax forms?

Again, you are probably best off keeping you US account. But, if you have no US income and will be making a permanent move to Mexico, then it might make more sense to close your US account and open one in Mexico upon your arrival.


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## Gatos (Aug 16, 2016)

micsa81 said:


> I'm planning to move from California to Mexico to leave in couple of Months, but still trying to figure out what to do with my Bank account. I've been advise that I should keep it, but I thought that leaving a bank account open could be an issue for California taxes.


We moved here from a state with no state tax - I can't comment on California tax rules - but I think you have to have more than a bank account to get classified a resident.

One reason to keep your US bank account is that it could be difficult to open one later if you only have a Mexican address. If you are an existing customer and move to Mexico the bank may assume you are a 'good guy' since they already know you. 

Another reason to keep your US account is if they offer a good dollar based credit card. B of A for example has a blue travel rewards Visa card which offers excellent exchange rates and no foreign transaction fees. At times like now - when the dollar is strong against the peso - it makes sense to spend 'dollars' at your Mexican stores etc.


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## sparks (Jun 17, 2007)

Check you bank rates for International ATM withdrawal. My Credit Union has none but a 1% withdrawal. Some International charge 3% +


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## lagoloo (Apr 12, 2011)

I can tell you this from personal experience: Once you no longer have a U.S. address, you are extremely limited in getting a U.S. bank account as a new customer.

Some expats play the "sister's address" game and use someone else's address for various purposes. That's one thing if you (a) have a reliable person whose address you can use and (b) this doesn't make your "ethics" gene itch.

I finally found a very well established credit union which will accept expats who are U.S. citizens and offer all the advantages of online banking, debit and credit cards, etc. "Seek and ye shall find" can work, but it was a long seeking.

It won't hurt to open a Mexican bank account as well, but don't put more money into it than you can afford to lose. If you are receiving Social Security benefits or another pension, it can be deposited directly into a Mexican bank account with no problems. If you do this right, you won't be hit with large fees.
Buen Suerte and welcome!
lane:


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## Gatos (Aug 16, 2016)

lagoloo said:


> If you are receiving Social Security benefits or another pension, it can be deposited directly into a Mexican bank account with no problems. If you do this right, you won't be hit with large fees.


I've seen that suggestion made a few times now. How does that work exactly. Social Security is going to give you US dollars, but Mexican pesos are going to go into your Mexican account. Someone makes some money on the exchange - no ?

As I write this the mid-market quote for USD/MXN is 18.26. That means $1000 USD are currently worth 18,260 pesos. How many pesos would you expect to see in your Mexican account at the end of the transfer ?


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## Isla Verde (Oct 19, 2011)

Gatos said:


> I've seen that suggestion made a few times now. How does that work exactly. Social Security is going to give you US dollars, but Mexican pesos are going to go into your Mexican account. Someone makes some money on the exchange - no ?
> 
> As I write this the mid-market quote for USD/MXN is 18.26. That means $1000 USD are currently worth 18,260 pesos. How many pesos would you expect to see in your Mexican account at the end of the transfer ?



For some time now, I've had my SS pension deposited directly to my Mexican bank account (Santander). For this month, the exchange rate was around 19 pesos to the US dollar, which is fine with me!


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## Gatos (Aug 16, 2016)

Isla Verde said:


> For some time now, I've had my SS pension deposited directly to my Mexican bank account (Santander). For this month, the exchange rate was around 19 pesos to the US dollar, which is fine with me!


Thanks for that reply. 

- do you know ... is there a delay in that transfer ? Does it take like 3 days to clear ?
- does Santander actually state the exchange rate ?
- does Santander charge fees for the service ?
- when you set this up - did Santander somehow differentiate this SS transaction from other types of deposits ? Did you simply inform SS of your banking transfer info and they took it from there ? or did you have to so something special at Santander ?


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## Isla Verde (Oct 19, 2011)

Gatos said:


> Thanks for that reply.
> 
> - do you know ... is there a delay in that transfer ? Does it take like 3 days to clear ?
> - does Santander actually state the exchange rate ?
> ...


- The day the transfer appears on my statement, it is available for withdrawal.
- I figured out the exchange rate myself. It doesn't appear on the statement.
- I arranged for the transfer to be made through the FBU (Federal Benefits Unit) at the US Embassy in Mexico City. I have no idea if Santander differentiates this transaction from other types of deposits made to my account.


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## joaquinx (Jul 3, 2010)

The SS direct deposit to a Mexican bank account will give you the best exchange rate on the 3rd of each month as that is when all payments to those living outside the US are made. The payment goes from the Treasury Dept/Federal Reserve to the Bank of Mexico and then to your bank. 

If you deposit SS in a US bank, you can make a transfer when you want and when the exchange rate is to your benefit, while the deposit to a Mexican bank is on the 3rd and you get the going rate for that day.


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## Gatos (Aug 16, 2016)

joaquinx said:


> The SS direct deposit to a Mexican bank account will give you the best exchange rate on the 3rd of each month as that is when all payments to those living outside the US are made. The payment goes from the Treasury Dept/Federal Reserve to the Bank of Mexico and then to your bank.
> 
> If you deposit SS in a US bank, you can make a transfer when you want and when the exchange rate is to your benefit, while the deposit to a Mexican bank is on the 3rd and you get the going rate for that day.


So then it sounds like the Bank of Mexico is providing a REAL service in eating the exchange rate fees a normal bank would charge. Even Schwab takes out .5 % for the conversion. The local Mexican bank sees only pesos - thus no fees.


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## mr_manny (Nov 22, 2013)

If you have an opportunity, try to setup wire/transfer authorizations between US and MX bank accounts in advance. 
This means setting up your MX bank account before your move.

I'm able to perform transfers remotely/online = a good thing.

Another bounce when keeping a US bank, it will be more likely to have your back in the event of a fraudulent CC purchase. I understand YMMV with MX CC accounts 

Lastly (as previously mentioned), you will only be looking at federal taxes...no more state taxes if your no longer a resident of the state


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## joaquinx (Jul 3, 2010)

mr_manny said:


> If you have an opportunity, try to setup wire/transfer authorizations between US and MX bank accounts in advance.
> This means setting up your MX bank account before your move.
> 
> I'm able to perform transfers remotely/online = a good thing.


This would be the last type of money transfer I would recommend. Unless you needed a large amount of money to buy a house. The exchange rate is terrible and the cost is anywhere from 35 usd to 45 usd. It will make it to the bank in under 3 days to be sure. Bank of American require a one-time code doggle when transferring more than 1,000usd that they will charge you to get.


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## Gatos (Aug 16, 2016)

I agree. I would NEVER ask a US bank to send money to Mexico. 

We have standing wiring orders setup between our US brokerage and our Mexican bank. No fees of any sort. The brokerage takes 0.5% (or less) for the exchange. They have even advised as to whether it was a good moment to make the exchange. Money arrives in 3 days. No hassles.

btw - I've not used it but I believe B of A has a smartphone app which can be used instead of the dongle. When I need to get money out of B of A, I pull it (I initiate the transfer from my brokerage). There are less restrictions.


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## mr_manny (Nov 22, 2013)

joaquinx said:


> This would be the last type of money transfer I would recommend. Unless you needed a large amount of money to buy a house. The exchange rate is terrible and the cost is anywhere from 35 usd to 45 usd. It will make it to the bank in under 3 days to be sure. Bank of American require a one-time code doggle when transferring more than 1,000usd that they will charge you to get.


I only have experience with 2 other lending institutions.
CS wavies the transfer fee, Wells charges 5 usd and has a slightly less attractive exchange rate.
The other difference is that Wells has a cumulative transfer limit over X number of days (not an issue with CS). 

My point was that Both banks require forms to be filled out in advance...something to think about, before your move.


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## Lawgrrl (Apr 24, 2015)

Gatos said:


> How does that work exactly. Social Security is going to give you US dollars...


You should have a choice between receiving pesos and US dollars. I receive my Social Security in Canada as US dollars, direct deposited into a Canadian US dollar account on the 3rd of every month, and it's immediately available for withdrawal. When I signed up with SSA, I was given a choice between receiving the benefit in US funds or the local currency. With the current (poor) state of the loonie and its fluctuations, we chose the US dollar option so that we can choose what rates we exchange at. If the loonie returns to closer to par, we may choose to let Uncle Sam pay the exchange and we'll take Canadian dollars. This will only work if you have a US dollar account in Mexico.


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## Meritorious-MasoMenos (Apr 17, 2014)

joaquinx said:


> This would be the last type of money transfer I would recommend. Unless you needed a large amount of money to buy a house. The exchange rate is terrible and the cost is anywhere from 35 usd to 45 usd. It will make it to the bank in under 3 days to be sure. Bank of American require a one-time code doggle when transferring more than 1,000usd that they will charge you to get.


From both living a year in Mexico and now eight months in Thailand, the best exchange rates have always been on ATM withdrawals.

There are banks that do not charge ATM fees and even refund what other banks change you. I get about $30-$50 a month in fees that Thais banks charge me. A lesser but still welcome amount when I was in Mexico. I mentioned the bank's name once or twice but I'm not allied with them, so I don't do it anymore. Just bring it up now and then on this question to let folks now there are attractive options for keeping a U.S. bank account. 

Minimum to open mine was $1,000 but none required after that, all handled on line and by mail. There are probably others that do it as well. 

It just amazes me that my bank refunds what Thai banks charge. They have special numbers for overseas customers, 24 hours a day, free on line chat 24 hours a day. They even accept charges on overseas calls, but since I have an IPhone, that doesn't apply, I don't think.

I'm a tech dolt. Although I have asked other IPhone users, they never had an idea on this question either. When an automated computer asks you to press in a number or an extension, I have no idea how to do it on an iPhone. Going to the dialing number page, the numbers never register. Hitting a star or something results in a hangup. Google hasn't helped me even.

Anyone know, when a computer voice asks: "Press 1 to speak to X or 2 to speak to Y" how is that possible on IPhone?


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## joaquinx (Jul 3, 2010)

Meritorious-MasoMenos said:


> I'm a tech dolt. Although I have asked other IPhone users, they never had an idea on this question either. When an automated computer asks you to press in a number or an extension, I have no idea how to do it on an iPhone. Going to the dialing number page, the numbers never register. Hitting a star or something results in a hangup. Google hasn't helped me even.
> 
> Anyone know, when a computer voice asks: "Press 1 to speak to X or 2 to speak to Y" how is that possible on IPhone?


That is strange. I have never used an iPhone for this and have always used an Android phone without this problem. My stab at a solution is to check and see if you have keyboard sounds turned on in the phone app or perhaps have keyboard sounds turned on when the display is touched. ¡Suerte!


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## TundraGreen (Jul 15, 2010)

Meritorious-MasoMenos said:


> Anyone know, when a computer voice asks: "Press 1 to speak to X or 2 to speak to Y" how is that possible on IPhone?


When you are on a call with my iPhone the display shows 6 labeled icons. My phone is in Spanish so I am not sure exactly how they are labeled in English, but one of them is labeled teclado or keyboard. If I press it, it brings up a number keypad that works to reply to the request to enter a number.


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