# Banking in Mexico



## robop

How do you transfer U.S. funds to an established Mexican bank account and avoid foreign transaction fees?

Using ATM transaction will eat you alive for small cash needs. How do you buy property or business with larger amounts of foreign money?

I have a Citi account ( Banamex relationship) but I still get hit with fees from Banamex when I withdraw money via ATM. Citi does not charge any fees, unless there in cahoots with Banamex!

Can you deposit checks in a Mexican account w/o transaction fees?


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## chicois8

You can open a Banamex account through Citi International Services while in the USA, when you arrive in Mexico you simply go to the Banamex branch,sign some paperwork and you account is opened...

You could then open a Banamex USA account online and send funds to a Banamex account with no fees...Banamex and Banamex USA are both owned by Citi bank...All accounts will link up...Banamex USA ATM card in a Banamex ATM=no fees...$300.00 a day withdrawl...

You can open a Citi Gold Account and use ATM card in a Banamex ATM= $2000.00 a day......no fees........






robop said:


> How do you transfer U.S. funds to an established Mexican bank account and avoid foreign transaction fees?
> 
> Using ATM transaction will eat you alive for small cash needs. How do you buy property or business with larger amounts of foreign money?
> 
> I have a Citi account ( Banamex relationship) but I still get hit with fees from Banamex when I withdraw money via ATM. Citi does not charge any fees, unless there in cahoots with Banamex!
> 
> Can you deposit checks in a Mexican account w/o transaction fees?


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## NORM123

If you have a B of A checking, you can withdraw $ at Santander bank, ATM, with zero charges


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## telcoman

Bank of America is associated with Scotiabank. there are plenty of their ATM'S aroudn as well. Should be fees.


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## joaquinx

NORM123 said:


> If you have a B of A checking, you can withdraw $ at Santander bank, ATM, with zero charges


And Scotia.


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## telcoman

Scotia is Scotiabank. Its a canadian bank. I also meant to say, "Should be NO fees." Also check your transaction on line, no matter where you use an ATM. Two years ago, I withdrew 2000 pesos. It went through at 3000 dollars, well above my daily limit, BTW. It was fixed, but I had to contact my home bank to get it done.


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## joaquinx

telcoman said:


> Scotia is Scotiabank. Its a canadian bank. I also meant to say, "Should be NO fees." Also check your transaction on line, no matter where you use an ATM. Two years ago, I withdrew 2000 pesos. It went through at 3000 dollars, well above my daily limit, BTW. It was fixed, but I had to contact my home bank to get it done.


Oops, I missed your post on Scotiabank. If I had read it, I would not have posted that Scotiabank was another choice other than Santander for no fee withdraws.


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## f3drivr

Scotiabank is part of the Global ATM Alliance along with Bank of America and Santander and there are no fees for using machines within the alliance. If you are Canadian and have an account at ScotiaBank you will still pay a 2.5% currency conversion on top of the interbank rate. It is hidden in the exchange rate and you do not see it, 2.5% is standard at all Canadian Banks and most charge a foreign ATM transaction fee on top of that which can vary. The currency conversion is not the same at all US banks. There is a chart here:
Credit/Debit/ATM Cards and Foreign Exchange - FlyerGuide Wiki


I use XEtrade to buy pesos and wire them to my Mexican Bank account. I pay about 1.2% and no other fees. about 50% of what the Canadian banks would charge me. If I were in the US I would use the Bank of America global ATM alliance deal.


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## HolyMole

*Internet Security*



telcoman said:


> Scotia is Scotiabank. Its a canadian bank. I also meant to say, "Should be NO fees." Also check your transaction on line, no matter where you use an ATM. Two years ago, I withdrew 2000 pesos. It went through at 3000 dollars, well above my daily limit, BTW. It was fixed, but I had to contact my home bank to get it done.


First, a disclaimer: I am very definitely not a computer whiz or Internet security expert. I don't bring a laptop to Mexico, but use Internet cafes. That said, I have been cautioned many times by several Canadian banks against using either Internet cafes, or WiFi zones to do on-line banking from Mexico.
We go to Mexico for 5-6 months. I do all my banking - 6 month's worth - in advance, using a Scotiabank ATM card for all cash requirements.
For emergencies, I carry the usual credit cards but have never used them in Mexico.
I would attempt to access my on-line bank accounts, (even just to check that an ATM cash withdrawal went through correctly) only in emergency situations.
The whole question of Internet security and banking scares the hell out of me.


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## joaquinx

Before I bought my laptop and had Internet installed at my residence, I used Internet cafes all the time. Albeit, I did use, what appeared to be, a more reputable one to check on my bank account and never had problems. The choice, of course, is still the users and I would not recommend bring more stress and worry to anyone living in Mexico.


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## sparks

My bank places a 'cookie' on my home computer so I don't have to answer extra security questions. If I use a friends computer or Cafe ... it doesn't see the cookie so asks me security questions. Then it asks me if I want that cookie on the 'new' computer ... suggesting it is not safe if the computer is for public use.

I have heard of 'key loggers' that record key strokes which might defeat the extra security


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## ReefHound

sparks said:


> My bank places a 'cookie' on my home computer so I don't have to answer extra security questions. If I use a friends computer or Cafe ... it doesn't see the cookie so asks me security questions. Then it asks me if I want that cookie on the 'new' computer ... suggesting it is not safe if the computer is for public use.
> 
> I have heard of 'key loggers' that record key strokes which might defeat the extra security


If one plans to use public computers one should be sure to always log off. And learn how to use browsers to delete the browsing history and cookies and cache before you leave the machine.

Still, anytime you use someone else's computer (internet cafes) there could be keystroke recorders or other logging software installed that renders the previous steps inadequate. The best you can do is change your passwords as soon as possible after using one on a public computer.


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## RVGRINGO

A bank's agent may not conduct business on the open forum. Please contact your bank directly and confirm his authenticity.


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## grndy85

*Thanks*

Thank you for your help RVGringo...



RVGRINGO said:


> A bank's agent may not conduct business on the open forum. Please contact your bank directly and confirm his authenticity.


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## holodeck

Can I rent a safe deposit box in Mexico ?


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## RVGRINGO

I don't know of banks with that service, or if they exist elsewhere, or if it would be a wise choice.


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## holodeck

RVGRINGO, Thanks for the reply. Are banks in Mexico that untrustworthy ?


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## RVGRINGO

That's not the problem. Safety deposit boxes just aren't part of the culture and practice here, at least not for average depositors. Also, there is no equivalent to FDIC as you know it in the USA. Most expats keep their home banking intact and manage with online banking coupled with a modest investment account in Mexico for the convenience of transferring funds or cashing checks. Daily cash is available via convenient ATM machines.


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## conklinwh

I have a lot of friends that have businesses so need secure locations.
100% of them have home safes that they bought at places like Home Depot or Costco in Queretaro. Given building materials in Mexico they are pretty easy to secure and come in all sizes.


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## holodeck

It's been a while since I was in Mexico. Back in the day I just carried money and papers on me every where I traveled. This was before plastic.

I will be down south for about 3 months and think I will put some money into an account of B of A sister bank (Santander) for back up. I like to hope for the best and plan for the worst.

Does that sound like a good idea ? Like I said it's been a while.

BTW there is a good nip in air here in Seattle, see ya all a few months.







b


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## RVGRINGO

INM still requires that you carry your tourist permit or a visa.
As for banking, ATM machines are everywhere now. So, unless you feel you might need more than your daily limit, which you can raise from the default amount by arrangement with your bank, the ATM might be sufficient. The BoA/Santander arrangement would allow you to transfer and withdraw larger amounts for large purchases, like a home or a car.


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## 1PVMan

telcoman said:


> Bank of America is associated with Scotiabank. there are plenty of their ATM'S aroudn as well. Should be fees.


Be careful when using a Bank of America ATM card at Scotiabank in Mexico. BofA told us (and it is listed on their website), that while there are no fees when using an ATM at Scotiabank in Canada, that is not the case in Mexico. BofA told us that Santander is their only "fee free" partner in Mexico. And indeed, we use our BofA ATM card almost every other week at Santander and have never been charged a fee.


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