# Master/Visa Card



## hando4949 (Jun 22, 2009)

Is it possible to open a bank account in Mexico, and get a Visa/mastercard with it.
I intend to get my VA Benifits put in the account by direct deposit.


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## TundraGreen (Jul 15, 2010)

hando4949 said:


> Is it possible to open a bank account in Mexico, and get a Visa/mastercard with it.
> I intend to get my VA Benifits put in the account by direct deposit.


My Banamex debit card has a Mastercard emblem on it and can be used like a credit card, although it really is a debit card. The charges come straight out of the account rather than on a statement that has to be paid once a month.


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## RVGRINGO (May 16, 2007)

Such cards carry very heavy fees and exorbitant interest rates in Mexico. Keep your US banking and associated cards. You can bank online and still be covered by FDIC, etc. In ten years of living in Mexico, we have never found a need for a Mexican bank account.


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## joaquinx (Jul 3, 2010)

RV makes a good point as Mexican _credit_ cards are expensive. We're talking 40% and more. You will get a debit card when you open an account. The Benefits Office at the embassy or any US Consulate will help you set up the direct deposits. 

I have my SS and VA benefits sent to my US bank and withdraw funds from the ATM. I have a Mexican bank account with a debit card. I shop with the Mexican debit card and use the US card for only withdrawing funds. It's a matter of risk. Since I keep only a few thousand pesos in the Mexican account, the lose or theft of the card won't hit me too hard. While the compromise of the US card will. I only carry it when I go to an ATM to withdraw funds.


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## Guest (Oct 16, 2011)

There are several options / costs to get your cash into your hands in MX.

If you're worried about having your account balance insured, the best way may be to open an account with a US bank that has an agreement with a MX bank, so that you don't pay ATM fees to withdraw your cash here in MX. (there are several threads about this - use the search feature).

Using a US bank's ATM card without this arrangement results in paying ATM fees to the MX bank whose ATM you use. If you pull out US$2,000 a month here in MX, and pay $2+ for every US$300 you pull, you're paying US$14 a month in withdrawal fees. That is exorbitant to me.

Most MX banks will give you an ATM card to use their ATMs at no cost. An advantage of having a MX bank account is that you can pay your MX bills online instead of running out every month to pay them. You can also use other internet services such as MercadoLibre (like a MX version of a cross of Amazon & E-Bay) to buy and pay for things online. Your purchases show up at your door.

Santander will issue a regular credit card along with your account, but you will have a low credit line. You must have a migrante visa (formerly FM-2) and you must prove minimum monthly income of MX$7500 to get one. They charge an annual fee of MX$440 and the interest rate is about 32%. They include benefits such as airline points, and cancellation of any credit card debt on the card should you die.


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## RVGRINGO (May 16, 2007)

Many banks, like USAA, refund ATM fees. Another way to reduce them is to raise your daily limit for ATM withdrawals. The $300 limit is a common default limit when getting such a card, but you can raise it to, say $1000 and significantly lower the bank commission on ATM withdrawals.


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## makaloco (Mar 26, 2009)

I have a Bancomer checking account that came with an ATM/debit card. My US Social Security payments are direct deposited each month, and I can withdraw cash or make purchases with the card. There is no fee for any of this as long as I use a Bancomer ATM for cash. The card has a Visa logo and can theoretically be used at any Visa ATM machine internationally, though I haven't used it outside Mexico.

As an Australian living in Mexico, you may not be able to open a US account as others are suggesting unless you have an address there. Most banks require a US address, and some even require a personal visit to the bank to open an account.


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## RVGRINGO (May 16, 2007)

Here's another thought: If you have direct deposits to a Mexican bank, you are at the mercy of the exchange rate fluctuations, instead of being able to take advantage of them. That can make a big, big difference. We try to take extra funds when the rate is in our favor and do elective maintenance at those times. Right now, we're re-finishing the roof and installing solar hot water at 14:1 exchange, while it wasn't but a few months ago that the rate was a lot less; like 11.5:1. That's like 20% difference in spending power. Some folks don't have to worry about such things. We do!


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## JoParsons (Jun 25, 2011)

*Banking in Mexico*



hando4949 said:


> Is it possible to open a bank account in Mexico, and get a Visa/mastercard with it.
> I intend to get my VA Benifits put in the account by direct deposit.


Okay, here's what I've learned on this site and through the Embassy in Mexico City. Open a bank account in a Mexican bank, contact the embassy with the special number the bank will give you. Mine is SSA benefits . . . they are sent to the embassy who then converts (and gets a great rate because they do everyone's together) and deposits into your Mexican bank account. I had an embassy worker say I might be able to do the whole thing by phone once I have the account set up. You can get a debit card like any other bank.

Piece of tamale . . .


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## surfrider (Oct 4, 2011)

Has anyone looked into international overseas banks?


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## RVGRINGO (May 16, 2007)

Another consideration: The US is instituting new and more strict measures to require additional reporting of, and by, US citizens with foreign bank accounts. This is in addition to your normal IRS filings.


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## joaquinx (Jul 3, 2010)

JoParsons said:


> Okay, here's what I've learned on this site and through the Embassy in Mexico City. Open a bank account in a Mexican bank, contact the embassy with the special number the bank will give you. Mine is SSA benefits . . . they are sent to the embassy who then converts (and gets a great rate because they do everyone's together) and deposits into your Mexican bank account. I had an embassy worker say I might be able to do the whole thing by phone once I have the account set up. You can get a debit card like any other bank.


The_ special_ number either is your account number, the IBAN/SWIFT number, or the 18 digit CLABE. All can be found on your statement except for the SWIFT number.

You have to fill out the "International Direct Deposit Form", sign it, and mail it or deliver it to the embassy or a local consulate. 

Jo, post back when you've done this, I would like to know the details.


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## JoParsons (Jun 25, 2011)

Yes, they did call it the CLABE #. I'll let you know if all went well. Even if I can't do it over the phone, the Mexico City embassy goes to Morelia once a month so I don't have to go into Mexico City.


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