# Best bank for online experience



## eastwind (Jun 18, 2016)

I have been living here 3+ years, but haven't opened a Mexican bank account, preferring to use my fee-free Schwab ATM card to pull pesos from my US account and pay all bills in cash.

But now I'm buying a condo, and I'll have a monthly maintenance fee to pay, and the office doesn't accept cash, they publish their CLABE and expect you to deposit to their account.

Since a wire transfer from the US to the condo account would cost me $45 each time, my plan is to open a Mexican bank account and pay from that.

I am looking for recommendations on which bank has the best online experience for paying bills, both where the bill is a standard amount each month and when it varies (I also might want to pay my power bill that way instead of in cash). 

I'm told they mostly all have some kind of electronic bill pay, but if possible I want to do it over the net rather than at an ATM. That would free me to travel and pay the bills from wherever I am when they're due.

Advice appreciated in advance


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## TundraGreen (Jul 15, 2010)

I have experience with both Citibanamex and Bancomer. Both have apps that allow you to transfer money or you can log into their websites to transfer money. Citibanamex is now owned by Citibank and allows easy transfer between them if that is a consideration.

I suspect it is equally easy with other Mexican banks. Most everyone in Mexico uses bank transfers the way the US uses checks.


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## maesonna (Jun 10, 2008)

Similar experience with Scotiabank and with BBVA (the bank formerly called Bancomer). Their apps are easy and useful, also you can do transactions either through their apps or through their websites.


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## eastwind (Jun 18, 2016)

Ok, thanks, I may try citibanamex because if all or most are 'good enough' on the electronic payment side, the next consideration is cost of moving funds to Mexico. I could do a wire every six months, but if there's a cheaper way that's better. 

I saw that citi was at the top of a list for cheapest banks for 'remittances' (small transfers). 

I don't have a US citi bank account, but what would be ideal is if I could use a US ACH electronic transaction to send money to citi that would land in my citibanamex account after they change it to pesos (hopefully at a reasonable rate).

It would be difficult for me to get a US citi bank account now, as I no longer have a US residential address to use, and all the banks want one to open a US account these days. I have my existing US bank accounts, but can't open more very easily.


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## Stevenjb (Dec 10, 2017)

eastwind said:


> I could do a wire every six months, but if there's a cheaper way that's better.
> 
> It would be difficult for me to get a US citi bank account now, as I no longer have a US residential address to use, and all the banks want one to open a US account these days. I have my existing US bank accounts, but can't open more very easily.


Look into Transferwise to get funds into Mexico.

As to opening a US bank account. It is the policy of US banks 'to know their customer'. You could try using a family/friend address in the US - however the US bank may ask for ID with that address on it.



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## Lawgrrl (Apr 24, 2015)

We went with Banamex. They have physical locations everywhere and their website has an English-option interface. No fees with a 4,000 peso minimum balance. They also set us a savings account which is NOT accessible with the debit card. I transfer money from savings as needed for bills, shopping, etc. using the app (simple) or desktop. As for transfers, we used Transferwise to move Canadian funds here and were pleased with the fees (<1%), exchange rate, and fees. For US funds, we have an INTERNATIONAL account with Charles Schwab that we were able to open from Mexico w/o a US address. They refund all ATM charges, give a good Fx rate, and wire transfers are US$25 (usually they waive the fee for us). And BTW, Banamex doesn't charge us for incoming wires or electronic transfers, and those are promptly credited to our account.


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## lat19n (Aug 19, 2017)

Random thoughts...

Schwab International accounts. We have some monies parked there. Be aware, when you are a "non US resident" you are truly an extranjero in Schwab's eyes - Pablo Escobar is likely your neighbor. You do not have the same investing options as a resident. You have no banking option available. Debit card yes, credit card no. You will earn 0.06% on any residual cash (don't leave your home/car purchase cash sitting there uninvested). Foreign wire transfers are a nice feature with Schwab. You can have "standing orders" with them. You pre-arrange all the account numbers (of both sides) and they file the information away. Then when you want to wire money you call and ask for the "foreign wire transfer desk please". With some luck you will be connected with a knowledagble person who will look at the live forex market and tell you the exchange rate you will get. (It will likely be better than similar transfer services). You are subject to settlement (3 days I think) but what you were quoted is what you will see turn up in your Mexican account. 

Banamex. We have a small amount of monies there as well. They were a much more pleasant experience before the Citi involvement - but we have a very comfortable (leather chairs in the waiting area ) undiscovered branch nearby. You may notice that you earn a little less interest at Banamex than other banks in Mexico (still better than a US bank). It is nice that they issue you a dollar based/English language 1099-INT every year.

Edit : At one point, Citi (through our Banamex connection) invited us to open a US based account but they wanted an initial investment larger than we were prepared to make.


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## Bobbyb (Mar 9, 2014)

When you use something like Transferwise your money is not protected. I do not think they are a bank. Should they go under and your money has not been transferred you lose.


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## TundraGreen (Jul 15, 2010)

lat19n said:


> Random thoughts...
> …
> 
> Banamex. We have a small amount of monies there as well. They were a much more pleasant experience before the Citi involvement - but we have a very comfortable (leather chairs in the waiting area ) undiscovered branch nearby. You may notice that you earn a little less interest at Banamex than other banks in Mexico (still better than a US bank). It is nice that they issue you a dollar based/English language 1099-INT every year.
> ...


I don't get any interest on my Mexican accounts. And given how little interest they pay anyway, I am happy that way. It saves me having to declare any peso income. The rest of my income is in dollars at the moment.


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## lat19n (Aug 19, 2017)

TundraGreen said:


> I don't get any interest on my Mexican accounts. And given how little interest they pay anyway, I am happy that way. It saves me having to declare any peso income. The rest of my income is in dollars at the moment.


Well you should only do what you are comfortable with I guess.

But, if you are nice, you can get something like 5.5% interest on a pagare at Banamex. You might get something like 5.8% on a money market account at HSBC. You can earn in the area of 7% on a CETE from banixco. (before taxes).

Our T-bills are earning something like 1.5%. 

I do feel a little poorer though when I wake up in the morning and I see the USD/MXN up another 1.38 %. I wish someone could explain to me the apparent inverse correlation between the Mexican Peso and the US stock market.


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## maesonna (Jun 10, 2008)

TundraGreen said:


> I don't get any interest on my Mexican accounts. And given how little interest they pay anyway, I am happy that way. It saves me having to declare any peso income. The rest of my income is in dollars at the moment.


What lat19n said. And you don’t have to be bothered about declaring – they deduct income tax on any interest earnings directly from yout bank account, and you get to keep the rest.


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## almot (Aug 25, 2012)

eastwind said:


> I saw that citi was at the top of a list for cheapest banks for 'remittances' (small transfers).
> 
> I don't have a US citi bank account, but what would be ideal is if I could use a US ACH electronic transaction to send money to citi that would land in my citibanamex account after they change it to pesos (hopefully at a reasonable rate).
> 
> It would be difficult for me to get a US citi bank account now, as I no longer have a US residential address to use,


The cheapest is when there are no fees - between Citi US and Citi Mexico. 

Look into services like Transferwise and Ofx.com. They've been around for a while and fees are reasonable.


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## lat19n (Aug 19, 2017)

I'm not sure it ever makes sense to utilize a bank to make an international transfer which involves a currency exchange.

HSBC US <-> HSBC Mexico using their online 'Global Transfers' feature is a terrible idea (even if the transfer is instantaneous). 

And in general - all the banks in Mexico are independant from other banks in the world which bear similar names (as I'm sure is the case in the US). They are MEXICAN businesses. There are quirks/exceptions where they might be able to help establish an introduction and such. Just my experience...


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## almot (Aug 25, 2012)

Citi US -> Citi Mex is a special case of international transfer as there is no charge, they treat it as intra-bank transfer between accounts. I don't know whether CitiBanamex or Citibank exchange rate is used to deposit funds from your Citi US into your CitiBanamex account. Bank rates are very low anyway. 

One could of course transfer USD to CitiBanamex USD account without losses and then shop locally for best cash rate. Transferwise or Ofx does look easier.


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## eastwind (Jun 18, 2016)

lat19n said:


> I'm not sure it ever makes sense to utilize a bank to make an international transfer which involves a currency exchange.
> 
> HSBC US <-> HSBC Mexico using their online 'Global Transfers' feature is a terrible idea (even if the transfer is instantaneous).
> 
> And in general - all the banks in Mexico are independant from other banks in the world which bear similar names (as I'm sure is the case in the US). They are MEXICAN businesses. There are quirks/exceptions where they might be able to help establish an introduction and such. Just my experience...


Could you elaborate on why HSBC US <-> HSBC Mexico is a terrible idea? Fees? Exchange rate? Other hurdles?

HSBC was one of the banks I was considering....


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## almot (Aug 25, 2012)

HSBC used to have 0.5% exchange fees a while ago. Don't know if this is still the case, ask them if you are a customer. Not all HSBC accounts are eligible for Global transfer. Exchange rate is poor 18.58 right now. 

Previously mentioned transfer services will get you ~19. You may check yourself. Situation is changing often, today especially - feds have just cut interest rates.


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## lat19n (Aug 19, 2017)

eastwind said:


> Could you elaborate on why HSBC US <-> HSBC Mexico is a terrible idea? Fees? Exchange rate? Other hurdles?
> 
> HSBC was one of the banks I was considering....


Schwab <-> HSBC Mexico or Fidelity <-> HSBC Mexico are fine.

Our HSBC Mexico experience is great. We have a premium level account with them. We are on a first name basis with the local staff and have dealt with people in Mexico City a few times. It is not that difficult to find someone to speak to in English, when needed. We have a super-duper free credit card with them. I use them for virtually all my online (SPEI) transfer and bill-pay needs. They have a nice money market feature (with tiered rates). We purchase our 'improved' AXA auto/home insurance through them at a discount. 

On the US side, most all financial firms will publish a schedule of fees. Most all currency transfers fall into a tiered like structure. You need to review those schedules.


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## lat19n (Aug 19, 2017)

Edit : When I use <-> I really mean -> as I have never moved monies from Mexico to the US. If I had such a need I might begin by speaking with our local Monex branch - but I don't forsee such a need.


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## almot (Aug 25, 2012)

Correction to my last post - it was 0.5% HSBC transfer fee, not exchange fee. But I read now on their page that there is no fee. 

Eligible HSBC accounts are Premier and Advance, with monthly fee unless you maintain minimum balance 75K for Premier (or fee $50/month) and 5K Advance (or fee $25/month). With 5K it costs ~$100/year keeping it on zero interest account. I've been spoiled with no-minimum accounts but those have their drawbacks too.


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## lat19n (Aug 19, 2017)

If you are HSBC Premier anywhere you are HSBC Premier everywhere. The last time I looked I think that required 250,000 USD (I'm guessing). In Mexico it is currently 750,000 pesos. Those pesos can be sitting in a money market account earning interest. 

With all this bank stuff - the big hitter is the exchange rate. Fees, if any (and there shouldn't be), are trivial. And I'll add that for anything small - just use the ATM.

Edit : I truly have no idea how much you need for a HSBC US Premier account. You would need to check. But I promise you - the requirements for Mexico are way less.


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## almot (Aug 25, 2012)

I stand corrected - Premier and Advance minimum balances are total of HSBC investments, not just deposit account balance.

Minimum balance for Mex Premier is 750,000 MXN = ~ 39,000 USD.
Minimum for Mex Advance: 200,000 MXN = ~ 10,500 USD but I see a transfer fee 90 MXN for Mex Advance customers.

Exchange rates often depend on the amount, be it a bank or 3-rd party services but it is likely that for most customers bank exchange rate will make such transfer disadvantageous, compared to 3rd party services.


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