# Banamex and HSBC requirements for opening an account on a RT



## travelingrae

This morning, after striking out at Santander (as per a previous post), I tried to open an account at the Banamex and then HSBC branches in Progreso, Yucatán. Both wanted the following documents:

-RT card;
-passport;
-proof of residence

Proof of residence for Banamex were an _original_ light (CFE), hard wired internet, or cable bill. They would not accept a e-bill printed off your computer, nor was a water bill sufficient.

Proof of residence requirements for HSBC was the same, but they would accept an ebill printed off your computer.

Because of my housing situation, I won't be able to get the original documents Banamex wants, so I'll have to take printoffs to HSBC, one of the last banks where I wanted an account (due to them not having a ton of ATMs). But, like I discovered at Santander, RT holders have to take what they can!

One thing that has surprised me so far is that I've been able to just walk into the bank and get into the queue to speak to an executive. I haven't had to make an appointment and the waits have been super short. But if your Spanish skills are lacking, you'll need to find a branch with an executive who speaks English and you'll likely have to make an appointment with her/him.

I actually think I'm making progress. 

Rae


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## horseshoe846

Have you asked what type of account you would be opening ? A non-interest bearing checking account ? A savings account ? Are you given a free debit card ? Are there minimum requirements and are there fees ? Does Canada have the equivalent of a US W9 form - where you give the bank your tax id and they forward your account info back to Canada ?


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## travelingrae

horseshoe846 said:


> Have you asked what type of account you would be opening ? A non-interest bearing checking account ? A savings account ? Are you given a free debit card ? Are there minimum requirements and are there fees ? Does Canada have the equivalent of a US W9 form - where you give the bank your tax id and they forward your account info back to Canada ?


I would just be opening a basic free account chequing account that comes with a debit card that has the Visa logo and access to online banking. It would only be for transfers from my PayPal account to cover my bills here and allow me to pay by debit card when possible so I don't have to lug around quite as much cash.

Every bank has different requirements for minimum balances and such. You'll have to check the bank you're interested in and see what they offer and require. Every bank by law has to offer a free account, but what you get with that free account really varies. I saw some where you couldn't get online banking and others with a lot of perks.

Canada is not embroiled in that whole FATCA mess that requires the W9 form. So as far as I know, I don't have anything to file back north if I open an account here. Both Banamex and HSBC visibly relaxed when I told them I'm Canadian and said that would make an opening an account easier.


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## UrbanMan

travelingrae said:


> This morning, after striking out at Santander (as per a previous post), I tried to open an account at the Banamex and then HSBC branches in Progreso, Yucatán. Both wanted the following documents:
> 
> -RT card;
> -passport;
> -proof of residence
> 
> Proof of residence for Banamex were an _original_ light (CFE), hard wired internet, or cable bill. They would not accept a e-bill printed off your computer, nor was a water bill sufficient.
> 
> Proof of residence requirements for HSBC was the same, but they would accept an ebill printed off your computer.
> 
> Because of my housing situation, I won't be able to get the original documents Banamex wants, so I'll have to take printoffs to HSBC, one of the last banks where I wanted an account (due to them not having a ton of ATMs). But, like I discovered at Santander, RT holders have to take what they can!
> 
> Rae


Plenty of expats rent places where the utilities are not in their name ... so with regards proof of residence, are you saying it would be impossible for them to open a local account?


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## travelingrae

UrbanMan said:


> Plenty of expats rent places where the utilities are not in their name ... so with regards proof of residence, are you saying it would be impossible for them to open a local account?


Nowhere did I mention that they wanted the proof of residence to be in your name. It's very common for them not to be. Both Banamex and HSBC would have been satisfied with a power bill in my landlord's name. Banamex said they might have agreed to use the water bill (also in my landlord's name) in combination with some of the other mountain of paperwork I had on me if it had had my full address. As it stood, it only had the street name and house number, not the town or the postal code and that wasn't good enough.


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## horseshoe846

I guess we were thinking very positively - but we opened our HSBC Mexico basic checking account sitting in Florida before we ever visited the consulate for our Visas...

When we got to Mexico we were going for RP not RT. We converted our basic checking into savings/investment accounts. They did require references, and they did follow up on them.

After five years in Mexico - every company we deal with formats our address differently. We inherited our address as CFE knows it from the previous owner and the postal code changed at some point over the years. The Colonia changed at some point also. Telmex has another way of formatting our address. The banks have entered our information incorrectly at times.

Last year - at banamex - we were moving some money into a CD. Actually depositing money ! They asked me to sign a document and then they attempted to compare that signature with the one they had on file in their computers. The person who initially scanned my signature (years ago) only managed to get my first name in the image - so no matter how hard I tried there is no way my correct signature would ever have satisfied them...


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## travelingrae

horseshoe846 said:


> so no matter how hard I tried there is no way my correct signature would ever have satisfied them...


That happened to me with my bank in Canada some years ago. Turns out the signature on file was from when I opened the account when I was 12 years old. It had changed somewhat in 20 years... :lol:

Being from Quebec, I'm old hat at this red tape stuff and am not daunted. Now that I know what's needed, I'll figure out a way to get it and move forward. So far, everything that I've had to do in Mexico has been pretty easy and reasonably efficient even if requirements aren't consistent. Hopefully, the owners of the house can get me a CFE bill soonish and I can go back to HSBC.


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## horseshoe846

travelingrae said:


> That happened to me with my bank in Canada some years ago. Turns out the signature on file was from when I opened the account when I was 12 years old. It had changed somewhat in 20 years... :lol:
> 
> Being from Quebec, I'm old hat at this red tape stuff and am not daunted. Now that I know what's needed, I'll figure out a way to get it and move forward. So far, everything that I've had to do in Mexico has been pretty easy and reasonably efficient even if requirements aren't consistent. Hopefully, the owners of the house can get me a CFE bill soonish and I can go back to HSBC.


Only because you've reminded me - 10 years ago when I got my previous passport - I had a broken wrist with an external fixator. I did my very best to sign my name - but it was really bad. Well my wrist has healed fine over the years and my signature has more or less returned to what it should be. But - when I had to sign the paperwork at INM they scrutinized the signature in my passport with that on the paperwork I gave them. They were very very dis-similar. That girl at INM handed me a pen and piece of paper and said "Here - practice your signature until it replicates the one in your passport"...


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## joaquinx

horseshoe846 said:


> Have you asked what type of account you would be opening ? A non-interest bearing checking account ? A savings account ? Are you given a free debit card ? Are there minimum requirements and are there fees ? Does Canada have the equivalent of a US W9 form - where you give the bank your tax id and they forward your account info back to Canada ?


The proof of residence is not so much proof that you live there, but the address is a real address and not something made up.

If you open an account at HSBC, ask what the minimum balance is. For me, I fell below and was hit with a monthly 90 peso charge. I still don't know the amount, but I keep enough in the account not to get charged.


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## travelingrae

joaquinx said:


> The proof of residence is not so much proof that you live there, but the address is a real address and not something made up.
> 
> If you open an account at HSBC, ask what the minimum balance is. For me, I fell below and was hit with a monthly 90 peso charge. I still don't know the amount, but I keep enough in the account not to get charged.


I don't think the free accounts have any minimum balance requirements, but I'll double check. I know for sure Santander didn't have it.


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## Isla Verde

travelingrae said:


> I don't think the free accounts have any minimum balance requirements, but I'll double check. I know for sure Santander didn't have it.


That's interesting. In Mexico City I need to maintain a minimum balance of $2000 in my Santander account.


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## travelingrae

Isla Verde said:


> That's interesting. In Mexico City I need to maintain a minimum balance of $2000 in my Santander account.


But did you have the free account? They have a bunch of accounts and, yes, some of them do have minimum balances.


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## Isla Verde

travelingrae said:


> But did you have the free account? They have a bunch of accounts and, yes, some of them do have minimum balances.


I opened my account with them almost ten years ago and don't remember what kind I have. But it has always required a minimum balance. When I opened it, this was $1000 and a few years ago, it went up to the current amount.


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## travelingrae

Isla Verde said:


> I opened my account with them almost ten years ago and don't remember what kind I have. But it has always required a minimum balance. When I opened it, this was $1000 and a few years ago, it went up to the current amount.


That all banks have a free account is a fairly new law that just passed, so it's possible that was before your time.

The account details on Santander's site are popups so I can't get a URL, but here is a screen capture of the details of their free account:


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## joaquinx

_Cuota Mensual_ for 30 pesos plus IVA means it's free?


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## travelingrae

joaquinx said:


> _Cuota Mensual_ for 30 pesos plus IVA means it's free?


It's free of commissions.

Bank accounts here don't work like they do NOB. I'm still trying to sort it all out since I have yet to find a really good primer on banks for expats, but it looks like they nickel and dime you to death and you have to pay fees to do things like deposit money. So as I understand the "free" account, you get one very low monthly fee and that's it.

I came across one free account that just gave you a debit card and there was a nominal fee for online banking.


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## horseshoe846

Too much personal detail...

I believe you need a minimum of 250,000 peso balance to truly get a free account at banamex.

That amount can sit in a pagare (and earn perhaps 3-4% interest) - and still give you a free checking account with no minimum deposit requirements,


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## travelingrae

Here's the link for Banamex's free account. Again, they talk about free of commissions, not necessarily no monthly fee. They don't talk about having a minimum balance.

HSBC's similar account. This one only mentions not having a minimum deposit to open.


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## travelingrae

horseshoe846 said:


> Too much personal detail...
> 
> I believe you need a minimum of 250,000 peso balance to truly get a free account at banamex.
> 
> That amount can sit in a pagare (and earn perhaps 3-4% interest) - and still give you a free checking account with no minimum deposit requirements,


That's way more bank account than I need! :faint:

Considering that a 30 peso a month account here would save me at least a thousand times that a month, it's not worth losing sleep over.


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## horseshoe846

travelingrae said:


> Here's the link for Banamex's free account. Again, they talk about free of commissions, not necessarily no monthly fee. They don't talk about having a minimum balance.
> 
> HSBC's similar account. This one only mentions not having a minimum deposit to open.


Ok - let me rephrase - I 'promise' you that you need to have a balance of 250,000 pesos to not incur fees at banamex. Now ours sits in a pagare which actually earns some small interest. I am not sure I would put that amount in a non interest bearing account to defer fees...


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## travelingrae

horseshoe846 said:


> Ok - let me rephrase - I 'promise' you that you need to have a balance of 250,000 pesos to not incur fees at banamex. Now ours sits in a pagare which actually earns some small interest. I am not sure I would put that amount in a non interest bearing account to defer fees...


Once I sit down with a manager at a bank that will actually open an account for me, we can figure out my needs based on available accounts. But there's no way I'm leaving any amount of money lying around in an account here. I'll just be transferring in once a month what I need for that month. There is no way that any fees that incurs will come anywhere close to what I'm currently losing monthly in currency conversions.


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## horseshoe846

Actually - I may have misspoke. I believe you are expected to maintain a balance of 20,000 pesos in your banamex checking account to not incur monthly fees (now I'm not sure that means ANY fees). If you have 250,000 peso balance in other 'investments' - that requirement is waived. But I can 'promise'  you that if you have 250,000 pesos on deposit at banamex you will not incur any fees whatsoever.


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## travelingrae

There is no way I would leave a quarter of a million pesos in an account here, not with the way the peso is jumping up and down. I'm sure those who do have their reasons, but it makes zero sense for my current situation.

At any rate, I look forward to seeing what HSBC has to say when I go back... soon as I can get into my landlords' CFE account online. That's proving to be fun. Most difficult thing I've tried to resolve so far :frusty:


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## horseshoe846

travelingrae said:


> There is no way I would leave a quarter of a million pesos in an account here, not with the way the peso is jumping up and down. I'm sure those who do have their reasons, but it makes zero sense for my current situation.
> 
> At any rate, I look forward to seeing what HSBC has to say when I go back... soon as I can get into my landlords' CFE account online. That's proving to be fun. Most difficult thing I've tried to resolve so far :frusty:


HSBC is our primary 'bank' in Mexico - but we have a premium account there and a 'dedicated' woman who is the best!

We rented the first year here - and the Mexican owners were living in New Jersey. The CFE account was in their name, we could never gain access to it online, we could not even walk into the CFE office and pay the bill. We had to wait for the bill to arrive, send a SPEI for the amount to the owners' bank account and they had to make the CFE payment. At one point that didn't work out so well and CFE turned the power off for a day or so...

Edit : Which I guess wouldn't be a problem these days since we can pull into a CFE drive-thru, scan the barcode on the bill and insert pesos into the machine, Progress !


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## travelingrae

horseshoe846 said:


> The CFE account was in their name, we could never gain access to it online


The owners here got locked out of their online account and I'm trying to get back in for them with a password reset. But I'm missing some information they are trying to find. They are happy for me to have access if I can get in since I speak Spanish and will be able to answer their questions about their account.

The CFE drive-thru sounds like so much fun!  Maybe that's why a neighbour is convinced he'll be able to get a receipt for me, if the system is automated...


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## perropedorro

travelingrae said:


> This morning, after striking out at Santander (as per a previous post), I tried to open an account at the Banamex and then HSBC branches in Progreso, Yucatán. Both wanted the following documents:
> 
> -RT card;
> -passport;
> -proof of residence
> 
> Proof of residence for Banamex were an _original_ light (CFE), hard wired internet, or cable bill. They would not accept a e-bill printed off your computer, nor was a water bill sufficient.
> 
> Proof of residence requirements for HSBC was the same, but they would accept an ebill printed off your computer


First, I'll apologize for the bum steer I gave you with Santander-- but I assure you I opened an account on an RT about 15 months ago. Apparently that was then and this is now. Also didn't have any proof of residence with my name, although I've been coming and going for 20 years. Everything has been in my Mexican wife's name. When it came time to settle down, I got a _constancia de residencia_ from the local town hall. Requirements may vary from place to place, but if you bring a letter from your landlord (or your landlord), or any local resident who can vouch for you, along with your RT papers, birth certificate, and whatever other documents you have, it's probably available for a small fee. Bring a passport photo and they'll attach it so it'll look real official. Make lots of copies because it's your key for a driver's licence, banking, and other stuff.


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## circle110

I hate to say it, but threads like this are almost useless. Banks in Mexico have their own rules at each location and what is accepted at one will not be allowed at another 2 km away.

I opened up my Bancomer account on just an FMM at one location. At another I was told that I would have needed an RP. It isn't "Your Mileage May Vary" -- it's "Your Mileage WILL Vary".


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## travelingrae

perropedorro said:


> First, I'll apologize for the bum steer I gave you with Santander


Gosh, no apology necessary. Things change!

The constancia de residencia sounds like a good thing to have on hand. I'm waiting till I get my longer term home in the fall to try to get a driver's license and IMSS and will definitely investigate this option then. Thanks!


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## joaquinx

travelingrae said:


> The constancia de residencia sounds like a good thing to have on hand. I'm waiting till I get my longer term home in the fall to try to get a driver's license and IMSS and will definitely investigate this option then. Thanks!


After 17 years in Mexico, I have used a CFE bill that is in my landlady's name and had it accepted by INM, Transito (drivers license), and HSBC without question. The only requirement was that it must be the most recent bill, i.e., not older than two months. What these agencies are looking for is a valid address and not some fake address just to get service. An overwhelming majority of renters do not have a CFE bill in their name and for some, the same for a TelMex telephone bill.


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## travelingrae

joaquinx said:


> After 17 years in Mexico, I have used a CFE bill that is in my landlady's name and had it accepted by INM, Transito (drivers license), and HSBC without question. The only requirement was that it must be the most recent bill, i.e., not older than two months. What these agencies are looking for is a valid address and not some fake address just to get service.


Yes, that's what I understand. What I don't understand is why a water bill with the same information is not valid. That's a rhetorical question. I'm not expecting any answer or logic. :laugh:

But, again, I was never asked for anything in my name. That was never the issue.


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## UrbanMan

travelingrae said:


> That's way more bank account than I need! :faint:
> 
> Considering that a 30 peso a month account here would save me at least a thousand times that a month, it's not worth losing sleep over.


What is costing you 30,000 pesos a month?


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## UrbanMan

Does anyone have personal experience using xoom to transfer their money to Mexico? I am looking at it as an option.

https://www.xoom.com/mexico/send-money

You can even pick up your money at Walmart (according to the site).

The fees are pretty reasonable looking, especially if you pull the funds directly from your bank account (in the usa ... not sure about other countries).

I've read online reviews, some complaints of course (most of them long on anger - understandable, its money - but short on what precisely went wrong), but overall people seem happy with it.

If anyone uses an alternate money transfer service (cash pickup, without the need for an actual account in Mexico), I'd appreciate hearing about it.


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## joaquinx

UrbanMan said:


> Does anyone have personal experience using xoom to transfer their money to Mexico? I am looking at it as an option.
> 
> I've read online reviews, some complaints of course (most of them long on anger - understandable, its money - but short on what precisely went wrong), but overall people seem happy with it.


I've been using xoom for a few years without any complaint. Their rates are reasonable and a tad better than using a credit card to withdraw money from an ATM. I use a bank to bank transfer and I can get money into my Mexican bank in two hours on a business day. 

You can not get the app for your cell phone while in Mexico so get it in the US. 

Most of the complaints that I have read involve a non-bank-to-bank transfer. There are problems with some agencies where you can pick up money. Some have complained that they say that they don't have the funds AFTER you give them the authorization code. Later, the funds have been withdrawn from your bank and xoom says that you picked up the money. Funny business going on there. My conclusion is that the bank to bank transfer is the best and safest way. I don't believe that this con game only applies to xoom. There must be others.


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## travelingrae

UrbanMan said:


> What is costing you 30,000 pesos a month?


I was estimating high, but as I start to add it up, I'm getting frighteningly close to that -- it's what I'm losing in doing two currency conversions, plus related fees and other expenses that tie into that.

My clients pay me in USD into PayPal. From there, I have to convert to CAD to transfer to a bank account so I can withdraw cash. Their exchange rate is crap and I have fees on top of that. Then, I have to convert from CAD to MXN at an ATM, so I lose again at the exchange rate game. I get free withdrawals at Scotiabank, but Scotiabank has few ATMs and is often out of my way, so I end up paying for withdrawals at other banks. Then, I have to factor in all the time I spend keeping the books straight for tax season.

It was an okay setup when I was just here 5.5 months a year. Now that I'm here full-time, I need a much better system. I can't take PayPal out of the equation, at least not right now, but I can cut down on one of the exchange rate conversions by going straight from the USD to MXN by doing a direct transfer into a MXN bank account and cutting out the CDN bank.


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## circle110

UrbanMan said:


> Does anyone have personal experience using xoom to transfer their money to Mexico? I am looking at it as an option.
> 
> https://www.xoom.com/mexico/send-money
> 
> You can even pick up your money at Walmart (according to the site).
> 
> The fees are pretty reasonable looking, especially if you pull the funds directly from your bank account (in the usa ... not sure about other countries).
> 
> I've read online reviews, some complaints of course (most of them long on anger - understandable, its money - but short on what precisely went wrong), but overall people seem happy with it.
> 
> If anyone uses an alternate money transfer service (cash pickup, without the need for an actual account in Mexico), I'd appreciate hearing about it.


We have used Xoom quite a bit over the last few years. I'll just second joaquinx's comments. No complaints really but the exchange rate is only so-so, so I'd never use it for large transfers. We have never had any problems but a couple of times they told me the money had been picked up when it had not. When the recipient finally got to the location the money was indeed there for them so there was no "rip-off" or anything. After some nervous researching we found that some pick-up locations (Chedraui for one) send the message back to Xoom that the money was "picked up" at the moment it arrives at their bank system. It is a little disconcerting but they have always had the money ready for pick-up without problems so we still use it when needed.

If you are thinking of using it for yourself to get your own money to Mexico, just don't. ATM withdrawals from your US bank have better exchange rate and the fees are equal or less depending on which bank you have and which ATMs you use. We use Xoom to send money to family in Mexico when we aren't there to hand deliver it. Other than that, I wouldn't use it -- not because it is evil, it's just not the best way.


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## joaquinx

As of yesterday: Xoom rate was 17.8190, XE rate was 18.2003, Visa Credit card was at 3% 17.67, at 0% 18.20.

Those with a BofA or similar type xoom will be better, while those with a Schwab are getting the XE rate - bravo


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## horseshoe846

joaquinx said:


> As of yesterday: Xoom rate was 17.8190, XE rate was 18.2003, Visa Credit card was at 3% 17.67, at 0% 18.20.
> 
> Those with a BofA or similar type xoom will be better, while those with a Schwab are getting the XE rate - bravo


To add a little clarity - there are some to many different types of BofA Visa credit cards. We have a Blue Travel Rewards card. I believe that is the only flavor which has zero foreign transaction fees.


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## joaquinx

horseshoe846 said:


> To add a little clarity - there are some to many different types of BofA Visa credit cards. We have a Blue Travel Rewards card. I believe that is the only flavor which has zero foreign transaction fees.


I have that card and while in Italy last year, the fee from BofA was 5% - ouch. There was a fee when I used it in Mexico, but that information is lost. Using a credit card to get cash from an ATM is costly.


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## horseshoe846

joaquinx said:


> I have that card and while in Italy last year, the fee from BofA was 5% - ouch. There was a fee when I used it in Mexico, but that information is lost. Using a credit card to get cash from an ATM is costly.


I missed that this was a conversation regarding ATM vs mere CC usage.

I virtually never use the BodA CC in an ATM. Once last year or so I withdrew a small amount (perhaps 1000 pesos) on the same day from an ATM using both my BofA Blue card and my Schwab One debit card. I received the exact same rate for both cards.

Edit : could it be that being 'Platinum Honors' makes a difference ?


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## joaquinx

horseshoe846 said:


> I missed that this was a conversation regarding ATM vs mere CC usage.
> 
> I virtually never use the BodA CC in an ATM. Once last year or so I withdrew a small amount (perhaps 1000 pesos) on the same day from an ATM using both my BofA Blue card and my Schwab One debit card. I received the exact same rate for both cards.


Yes, you would get the same rate, however, the fees for BoA CC will show up only on your statement. I withdrew 117 usd in June 2015 and got charged 10 usd. I had to use the card in Italy rather than my HSBC card. Exchanging usd for mxn and then to euros would have been truly insane.


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## UrbanMan

horseshoe846 said:


> I missed that this was a conversation regarding ATM vs mere CC usage.


It is a very useful conversation imo - so please continue!

One thing about ATMs I do not know is maximums. If I wanted say USD1000 in pesos, could I do that in one transaction at an ATM? I do not anticipate this being normal for me, but I do want to be prepared for whatever might happen.


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## horseshoe846

joaquinx said:


> Yes, you would get the same rate, however, the fees for BoA CC will show up only on your statement. I withdrew 117 usd in June 2015 and got charged 10 usd. I had to use the card in Italy rather than my HSBC card. Exchanging usd for mxn and then to euros would have been truly insane.


I just called 800-205-6247 - the number on the back of my BofA credit card and asked the nice lady. There are NO ATM fees on this card anywhere in the world. I double checked my Quicken account for this card - we have never been charged a fee of any sort - ever.

Edit : perhaps it was a fee that the ATM provider in Italy put on your transaction - not Visa ?


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## joaquinx

UrbanMan said:


> It is a very useful conversation imo - so please continue!
> 
> One thing about ATMs I do not know is maximums. If I wanted say USD1000 in pesos, could I do that in one transaction at an ATM? I do not anticipate this being normal for me, but I do want to be prepared for whatever might happen.


Probably not, although the amount of pesos that can be issued at one transaction varies with each Mexican bank. Anywhere between 5,000 and 10,000 pesos seems to be the range depending on the bank.


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## travelingrae

UrbanMan said:


> It is a very useful conversation imo - so please continue!
> 
> One thing about ATMs I do not know is maximums. If I wanted say USD1000 in pesos, could I do that in one transaction at an ATM? I do not anticipate this being normal for me, but I do want to be prepared for whatever might happen.


It will depend on both your own daily ATM withdrawal limit at your bank and the ATM limit for the bank where you're making the withdrawal.

For example, I have a Scotiabank account in Canada that allows me to take out up to 1,000CAD or about 13,000MXN in cash per day. But Scotiabanks in Mexico only let me take out 6,000MXN per transaction. So if I want to take out the 13,000MXN, I have to do three withdrawals of 2x6,000MXN and 1x1,000MXN. I have no fees so it's not a big deal.

I can call my bank to temporarily increase my daily limit if I need to. I once needed to take out 24,000MXN (about 1,800CAD). I had to call my bank to get that authorised for that day only. I then had to make four withdrawals.

For security reasons, you don't want your daily withdrawal rate to be too high (so no one can take you at gun point to the ATM and force you to empty your account). When I lived in Mazatlán and going to Scotiabank was convenient, I only had a 400CAD daily limit and would make frequent withdrawals. Now, getting to a Scotiabank is inconvenient, so I've increased the limit so I have to make fewer withdrawals. You'll need to decide what is best for you.


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## horseshoe846

joaquinx said:


> Probably not, although the amount of pesos that can be issued at one transaction varies with each Mexican bank. Anywhere between 5,000 and 10,000 pesos seems to be the range depending on the bank.


I _think_ we are allowed two 7,000 peso withdrawals / day. (which is twice as much as we would ever need). As I mentioned in a different post - around here there are people casing out people's business at banks and subsequently robbing them. It has gotten to the point that I now look in my wallet before leaving the house and try to keep myself around 1500 pesos...


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## travelingrae

horseshoe846 said:


> I _think_ we are allowed two 7,000 peso withdrawals / day. (which is twice as much as we would ever need). As I mentioned in a different post - around here there are people casing out people's business at banks and subsequently robbing them. It has gotten to the point that I now look in my wallet before leaving the house and try to keep myself around 1500 pesos...


Scotiabank tells me their limit is 7,000, but I've never been able to withdraw that amount. Can't withdraw 3,000 or 5,000 either. It's basically 1,000, 2,000, 4,000, or 6,000.

You have to be vigilant at ATMs anywhere, unfortunately.

Scotiabank offers quite cheap insurance on your withdrawals (I think it's 9MXN) for something like 24 hours and I always take them up on it, just in case.

I try to only go out with as much cash as I need for the day and sometimes that's more than I'm comfortable carrying. So I spread it out into several stashes rather than having it all in my wallet.


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## UrbanMan

circle110 said:


> If you are thinking of using it (xoom) for yourself to get your own money to Mexico, just don't. ATM withdrawals from your US bank have better exchange rate and the fees are equal or less depending on which bank you have and which ATMs you use.


Thank you. I will now think of zoom as plan C or even E. 



joaquinx said:


> those with a Schwab are getting the XE rate – bravo


I opened a Schwab account a few months ago, after reading how good they are for those in MX. Good to read more reinforcement.



travelingrae said:


> For security reasons, you don't want your daily withdrawal rate to be too high (so no one can take you at gun point to the ATM and force you to empty your account).
> I try to only go out with as much cash as I need for the day and sometimes that's more than I'm comfortable carrying.





Horseshoe846 said:


> people casing out people's business at banks and subsequently robbing them. It has gotten to the point that I now look in my wallet before leaving the house and try to keep myself around 1500 pesos...


I certainly wasn't thinking of waving money in the air, or constantly having lots of paper currency on me (or anything else on me too valuable to lose, such as ATM/credit cards, govt issued ID, etc). Another piece of advice I encountered is pull your cash out of the ATM early morning (like 9am), and go straight home, the idea being morning is a time of less crime.

I understand that Mexico is still a cash economy for many things - possibly even for paying monthly rent?? So, I want to have a plan in mind for, "what if I need more than just a couple thousand pesos?".



travelingrae said:


> It will depend on both your own daily ATM withdrawal limit at your bank and the ATM limit for the bank where you're making the withdrawal.
> 
> For example, I have a Scotiabank account in Canada that allows me to take out up to 1,000CAD or about 13,000MXN in cash per day. But Scotiabanks in Mexico only let me take out 6,000MXN per transaction. So if I want to take out the 13,000MXN, I have to do three withdrawals of 2x6,000MXN and 1x1,000MXN. I have no fees so it's not a big deal.


I appreciate the details of this being so well articulated.


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## travelingrae

UrbanMan said:


> I understand that Mexico is still a cash economy for many things - possibly even for paying monthly rent?? So, I want to have a plan in mind for, "what if I need more than just a couple thousand pesos?".


I've always paid my rent in cash, although I understand that for longer term rentals the preference is to pay with a bank transfer (not possible for someone who doesn't have a Mexican bank account).

Unless you're renting overpriced housing marketed at expats, a palace, or are paying several months of rent at one, your rent is going to be low enough not to be a problem (ie. less than 10,000 pesos a month). My last rent was 5,500 pesos a month (because I didn't know I could bargain lower) for a two-bed one-bath new construction house with a yard a block from the beach in Mazatlán. I expect to pay around 4,000 to 6,000 pesos for a three-bed, two-bath older house north of Centro in Mérida. In Mazatlán I would cover my rent from the several small deposits I made in the month and here, I'll just be able to take out the full rent at one time.

If you're worried about getting caught short, consider having a small safe in the house for stashing small sums withdrawn several times a month to create a fund to draw on.

Whatever you do, please don't do like someone I know who comes down every winter in her RV with all her pesos for the winter purchased at her bank back home, something like half a million worth, and then share that information with anyone who will hear it.  :confused2:

By the way, I think your concern is valid. I've been in Mexico more than a year now (not all in one stretch) and I still worry about not having access to enough cash at one time!


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## joaquinx

travelingrae said:


> [
> 
> I've always paid my rent in cash, although I understand that for longer term rentals the preference is to pay with a bank transfer (not possible for someone who doesn't have a Mexican bank account)
> 
> !


You can take cash to their bank and deposit it into their account.


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## travelingrae

joaquinx said:


> You can take cash to their bank and deposit it into their account.


You can do that, but you're still physically handling cash


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## Isla Verde

travelingrae said:


> You can do that, but you're still physically handling cash


And . . . ? Maybe I'm being naïve, but I don't see a problem carrying a few thousand pesos in cash a few blocks to a bank. Or is where you live much more dangerous than central Mexico City?


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## travelingrae

Isla Verde said:


> And . . . ? Maybe I'm being naïve, but I don't see a problem carrying a few thousand pesos in cash a few blocks to a bank. Or is where you live much more dangerous than central Mexico City?


Go back to the start of that part of the discussion. I said that bank transfers are the preferred way of paying rent for folks with long-term contracts. It was just FYI to the poster wondering about needing to carry a lot of cash. Then, there was a reply that you can just deposit cash into someone's account, completely missing the point that a bank transfer is meant to eliminate large cash transactions. So I wasn't making a comment on safety. I was making a comment, obviously too subtly, on how the reply to my statement completely missed the point.

I also have no problems carrying a few thousand pesos.


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## circle110

travelingrae said:


> I said that bank transfers are the preferred way of paying rent for folks with long-term contracts.


I have found that not to be the case. The landlords we've had have preferred to show up at the door, receive cash and hand you a receipt. These were all long-term rentals. 

One landlord made it a family outing to go to all their properties in Guanajuato and Leon on the first of each month to collect. They'd usually stay and shoot the breeze with each tenant for 10-15 minutes and then be on their way.

Personally, I'd love to just transfer the money into their account. No receipt needed since there's an electronic 'paper' trail and no trip out to the bank or ATM to withdraw cash, but the landlords wanted it the cash-in-hand way. I think it also gives them an excuse to enter the house and make sure the property was being treated well.


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## Isla Verde

travelingrae said:


> Go back to the start of that part of the discussion. I said that bank transfers are the preferred way of paying rent for folks with long-term contracts. It was just FYI to the poster wondering about needing to carry a lot of cash. Then, there was a reply that you can just deposit cash into someone's account, completely missing the point that a bank transfer is meant to eliminate large cash transactions. So I wasn't making a comment on safety. I was making a comment, obviously too subtly, on how the reply to my statement completely missed the point.
> 
> I also have no problems carrying a few thousand pesos.


I see. Glad to know that you are not living in a dangerous part of the country!


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## Isla Verde

circle110 said:


> I have found that not to be the case. The landlords we've had have preferred to show up at the door, receive cash and hand you a receipt. These were all long-term rentals.
> 
> One landlord made it a family outing to go to all their properties in Guanajuato and Leon on the first of each month to collect. They'd usually stay and shoot the breeze with each tenant for 10-15 minutes and then be on their way.
> 
> Personally, I'd love to just transfer the money into their account. No receipt needed since there's an electronic 'paper' trail and no trip out to the bank or ATM to withdraw cash, but the landlords wanted it the cash-in-hand way. I think it also gives them an excuse to enter the house and make sure the property was being treated well.


I've been living in my apartment for almost ten years, which is certainly a long-term relationship. Since my landlord is a good friend and he lives down the street, every month I just take a short walk to his place to give him the rent money. However, one of his other tenants doesn't live nearby, so she deposits the rent every month in his bank account. Either way is fine with him.


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## horseshoe846

circle110 said:


> I think it also gives them an excuse to enter the house and make sure the property was being treated well.


Exactly ! We rented the first year we were here. We had an annual lease which we paid upfront - and took a 10% discount. The landlords (a nice Mexican family) were living in New Jersey, USA. Her parents used to turn up unannounced (and we were in a gated community) at the weirdest hours - once at 7AM as we were out for our morning walk. They actually followed us back to the house going 3kms behind us. At one point I blew up and told them - in the future if you don't call ahead to let us know you are coming we are not answering the bell.

Edit : I don't think they ever came by again.


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## joaquinx

Isla Verde said:


> And . . . ? Maybe I'm being naïve, but I don't see a problem carrying a few thousand pesos in cash a few blocks to a bank. Or is where you live much more dangerous than central Mexico City?


One could go to their bank, sans money, withdraw the necessary funds from the ATM and then march over to the teller and send the money. It might be more difficult if the rent is a huge amount and beyond the max that the ATM can issue. But, I might be wrong.


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## travelingrae

Isla Verde said:


> I see. Glad to know that you are not living in a dangerous part of the country!


Even when I was, I felt perfectly safe in the areas where I lived my life, even in areas that expats didn't usually go.

Frankly, I've never felt as concerned for my city anywhere I've been in Mexico than I have in downtown Vancouver.


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## ExpatEmigre

joaquinx said:


> You can take cash to their bank and deposit it into their account.


My current landlord demands cash in hand only. I'll leave it to you to determine why.


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## ExpatEmigre

Isla Verde said:


> I've been living in my apartment for almost ten years, which is certainly a long-term relationship. Since my landlord is a good friend and he lives down the street, every month I just take a short walk to his place to give him the rent money. However, one of his other tenants doesn't live nearby, so she deposits the rent every month in his bank account. Either way is fine with him.


My landlord lives one villa away (there's a villa between his building & mine). I'll be damned (for the love of god, please don't tell me that's cursing) if I'm going to chase him to pay the rent. If he wants cash rather than a transfer, he can COME TO ME to collect it. Generally, a few days after it is due, his wife will text me & then send her young son over to pick it up.


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## circle110

I never had any issue with them coming to pick up the rent cash. If they were late in coming by, that's their decision. We took great care of the properties, so there was never an issue when they checked on us and they hated to see us go for that reason.

I feel that it is just something very "a la Mexicana": it is a personal interaction, it is direct (exchange cash for receipt) and it has a subtle subtext where they are able to inspect their investment without having to say so in so many words. So many things in Mexico that make no sense to me at first have those kinds of multi-layered reasons for being the way they are, and I begin to see it once I start to unravel the why of it (if I can unravel it that is -- some things still make no sense to me!)

Accumulating rental properties for retirement income is the number one investment plan for the middle and upper-middle class and all of our landlords have been retirement age so they tend to be more old-school and have that ingrained preference for cash.


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## UrbanMan

travelingrae said:


> Unless you're renting overpriced housing marketed at expats, a palace, or are paying several months of rent at one, your rent is going to be low enough not to be a problem (ie. less than 10,000 pesos a month). My last rent was 5,500 pesos a month (because I didn't know I could bargain lower) for a two-bed one-bath new construction house with a yard a block from the beach in Mazatlán. I expect to pay around 4,000 to 6,000 pesos for a three-bed, two-bath older house north of Centro in Mérida. In Mazatlán I would cover my rent from the several small deposits I made in the month and here, I'll just be able to take out the full rent at one time.


I realize renting a place will involve exploring neighborhoods in person. Though I have to say an approach of "just wander around" goes against all my use-technology conditioning of how to accomplish something.

That said, I have just spent a little time connecting to the rental links provided in the PV Apartment Rental thread, and noted many places show as completely unfurnished (the pics show empty rooms). One of the sites allowed me to filter and see only _amueblado_ - this made the list shrink by at least 75% (guesstimate), with many looking very nice but crazy expensive (which, rae, is in line with your comment above).

Getting to the point, my questions are:

1) Are the prices above for furnished units? I've been to numbeo and expatistan, and suspect the answer is yes based on their numbers.
2) Are there lots of furnished units around, with furniture of a decent standard (note1: clean being important) (note2: Guadalajara will be my city)?


.


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## horseshoe846

UrbanMan said:


> I realize renting a place will involve exploring neighborhoods in person. Though I have to say an approach of "just wander around" goes against all my use-technology conditioning of how to accomplish something.
> 
> That said, I have just spent a little time connecting to the rental links provided in the PV Apartment Rental thread, and noted many places show as completely unfurnished (the pics show empty rooms). One of the sites allowed me to filter and see only _amueblado_ - this made the list shrink by at least 75% (guesstimate), with many looking very nice but crazy expensive (which, rae, is in line with your comment above).
> 
> Getting to the point, my questions are:
> 
> 1) Are the prices above for furnished units? I've been to numbeo and expatistan, and suspect the answer is yes based on their numbers.
> 2) Are there lots of furnished units around, with furniture of a decent standard (note1: clean being important) (note2: Guadalajara will be my city)?
> 
> 
> .


The day we moved into our rental there was not even a light bulb. In fact there were not even fixtures - just bare wires dangling from the ceiling. I think our rent was something like 17,000 pesos per month (five years ago).


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## circle110

For UrbanMan --



horseshoe846 said:


> The day we moved into our rental there was not even a light bulb. In fact there were not even fixtures - just bare wires dangling from the ceiling.


This is the norm everywhere I have seen. If you want furnished, you have to seek amueblado and, yes, they will be more expensive. Once it is a furnished rental you're in airbnb kind of territory.



horseshoe846 said:


> I think our rent was something like 17,000 pesos per month (five years ago).


This is rather high for an unfurnished rental. I'm not sure where this was located, but holy smokes, 5 years ago in Guanajuato we were renting a beautiful 3 bedroom house in a very nice neighborhood for $5500. 5 years later in Queretaro I see that that same money will rent you a luxury 4 bedroom either in a gated community with a pool, gym, huge garden and gardener included or else right in the hottest downtown location. If you don't need all that you can rent for much less, even furnished .


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## circle110

I'm seeing many furnished rentals in PV for $10,000 - 12,000 /mo. That's only a bit over $500-600 USD per month, not so crazy.

I don't know the zones in PV so I can't say if the locations are good, but for what looks like a nice furnished apartment rental it seems a decent price.


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## RVGRINGO

Rental tax liability is much higher for a furnished rental than one which is unfurnished. It is also assumed that a furnished rental would be used by tourists, or temporary residents looking for a more permanent place.


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## circle110

RVGRINGO said:


> Rental tax liability is much higher for a furnished rental than one which is unfurnished. It is also assumed that a furnished rental would be used by tourists, or temporary residents looking for a more permanent place.


Interesting, I didn't know that about the tax. That would explain the markedly higher costs for amueblado.


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## RVGRINGO

circle110 said:


> Interesting, I didn't know that about the tax. That would explain the markedly higher costs for amueblado.


Yes, the tax treatment for furnished places is similar to the tax treatment for hotels.


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## circle110

RVGRINGO said:


> Yes, the tax treatment for furnished places is similar to the tax treatment for hotels.


That would make sense since in many cases that is essentially what they are.

Our first place in Guanajuato was a furnished 2 bedroom for $3000 /month. We rented it for a year and a half. I am pretty sure that the existence of the rental was kept from Hacienda's knowledge, hence no taxes of any kind were paid.


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## UrbanMan

circle110 said:


> That would make sense since in many cases that is essentially what they are.
> 
> Our first place in Guanajuato was a furnished 2 bedroom for $3000 /month. We rented it for a year and a half. I am pretty sure that the existence of the rental was kept from Hacienda's knowledge, hence no taxes of any kind were paid.


3000 pesos?


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## ExpatEmigre

circle110 said:


> I'm seeing many furnished rentals in PV for $10,000 - 12,000 /mo. That's only a bit over $500-600 USD per month, not so crazy.
> 
> I don't know the zones in PV so I can't say if the locations are good, but for what looks like a nice furnished apartment rental it seems a decent price.


Generally, they're not really "nice" (admittedly that is subjective) or in areas where I don't wish to live. That being said, if one doesn't mind a hill or stairs, there are some great places in 5 de diciembre & centro just a bit higher than that amount. I want to be south of the Cuale, though.


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## circle110

ExpatEmigre said:


> Generally, they're not really "nice" (admittedly that is subjective) or in areas where I don't wish to live. That being said, if one doesn't mind a hill or stairs, there are some great places in 5 de diciembre & centro just a bit higher than that amount. I want to be south of the Cuale, though.


We apparently have very different definitions of "nice". Now, again, I don't know the areas you mention but I looked at the ads again for furnished apartments in that price range and based on the photos most of them look well into what I would refer to as nice. I suppose that if they are not in the areas you wish to be in (although a few I see are listed as "centro") then they don't meet your criteria, so their niceness factor -- or lack thereof -- is moot.

There is quite a lot of variance among lifestyles of expats. I know some that are more than happy to live in a spartan studio apartment in a very humble neighborhood and others who must live in 3000+ sq ft. "casotas" in gated communities with a whole team of domestic helpers or they are not content.


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## UrbanMan

circle110 said:


> There is quite a lot of variance among lifestyles of expats. I know some that are more than happy to live in a spartan studio apartment in a very humble neighborhood and others who must live in 3000+ sq ft. "casotas" in gated communities with a whole team of domestic helpers or they are not content.


When I think about what I want in Guad, I would not mind something spartanly furnished, as long as the price reflects this of course. I've lived in furnished apartments before, and always I've added furniture. Not big things, more items like an ergonomic office chair, a nicer lamp, etc.

A related question, part of my disinterest in an unfurnished unit is my guess that the task of getting furniture would be a big time-consuming hassle - is this a correct guess?


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## travelingrae

circle110 said:


> We apparently have very different definitions of "nice". *snip* There is quite a lot of variance among lifestyles of expats.


When I lived in Mazatlán I rented a no frills new construction house. It wasn't fancy, but there were no mould issues, there was tons of storage (rare in Mexico), it was well ventilated, it had AC in one of the bedrooms, it had a huge yard with a palapa, there was hot water throughout, my landlord was quick at getting repairs done, and I was one block from the beach (I could hear the surf at night). I paid 6,000MXN a month including power.

I would laugh at the expats who were paying 1,500USD a month for a cramped studio on the beach with no wifi, a landlord who didn't care about getting repairs done, no usable internet on site, no comfortable furniture in the suite, and a balcony they couldn't use for safety reasons. They would laugh at me for living in a suite not built to "North American standards," whatever that is, that didn't have nice granite countertops, and that had Mexicans (rather than expat Americans) for landlords.

I'm househunting in Mérida right now and looking at what are by my standards nice homes that with a bit of elbow grease and paint will be very comfortable, but which friends who have only ever lived in brand new houses with luxury finishes say look like I'm scraping the bottom of the barrel and they would not feel comfortable visiting me if I were to rent them.

So, really, one person's castle is another person's dump!


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## ExpatEmigre

circle110 said:


> We apparently have very different definitions of "nice". Now, again, I don't know the areas you mention but I looked at the ads again for furnished apartments in that price range and based on the photos most of them look well into what I would refer to as nice. I suppose that if they are not in the areas you wish to be in (although a few I see are listed as "centro") then they don't meet your criteria, so their niceness factor -- or lack thereof -- is moot.
> 
> There is quite a lot of variance among lifestyles of expats. I know some that are more than happy to live in a spartan studio apartment in a very humble neighborhood and others who must live in 3000+ sq ft. "casotas" in gated communities with a whole team of domestic helpers or they are not content.


You trust online photos? Having seen many of those photos & visited the actual locations, I'm suddenly driven to try to sell you any number of things....


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## horseshoe846

ExpatEmigre said:


> You trust online photos? Having seen many of those photos & visited the actual locations, I'm suddenly driven to try to sell you any number of things....


We looked at over 100 houses in Mexico before we bought our house. We stuck with a single realtor throughout. An electrical engineer by training whose mother was Canadian and father Mexican. He really wasn't a realtor - which worked well for us. He was being groomed to take over the business. We looked at a lot of houses on the internet which looked interesting - but once there and seeing reality - I had to complement our realtor on his 'camera eye' (when they were his listings). 

Pictures on the internet are virtually worthless. Turn 180 degrees and you see a different reality. Plus - as I mentioned earlier - a property at 10AM on a Tuesday may be a whole different world from 11PM on Friday.


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## circle110

ExpatEmigre said:


> You trust online photos? Having seen many of those photos & visited the actual locations, I'm suddenly driven to try to sell you any number of things....


You'd have no luck on your sale attempts, I'm one of the most cynical and least gullible people you could ever meet. 

I have always looked online first and then gone to see places. I guess it must be some miracle because I've always managed to rent or buy very nice properties at very low prices so I'm quite comfortable standing on my track record, thanks.

Look, by all means, rent the place that makes you happy and pay however much you feel you need to to achieve that happiness.


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## ExpatEmigre

Have you ever tried that in Puerto Vallarta?


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## UrbanMan

UrbanMan said:


> A related question, part of my disinterest in an unfurnished unit is my guess that the task of getting furniture would be a big time-consuming hassle - is this a correct guess?


Does anyone have comments to offer re: my above question?


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## travelingrae

UrbanMan said:


> Does anyone have comments to offer re: my above question?


If you have deep pockets, it won't take any time at all. Just walk into Liverpool, Coppel, Costco, Bodega Aurreá, or any other number of stores and grab what you like. But if you're like me and trying to furnish a house on a budget, it can take ages. I just haven't found as many sources for good cheap used furniture in Mexico as I do north of the border and things that would be in a "free" pile NOB still fetch a premium price here.

For a short-term rental, I'd definitely go with furnished, but know that the Mexican idea of furnished doesn't necessarily match ours and the furniture can be uncomfortable. The house I rented in Mazatlán had a dining table and chairs, an entertainment unit, three uncomfortable beds, and a terrible sofa, plus plastic chairs and a table for outside. Thankfully, it had some built in storage in the bedrooms and bathroom (not common). The appliances weren't great either. The fridge was fine, but the stove was bottom of the line Mabe with the finish wearing off at every clean and the oven exploded the two times I tried to use it. I have yet to see a good quality stove in this country; even this luxury house I'm minding right now has a crappy Mabe that is not standing up to heavy usage. Perhaps it's because people cook outdoors on BBQs?!

After the first winter, I asked if the landlady could look for a comfortable armchair for me over the summer and that I would pay her back in the fall because I hadn't had any luck in six months finding even a ratty chair for under 1,000MXN and I was on an unbelievable tight budget that winter, but would have more funds the next year. At any rate, I came back the next spring and she'd got me a wonderful chair and one of those microwave cart things with the two shelves and a cupboard beneath, thinking I could use it as a printer stand in my office (yes!). Yes, I'm getting to my point.  She didn't make me pay for any of it because both items were on loan from family members as she also hadn't been able to find anything used at a reasonable price!

As I'm house hunting this summer, my budget is about 5,000MXN per month for an unfurnished rental, but I'd be willing to double my budget if I found a house furnished to my taste. That's how much of a hassle and expense I know setting up housekeeping will be. I have found a local "garage sale" group on Facebook that I monitor daily so I can snatch up things that I know I'll need for the house (lucked out on a complete suite of office furniture for a quarter of the new price!), but not all cities have those. You'll also want to find out about an tianguis in your area. And ask your Mexican neighbours if they have any resources, especially for used appliances.


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## chicois8

Since only one bank in Mexico is actually owned by Mexicans ( Banorte ) the rest are owned by:
Banamex = Citi USA
Bancomer = Spain
HSBC = Hong Hong
Scotiabank = Canada
Santander = Spain
You not really opening a Mexican bank account.......


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## RVGRINGO

Nor are you opening an account in the home country of whoever owns the bank in Mexico. So, I guess one could say that you are “opening a bank account in Mexico“, in pesos, of course.


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## horseshoe846

RVGRINGO said:


> Nor are you opening an account in the home country of whoever owns the bank in Mexico. So, I guess one could say that you are “opening a bank account in Mexico“, in pesos, of course.


Exactly - all of those banks are very very autonomous. (Except the relationship between Citi and Banamex worries me some at times. Banamex issued me a US 1099-INT this year - in dollars).


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## eastwind

I don't think the foreign ownership makes much difference for depositors, there are legal walls between the subsidiaries and each is regulated by the regulators of the country it operates in. 

From a banking customer point of view, any bank account in Mexico is backed by the Mexican Institute for the Protection of Savings and Banking Deposits (Instituto para la Protección al Ahorro Bancario or IPAB). If there are many simultaneous mexican bank failures and IPAB runs out of funds, you have to hope the Mexican government decides the taxpayers will cover you, or else you'll get stuck with a loss on your deposits.

Here's my source: Mexico: Guarantees of bank deposits | IFLR.com

In the US you have FDIC insurance at any bank, and the US government has proven that if necessary it will use taxpayer money to bail out the FDIC so depositors never take a loss (up to the per-account limit for which they are insured) - in 2007 the FDIC would have gone broke but the too-big-to-fail banks were separately bailed out with TARP which saved the FDIC from running out of money.

The per-account insurance limits are also not the same between Mexico and the US, if you're thinking of keeping a huge pile of money in your account. The limit in Mexico was given by that link as 400,000 investment units, but it's not clear to me how those relate to pesos. You'd have to ask at the bank or check the paperwork they give you when opening the account. The FDIC limit is US$250,000 per bank-customer.


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## horseshoe846

eastwind said:


> The per-account insurance limits are also not the same between Mexico and the US, if you're thinking of keeping a huge pile of money in your account. The limit in Mexico was given by that link as 400,000 investment units, but it's not clear to me how those relate to pesos.


It is currently right around 2,100,000 pesos.


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## horseshoe846

horseshoe846 said:


> It is currently right around 2,100,000 pesos.


I misspoke - apparently it is closer to 2,300,000.

Instituto para la Protección al Ahorro Bancario | Gobierno | gob.mx


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