New Bank laws for all of Mexico

[gwynne]

I just spoke with Cesar at O&A. We have been cashing checks there several times a month to cover living expenses. He says O&A has no problem with any check as long as the person maintains an investment account with them.

[daisy2013]

what is O&A

[lakeside101]

O'Rourke and associates

[Curmudgeon]

What ATMs are working best for you with Capital One 360 and what amounts are you able to withdraw at a time?

Thanks.

The Banorte ATMs are totally free. They are at Superlake,El Torito and the Oxxo in central Ajijic. The ATM limits you to 3000 pesos but you can just repeat until you reach the limit you have set with Capital One. I often use the BancoMultiva ATM for a 10,000 withdrawal. They charge 26 pesos.

I'm told that CI Banco is even cheaper. Capital One does not charge regardless.

[CSOKI]

Tomas, I was told by an employee of a bank that the problem is the US bank that clears the US dollar checks

coming from Mexico

.

What bothers me that my bank did not give any notice to its customers. I have been banking with Lloyd/Actinver

for the last 18 years and I am looking to open an account elsewhere.

For now I am scrambling to redirect our pensions to a local bank.

Talk about custumer service!

[Mainecoons]

The Banorte ATMs are totally free. They are at Superlake,El Torito and the Oxxo in central Ajijic. The ATM limits you to 3000 pesos but you can just repeat until you reach the limit you have set with Capital One. I often use the BancoMultiva ATM for a 10,000 withdrawal. They charge 26 pesos.

I'm told that CI Banco is even cheaper. Capital One does not charge regardless.

So you can use the Capital One 360 card at MultiVa and it costs about two bucks? This is really good information, thank you!

HANSI, we got the same notice from Monex. Don't be surprised if they all do this at some point.

[Floradude]

So, what will happen if I write and check for $2000 USD on my Wells Fargo account and try to have it deposited into my Banamex account in Chapala?

[gringal]

So, what will happen if I write and check for $2000 USD on my Wells Fargo account and try to have it deposited into my Banamex account in Chapala?

I'll make a guess: it won't work, but a wire transfer probably would.

[sparks]

Talked to Intercam again and they say the only changes are the limits of your checks or withdrawal amount each day.

You can deposit to Intercam up North and withdraw here. They can (may prefer) to also deposit to your Mexican bank

[sparks]

So, what will happen if I write and check for $2000 USD on my Wells Fargo account and try to have it deposited into my Banamex account in Chapala?

Ask Banamex

[purplebeads]

Since I started this, I should update you. I have an email from Intercam USA telling me they are not in the banking service.

Ok. what ever! Went back to Multiva ( have an account already there) and they said they could deposit USA checks because of having our having an account. They would know we were good for the money. And they would transfer money at our request to Banamex. So guess we will go this route.

[lcscats]

So no new law right?????

[Floradude]

Do you think Intercam in US would allow a new account without a US address.

When wire transferring into an account here does not Mexico tax the money?

[lakeside7]

Frankly, I am sure the peons and managers in the local banking system have no idea what is going on and rely on directives from on high that filter down on a daily basis

[sparks]

Just talked to Intercam and only changes are daily limits. Check cashing as usual

[bobkat]

It is called FACTA, her is a link http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

[sparks]

It is called FACTA, her is a link http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA

That is not a Mexican law

[purplebeads]

So no new law right?????

Well it seems only Ajijic Intercam says so. From what we learned at Multiva , it is up to the institution whether they want to go through all the expense of reporting to US, which US does require, especially if you want to do business with US banks. So maybe Intercam was saying it is " a law" with all the Mexican Intercams. It is also possible that the word law was used to mean regulation or decision by Intercam and if other financial institutions want they can follow suit. At this point , I guess it is just best for one to check with the institutions and process they have been using and see what they have decided.

[purplebeads]

Just talked to Intercam and only changes are daily limits. Check cashing as usual

Just talked to Intercam and only changes are daily limits. Check cashing as usual

Interesting! and they didn't say until end of August?

[daisy2013]

today they said until the last day in August

[5Jacks]

The Banorte ATMs are totally free. They are at Superlake,El Torito and the Oxxo in central Ajijic. The ATM limits you to 3000 pesos but you can just repeat until you reach the limit you have set with Capital One. I often use the BancoMultiva ATM for a 10,000 withdrawal. They charge 26 pesos.

I'm told that CI Banco is even cheaper. Capital One does not charge regardless.

Curmudgeon, have you found that those Banorte ATM locations you mentioned are no longer free? I tried two of them today and the charge was 69.60 pesos regardless of the amount withdrawn. I declined to proceed with the transactions.

[John Shrall]

The surcharge at the CI Banco ATM In the Laguna Central strip is $17.40. That's the cheapest surcharge I've seen in town with the Bancomer ATMs the highest at $81.20. The Banamex machine at the Farmacia Guadalajara and Wal-Mart is $30.74 and Multiva $29.

[Joco]

I transferred money to a Mexican account using XE and it took 3 days with no charge. They don't give their mid market rate as an exchange rate but the mid market is only for large traders like banks anyway.

Before, it took 3 days to transfer from Chase to Banamex USA so this is taking the same amount of time and I can do it all on-line without calling the bank to transfer money to MX like we had to do with Banamex USA.

This way I have a MX ATM card and when I pay at stores, I can also get back up to $2000 pesos without using an ATM machine and no fee.

http://www.xe.com/xetrade/?WT.seg_1=XTR-TL-XUCI-XIN-XX-V01-131001

[rckrckr]

I transferred money to a Mexican account using XE and it took 3 days with no charge. They don't give their mid market rate as an exchange rate but the mid market is only for large traders like banks anyway.

Before, it took 3 days to transfer from Chase to Banamex USA so this is taking the same amount of time and I can do it all on-line without calling the bank to transfer money to MX like we had to do with Banamex USA.

This way I have a MX ATM card and when I pay at stores, I can also get back up to $2000 pesos without using an ATM machine and no fee.

http://www.xe.com/xetrade/?WT.seg_1=XTR-TL-XUCI-XIN-XX-V01-131001

Joco, does Banamex impose a daily limit for transfers via XE.com? I've often used Xoom.com which charges $4.99US per transfer, and the transfer takes place within 1 hour. But, each Mexican bank sets a daily limit - for instance, with Bancomer it is $999US per day, so can get a little expensive and takes a few days if one needs to transfer several thousand dollars.

[Joco]

Joco, does Banamex impose a daily limit for transfers via XE.com? I've often used Xoom.com which charges $4.99US per transfer, and the transfer takes place within 1 hour. But, each Mexican bank sets a daily limit - for instance, with Bancomer it is $999US per day, so can get a little expensive and takes a few days if one needs to transfer several thousand dollars.

I don't have a clue. XE doesn't charge per transfer if you use the electronic transfer like you would use between US banks.

Have you looked at the Banamex site for an answer?