GeckoGretchen Posted September 19, 2016 Report Share Posted September 19, 2016 We are "6 monther snowbirds"... And every year before we return to Ajijic I transfer some $$ into my account at Actinver from Canada. I mostly use the ATM's for cash but like to have some extra buffer money in case of "the unknown". At one point during the transfer they asked for the CLAVE number which was not provided on the handy step by step instructions I got this past spring so I emailed the bank. The bank emailed me back to say that I CANNOT transfer money into my account nor can I withdraw any money from my account until I first go into the bank upon my return with some "paperwork" that needs doing. I have had an account at Actinver for quite some time, back when it was LLOYDS and have provided them with all the paperwork necessary at the time. I think I have heard that there is a new process the USA has instigated for tracking their citizens' cash flow outside of their country. I believe it applies to all countries who hold bank accounts for people from the USA. Likely this is something the IRS have imposed on countries outside of their own. But I am a citizen of Canada and am not completely sure why this would affect me. Has anyone else had this occur? It will mean that I will have to go to my Cdn bank and sign something that requests that they will ultimately be requested, should I decide to carry on with the transfer, to send money to Mexico. It just seems as though it came out the blue and I am not intending to transfer great wads of $$ !!! Link to comment Share on other sites More sharing options...
El Saltos Posted September 19, 2016 Report Share Posted September 19, 2016 I suggest you change banks to Banco Multiva who report nothing to any institution NOB and are very easy to deal with. Link to comment Share on other sites More sharing options...
jrm30655 Posted September 19, 2016 Report Share Posted September 19, 2016 I've lived here almost 9 years and never had a MX bank account, live out of ATMs Link to comment Share on other sites More sharing options...
Bontekoe Posted September 19, 2016 Report Share Posted September 19, 2016 I am also canadian deal with interbanco, next to OXXO on the carretera in AJIJIC non of this BS, I deposit cheks as d I need, ATM ETC....! Link to comment Share on other sites More sharing options...
bournemouth Posted September 20, 2016 Report Share Posted September 20, 2016 I think you mean Intercam perhaps? Link to comment Share on other sites More sharing options...
GeckoGretchen Posted September 20, 2016 Author Report Share Posted September 20, 2016 FATCA.... Maybe everyone should look this up, it does not just pertain to one bank (ie Actinver) it will ultimately pertain to all money leaving the USA and being held in foriegn banks. I just found out the process, which is relatively new and being instigated. I guess the banks are being asked to comply with the rules of FATCA for the IRS, and this includes ALL foreign monies. Link to comment Share on other sites More sharing options...
mudgirl Posted September 21, 2016 Report Share Posted September 21, 2016 2 hours ago, GeckoGretchen said: FATCA.... Maybe everyone should look this up, it does not just pertain to one bank (ie Actinver) it will ultimately pertain to all money leaving the USA and being held in foriegn banks. I just found out the process, which is relatively new and being instigated. I guess the banks are being asked to comply with the rules of FATCA for the IRS, and this includes ALL foreign monies. FACTA has nothing to do with "money leaving the USA". It is far more nefarious than that. It is about the US govt. wanting info on the accounts of all those they consider US citizens or "US persons" (which you in fact never have to have stepped foot on US soil to be considered- if you were born outside the US and one of your parents was American, you are considered a "US person" subject to IRS, for instance). I earn my money in pesos in Mexico. I am a Canadian. Yet Bancomer has told me I must fill out some FACTA form. Anyone who is interested in what FACTA is all about, visit the Isaac Brock Society website. Very scary folks. Link to comment Share on other sites More sharing options...
Aquaponicsman Posted September 21, 2016 Report Share Posted September 21, 2016 I recommend Banco MultiVa, as well. I also feel that keeping money in a bank here is prudent, especially for Americans, given the questionable financial stability of the US economy and laws that allow for civil forfeiture. FATCA is actually a burden on the taxpayer who has the obligation to report all foreign accounts to the IRS (which is actually a foreign corporation registered in Puerto Rico) or you will suffer onerous fines for failure to report something as innocent as your Mexican wife's bank account! The law places egregious burdens on foreign financial institutions to report US citizen accounts so they can compare your filings against the institution's reports. The US has been such a bully throughout the world that they even forced Switzerland to violate their own Constitution to comply with their authoritarian, taxation demands. FACTA ( Foreign Account Tax Compliance Act ) is evil and our government overlords are trying to expand it to GATCA ( Global Account Tax Compliance Act ) which will include all nations. Your money is not yours in their opinion. It is theirs. It has already been ruled that your deposits into banks are not really deposits, but unsecured loans to the bank and the second you deposit it -- it is no longer your money -- you are merely an unsecured creditor. It has reached the point where police have been called to banks in the US for merely trying to withdraw $5000 or more of what you believed to be your money -- out of what you believed to be your bank account. Feds Urge Banks to Call Cops on Customers Who Withdraw $5,000 or more... What Happened When I Tried to Take $1500 Cash Out of Bank Heck, in some states in the US, cops can empty your bank accounts when they pull you over for a traffic violation! It is a whole system of "them against us" and they are winning. OHP Uses New Device To Seize Money During Traffic Stops Link to comment Share on other sites More sharing options...
Bisbee Gal Posted September 21, 2016 Report Share Posted September 21, 2016 It's not just the US and FATCA, Canada is also looking for its citizens' off-shore bank accounts, per the info posted at this site. It's only a matter of time when banking info is shared worldwide. https://www.countertax.ca/blog/how-the-cra-will-uncover-your-offshore-assets-and-what-you-should-do-about-it And the CRA (Canada Revenue Agency) is even offering financial rewards for informants! http://www.cra-arc.gc.ca/gncy/cmplnc/otip-pdife/menu-eng.html Link to comment Share on other sites More sharing options...
ned small Posted September 21, 2016 Report Share Posted September 21, 2016 On 9/21/2016 at 7:20 AM, Bisbee Gal said: It's not just the US and FATCA, Canada is also looking for its citizens' off-shore bank accounts, per the info posted at this site. It's only a matter of time when banking info is shared worldwide. https://www.countertax.ca/blog/how-the-cra-will-uncover-your-offshore-assets-and-what-you-should-do-about-it And the CRA (Canada Revenue Agency) is even offering financial rewards for informants! http://www.cra-arc.gc.ca/gncy/cmplnc/otip-pdife/menu-eng.html Your first link is to a site of tax lawyers and accountants seeking clients from Canadians operating offshore "big" businesses and those individuals with big bucks offshore like Bronfman for example. the CRA link for snitches is for going after the big gunners as above. Unlike all/most NOB Americans we "ordinary" Canadians need not be concerned with what you have posted. Why post something scary that doesn't affect any of us retired Canadians on this board even those that are working? Link to comment Share on other sites More sharing options...
Ready Or Not Posted September 21, 2016 Report Share Posted September 21, 2016 We regularly transfer money online through XE currency exchange from our Canadian bank account to our Bancomer account here with no problems. Link to comment Share on other sites More sharing options...
Guest English Rose Posted September 22, 2016 Report Share Posted September 22, 2016 I am Canadian and have been here for 11 yrs and there have been only 2 occasions that I needed larger sums than what I could withdraw in a short time. At those times I used Intercam. For the rest of the time, I have used ATM's for everything else. If you are worried about fees, look around for which ATM has the lowest rate which can be as low as $32.70p and learn to limit the number of times you withdraw each month. Link to comment Share on other sites More sharing options...
bournemouth Posted September 22, 2016 Report Share Posted September 22, 2016 I think that CIBanco's ATM only charges about 17 pesos for a withdrawal. Link to comment Share on other sites More sharing options...
jrm30655 Posted September 22, 2016 Report Share Posted September 22, 2016 I have an account with Wells Fargo and ALLY. ALLY gives me a better rate and refunds my MX ATM fees and doesn't charge an ATM fee. WF doesn't refund my ATM fees in MX and charges me 5.50 in ATM fees through their bank. Link to comment Share on other sites More sharing options...
lcscats Posted September 22, 2016 Report Share Posted September 22, 2016 WF has never been friendly to expats and was last on the list when we picked banks. Check out latest WF scandel. Link to comment Share on other sites More sharing options...
rvanparys Posted September 22, 2016 Report Share Posted September 22, 2016 We operate entirely on ATM withdrawals and our Capital One credit card. We purchased two new cars this year, putting them on our Capital One... We received a very good exchange rate (over a peso more than the published rate) and no fees... Link to comment Share on other sites More sharing options...
Alfa Posted September 22, 2016 Report Share Posted September 22, 2016 Back to the original question... I too have been a customer of LLoyd for many years and had my daughter as a co-signer on the account. A couple of years ago thee was a change in teir policy (after Actinver) which required me to make several changes to validate the account. i had to change the status of my daughter as she did not have a Mexican residence permit and so could not be a co-signer on the account. We filled out the required forms and that was it - life goes on as before. i still have no trouble transferring money from the US and the staff at Lloyd(Actinver) are as accommodating as ever. Link to comment Share on other sites More sharing options...
johanson Posted September 22, 2016 Report Share Posted September 22, 2016 I've had what is now called Actinver since I arrived in 1997. They have always been very helpful. Yes, sometimes the Government requirements that makes Actinver have me fill out forms and/or show ID is a pain, but so I have to show my ID every time I get funds, no big deal. I just show them my local drivers license. I highly recommend Actinver. Link to comment Share on other sites More sharing options...
ned small Posted September 22, 2016 Report Share Posted September 22, 2016 To the OP. Dump Actinver and use Intercam which is very Canadian friendly. You don't need an account to cash cheques. Just register and renew annually with passport,visa and CFE. They have even given me pesos for 3rd party cheques. Two of us have now opened actual chequeing accounts with them by writing a cheque from our Canadian bank to do it and yes some might consider those having been large and we didn't have to jump through hoops with our Canadian bank. It was no muss no fuss,just a bunch of paperwork at the beginning with their account rep Alejandra de la Torre who speaks English. The teller and one of the receptionists also speak English and there is an ATM there that doesn't grab your card never to be seen again. If I wish to top up the account I can do it with a cheque from my Canadian bank,no transfer hassels required. Link to comment Share on other sites More sharing options...
johanson Posted September 22, 2016 Report Share Posted September 22, 2016 Please understand that each of us have our favorite bank. Ned is a Millet Oiler fan ( which he will deny). Just like I am a fan of another team, I have my favorite bank based on the way I was treated and the service I got at that bank. Whatever bank you choose, make sure you understand the rules of that bank, many of which are set by the government. Remember the rules are different here, and often when someone has a problem with their bank in Mexico, it is because they assumed that the bank follows the same rules they do up north. They DON'T I promise you that you will find some of the rules strange here. Learn them well and there will be no or very few surprises. Good luck Link to comment Share on other sites More sharing options...
ned small Posted September 22, 2016 Report Share Posted September 22, 2016 Ned is from Ponoka,Alberta,Canada and unlike a friend of mine have never met a johanson here. I understand the OP's banking interests and procedures vis a vis Canadian/Mexican interactions from what he has posted. Merely pointing out how much simpler it seems to be dealing with Intercam than the OP has had dealing with Actinver. I would never venture to give advice to a non Canadian here about banking since I know nothing about the operations of banks in the USA or Britain for example, which are entirely different than those regulated in Canada. Link to comment Share on other sites More sharing options...
johanson Posted September 22, 2016 Report Share Posted September 22, 2016 Ned. You are too funny, I haven't been in Canada since last week and will be returning from Seattle in a few days. Too each his own. I have always found your posts entertaining regardless of the name you choose to post under. Link to comment Share on other sites More sharing options...
mudgirl Posted September 23, 2016 Report Share Posted September 23, 2016 To the OP- if you have a Scotiabank account in Canada (check what minimum balance is required- if you are seniors, there shouldn´t be one), you can withdraw funds from any Scotiabank ATM in Mexico with no fees. All Scotiabanks are affiliated in a few ways like this. But if you lost your Canadian Scotiabank card in Mexico, you couldn´t get another here. Link to comment Share on other sites More sharing options...
ned small Posted September 25, 2016 Report Share Posted September 25, 2016 On 9/22/2016 at 8:38 PM, mudgirl said: To the OP- if you have a Scotiabank account in Canada (check what minimum balance is required- if you are seniors, there shouldn´t be one), you can withdraw funds from any Scotiabank ATM in Mexico with no fees. All Scotiabanks are affiliated in a few ways like this. But if you lost your Canadian Scotiabank card in Mexico, you couldn´t get another here. No problem getting new Scotia debit card here. It will be couriered from Thornhill, Ontario or mailed and A new Visa can be mailed to you if you have a box here. Link to comment Share on other sites More sharing options...
dave0415 Posted September 25, 2016 Report Share Posted September 25, 2016 On 9/20/2016 at 8:19 PM, mudgirl said: FACTA has nothing to do with "money leaving the USA". It is far more nefarious than that. It is about the US govt. wanting info on the accounts of all those they consider US citizens or "US persons" (which you in fact never have to have stepped foot on US soil to be considered- if you were born outside the US and one of your parents was American, you are considered a "US person" subject to IRS, for instance). I earn my money in pesos in Mexico. I am a Canadian. Yet Bancomer has told me I must fill out some FACTA form. Anyone who is interested in what FACTA is all about, visit the Isaac Brock Society website. Very scary folks. Bancomer has been asking many Canadians to fill our FACTA forms. I have been advising them Not to do that. As Canadian we have no responsibility to provide personal information to the USA, especially our social insurance number which the Canadian Government says should only be provided to employers and banks in Canada. Just tell Bancomer that you will not provide the information they are requesting because the Canadian Government is not requiring them to report Canadians' banking information. I have not tried the Embassy approach yet but it might be a good idea. Under Canadian Tax Law, non resident Canadians do not have to report foreign properties, including real property, bank accounts, investments etc and they are not subject to FACTA so tell Bancomer to go to hell, you will bank elsewhere. BTW just as a guide I did about 100 Canadian nr tax returns last year. I do speak from experience. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.