15 replies to this topic

[El Toro Furioso]

The pairs of banks NoB (or European with US branches) that ally with Mexican banks so that there are no transaction fees for ATM use in Mexico have been posted in the past. Can you update which go with which? I remember, for example, that if one had a US account with Bank of America, there was a bank in Mexico owned by them at which one could use the ATM without any fees from either side. On the other hand, we have an account with Citibank which owns Banamex. If we use the Banamex ATM to withdraw money from Citi, we pay a significant fee to both banks. Banamex USA seemed to be the solution, but one has to visit them in person in California now to open an account. With the new provisions of the HIRE act and other new US Federal legislation re: transfers of money internationally coming into effect on Jan 1, 2013, we need to find a way not to have witholding taken from our US to Mexico $ transfers. This appears to apply to all the rest of us living in Mexico as well, so this issue may be of widespread interest. Thanks in advance for any info or insight.

[chapalafan]

Bank of America....no fees using Santader or Scotia ATMs

[sundown]

Banamex reports to the IRS
Chas Schwab reimburses for ATM fees

[GaleM]

Does Schwab also pay for foreging transaction fees? mean foreign

[El Toro Furioso]

I just opened a Bank of America on-line checking account. I'm hoping that I can transfer $ from Citi to BofA within the US, then take money out of the ATM here while we are in the Chapala area without cost. We are currently transferring a few thousand dollars or so each month from Citi to a local bank that will never report to the US authorities. Come Jan 1, 2013, it is said that these transfers will be subject to a 30% withholding fee by the US bank, sent on to the IRS. Refundable, yes, but only after filing tax returns each new year. It seems to be a pretty bad situation coming up for expats. Any other thoughts? For example, if I make a paper check from my US bank out to myself, is that going to be subject to withholding? I tend to doubt it, but it seems possible based on the new law if that check clears through a Mexican bank that is not compliant with the new US laws.

[Mad_Max]

Does Schwab also pay for foreging transaction fees? mean foreign

Not sure what a foreging fee is. When I use my Schwab card at any ATM, transaction fees are withheld. Once a month, my account is credited with those fees. Schwab also offers a good exchange rate - so I am very happy using Schwab. Also have an HSBC US card - exchange rate doesn't seem as good but that is perception as i haven't done a same day same hour same ATM comparison.

[El Toro Furioso]

Wrote something incorrect and caught my mistake. Lo siento.

[Viajero-Tiempo]

BoA has alliances with Santander and Scotia
No fees at ATMs of these banks
BoA also has SafeSend to send cash to someone in Mex. It could even be yourself. It could even be a bank account.
I am only a satisfied BoA (and Santander) customer. Not an employee.

BTW, Most brokerage Cash Management Accounts (Fidelity/Schwab/etc) refund fees.
But if enough folks do that, they'll surely charge unless you're daddy warbucks.
Good Luck

[Mad_Max]

I just opened a Bank of America on-line checking account. I'm hoping that I can transfer $ from Citi to BofA within the US, then take money out of the ATM here while we are in the Chapala area without cost. We are currently transferring a few thousand dollars or so each month from Citi to a local bank that will never report to the US authorities. Come Jan 1, 2013, it is said that these transfers will be subject to a 30% withholding fee by the US bank, sent on to the IRS. Refundable, yes, but only after filing tax returns each new year. It seems to be a pretty bad situation coming up for expats. Any other thoughts? For example, if I make a paper check from my US bank out to myself, is that going to be subject to withholding? I tend to doubt it, but it seems possible based on the new law if that check clears through a Mexican bank that is not compliant with the new US laws.

Is this the new law that you are referencing? http://www.deloitte....FAQs_061711.pdf

[sundown]

I have been with Schwab for aprox twenty years & very satisfied. 13 of those years has been in Mexico.

[simpsca]

I have a B of A account and use Santander and Scotia ATMs with no fees. However, two weeks ago when I make my last withdrawal from a Santander ATM my card was cloned and charges were made in several other Mexican states a week after I last used it. Another person reported a similar ATM fraud after using their card at the Chapala ATM. When I get my new card I plan to stick to the Scotia ATM and hope that remains fraud free. Both the Jocotopec and the Chapala Santander ATMs have had recent ATM frauds.

[lcscats]

Bank of America....no fees using Santader or Scotia ATMs

BOA sold off its Santander shares a year or so ago so be aware the deal may go away someday but enjoy
it for as long as it lasts.

Another thing to look for is bad exchange rate or fees. BOA and there foreign partners have both good rates
and no fees.

[Floradude]

Ten years ago I opened a special account (Amigo) for people 50 and up retiring in Mexico with a California Bank called California Commerce Bank. This gave me free withdrawls from any Banamex ATM machine in Mexico. Since then they have gone through some changes/mergers becoming Banamex....Citibank....Banamex USA. With each change the free withdrawls from my checking account have remained.

Interestingly I tried to make a deposit into this account at a Citibank Bank in Texas recently but it could not be done.

Opening the Amigo Account with California Commerce Bank before my move to Mexico was one of the smart things I did. All the money I have spent in Mexico these many years has been withdrawn without any fees.

[More Liana]

BOA sold off its Santander shares a year or so ago so be aware the deal may go away someday but enjoy
it for as long as it lasts.

Another thing to look for is bad exchange rate or fees. BOA and there foreign partners have both good rates
and no fees.

BofA is part of a global alliance that offers free withdrawals at various banks all over the world. Santander and Scotiabank are part of that global alliance, as are BNP Paribas in France and BNL d'Italia in Italy. We recently traveled to Europe and were never charged an ATM fee or a foreign transaction fee when using the ATMs at those banks. Here's the skinny, directly from BofA:
https://www6.bankofa...global alliance

[Frog]

I was recently in Laredo , Texas and noticed a Banamex USA bank in the mall that is just North of the border on I-35. I went in and asked the manager if they were associated with Banamex in Mexico and he said they were and that the bank in California mentioned above was their old name. I asked if I had an account in Banamex USA and an account in Banamex ( Mexico) , could I then transfer money back and forth electronically , and he said yes and he said that there would be no fees. He said that there was a Banamex USA bank in San Antonio and in Houston as well as those in California. He also said that the exchange rates were displayed on the screen before the transfer so that you would know what it was. I have not done anyof this , so I don't know if all is as represented , but the above is what the manager told me. Hope this helps. Frog

[Sasha]

Regarding our social security payments that most of us get into a us bank and then transfer by atm or check to
Mexico. How is the new up coming rule Irs going to effect us. Any answers?