12 replies to this topic

[exHawaiian]

I'd like to deposit in one and transfer to the Mex. bank without hassle.

Next question is: can I have Soc Sec.direct- deposited in a Mex. bank?

[More Liana]

Yes, but many people don't do it. I, for example, have my SS deposited to my BofA account and use my BofA debit card to withdraw money as needed from any Santander or Scotiabank ATM, at no charge.

[MountainGal]

Compass Bank is affiliated with Bancomer. You can transfer money from Compass to Bancomer for a small fee - like 5 or 10 dollars. I think Wells Fargo is also affiliated with Bancomer and has a similar arrangement.

We have our money direct deposited into our US bank, then transfer money as needed. For us, we write a check from our US bank (not affiliated) to our Bancomer account. It takes 7 days to clear and the exchange rate is fairly good.

[osuespirit]

Banamex is affilitaed with Citi Bank.

[Viajero-Tiempo]

My experience is with a BoA account and a Santander account.

With a Santander account you can easily pay CFE, TelMex and similar bills, transfer money to another's account (for HoA dues or similar), etc, etc It really makes life simpler. If I have a car repair or other big Peso expenditure, I can usually just plunk down the Santander ATM/Debit card.

With a BoA account, you can do ATM withdrawals from Santander or Scotia - no fee . You can transfer up to 1500 USD to Santander account up to 2 times per month via SafeSend. (First transfer must be done at a BoA branch).

You can deposit a BoA or any check into Santander and have your money....Sometime in the future.

You can deposit cash - but there's a big penalty if you deposit more than 15000 MxP in any month.

I like having BoA and Santander.

[ohjoni]

Yes, but many people don't do it. I, for example, have my SS deposited to my BofA account and use my BofA debit card to withdraw money as needed from any Santander or Scotiabank ATM, at no charge.

We also have social security and anyother direct deposits into B of A. We take out pesos from Santander or Scotia for no charge. You can take out up to $700 usd per day. We have a Bancomer acct to pay utility bills which they pay automatically. We just take pesos out of Scotia/Santander and put them in Bancomer. Very easy

[sundown]

Banamex reports to the USA IRS, beware!

[More Liana]

We also have social security and anyother direct deposits into B of A. We take out pesos from Santander or Scotia for no charge. You can take out up to $700 usd per day. We have a Bancomer acct to pay utility bills which they pay automatically. We just take pesos out of Scotia/Santander and put them in Bancomer. Very easy

The Santander ATMs allow single withdrawals of up to 6000 pesos per withdrawal. BofA will raise your daily withdrawal limit if you qualify; my limit is currently $1500USD in withdrawals per day. If I need more than 6000 pesos on any given day, I can make peso withdrawals up to the peso equivalent of the BofA $1500 limit, in consecutive withdrawals. I am never at a Santander ATM for more than five minutes taking care of this business.

[Griffin]

Banamex reports to the USA IRS, beware!

Banamex is owned by Citibank. All US banks report to the US government.

[goodcat]

Everyone, myself included, seems to believe (or have believed)that by using a B of A debit card at santander or scotia any fee can be avoided. Perhaps this is not exactly true. I was told by B of A customer service and it states on their account website that there is a 1% transaction fee for debit card use at santander or scotia. It is just not stated on the receipt. On an $8000 peso withdrawal there would be an 80 peso or 5.95 usd fee. Seems like my wells fargo card had a flat 5 usd fee. Dont know how exchange rates compare. Anyway, there IS a fee with B of A. As the saying goes, "nothing in life......"

[oregonduck]

Banamex reports to the USA IRS, beware!

Big problem if you're running for president!

[sundown]

Chas Schwab reimburses ATM fees

[doberwoman]

My friends get the monthly deposit at LLOYDS (ACTINVER)