garmemorial Posted March 16, 2013 Report Share Posted March 16, 2013 Can someone please provide details for direct deposit from Canada to Mexico bank. Thx in advance Link to comment Share on other sites More sharing options...
beverly111 Posted March 16, 2013 Report Share Posted March 16, 2013 We use Canadian Forex to transfer from Scotiabank to Bancomer. Find them online, set up an account and it is simply online transfers after that. Excellent phone support. Link to comment Share on other sites More sharing options...
Cortland Posted March 16, 2013 Report Share Posted March 16, 2013 You need to get the routing information from your bank in Mexico. Depending on the Mexican bank, they may have different BIC (SWIFT Codes) for various types of transfers. For example, Bancomer has several, depending on the transaction. Here is what one Canadian bank requires: The address or BIC (SWIFT Code) of the destination bank. The recipient's name and address. The recipient's International Bank Account Number(IBAN), if applicable. They charge $13.50 per transfer. Also our Mexican bank makes a service charge. We used to transfer funds this way, but now we have a relationship with Intercam (by Oxxo on the Carretera). I just give them a cheque drawn on my Canadian bank and ask them to convert to pesos and transfer the same day to my Peso account with my Mexican bank. The transfer is made within a few hours and I receive an e-mail confirmation. Rosey at the Intercam reception desk speaks English and will help you set things up if you decide to use them. There are also other banks or foreign exchange offices in Ajijic who will offer similar services. The advantage with Intercam (and maybe others) is that they give me same day credit for my Canadian dollar cheques. Link to comment Share on other sites More sharing options...
gimpychimp Posted March 16, 2013 Report Share Posted March 16, 2013 Does Intercam give you a better rate than Bancomer would if you just wrote the check to them, or is the "same day" rate the only real difference? Link to comment Share on other sites More sharing options...
Cortland Posted March 16, 2013 Report Share Posted March 16, 2013 The last time I checked a while ago, Bancomer wouldn't give credit for a Candian or US cheque for about 10 days. Generally, I have found Intercam's rates to be competitive. Link to comment Share on other sites More sharing options...
Bourbonman Posted March 16, 2013 Report Share Posted March 16, 2013 Credit for an American check takes 32 or 34 days! I forgot which is correct Link to comment Share on other sites More sharing options...
Cortland Posted March 16, 2013 Report Share Posted March 16, 2013 Credit for an American check takes 32 or 34 days! I forgot which is correct That is really surprising. When I give a Canadian dollar cheque to Intercam it usually is debited to my Canadian bank account within a week. And as I mentioned before, Intercam give me same day value here. Link to comment Share on other sites More sharing options...
thegogulskis Posted March 17, 2013 Report Share Posted March 17, 2013 Credit for an American check takes 32 or 34 days! I forgot which is correct WE just opened an account at Bancomer in Ajijic at the plaza. It takes 7 days to clear your American Check. Link to comment Share on other sites More sharing options...
ericurmudgeon Posted March 17, 2013 Report Share Posted March 17, 2013 Be very careful when planning to use funds from deposited checks. I bank with BBVA and made the mistake of issuing a check on funds that I thought had cleared. Cost me almost $90 Dollars!! Value given after a number of business not calendar days. I know all the banks are different but just be warned. Link to comment Share on other sites More sharing options...
Alpha1 Posted March 17, 2013 Report Share Posted March 17, 2013 Can someone please provide details for direct deposit from Canada to Mexico bank. Thx in advance Check with xe.com. If the bank can match the rate on your xe account you are doing well. Note it must be your account and not the posted rate, which is not the rate your tx will be at. Link to comment Share on other sites More sharing options...
garmemorial Posted March 17, 2013 Author Report Share Posted March 17, 2013 Sorry. I should have been more specific. I want to arrange for a direct deposit to a Mexican bank from my pension in Canada. Link to comment Share on other sites More sharing options...
Cortland Posted March 17, 2013 Report Share Posted March 17, 2013 Sorry. I should have been more specific. I want to arrange for a direct deposit to a Mexican bank from my pension in Canada. You would need to contact the pension administrator in Canada to see if they can do that. I suspect, but don't know for sure, that you would be better off having it paid into your Canadian bank and then do the transefer yourself, per the various suggestions already made. If you are concerned about tax,and you are a non-resident for Canadian tax purposes, you can request the pension administrator to withhold at the non-resident rate which, for Mexico, would be 15%. Link to comment Share on other sites More sharing options...
cedros Posted March 17, 2013 Report Share Posted March 17, 2013 You would need to contact the pension administrator in Canada to see if they can do that. I suspect, but don't know for sure, that you would be better off having it paid into your Canadian bank and then do the transefer yourself, per the various suggestions already made. If you are concerned about tax,and you are a non-resident for Canadian tax purposes, you can request the pension administrator to withhold at the non-resident rate which, for Mexico, would be 15%. If it is OAP or CPP you can't do direct deposit to a bank in Mexico. Later this year you are supposed to be able to. Link to comment Share on other sites More sharing options...
Gretchen1 Posted March 19, 2013 Report Share Posted March 19, 2013 Actinver have two step by step procedures for making a Mexican deposit to their bank... one will go into the Royal Bank in Toronto, thus bypassing the international transfer fee.. Actinver have the form for this procedure. The other will charge the international fee and go into Actinver via their Bancomer holding account... they have the form for that method also. Link to comment Share on other sites More sharing options...
Cortland Posted March 20, 2013 Report Share Posted March 20, 2013 I suspect that Banco Actinver has a Canadian dollar account with RBC. So your Canadian funds will be deposited to their account at RBC. Then they give you credit to your peso account with them. Essentially, Actinver do the FX. The only caution is that you check the FX rate against what you would have got if you had effected an electronic funds transfer directly from your Canadian bank to Actinver. Or deposited a Canadian dollar cheque with an organization such as Intercam, and have them do a same day transfer to your account at Actinver. Also, there may be "buried" fees in the peso equivalent they credit to your account. Link to comment Share on other sites More sharing options...
TexasRanger Posted March 20, 2013 Report Share Posted March 20, 2013 Try calling Francisco at Monex. I have had nothing but great results. You can transfer Canadian dollars into your Monex Canadian Account then when you are ready exchange it to your peso account. Gives you options to watch the rate. Monex is considered a bank even though it is an investment company, they operate on the same charter as bank and are all over the world so it is a bank to bank transfer. I also found I get a better rate of exchange My money is usually here within our hours of my request to my bank in Canada. Might be worth the call to see if that service fits your particular needs. Cheers Link to comment Share on other sites More sharing options...
traderspoc Posted March 20, 2013 Report Share Posted March 20, 2013 the best way to transfer funds as mentioned above is right a check, when you open a bank account. i use intercan no fees for depositing check, some banks charge you 80 pesos to deposit a check. excellent exchange rate at time of deposit. Link to comment Share on other sites More sharing options...
Sandrita Posted August 27, 2013 Report Share Posted August 27, 2013 I have been banking with Multiva for 5 years and it has always taken just 2 business days to clear the US check I have written to be deposited to my Multva checking account. Now, I am beingn told my Multiva that it will take 20 business days to clear PLUS a $10US charge for this. I checked with my US bank and they told me they are pretty sure that this is happening on the Mexican side. Multiva couldn't tell me if this is being applied to all Mexican financial institutions or not. So, here is my question: for those of you who have an account with Intercam, CURRENTLY, how long is it taking for your US check to clear and be deposited into your Intercam account? Thanks in advance. Link to comment Share on other sites More sharing options...
joco69 Posted August 28, 2013 Report Share Posted August 28, 2013 Be very careful when planning to use funds from deposited checks. I bank with BBVA and made the mistake of issuing a check on funds that I thought had cleared. Cost me almost $90 Dollars!! Value given after a number of business not calendar days. I know all the banks are different but just be warned. When you deposit a foreign check at BBVA you receive a receipt which states the amount of Pesos, it also states the date it will be released for use. Using the online facility of BBVA you can see clearly how many funds are available for use and how many are blocked until a later date. If you deposit 5000$+ you get a better rate, the manager will be pleased to call Mexico and lock in your rate which is very competitive with other financial institutions. Link to comment Share on other sites More sharing options...
lakeside101 Posted August 29, 2013 Report Share Posted August 29, 2013 Credit for an American check takes 32 or 34 days! I forgot which is correct not at Bancomer -- about 7-8 days. i did this recently. Link to comment Share on other sites More sharing options...
behnwau Posted August 29, 2013 Report Share Posted August 29, 2013 That is really surprising. When I give a Canadian dollar cheque to Intercam it usually is debited to my Canadian bank account within a week. And as I mentioned before, Intercam give me same day value here. Same experience here. Instant payment on 3rd party cheques as well. The only currency you can't get from them is Cuban,by the way. Link to comment Share on other sites More sharing options...
snaimpally Posted May 5, 2017 Report Share Posted May 5, 2017 I apologize for reviving this ancient thread but my wife and I are thinking of moving to Chapala next year (we are coming for a visit later this year to check it out). Â I'm eligible for a pension from a Canadian company and wanted to know what is the best way to manage the money. Â Should I have the pension deposited to an account with a Canadian bank and then write a check or can I get a direct deposit to a Mexican bank? Â I have a Canadian RRSP with Bank of Nova Scotia (BNS) and know they have a presence in Mexico. Link to comment Share on other sites More sharing options...
mudgirl Posted May 5, 2017 Report Share Posted May 5, 2017 If you have a Scotiabank acct. and keep whatever the checking account minimum balance is these days for this, you can use your ATM card at any Mexican Scotiabank without incurring any service fees. The Scotiabanks are only loosely affiliated. For instance, if you lost your Canadian Scotiabank debit card while here, you couldn't walk into a Scotiabank here and get a replacement. If you open a Mexican bank account with whatever Mexican bank you choose, you can transfer money to your account here online with Xoom, xetrade, Western Union, etc. in the case that you would need more cash than you can withdraw from an ATM. Â Link to comment Share on other sites More sharing options...
dave0415 Posted May 5, 2017 Report Share Posted May 5, 2017 On 3/17/2013 at 3:34 PM, cedros said: If it is OAP or CPP you can't do direct deposit to a bank in Mexico. Later this year you are supposed to be able to. Service Canada has been doing Direct Deposit for OAS and CPP to Mexican Bank Accounts since about 2013. You can get the necessary forms off their web site. It takes about 4-6 months for the whole process to go through. I get my English State pension deposited directly here also. For private pensions it depends on the pension administrator. Some will deposit to banks outside Canada and some will not. Link to comment Share on other sites More sharing options...
Frijoles Posted May 5, 2017 Report Share Posted May 5, 2017 4 hours ago, dave0415 said: Service Canada has been doing Direct Deposit for OAS and CPP to Mexican Bank Accounts since about 2013. You can get the necessary forms off their web site. It takes about 4-6 months for the whole process to go through. I get my English State pension deposited directly here also. For private pensions it depends on the pension administrator. Some will deposit to banks outside Canada and some will not. What kind of exchange rate do you get when you direct deposit your CPP? Thanks. Link to comment Share on other sites More sharing options...
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