Money deposit from Canada to Mexico Banks

[dave0415]

36 minutes ago, Frijoles said:

What kind of exchange rate do you get when you direct deposit your CPP? Thanks.

I have never checked the actual exchange rate. When I first checked with Service Canada 2 or 3 years ago they indicated that their rate of exchange would be better than the banks because of their purchasing power. It was certainly better than paying wire transfer charges. I viewed the convenience more important. If the ATM is out of cash when I need money, I can do a withdrawal in the bank. Also the CPP and OAS seem to arrive a day earlier than in Canada.

Do the math. 1000 people getting 1300.00  per month is about 1.3 million and there a lot more Canadians in Mexico than that getting CPP and OAS. Let's say 10,000. You can get a pretty good exchange rate with 13 million dollars a month. The Embassy in Mexico City estimates 75000 Canadians in Mexico. Many are not retired but a good portion are, there will be more as life expectancy lengthens and Canada gets too expensive for retirees.

Of course with the English pension I saved one exchange by going direct from England to Mexico rather than via Canada. Not a lot but 2 or so hundred pesos a month. It's a small pension

[Sonia]

With a Canadian bank account we transfer to Bancomer usually in minutes using worldremit.com and do it every month. The cost is $3.99. Their exchange rate is .3 less than posted rate. In other words, if the exchange rate is 13.8 they give you 13.5. Initially only $1000 per transfer but you can be approved for a larger amount.

An American check takes about 7- 8 days to clear and a Canadian check 21 days at Bancomer and the exchange rate is not very good.

saludos

Sonia

[kimanjome]

Glad this topic has been revived.

Correct me if I am wrong, but isn't it difficult for US citizens to open a bank account in Mexico, what with the complex banking regulations the US has initiated? Also, it is my understanding that US Banks don't like to transfer funds into Mexico--is that correct?

I also have British citizenship as well as US citizenship, so would it be easier for me to open a bank account here in Mexico with my UK passport? Must I be Temporal or Permanente, or can I be Turista? I am a property owner here, if that makes a difference....

 

 

[johanson]

I am a snowbird and have had a US and Mexican bank account for maybe 19 years. I have never had a problem. In the early days I had an FM-3 and since 2013 a Residente Permanente. The first year I was in Mexico maybe 4 to 5 months per year. These days I am in Mexico  more like 9 months per year.

Again I have never had a problem. Up north I have Bank of America and down south, Actinver Bank.  I get great service from Bank of America and do not have to pay a fee for up to two or three wiring of funds per year to my Mexican bank. Now I would normally be charged a 3% exchange rate fee because I have maybe $15,000 to $20,000 in my account. However luckily my retirement account is in Merrill Lynch. And Merrill Lynch was bought out by Bank of America when it was having financial problems. And Bank of America allows you to link the account totals of each together and if it is over some figure like about $250,000 you are not charged any fees for wiring money to Mexico to include the 3% exchange rate fee.