OK, now that the BofA deal is gone, let's discuss alternatives

[Mainecoons]

We have two threads going on BofA so please don't discuss that on this thread but rather let's take it as a given that we are going to either be stuck with the three percent or we are going to find other options.

Since we are among those who relied on our BofA account and debit card to get money, we're going to be looking for other options. That's what I'd like to see discussed here. For example:

Having a bank account and moving money directly to it, then withdrawing the pesos here. What is the least cost option, including exchange rate penalty, that you all have found?

Other debit card options, like for example this Capital One 360 business. If someone has this, could you explain how it works from setup to usage and what it costs you? I'm a little concerned that we might just go to Capital One and then shortly they start hitting us with the exchange "fee."

Thanks!

[Tony_In_Mexico]

I have had nothing but bad experiences working with Capital One in the past. In my opinion they are evil and decietful. I had them send me notices that my payments had arrived late and my rates were going up, despite having sent in payments the day I received the bill, which was itself on time. Eventually I paid them off and sent them their card as confetti. I've never looked back. If you are military look into the USAA option. I believe that's what it's called. I need to look into that myself, tbh. I use Wells Fargo in the states, because they were one of the few banks not involved in the banking scandal. However, Wells Fargo charges me $5 for each atm transaction, on top of the fee I get charged by the local bank, so I don't have good things to say about them anymore either.

[Fred Habacht]

I opened an account with Capital One 360. I already had their credit card which charges no annual fee and no international fees of any kind and it gives back 1.5%. The 360 account is free with no minimum and it pays a pittance of interest on your checking account balance. They have numerous branches in the USA with strong representation in the Texas area that we visit for shopping. They inform me that I can choose to withdraw money from ANY atm and that the only fee I would pay is the one charged by that ATM and none charged by Capital One. They also are affiliated with IB...International Bank and to Bananorte, which I found has no branches closer than Guadalajara.

The site...which is open 7 days a week was very friendly....although I would have preferred to speak to non Americans, LOL, they only use US nationals.

I would be happy to offer more details if you ask the questions. I have torn up the Banks and there are few that will play with no fee...this is one of them

Fred

[cbviajero]

I'm going to see about opening an account at Bancomer and depositing BoA checks into it.Opening new accounts at a US bank like Schwab that doesn't currently charge these fees is problematic if you don't have a US address,another stupid banking rule IMO.

[Fred Habacht]

Schwab would have opened up an account with my address in Texas since it has an apartment number built into the address

[Lexy]

This may be useful to someone: Since we came here, our Social Security checks were deposited directly to a Citibank checking account which is now Banamex USA. We opened a Lloyd peso account, now Actinver. We cash Banamex USA checks at the Actinver in Ajijic. The exchange rate, which of course varies, has been for quite some time in our favor. We seldom use our ATM cards. There are no fees involved.

Lexy

[holdrja]

We've opened a Bancomer account and plan to send our direct deposits to that account. Can anyone comment on their experience with this?

Re USAA - I'm doing a consulting gig with them in San Antonio right now (Texas, not Tlayacapan), and I can say from experience that they are very customer-focused, supportive, genuinely nice. Not your typical corporate atmosphere. You must have some sort of military affiliation to open an account with them. Their product lines are detailed here https://www.usaa.com/inet/ent_logon/Logon?redirectjsp=true -- two caveats - I saw a lot of "U.S. only" language in the small print; and I know that they are implementing FATCA tracking systems.....

[More Liana]

I like the idea of direct deposits sent to Bancomer--but. Big but. What if I need to purchase something using US dollars, and all of my US dollars are going to Bancomer as Mexican pesos?

[Joco]

Banamex USA no longer allows online internet transfers from Banamex USA to Banamex MX. Now we call and the transfer is still accomplished for free but by talking to a Banamex USA employee.

If you have a Banamex USA or Banamex MX ATM card you are not charged the ATM fees using a the Banamex ATM. You must live in Mexico to open a Banamex USA account that transfers in pesos. Call and they will overnight a package to open an account.

[Lexy]

In my case, with Social Security deposts going directly to Banamex USA, the US dollars remain until I withdraw them as pessos through my checking account at Actinver or I pay bills with dollars.

So, for example, my American Express bill and my DishNetwork bill are deducted from my US dollar account in Banamex USA when I indicate to pay.

Lexy

[Lexy]

Banamex USA no longer allows online internet transfers from Banamex USA to Banamex MX. Now we call and the transfer is still accomplished for free but by talking to a Banamex USA employee.

If you have a Banamex USA or Banamex MX ATM card you are not charged the ATM fees using a the Banamex ATM. You must live in Mexico to open a Banamex USA account that transfers in pesos. Call and they will overnight a package to open an account.

We do not have a Banamex Mx account. We have only the Banamex USA checking acount. Years ago, there was this sort of "sister" bank accounts and we thought we had to have a Mexican account. The Banamex Mx account drove us crazy with its fees and we soon learned we didn't need to have it.

What we have seems so simple and useful to our needs. We need the ATM card and our American Express card for when we travel, and we do much less of that these days.

Lexy

[valbogyo]

I noticed an HSBC bank in Bellevue Washington. I do not know if they are located in many American States. If you open a HSBC account in any Country, you can open one in other Countries and then link them. You log on and select "global view". Then, you can transfer funds from one country to another, very seamlessly. Depending on how much you have on deposit, the fees can be very low. Its super easy to use their interface. I think you would have to go, in person, to a branch in the US to set this up.

[TioBob]

I have been using Banamex USA for over 9 years. I also have a Banamex account. I can transfer from my USA account to my Mexican account. I use both ATM cards for larger withdrawals. I can also deposit a Banamex check into other Mexican bank accounts for more flexibility and even larger withdrawals.

[phxfunguy]

This may be useful to someone: Since we came here, our Social Security checks were deposited directly to a Citibank checking account which is now Banamex USA. We opened a Lloyd peso account, now Actinver. We cash Banamex USA checks at the Actinver in Ajijic. The exchange rate, which of course varies, has been for quite some time in our favor. We seldom use our ATM cards. There are no fees involved.

Lexy

I do something similar as Lexy...I have an Actinver and a Bancomer account. I have found out by trial and error that I get a slightly better rate at Bancomer for depositing a US check (and waiting the 9 days) for amounts under $5000 than I got at Actinver, but I could walk out with the cash right then and there from Actinver if I needed it right away. When I was adding a second story to my house and burning up $5,000-15,000 pesos a week sometimes, I did much better by staying ahead and depositing more than $5000 US into Bancomer at once (but less than $10,000,) letting it "season" for the 9 days, then taking the cash out there. That rate was usually 0.35-0.50 peso higher than the slightly better than Actinver rate I got at Bancomer for deposits under $5000. For those larger amounts it just made sense to do it that way.

I have linked my Actinver and Bancomer accounts so I can move money at least one way myself online, something that takes signing a raft of papers in Mexico, but once done it works great. Since I get about 4.5% on average on my Actinver account, I keep the extra there, but I first deposit it into Bancomer to get the better rate. Then after 9 days I move what I want to earn 4.5% over to Actinver online on my Bancomer web page. There is a flat charge of $4.70 pesos to do this...I know of no other bank that charges only 36¢ US for anything! When I need to top up the Bancomer account with pesos, I go in and see Román or one of the helpful assistants to request so many pesos be sent over to my Bancomer account. This used to take about 3 sets of signatures but they've streamlined in now with Banco Actinver to one little slip and no signature. You have until Wednesday at 1 PM to get your request in for the week for investment accounts, the money shows up at the other bank Thursday before noon. I you have just a cash account at Actinver, which doesn't earn as well, the cutoff is on Thursday. I will return to this method now that the BofA deal is no more.

[conejorapido]

We've opened a Bancomer account and plan to send our direct deposits to that account. Can anyone comment on their experience with this?

Re USAA - I'm doing a consulting gig with them in San Antonio right now (Texas, not Tlayacapan), and I can say from experience that they are very customer-focused, supportive, genuinely nice. Not your typical corporate atmosphere. You must have some sort of military affiliation to open an account with them. Their product lines are detailed here https://www.usaa.com/inet/ent_logon/Logon?redirectjsp=true -- two caveats - I saw a lot of "U.S. only" language in the small print; and I know that they are implementing FATCA tracking systems.....

We've been having our social security payments deposited directly into our Bancomer Account for 5 years. Never a problem. Always there right on time.

[John Shrall]

I've been using TD Ameritrade for the 10 years I've lived here. I have a no fee debit card that I've used all over the world. Free wire transfers too for the time you need more than just ATM cash. Checks and online bill payer are available too.

I have social security deposited into BB&T and then transfer money via ACH to and from Ameritrade when needed. BB&T started charging the currency exchange fee a couple of years ago so that card neger gets used.

If you have IRA funds you can roll them into Ameritrade. They're always having promotions where they'll pay you a little bonus depending on how much money is in the account.

I have an account manager in an office in Dallas that would probably be happy to discuss options based on your situation. He's familiar with how things work in Mexico.

[sparks]

I think I would open an account at InterCam and write BoA checks to them. At least until I found an easy way to have income sent somewhere else. Might be a pain to have 3-4 income sources changed

[phxfunguy]

barbara habacht, on 16 Nov 2013 - 12:30 PM, said:

I opened an account with Capital One 360. I already had their credit card which charges no annual fee and no international fees of any kind and it gives back 1.5%. The 360 account is free with no minimum and it pays a pittance of interest on your checking account balance. They have numerous branches in the USA with strong representation in the Texas area that we visit for shopping. They inform me that I can choose to withdraw money from ANY atm and that the only fee I would pay is the one charged by that ATM and none charged by Capital One. They also are affiliated with IB...International Bank and to Bananorte, which I found has no branches closer than Guadalajara.

The site...which is open 7 days a week was very friendly....although I would have preferred to speak to non Americans, LOL, they only use US nationals.

I would be happy to offer more details if you ask the questions. I have torn up the Banks and there are few that will play with no fee...this is one of them

Fred

I agree with Fred, CapitalOne 360 is also a great alternative. Its history and operation really have nothing to do with CapitalOne credit cards, so a bad experience there doesn't portend one with the 360 product. It was originally called INGDirect and still is in Canada. ING based in the Netherlands had to divest itself of the US version of this completely paperless online bank last year as a mandated result of the euro crisis in Europe. They have no brick-and-mortar banks and all transactions are made at one of their many network ATM's (tens to hundreds in larger cities) or online. They don't normally issue paper checkbooks, but you can print one off online if you need it or order a book one at a time. To make deposits you have to link your account with any other bank so you deposit paper checks and cash there, then transfer the money to ING or 360. Of course with direct deposits they go directly into the CapOne360 account. If you are not near a bank that can be linked to them, you have to mail your checks to an address in St. Cloud, MN or use Checkmate which is a free phone app or a computer site where you take a picture of the check and submit it. Since they are a fully online bank, it would make sense that all paper check deposits would be made by smartphone or computer now. Before they added Checkmate, you had to mail them in if you were in a rural area. They are very fee-free and dedicated to keeping it that way. The only fee you'll get is the non-network bank's fee at the ATM down here, so shop around for the lowest cost one. They used to have no Allpoint ATM's in their network outside of the US or Canada, but I've recently learned that they are opening up a worldwide network and that Banorte ATM's locally can be used now or if if Guad, the banks themselves. Their website doesn't reflect this new change yet, but others' experience posted here is a good source of developing info.

[Mainecoons]

This is a great thread and I really appreciate all the good information you all have contributed. We do have the Capital One master card and have had no problems with it whatsoever. It is looking like this is the way to go for us even though we'll have to pay the ATM fee. The trick will be to make infrequent large withdrawals so the ATM fee averages out to be pretty small.

[d-d]

My partner has USAA and tells me that there is a foreign transaction fee on ATM withdrawals. That's why we've been transferring money to my BOA account.

When I moved here four years ago, Intercam used to post their rates in the window and I calculated that if I used them to withdraw $1500 per month, their exchange rate was so low that it would cost an extra $70 per month. Even with the new 3% fee that would be higher than using BOA. When I walked by yesterday I didn't see any rates in the window, so I can't do a comparison.

I detest standing in line at banks and when a friend told me the process needed to deposit a large sum at Bancomer, then drive to, stand, and withdraw someplace else to save a bit, I knew it wasn't for me.

I too will investigate capital one 360.

[Mad_Max]

charles schwab rebates all atm fees

plus no other fees

[MtnMama]

My partner has USAA and tells me that there is a foreign transaction fee on ATM withdrawals. That's why we've been transferring money to my BOA account.

Simply not true. We use USAA and they REFUND all ATM transaction fees. Since we are in Mexico, using assorted MEXICAN banks, these are foreign transactions. Every month we get a deposit refunding the charges we have paid.

My husband has had USAA since the 1960s and has never had a problem. They are the most customer centered bank I have ever dealt with. Since they have military personal all over the world, they are anything but USA centric. When my husband's card information was stolen and unauthorized charges were made, he called their customer center. The woman said she would cancel the card and FEDEX a new one, but DH realized he had no cash on hand. He asked if he could go to the nearest ATM (several miles away) withdraw some money and then cancel the card. She said to call her back so she could handle the entire transaction. She stayed 20 minutes past her regular quitting time to make sure he had enough cash and to be sure the card was then properly cancelled.

If you have a military connection, I strongly urge you to look at USAA.

[bradshoe]

Another vote for USAA. Their website is so easy to navigate including transfers from other banks - no charge - and they remind you that your credit card bill is due and you can set up a payment in advance. We received a rebate check in the mail from a former electric co-op and I was able to us their 'deposit@home' from my computer with my printer/scanner. Took 5 minutes to figure out and send - funds were available the next day.

[RVGRINGO]

I have been a USAA member since 1959 and have never been tempted to consider anything else. Yes, they refund all fees, except the 1% Foreign Transaction fee charged by MasterCard or Visa, I believe. Their service is great and response is quick. If necessary, you can even call them collect.

[geeser]

I noticed an HSBC bank in Bellevue Washington. I do not know if they are located in many American States. If you open a HSBC account in any Country, you can open one in other Countries and then link them. You log on and select "global view". Then, you can transfer funds from one country to another, very seamlessly. Depending on how much you have on deposit, the fees can be very low. Its super easy to use their interface. I think you would have to go, in person, to a branch in the US to set this up.

It is possible to open an account with HSBC USA online and transfer money to that new account. They will ask you to sign signature cards and fax them back. It has been realatively easy to do online.