New Bank laws for all of Mexico

[purplebeads]

As a recent client of Banamex California and that debacle, I started to look for a new way and hopefully the cheapest way to get money from USA here to Mex. Banamex.

Had beentold by several people that they write a big check, cash it a live on it until they do it again.

So went looking for a way to do that. Multiva said no problem. Put it in an investment account, it will clear fast and you can then wire to Banamex. ( we liked keeping Banamex because of ATM's and they pay utilities). Well again several people said they do this through Intercam ( next to Oxxo). One said you don't even need an account if you own your own home.

So today I went there and was emphatically told " they and all Mexican banks" will not be able to accept nonmexican checks from Aug on. That they were stretching it because it goes into effect July 31st.

Then seeing the notice from Handymail seems to give this some credibility.

So Intercam will accept a wire transfer into one of their investment accounts and you can draw from there or they would wire to Banemex. The clincher is that you will need at least $2500p as a constant base . That is @ 2.5% , higher interest needs higher base. You can get checks but 50p /each

At multiva there are some accounts that can only be accessed once a month. At least at Intercam lowest levels can be accessed daily and others weekly.

Anyone else know about this. We thought this big check thing would work. Now it looks like a $45 wire fee .

So 5 days ago Multiva didn't know this???

[Joco]

The different ways XE can send money. EFT is free. I read that transfers need to be kept under $1000 USD at a time. I don't know if an EFT is considered a check in Mexico but I doubt it since the money is deposited in the Mexican account.

http://www.xe.com/xetrade/faq.php?q=faq3-5

[mkshawn]

Should be easy to check: Anyone down there have the english speaking young ladies name at intercam & her email address?

Intercam, Tel 766-5978, 766-5978/766-5980/766-5981/766-5982 Next to the 7-11 in Ajijic.

[El Saltos]

Mulitva has accounts that can be accessed daily. Those that are accessible weekly, bi-monthly, and monthly are investment accounts, e.g. mutual funds.

[sparks]

I would check again with Intercam. Cashing checks from up north is their main business here in Melaque

I could also deposit to Intercam using my FREE Bill Pay service

[Guest]

Just spoke to Lilia at Bancomer in Chapala. She is not aware of any new issues with depositing checks from the US. Doesn't mean it won't happen down the road...765-7701

[purplebeads]

I would check again with Intercam. Cashing checks from up north is their main business here in Melaque

I could also deposit to Intercam using my FREE Bill Pay service

I pm'd you.

[purplebeads]

I would check again with Intercam. Cashing checks from up north is their main business here in Melaque

I could also deposit to Intercam using my FREE Bill Pay service

I agree, it is a big thing here too. But Martha Siordia ( speaks very good English) was so emphatic that Intercam would not be accepting personal non Mexican checks after August. Will check again at Intercam and again at Multiva.

[gringal]

I think that all of us are going to be inconvenienced a little or a LOT in our banking lives.

As I see it, the U.S. Govt. had the gall to insist that other countries do paperwork at their own expense for the benefit of the U.S. Govt. Why should they? So, they are closing down services and who can blame them? The fallout will be interesting, if painful, to watch.

I've more or less lined up my ducks in the last month to make my banking life work, and I'd advise anyone who is hoping that things will be the way it used to be, to pay attention to the changes in the works.

[Lexy]

Actinver, where we have a peso account, has posted a notice that says it would not be accepting a US check for cash or deposit. It will accept a wire transfer from our US bank. It said it is working on restoring services it offered in the past.

So I now wait to see if our SS benefits get deposited to our new USAA account at due date of July 3. I had great trouble finding that out from SSA in Guadalajara, although Ive' jumped through all the hoops of faxing, emailing, etc..

However my husband did receive a letter at our Ajijic post office from SSA in Baltimore that said IF he has recently changed banks for a direct deposit he can expect it July 3. The amount he was to receive is $80 USD higher than his current benefit. NOW how the %@$#* do I cope with that? My only recourse, as I see it at this date, is to wait and see what arrives at our USAA new account, if anything.

YUK!

Lexy

[gringal]

YUK is right. We did some hoop jumping with SSA in Guadalajara to arrange for our checks to go to a Mexican bank; they seemed satisfied; the bank filled out the forms; shipped them off and we'll just cross our fingers and toes to see what happens then the time rolls round for our dole to plunk into the new account.

[bdlngton]

I was at Intercam today to cash a check so asked about this. They will not be cashing US checks after the end of August. Their suggestion was to open an account with them (10,000 pesos minimum to open account) and then have transfers done from one's bank in the US. I will have to check with my banks there about the cost of a transfer. Intercam will accept a check to open an account with them until the end of August. Intercam has been my go-to place for getting pesos since BofA started charging for foreign withdrawals.

That leaves the CapitolOne 360 account as another option. Can anyone who has one of these accounts tell me where the ATMs are that you can use their debit card without charge? And are these ATMs usually functioning or do they run out of money often? Is there a maximum withdrawal?

[sparks]

I was at Intercam today to cash a check so asked about this. They will not be cashing US checks after the end of August. Their suggestion was to open an account with them (10,000 pesos minimum to open account) and then have transfers done from one's bank in the US. I will have to check with my banks there about the cost of a transfer. Intercam will accept a check to open an account with them until the end of August. Intercam has been my go-to place for getting pesos since BofA started charging for foreign withdrawals.

That leaves the CapitolOne 360 account as another option. Can anyone who has one of these accounts tell me where the ATMs are that you can use their debit card without charge? And are these ATMs usually functioning or do they run out of money often? Is there a maximum withdrawal?

Use a Bill Pay or even an automatic Bill Pay. Their main office is in New York ..... just "pay a bill" like any other

[Joyfull]

Use a Bill Pay or even an automatic Bill Pay. Their main office is in New York ..... just "pay a bill" like any other

Sparks...are you saying to use a bill payer to pay yourself and transfer/deposit into a Mexican bank? I do this now from Bank of America to Charles Schwab. Hadn't thought of transferring to a Mexican account. Hmmmm

[bezerk]

Oh goodness, I went to Actinver today to cash some checks and no go. I am more than frustrated with all these changes, immigration status, checks, money, so on and so forth. Seems harder and harder to live here, used to be so simple.

Wire transfers on a routine basis are quite costly and not an option for us.

Would appreciate more info on this bill pay thing...I have used with BOA but not to a foreign account, suggestions? more info ? please!

[johanson]

I have had my present, not very large B/A account since 1969, and have a retirement account with Merrill Lynch (ML) which was bought out when ML had financial problems by B/A. I was therefore able to link my "not very large" B/A account total to my ML retirement account giving me a much larger total amount and with a little prodding, I am not charged a US wire fee and wire my money to my Actinver Account for free; not to my Actinver Bank account where the exchange rate was not that good but to my Actinver brokerage account where the exchange rate is very close to the spot rate.

I have been wiring funds for several years now and often have to remind the folks up here in Seattle that I do not want or have to pay a fee for wiring my funds and that I qualify because when one counts the funds in my linked ML retirement account as part of my total B/A account, I have a large enough total to qualify not to have to pay a wire fee several times per year, maybe 4 or so, I don't remember.

I just reread what I posted above and it sounds like I am repeating myself. Sorry about that.

So, yes, wiring funds to Mexico can be done and it works quite well and only takes a day or two.

[Gringo Greg]

I use a no cost solution to get money into my Mexican Banamex Account. Citibank is affiliated with Banamex. I transfer at NO COST from my Citibank account to my Banamex account. It clears in less than two banking days. I hope this helps for Banamex account holders anyway.

[valbogyo]

You can open an HSBC bank account in the US or Canada, and one here. You can link the accounts and transfer between the accounts in either country and the money appears instantly. Fees depend on how much you have deposited. I noticed HSBC in Seattle and New York recently. I do not know if they are everywhere.

[canmex87]

You can open an HSBC bank account in the US or Canada, and one here. You can link the accounts and transfer between the accounts in either country and the money appears instantly. Fees depend on how much you have deposited. I noticed HSBC in Seattle and New York recently. I do not know if they are everywhere.

HSBC (Hong Kong Shanghai Banking Corporation) is the second largest bank in the world with assets of 2.7 trillion dollars, They have branches in most major cities in the world.

[mkshawn]

While I'm not sure a US Check = a Canadian Cheque, yes we even spell it differently, time will tell? In the interim I am going to test out transfers using email money transfers to myself then making a deposit to the appropriate bank in Mexico. A friend had set up their Bancomer Account to receive funds this way. $3,000 C$ Sending Limit here in Canada.

[valbogyo]

HSBC (Hong Kong Shanghai Banking Corporation) is the second largest bank in the world with assets of 2.7 trillion dollars, They have branches in most major cities in the world.

I have had accounts with them for over 20 years, and they were not in Washington State when I was living and working there. They only recently, as in the last 5 years or so, opened retail banking branches in the suburbs of Seattle.

They do not have retail branches in most States, according to my banker. That is fairly new. In the US they focused on Wealth Management and Commercial/Business banking. They are expanding their retail biz.

Branches are located in California; New York State; Delaware; Connecticut; Florida; Washington, D.C.; Maryland; Pennsylvania; New Jersey; Virginia; Oregon; and Washington State. Just looked it up.

[kiminmexico]

We have an account at Bancomer & a Scotiabank account in Vancouver. We have been using XE, an on-line currency exchange company for a few years now. We exchange CDN $'s for pesos on-line. No fee & a great exchange rate. We can exchange up to a max. of $10,000 at a time. Generally takes 4 business days. With the Bancomer account, as long as we have at least $2000 pesos in the account at anytime in a calendar month, there are no fees. And then, of course, we have 2 sources to get money from ATM's. Bancomer or Scotia. Love it.

[Curmudgeon]

That leaves the CapitolOne 360 account as another option. Can anyone who has one of these accounts tell me where the ATMs are that you can use their debit card without charge? And are these ATMs usually functioning or do they run out of money often? Is there a maximum withdrawal?

I use my Capital One 360 debit card with no fees. Banorte ATMs are free, and they are located at Superlake, El Torito and the OXXO in central Ajijic. Maximum withdrawal is $3,000 pesos, but you can use it over and over up to the limit you have set with the bank. Even if you use a different ATM,you are only charged at this end. Capital One does not charge you. CI Banco in Centro Laguna has the lowest ATM fees around.

I made the decision to close all Mexican accounts given the recent and impending turmoil.

[valbogyo]

I have had accounts with them for over 20 years, and they were not in Washington State when I was living and working there. They only recently, as in the last 5 years or so, opened retail banking branches in the suburbs of Seattle.

They do not have retail branches in most States, according to my banker. That is fairly new. In the US they focused on Wealth Management and Commercial/Business banking. They are expanding their retail biz.

Branches are located in California; New York State; Delaware; Connecticut; Florida; Washington, D.C.; Maryland; Pennsylvania; New Jersey; Virginia; Oregon; and Washington State. Just looked it up.

[Floradude]

Gringo Greg....

It is too late for most of us who live in Mexico to open a Citbank account. I used to be able to do the same thing with Banamex USA (Originally California Commerce Bank) but no more.