US Dollar checks

[nopalesflower]

My understanding is that it could be a long time before Mexican banks begin cashing US dollar checks again. Please give some examples of how you are getting money from the US. Thanks.

[kbleitch]

We have a Bancomer account in which we may deposit a USD check. It takes 6-7 business days for the funds to be available.

[traderspoc]

Multiva investments and Multiva bank never stopped cashing US checks.

they are a very large company and want US expats account business and know how to process the US checks

[Lexy]

With our new account at USAA (having been dropped by BanamexUSA) we were given Mastercard debit cards. We use these at local ATMs to withdraw funds in pesos. Our bank rebates the ATM fees but there is a 1% foreign transaction fee on the withdrawals. Although I'm not a fan of using ATMs the exchange rate we're getting now is better than what we used to get at Actinver when we were able to cash checks there.

Lexy

[Snafu]

Why even bother with checks. Try http://Xoom.com. Up to $999 per transaction for $4.99. Average transaction time of 10 minutes to completion. You can do multiple transactions per day. They automatically withdraw the money from your US account and deposit pesos to your Mexican account. I've used them for years and they've been trouble free.

[Joco]

Use http://www.xe.com/xetrade/?WT.seg_1=XTR-TL-XUCI-XIN-XX-V01-131001

No charge to transfer money from a U.S. account to a MX account using an electronic transfer. A good exchange rate, no transfer fee and no problems.

It takes about 4-5 business days but it took 3 business days to transfer from Chase to Banamex USA.

I never liked Banamex and discovered Banco Azteca. It is open 7 days a week. I think the bank part is open the same hours as the store so that means it is open at night also. There is not a struggle to withdraw money like there was with Banamex. No IDs necessary. Banco Azteca uses your fingerprint to verify who you are.

[gwynne]

We simply walk into O&A and hand them a check on our US bank. As long as the check is for less than the amount we have invested with them, they give us cash immediately. The exchange rate is a little better then we were getting out of the ATM before the service fee fiasco.

[El Saltos]

ATM's and wire transfer. Checks will get you the worst exchange rate.

[Sandrita]

Multiva investments and Multiva bank never stopped cashing US checks.

they are a very large company and want US expats account business and know how to process the US checks

BUT, it takes 20 business days to clear and you only get the exchange rate based on the day it clears!

[gfresh]

I find that using my Schwab debit card for withdrawing pesos to be efficient.

Since Schwab rebates the 30.72 pesos ($2.35US) transaction fees monthly AND the exchange rate is the US published exchange rate, which is >13 of late, I don't see the need to have a Mx bank account.

[purplebeads]

BUT, it takes 20 business days to clear and you only get the exchange rate based on the day it clears!

It takes us 4-5days with Multiva. Do you have an investment and checking account with them?

[fordtruckman]

We simply walk into O&A and hand them a check on our US bank. As long as the check is for less than the amount we have invested with them, they give us cash immediately. The exchange rate is a little better then we were getting out of the ATM before the service fee fiasco.

What or who is O & A?

[lcscats]

Checks over $5000 dollars at Bancomer get a good rate and the rate is locked so you know what you get. Nothing has changed at Bancomer as they are an international bank and have to deal with USA tax and treasury issues.

[Shelley Ronnfeldt]

O & A is O'Rourke and Associates. They're in the little strip across from Walmart where HSBC and iShop are. It's on the corner closest to Black Coffee.

[Floradude]

I finally made my first attempt to deposit a personal Wells Fargo check into my Banamex check this past Wednesday. The check was for $2000 USD. I did have to get the managers signature on the check (he looked into my account on his computer) and it was then deposited into my account. There was a $9 USD fee converted to pesos, of course, that was part IVA and part bank commission.

My social security check is automatically deposited into my Banamex account at the current rate with no deductions.

[JKL]

Charles Schwab debit card from ATM. Schwab reimburses all ATM fees at the end of the month and the rate is highest we've seen.

[Alfa]

XE does seem like a good answer however, they do not service Mexico so it is necessary to have residence in another country. although my accounts are in Canada and the US as I am a non-resident of Canada I cannot set up an account with them. If there is a way around this I would appreciate the information.

[Joco]

XE does seem like a good answer however, they do not service Mexico so it is necessary to have residence in another country. although my accounts are in Canada and the US as I am a non-resident of Canada I cannot set up an account with them. If there is a way around this I would appreciate the information.

Nopalsflower had this problems also and I had forgotten what it took to be approved.

First I was turned down because I am in Mexico. I called them gave them my daughter's U.S. address, told them I visit Mexico a few months out of the year and won't be back in the U.S. for a few more months. They went ahead and approved me.

They are in Canada so they know Canadians are out of the country for up to 6 months at a time.

Call and argue with them. All they want is to be sure you are not a drug dealer and laundering money.

[PNR1]

Use ATM It is still a cash society

[nopalesflower]

I did argue with XE. They still turned me down. They don't want me to apply from a transfer online from Mexico. I have to be in the US to transfer to a Mexican bank. That's what they told me.

[Joyfull]

Charles Schwab ATM card. I wrote a check on my Bank of America account this past Sunday, used the Schwab app for deposits...you take a picture of the front and back of the check. The next day around noon (yesterday), my check for $2000 was available at Schwab. Easy peasy and Schwab refunds all the ATM fees

[snowyco]

I did argue with XE. They still turned me down. They don't want me to apply from a transfer online from Mexico. I have to be in the US to transfer to a Mexican bank. That's what they told me.

This has been XE's policy for over a year now. They have required a US address and have the application made from the USA.

God Bless the IRS for "Know Your Client" and FATCA rules (not).

Don't blame XE, since July 1, 2014, FATCA rules pretty much require all US financial institutions to require this. Don't blame Mexican banks either because similar "Know Your Client" & FATCA requirements now flow down on foreign banks and institutions and even foreign businesses.

I just had to complete the IRS's W-8BEN-E for "foreign vendors and foreign financial institutions" for Mexican friends who have a private foundation here in Mexico, because they receive funds from US donors. messy messy long instructions... Blame Congress and politicians who wrote and voted for this stuff.

[Joco]

XE is a Canadian company based in Canada. It is not a U.S. company and many of its customers who are having trouble being approved are Canadians and moving money from Canadian accounts.

[nopalesflower]

They did not accept me because I am living in Mexico and trying to move money from a US bank here. They didn't like that.

[bdlngton]

Years ago I opened a Bank of America account specifically for using the Santander and Scotiabank ATM's here without paying ATM and foreign transaction fees. BofA halted that practice last November. I tried the Scotiabank ATM with my BofA ATM card after that date but it cost me over $13 USD to withdraw less than $400 USD. I thought that was outrageous. So I turned to cashing checks on my Chase account at Intercam. Then Intercam stopped that service on Aug. 13. Knowing they had planned to discontinue cashing US checks I had already started the process of opening a Schwab account in the US to avoid the ATM and foreign transaction fees at local ATM's. I ran into a problem because I had opened the account online from here and they detected my foreign ISP. Luckily I was going to the US in early August and was able to stop at a Schwab branch to verify my identity. By that time they had returned the check that had been sent to fund the account so I had to send another check. Although they had sent checks when the account was originally opened they would not send the ATM card until I had verified my identity in person and had funded the account. The check I sent was received and I was able to change direct deposit of my pension from BofA to Schwab. Because I use my sister's US address as my own she had to FedEx the ATM card to me. I finally used it Monday at the ATM's at WalMart. One said there was a problem but the other gave me the money and charged something like 80 pesos ATM fee. I'm counting on Schwab refunding that fee at the end of the month.

If you open a Schwab account be aware that you need to use some service that hides your ISP. You also need a verifiable US address. I do not know if a mail forwarding service address in Laredo is acceptable. Then you have to fund the account for the ATM card to be sent. Make sure you then let Schwab know that you will be using the card in Mexico indefinitely. I sent them a message stating that and they noted it but asked me to stop by a branch to continue it for a longer period of time.