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Opening a Mexican Bank Account

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I have had an account with Bancomer for over 10 years. For most of that time the minimum was 2,000. A year or maybe 2 ago they doubled it to 4,000. Now they have doubled it to 8,000. As you say, "what can you do"? I have always been happy with the service I get from Bancomer and so can live with this, but what happens if they double it again?

What I'd really like to know is if this is due to FACTA reporting and if it only applies to US citizens or if it applies to everyone. I have heard from some that it is only for US citizens because of the extra reporting, but I don't know if that is really true. Does anyone know?

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What do you get for that minimum balance? Likely nada. I'll still recommend Multiva as the best available in area. What do you need from a bank? Shop around. Banks here don't provide much value.

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Rather than mess around with a Mexican bank, just us xe.com to transfer funds from your NOB account into the car dealer's bank account. Easy peasy.

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PayPal can also be used to transfer funds. Set up two PayPal accounts...one in Canada or the US and link that one to your NOB bank account. The second is with PayPal Mexico, and linked to the Mexican Peso account. Send funds from the NOB PayPal Account to the Mexican PayPal account and then withdraw those funds to your Mexican bank account. A bit of a PIA to set up and get verified, and requires two email IDs (one for each PayPal account) but it works well in the end.

I originally set this up because when I investigated xe.com and others there were fees and an exchange rate difference that I didn't like. That may have changed, as another poster said there is no fee.

I expect head to head comparisons to vary over time as fees and exchange rates change.

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We lived quite happily for 13 years in Chapala without the need for a Mexican bank account. Yes, we bought two houses and a car during that time, along with furniture & appliances for the houses, etc. ATMs provided cash, transfers or plastic did the rest. We decided to keep it simple, since Mexican banks seemed very different from NoB banks.

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I use a Canadian Scotiabank debit card at Scotia ATM on Carratera in Ajijic, simple withdraw from my Scotiabank cheque account, no hassle, no fees, and your Scotiabank send you an email to confirm that it was you doing the withdrawl

I like very much, no fees in Canada when you are 60 and over, depending of the exchange set for the Pesos versus Canadian$, sometimes I make money and sometimes I lose but it averages out.

For your info

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We just switched from the Scotia Bank to Intercam. They now has bank status, debit cards, they efficiently handled a direct transfer for a local car purchase for us with a small fee and bank/ money transfers from NOB are easy. They told us that in 2016 they will be able to do Bank Trusts on property for those folks who have that. Plus a very user friendly web site for Internet banking.

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BancoMultiva does not charge for transfer payments or preparing a check for you.

Through various businesses, in dealing with Banamex, Bancomer, Santander, CI Banco, Intercam, and Multiva, Multiva is the best and Intercam would be my next pick. Depends on what you need....don't know about other banks.

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Agree with Slainte and Saltos experiences. Have had accounts with Multiva, Lloyds, Bancomer, Monex and Satander but Multiva proved best and Bancomer a waste of space!

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