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Expats banking at lakeside


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We have a Banamex account in Chapala. We use the Banamex ATM's at Farmicia Guad. Walmart, Costco and of course at Banamax. We pay no service fees with a $4,000. pesos min. balance.

Before we moved here we opened a Citibank account in the states. Citibank owns Banamex so transfers are seamless. The transfer takes about two minutes. Money is available to you in one day or less.

We use XE.COM to watch exchange rates. When rates are good we transfer $. If the rate is for example 15.45 peso to the US dollar we would get about 15.25 pesos to the US dollar.

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I use BancoMultiva; ATM on-site, n/c if you have an account and are withdrawing from it, $29Peso to access my US $ account. I wire xfer $US from Vanguard at no-charge. For local expenses that exceed the carrying capacity of my wallet, Multiva does bank transfers or prepares a bank check at no-charge. In addition, everyone there is very nice and helpful.

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Every one I know who had a bank account at Citi Banamex USA in L.A. California who transferred money here, got their account closed with no explanation.

An update on this tangential topic. Banamex USA closed all Amistad accounts. Probably a money loser. Most MX banks no longer accept checks. So what did those of you with this problem do? Is there a bank in the US that will open an account if you are not a local? A friend is in this fix and the US Treasury will not send his payment to any bank not is the US.

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My Citibank is not associated with Citi Banamex USA in Calif. You are right that bank was a very bad deal!

We have had our Citibank Banamex account for over four years and very happy with the service.

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An update on this tangential topic. Banamex USA closed all Amistad accounts. Probably a money loser. Most MX banks no longer accept checks. So what did those of you with this problem do? Is there a bank in the US that will open an account if you are not a local? A friend is in this fix and the US Treasury will not send his payment to any bank not is the US.

They closed our Banamex USA account which was linked to our Banamex Mexico account. There is a problem opening a U.S. bank account unless you have a verifiable U.S. address. There are workarounds, but that's up to each individual and their family or friends.

If you need your Social Security check deposited in a Mexican bank, you must first have an account in one, get them to fill our the form they have re this, get in touch with the Guadalajara Social Security office and fill out the change of residence address to your Mexican address and have them send your checks to the Mexican bank. There may be other ways, but that's what I did, and the checks have been auto-deposited regularly for months.

The words I have for what Banamex USA did to us are not suitable for a family web board. We had that account for ten years with nary a problem.

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I still have an account with Banamex USA , had the account about 12 years

Just sayin

Are you using a U.S. address? Was your account with the California Commerce bank later called "Banamex USA"?

Note Traveler's post that said "Every one I know who had a bank account at Citi Banamex USA in L.A. California who transferred money here, got their account closed with no explanation."

Mine was, too, and when I called the bank, they had no explanation beyond "bank policy decision". Same in the letter they sent.

Making assumptions can be tricky. :unsure:

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At the time my Banamex USA account was closed it was after 10 years of banking with them. Yes, my account started with the California Commerce Bank in 2003 and it was an Amistad account for Americans moving to Mexico 55 years or older.

So much for Amistad (Friendship) with Citibank.

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At the time my Banamex USA account was closed it was after 10 years of banking with them. Yes, my account started with the California Commerce Bank in 2003 and it was an Amistad account for Americans moving to Mexico 55 years or older.

So much for Amistad (Friendship) with Citibank.

Agreed. Same situation here. We actually opened the account on the 42nd floor in Century City, CA in 2004.

Some friendship, eh?

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I use BancoMultiva; ATM on-site, n/c if you have an account and are withdrawing from it, $29Peso to access my US $ account. I wire xfer $US from Vanguard at no-charge. For local expenses that exceed the carrying capacity of my wallet, Multiva does bank transfers or prepares a bank check at no-charge. In addition, everyone there is very nice and helpful.

Another vote for Multiva. They have been great.

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We have an account with Bancomer, don't know what the minimum is but we are never charged fees. I use their ATM to get cash. I deposit dollar checks drawn on my U.S. checking account -- that costs nothing whereas a wire transfer does have fees, on both ends. Our CFE and Telmex bills are paid automatically from our Bancomer account, we don't have to do anything.

We have had an account with Actinver for years but are not using it, not since we opened our Bancomer account. I'll get around to closing it some day.

We opened a Schwab account while in the U.S. and are told they will pay back any ATM fees that you're charged. Can't confirm that - we use that account for investments and are still putting money in there, not taking it out.

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Are you using a U.S. address? Was your account with the California Commerce bank later called "Banamex USA"?

Note Traveler's post that said "Every one I know who had a bank account at Citi Banamex USA in L.A. California who transferred money here, got their account closed with no explanation."

Mine was, too, and when I called the bank, they had no explanation beyond "bank policy decision". Same in the letter they sent.

Making assumptions can be tricky. :unsure:

Was this just for US citizens, as I'm aware of several Mexican citizens with BanamexUSA accounts? And what about Canadian account holders, if there is/was such a thing?

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What are the best banks for Expats at lakeside for ATMs fees and easy to deal with for transfers ?

Why do you want to have a Mexican bank?

If you have been reading the boards you can see there have been many threads on this topic stating the recent problems.

Get a no fee debit card, Schwab or Citi 369, and wire if you purchase something big.

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Why so many Mexicans with Banamex USA accounts?

The original bank, California Commerce Bank, was a Latino bank set up by, and for, Latinos.

Why do you want to have a Mexican bank account?

After 10 years with Banamex USA (and it forbears) I wanted a Mexican bank because no bank in the US. would give me an account.

I was an alien....an US Citizen living full time in Mexico with no US address.

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To Gringal

Yes I have an address in the states, yes I started an account with California Commerce bank later changed to Banamex USA and I still use this account mainly for atm withdrawals. When many people where getting dropped I called and asked about my status they said no problem your good to go, now why I have no idea. That's my story

Best,

Phil

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We have an account with Bancomer, don't know what the minimum is but we are never charged fees. I use their ATM to get cash. I deposit dollar checks drawn on my U.S. checking account -- that costs nothing whereas a wire transfer does have fees, on both ends. Our CFE and Telmex bills are paid automatically from our Bancomer account, we don't have to do anything.

We have had an account with Actinver for years but are not using it, not since we opened our Bancomer account. I'll get around to closing it some day.

We opened a Schwab account while in the U.S. and are told they will pay back any ATM fees that you're charged. Can't confirm that - we use that account for investments and are still putting money in there, not taking it out.

Bancomer minimum average balance for no fees is $4000 over the prior 12 months, so you can dip below that if you've had several months with balances significantly higher. Yes, Schwab does rebate all ATM fees at the exact rate you got the day the fee was charged in a lump sum on the last day of the month.

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To Gringal

Yes I have an address in the states, yes I started an account with California Commerce bank later changed to Banamex USA and I still use this account mainly for atm withdrawals. When many people where getting dropped I called and asked about my status they said no problem your good to go, now why I have no idea. That's my story

Best,

Phil

The answer to "why" is probably that yes, you have an address in the states.

I'm guessing that we who do not have one........ were thrown under the bus. When this first started happening, posters did the usual routine and made assumptions as to why..........as in, not a substantial amount in the bank, etc. In the end, it turned out to be an equal opportunity shafting. Some were tossed in the beginning, some later. Our last name is early in the alphabet. :unsure:

I followed the news on that bank and learned that they were under some serious investigations by the U.S. Govt., some of which pertained to cartel money. All very vague. Only the spooks know "the truth".

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Bancomer minimum average balance for no fees is $4000 over the prior 12 months, so you can dip below that if you've had several months with balances significantly higher. Yes, Schwab does rebate all ATM fees at the exact rate you got the day the fee was charged in a lump sum on the last day of the month.

But, to open a new account at Schwab under current rules, you must have a U.S. address.

For those who don't object to being "shady Sue or Sam", there is actually a web source which will, for a fee, arbitrarily assign you a U.S. address. I don't know if they are still in operation or have been found out and closed down as yet. :huh:

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