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Recommended American Bank for living in Mexico


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I have been using Wells Fargo since before moving to Meixco 8 years ago.  It's time to finally look into which American Bank really is best for me.  I get charged international transaction fees for any purchase, ATM fees, etc.  I was wondering from others' experience, which bank in the US do you recommend when living in Mexico?  Are there banks with agreements with certain mexican banks to wave ATM fees, no International purchase transaction fees, etc.?  Any advice would be great.  I'm going to the US next month and would like to change banks while there. 

 

 

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When BofA started charging fees, many of us changed to CapitalOne.  Their 360 account charges no fees neither does their credit card.  It is a virtual bank with no office and everything is done over the internet or phone.  You don't need to be present to sign anything.

Another I've heard of is a Schwab account but I have no experience with Schwab since 2005.

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Yo1 gave a very good recommendation especially for those of us who have not $250,000 but maybe $20,000 like I do in our B/A account. However if you are lucky enough to have your retirement account in Merrill Lynch, B/A owns Merrill Lynch and should your combined totals in  both your Merrill Lynch and B/A account be greater than $250,000 you do not have to pay the fees mentioned above.

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I have been with Chas Schwab for many years, and have had no problems, no  ATM fees, and any problems with an ATM, Schwab has answered the phone promptly, and always in response to questions/problems been very professional.   I use a Schwab Debit Visa in Mexico, and a paper check is still available.  I have my Soc Security deposited direct to Schwab

 

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Ah, but let's get down to the nitty gritty: does Schwab, Capital One or any other U.S. bank accept new customers who DO NOT HAVE A U.S ADDRESS? (Forget the P.O. Boxes in Texas).  I'm not talking about using a brother's address or any other workaround.  I'm referring to a bank who will take a U.S. Passport holding citizen of the U.S. who lives permanently in Mexico.

I just tried to get to first base with an "international" bank based in Texas who claimed they would take customers from Mexico.  On the second round of correspondence, they said to bring the application, etc. and "stop by their Laredo" office since they like to meet new customers "in person".  I suppose that coming in with pointy boots and a chest band holding bullets along with a couple of guns might be a turnoff.......but really!  Heck, don't we all just "stop by" Texas?  And if we did this, would that be a guaranteed operation? 

I'm now playing the game with another bank which seems minimally hopeful and will report if successful.

This would all be somewhat humorous if weren't for my need to have some way of paying certain monthly bills with a U.S. check or credit card.  The old Banamex USA credit cards, BTW, will be discontinued in April.  Or so the rep informed me this week when I called.

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41 minutes ago, TelsZ4 said:

I don't know of any bank that will open account of a non resident regardless of citizenship.  I know for a fact that banks in UK and Canada will not open account for a non resident.

I'm not a bit surprised.  Thanks for your answer.

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I doubt that there is any US bank in 2016 which will give you a new account without a US address. It is simply a fact of life these days that you will need to maintain an address somewhere in the States if you want to use a US-based bank. We have done fine for three years by using the address of a friend or family member, and telling the bank that we spend 'part of the year' outside of the US. (True enough, as we return to the States for a visit at least once a year!)

As to what US banks are best for expats: I have two relevant accounts, one with Ally Bank and one with Schwab.

Schwab is technically a checking account attached to a brokerage account, but like many expats, I ignore the brokerage (I have better, cheaper options) and use the checking account only for withdrawing pesos from ATMs via debit card. Schwab has the lowest international exchange fees that I've found, doesn't charge ATM fees, and they refund ATM fees charged by the machine's bank once per month.

Ally is my hub bank, what I use for all US electronic payments, to originate transfers between accounts (always free), for savings accounts (always an interest rate at or near the highest available), and for ATM backup. They also refund ATM fees monthly, charge no ATM fees of their own, and their exchange fees, while higher than Schwab, are still lower than most.

 

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Listen to what Lobita is telling you!! No bank or Credit Union will open a new account for you unless you have a US address and they wany some minimal proof such as a utility bill, lease, etc. It is now DICTATED by our wonderful IRS and Treasury departments to catch us gringo money laundering.  Find a friend or relative that has an abode that you can use for your mailing address...Good Luck otherwise.

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I use BOA for use in US and to do internal transfers. I use a Federal Charter Credit union (First Tech) for credit and debit cards as they have a low FTF.  Another thing to check is to make sure while they have a nice low FTF they give you a bad exchange rate.  FTF vary from free at some banks to 3% at BOA. My Credit union FTF is 1.5%. I bring money down by writing a check on either bank or CU and deposit it into Bancomer. Takes about a week. They will lock in the rate at time of deposit. Checks over 5000USD get a better exchange rate at Bancomer.  So I use two banks/CU in US and Bancomer in Mexico. Find a relative up north and get an address it makes it much easier to exist in the financial world.

 

 

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I've also had great experiences with Schwab. They've refunded every ATM fee I've been charged in 9 different countries, and have outstanding customer support. 

Schwab also has free bill pay (They'll send physical checks for you), and an easy to use phone app to deposit checks (at no cost). 

When I last checked, their wire transfer costs were better than popular options like xoom and xe but it was a bit more complicated (required phone call) to setup international transfers than I would like. 

 

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I too have a Wells Fargo account.  Prior to December I could deposit a Wells Fargo check directly into my Banamex account instantly.  Since they stopped that there is no way to get pesos into the Banamex from Wells Fargo at a rate less than 3% plus fee.

I have been thinking of opening a second account at Bancomer.  Can anyone tell me if I open a simple checking/debit card account with them what would be the fee to deposit a $2000 to $3000 USD Wells Fargo check into that account monthly?

I do not want to cancel the Banamex account because my social security is deposited there.

 

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1 hour ago, Floradude said:

I too have a Wells Fargo account.  Prior to December I could deposit a Wells Fargo check directly into my Banamex account instantly.  Since they stopped that there is no way to get pesos into the Banamex from Wells Fargo at a rate less than 3% plus fee.

I have been thinking of opening a second account at Bancomer.  Can anyone tell me if I open a simple checking/debit card account with them what would be the fee to deposit a $2000 to $3000 USD Wells Fargo check into that account monthly?

I do not want to cancel the Banamex account because my social security is deposited there.

 

Bancomer does require you maintain 8000 peso balance or they charge you for the account.  Don't know how much as I make sure to have at least 8000 pesos in there. We only use it for auto pay on Telmex and CFE. If I can find another easy way of paying these I would close the account. We also use Schwab checking for ATM peso withdrawals.

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As has been discussed here many times, you really need to think through and determine whether you really need a Mexican Bank account to live down here or not.  I chose not to have one 5 years ago and during those 5 years have not found that I needed one.  Mexico is basically a cash society, and credit card fraud is fairly high  so cash makes a lot of sense.  That does mean that you have to be aware of your projected cash requirements and plan accordingly, but that has not been a problem.

Capital One 360 and Charles Schwab are both good for getting money out of an ATM, with no fees.  I like Schwab because I am not restricted to any particular ATM's, it is any ATM and I have used it here in Mexico and elsewhere around the world.

 

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11 hours ago, MtnMama said:

Just a thought, have you tried a Credit Union? My Credit Union knows I live in Mexico and doesn't care. Credit Unions are less tied to banking regulations.

Accounts opened before January 1, 2014, are considered 'pre-existing' and treated differently under FATCA. In the last two years I have had no luck opening credit union accounts without a utility bill or lease in my name at a US address. YMMV.

 

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1.   Bournemouth.. Question:  you do not pay a fee to deposit a US check with Bancomer.  Do you have an Investment account, or just a regular banking account.

2.  El Saltos..   Do you know what Multiva would charge to deposit a US check into an account in their bank (no investment act. involved)?

 3.  Gilligan ...if you lost your only bank in the US from which you could use an ATM to get pesos (which I did for 10 years), and you only had Wells Fargo left.  You would quickly realize you need a Mexican account.  Yes, Mexico is indeed a cash society and that means pesos. If I had known 13 years ago when I moved full time to Mexico how difficult life would become to get my US funds changed into pesos in Mexico I would have thought long and hard about moving.

 

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Depositing a check with Bancomer is just like depositing a check with your NOB bank, except it takes a little longer to access your funds.  Did you pay a fee to your bank NOB when you deposited things? 

I have a regular account which requires me to maintain an 8000 peso balance to be free of charges.

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If you are a Veteran and have a Handymail or other address that forwards your mail you can open a USAA account. USAA has no foreign transaction fee as well as they reimburse your ATM fees once a month. For me it is the best thing going. B of A started charging a 3 % foreign transaction fee and I opened the USAA account and have been happy for the past couple of years. I use Bancomer in Mexico. You may be able to get a USAA checking account even if you are not a Veteran, if you have family that is military connected.

usaa.com

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I have a schwab account in the US and it works fine, no ATM fees worldwide, no account fees, excellent service. i have friends that reside in mexico full time. schwab has an international division that does business with people all over the world, US citizens and foreign. you can call them and talk to them about an account. i was told the main difference is that the US account needed $1000.00USD to open  and the international account needed $10,000.00 USD to open and get the atm/debit but that you did not have to maintain that balance. you can have a bank account and/or a brokerage account and they both come with an ATM/debit. 

they will wire transfer anywhere in the world for $25usd and they can buy some currenceys, as in mexican pesos at almost the interbank rate and wire them to your foreign account. make sure your foreign account will receive in pesos. intercam will only receive dollars and then exchange them to pesos but o'ruark will receive in pesos so so fees.i moved from intercam to oruark, across from walmart and am very happy there. they are an investment house and not a bank but they do everything i want to do.

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Wanderer: That Schwab account sounds like a good deal.  Did you already have it when you moved here, or do you know anyone who dealt with the international division from a starting point in Mexico?  I'd really appreciate that information.

If some of you opened your account when you still lived in the U.S. or are using someone else's address and that works for you; fine. That wouldn't work for me.

I'm still waiting to hear from someone who opened an account (after moving to Mexico) with a U.S. bank and with their Mexican address (or Laredo P.O. Box) and phone number; in other words, without giving out false information.  (It's too easy to forget what stories one tells to whom.);)

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