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Recommended American Bank for living in Mexico


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With changes to the American banking laws, I don't believe it's possible to open a US bank account  with an address in Mexico.  It is possible with address in Laredo--I have a friend who uses her Sol y Luna address in Laredo for her CapitalOne account.

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bournemout....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?

No, of course not, which makes things interesting in Mexico where they usually do.  Some banks drop the fee if you have an investment account with them.   I do not want an investment account because I do not want to pay US taxes on interest earned.  My investments are with Merrell Lynch in the US.   I just want an account where I can deposit checks for a reasonable free so that I can get the pesos I need.  Hence my questions about Bancomer and Multiva which seem to be popular options.  As I said in my first post Banamex is no longer a good option with their high fees.

 

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49 minutes ago, Yo1 said:

With changes to the American banking laws, I don't believe it's possible to open a US bank account  with an address in Mexico.  It is possible with address in Laredo--I have a friend who uses her Sol y Luna address in Laredo for her CapitalOne account.

I hope your friend's luck lasts.  If she opened the account while still living in the U.S., it will probably work.

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49 minutes ago, Yo1 said:

With changes to the American banking laws, I don't believe it's possible to open a US bank account  with an address in Mexico.  It is possible with address in Laredo--I have a friend who uses her Sol y Luna address in Laredo for her CapitalOne account.

I hope your friend's luck lasts.  If she opened the account while still living in the U.S., it will probably work.

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No, she opened it last year after being here for 11 years.  When she opened the account has little bearing except that since the laws have changed you need a US address.  As much as each of us tries to be legal, sometimes Mexico and even the US won't let us be so.

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USAA has been my bank and insurance company since 1959. I have never needed another in any part of the world. My ex, my adult children and my wife are all members too; through my military service. USAA also has mutual funds, buying services, and excellent online banking, bill-pay, etc.

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I opened a B of A account in Florida just before moving to Mexico 4 years ago. I use my Handy Mail Texas post office box to get bank mail and cards without a problem. The down side are the fees (apparently almost none from the Mexican bank if I use Santender banking ATMs) that are charged by B of A in the U.S. I also have to notify them by phone every 6 months that I am still living in Mexico. Still, it works for me. When I sold my U.S. home I did need to go to the B of A bank near the Houston Airport to get the cash transferred to the realtor's office but I think that they may have fixed that issue by now.

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update on schwab account for residents of mexico.  i have just had a long talk with the guy in the international dept of schwab. 

you do NOT have to have a US address to open an account.

the minimum deposit  to open an international account has gone to 25k USD. schwab found that too many people were opening an account for the ATM/debit feature.  after the initial deposit you do NOT have to maintain the 25k balance BUT if you only use the account for ATM/debit card use without any stocks or holding in the account  they WILL close the account. i was told that if you buy a few stocks or bonds and hold them in the account and dont use the ATM more than 3 or 4 times a month you should be fine. of course they make money off of debit card use and if you use it that will help.

some people on here deal with USAA but i suggest you find out exactly what the charges are especially the foreign transaction fees.

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As a permanent full-time resident here at Lakeside, I find that using my Schwab debit card all I need now or ever will.  If you've any retirement account, IRA, 401k, or a brokerage account with Schwab, you're entitled to an Investor Checking account with a debit card, which is good internationally.  Schwab knows I'm here 10-11 months a year, I just call them or use their online Travel Notification/Alert to let them know I'm going abroad and transactions overseas aren't a problem.  I do maintain a US address, as well as a Laredo address, just for correspondence that can't be send via email, otherwise I get all statements, proxies, etc. online and do all my banking online without any hassles. As others have stated, all transactions fees are credited monthly. Plus if you receive a check, you can deposit it with their smartphone app just by endorsing it and using the phone's camera from the app, it posts with in 24 hrs., ezzy peezy.  After reading the horror stories on MX Banks on this and other boards, I'm never putting money in a Mx Bank, there is no accountability or integrity in the MX banking systems, IMO. And I won't even start with FATCA ...

Go with Schwab, you won't be disappointed.

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gfresh:  Did you have your Schwab account already when you moved to Mexico?  I noticed that you said "you do maintain a US address", etc.

My original question:  I have lived here a dozen years, do not own any property in the U.S. any longer and do not have a person whose address I can use.  I do not have access to the account for military folks. 

I've enjoyed reading all the stories about the accounts others have, but none of this is helpful to my own situation.

I do use a Mexican bank which I don't leave enough money in to tempt sticky fingers and it works just fine, except for using it's debit card to pay bills in the U.S. And therin lies my problem.  I would like to hear from a permanent resident of Mexico who has managed to open a NEW U.S. bank account of any kind without using someone else's address.  Oh, and without having to open an account with an investment house which might close my account if I don't choose to buy any stocks and bonds. Anyone out there?

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2 hours ago, HookEmHorns said:

 

My major funds are in the U.S. and there they will stay.  Unfortunately, it's not set up to pay small bills, so this is all just a matter of trying to make life more convenient.

I have noticed that many expats have one foot in the U.S. and the other in Mexico. That is their choice, of course.

My advice:  Never keep any more money in a Mexican bank than you can afford to lose.  Also, once you've had your money "disappeared" it will probably do you no good to try to get it back.  I have a few horror stories from people who've gone that route.

 

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4 hours ago, gringal said:

I would like to hear from a permanent resident of Mexico who has managed to open a NEW U.S. bank account of any kind without using someone else's address.

I think the resounding silence on this topic is your answer, gringal.

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gringal,  I don't know that you'll get any responses from anyone who's opened a US Banking account from MX.  Those of us here have kept some sort of banking account in the US as a "save haven" for our savings, just as you've indicated that you have done. That said, since you DO have "major funds" in the US, but the account(s) lack a Bill Pay feature, you could move those accounts to Schwab as transfers. Thereby achieving the result of getting a Debit/ATM card and the ability to pay bills in the US with their free Bill Pay services.  I believe you could use a Laredo address without any problem.  The forms for executing such a transfer are available on the schwab.com site, downloadable, but would need to be signed and mailed back. Schwab would handle the process completely, I believe the transaction fees for the transfer(s) are about $50-75 per acct.

I'll assume you have some kind of brokerage acct, IRA, 401k, that holds stocks or bonds, if so then any dividends from these holdings, whether cash or reinvested, are all the activity needed to maintain the account(s). I consolidated various accounts, Scottrade, TDAmeritrade, into a Schwab account, then sold my property in CA and added that to Schwab. Like you I own no property in the US but manage all my banking thru my Schwab accounts online from here. Social Security gets Direct Deposited to the Investor Checking acct. and I use my Debit/ATM card here everywhere.  I have a vehicle stored in the US which I pay storage fees thru the online Bill Pay system. Amazon ships to my door here while charging the Schwab card. 

I can't see how you couldn't set your accounts up similarly, yes it'll take a month or so to complete and there will be some expense, but in the long view, the convenience and peace of mind pays dividends.  You can call customer service, who are great, from your landline at 415-667-8400 and explain what you'd like to accomplish, they can advise you accordingly.

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Look into USSA, a Federal Savings Bank in the USA. That's where we ended up when Banamex USA dumped many of us.

No USA address is necessary. They cater to current and retired US military personnel. We have a joint checking account, and in correspondence they address my husband as Dear Seaman _______.   But you don't have to be a vet to use this bank. They are great to deal with, very responsive, and will give you a MC debit card. We use a local ATM to get pesos very close to the current exchange rate (and better than Actinver gives us). USSA gives some refund for the ATM charges.

Check it out. I haven't seen anyone else on this thread mention it.

Lexy

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1 hour ago, Lexy said:

My mistake: I see that RVGringo mentioned USSA. See details on my last post a few minutes ago.

Lexy

Hi, thanks anyway for trying to help.  The only problem here is that the last person in my family who served was in World War I.  Do you mean that they really don't care if you're not connected to the military?  If so, it's worth checking into.

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You must have a military connection for USAA automobile insurance, but I think some of their other services may be available to you.  Simply go to USAA.com and start an application for a bank account to see what happens, or use their contact information to call or e-mail with your details and inquiry. 
Once upon a time, USAA was for officers only. Then, in recent years they opened eligibility to senior enlisted personnel, and even some lower ranks now.  Wives, ex-wifes and children are eligible for all services, so there has been a true opening of access recently. So, it may pay to be specific about what you want of their many services.

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55 minutes ago, RVGRINGO said:
55 minutes ago, RVGRINGO said:

You must have a military connection for USAA automobile insurance, but I think some of their other services may be available to you.  Simply go to USAA.com and start an application for a bank account to see what happens, or use their contact information to call or e-mail with your details and inquiry. 
Once upon a time, USAA was for officers only. Then, in recent years they opened eligibility to senior enlisted personnel, and even some lower ranks now.  Wives, ex-wifes and children are eligible for all services, so there has been a true opening of access recently. So, it may pay to be specific about what you want of their many services.

You must have a military connection for USAA automobile insurance, but I think some of their other services may be available to you.  Simply go to USAA.com and start an application for a bank account to see what happens, or use their contact information to call or e-mail with your details and inquiry. 
Once upon a time, USAA was for officers only. Then, in recent years they opened eligibility to senior enlisted personnel, and even some lower ranks now.  Wives, ex-wifes and children are eligible for all services, so there has been a true opening of access recently. So, it may pay to be specific about what you want of their many services.

I went to their site.  Sounds like a fine banking setup.....for some.  Since a credit card is a major issue, I went to their "no frills" credit card site, answered the questions and this was the answer:

"USAA Credit Card

Sorry, we can't provide this product to you.

USAA Bank products are only available to military members, veterans who have honorably served, and their eligible family members."

So, there goes that idea.  However, as some wise folks have crudely put it:  "There is more than one way to skin a cat" so I'm still working on it.

 

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