Newjersey expat Posted March 14, 2016 Report Share Posted March 14, 2016 On 3/9/2016 at 11:53 AM, El Saltos said: Among local banks Multiva is by far the best IMHO. We have a multiva account and cash Us checks there. First you have to have enough money deposited in their investment accounts, then you must open a checking account. We are able to deposit a US check from USA Chase which eventually gets sent to Banamex. We do this every 3 months. Link to comment Share on other sites More sharing options...
Floradude Posted March 14, 2016 Report Share Posted March 14, 2016 For me the problem with an investment account is then you accrue interest. That interest has to be reported on your US Income tax. I would just as soon not open that box since my investments are in the US. I just want a normal bank account (don't care about minimum balance) where I can deposit a US check. Link to comment Share on other sites More sharing options...
Lexy Posted March 14, 2016 Report Share Posted March 14, 2016 Gringal--Please give them a call. I'm sending you a PM--if that system is working on our new set-up Link to comment Share on other sites More sharing options...
wanderer Posted March 14, 2016 Report Share Posted March 14, 2016 FYI for USAA credit cards. their cards have been mastercard for a long time. they are in the process of changing over to VISA. i was told there will not be a foreign transaction fee if you use their CREDIT card outside the US anymore. i am referring to their CREDIT card that bills monthly and not their ATM/DEBIT. Link to comment Share on other sites More sharing options...
gringal Posted March 14, 2016 Report Share Posted March 14, 2016 39 minutes ago, wanderer said: FYI for USAA credit cards. their cards have been mastercard for a long time. they are in the process of changing over to VISA. i was told there will not be a foreign transaction fee if you use their CREDIT card outside the US anymore. i am referring to their CREDIT card that bills monthly and not their ATM/DEBIT. As quoted in my reply on another thread to RVGringo re USAA credit cards, I inquired and was flatly told "no", so we are working on another credit card possibility. Link to comment Share on other sites More sharing options...
maggilu Posted March 15, 2016 Report Share Posted March 15, 2016 What experience has anyone had with Intercam? Link to comment Share on other sites More sharing options...
El Saltos Posted March 15, 2016 Report Share Posted March 15, 2016 Foreign transaction fees and exchange rate are determined by your bank, not the ATM. Link to comment Share on other sites More sharing options...
gfresh Posted March 15, 2016 Report Share Posted March 15, 2016 I believe the foreign transaction fees is determined by the Bank ATM you're using. The exchange rate is determined by your home bank, ie. when I use a Bancomer ATM the foreign trans, fee is ~ 60 pesos, whereas the Banamex fee is 30.72 pesos, but at my Schwab Bank the exchange rate I get is very near the Foreign Exchange Rate posted online at Yahoo Finance for that day. As stated earlier, these trans.fees are credited back to the account monthly. YMMV Link to comment Share on other sites More sharing options...
bradshoe Posted March 15, 2016 Report Share Posted March 15, 2016 1 hour ago, gfresh said: I believe the foreign transaction fees is determined by the Bank ATM you're using. Nope, El Saltos is correct. Link to comment Share on other sites More sharing options...
bournemouth Posted March 15, 2016 Report Share Posted March 15, 2016 Gfresh may be a little confused. There are two fees - one which the bank whose ATM you are using imposes for the use of the machine. The second fee is a percentage of the money you are withdrawing and this is the foreign transaction fee. Link to comment Share on other sites More sharing options...
REC Posted March 16, 2016 Report Share Posted March 16, 2016 Remember that when you get cash out of an ATM with a credit card - any ATM with any credit card - it is a cash advance against your credit card and not a withdrawal of your own money like you get with a debit card. While there may or may not be a foreign transaction fee with a credit card there will almost certainly be a fee for the cash advance. Link to comment Share on other sites More sharing options...
gfresh Posted March 16, 2016 Report Share Posted March 16, 2016 Hmmm, I might be confused but my experience has been that a Bancomer charges more to withdrawal pesos from their ATM than the Banamex ATM. And I am using my Debit card, not a cash withdrawal on a credit card, on my Schwab Checking acct., so it doesn't matter what that fee is as Schwab credits it back anyway. But Schwab doesn't charge any foreign transaction fee, so when I withdrawal 7000 pesos + 30 fee and divide by the charge on my acct, I'm getting 17.73 exchange rate, which is what, 1% less than what you see online, I guess that could be the foreign transaction fee... ouch? But YMMV Link to comment Share on other sites More sharing options...
Bisbee Gal Posted July 9, 2016 Report Share Posted July 9, 2016 On 3/12/2016 at 4:10 PM, gringal said: 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. Have you tried this? American Citizens Abroad organization has a new relationship with the State Department Federal Credit Union and specifically states no US address is needed. I am not a member but am looking for best bank account should we decide to return to Ajijic. https://www.americansabroad.org/sdfcu-account/ Link to comment Share on other sites More sharing options...
conejorapido Posted July 10, 2016 Report Share Posted July 10, 2016 On 3/9/2016 at 8:03 AM, wanderer said: 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. Deleted. Already covered by previous posters. Link to comment Share on other sites More sharing options...
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