Banking

[Debbie Walton]

We're coming to the area in September and plan on staying 2-3 months to get a feel for the place.  What do we do about money issues?  If we rent a place, do we pay by credit card? Do we bring cash (which I'm not a huge fan of) or will a local bank cash a personal check from our bank in the states?  Any help on this issue would be greatly appreciated! ?

[ManxMan]

I use my debit card to withdraw pesos and pay the rent in cash. The transaction fee and conversion fees from my US credit union are relatively small.

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[Debbie Walton]

So, can I use my current debit card (we bank with a big credit union) or do I need a bank from the US?  And, if your rent is, let's say, $800.00us per month, can you withdraw the entire amount in one visit or you have to go a few times?  I'm a little confused about the process of getting our money from here to there. 

[Yo1]

If your CU allows you to draw that much in one day, you are OK.  My bank allows $1,000 US per day.  This is pretty much a cash society.  Credit cards can be used at the larger grocery stores and some restaurants.  US checks can take many days to clear.  You will get used to carrying cash just not very much at a time.

[Sonia]

You may use an ATM for cash. But tell your CU you will be in Mexico and raise the daily limit if low and they be aware of your being here or security measures may freeze your account. ATM's have a limit and while it varies 8000 pesos is about the max in one transaction. You will pay a fee to the owner of the ATM and a fee to your CU. It could amount to $4 to $5 per transaction in total. The exchange rate will not be the best. A local bank will not cash a personal check. The most a local bank will do is allow you to deposit a personal check IF you have an account with them and it will normally take a few days to clear depending on the bank. 

[Debbie Walton]

Thanks everyone, you've been very helpful ?

[sputnik]

 

debbie.  The young mexicans told us this many years ago and this is what we do. They send money down here all the time to their family and trust me they know the cheapest ways.  We did this for 2 years while we lived in the states and sent money here to the workers to finish our house.  Never ever a problem, unless Santander bank runs out of money,,,ha ha...can send to Elektra too but Walmart has been much much easier...they always have money... There are online money sends....we used Xoom for many years, now have switched to Remitly because it gives a better exchange rate.  You can use Economy (18.66 exchange rate at walmart in 3 days) or Express (18.55 at walmart in seconds). Sending $400 and below is a fee of $4.99.  Sending $500 and above there is no fee at all.  The maximum you can send is $800 U.S. per day.  Sending It is so easy to set up.  Just send from your husband, an address in the U.S. and a bank or credit union there and send to you and type in an address here. Or vise versa When you go in to pick up the money, you take your passport, the Reference number that they send you online and write down your Mexican address.  And Walmart has alot better hours than the banks.  People can say negative things about Walmart, but it has been a blessing for us.

It is so easy, have been using it for 6 years.  If you want to use it and have any more questions, feel free to contact me

[ibarra]

Debbie,

Use your ATM at any ATM location. Maximum withdrawl lakeside, right now is 7000 pesos per day. Withdrawals are charged anywhere from 20 to 40 pesos per transaction. Check with your financial institution to see if there will be additional fees (foreign transaction fee, fee for not using your institutions ATM machine etc.). We have a Chase account in the U.S. and they charge 3 1/2% foreign transaction fee plus $5.00 fee for not using a Chase machine.  We agree with Sonia, let your cu know you are here and, find out their fees, if any.

We have lived in a couple States in MX for 19 years and have always used ATM's. You get used to going to an ATM a couple days in a row if you need more than 7000 pesos.

Hope you enjoy your time here...

[bournemouth]

The HSBC machines at the branch over the road from Walmart give me 10,000 in one transaction, as does the CIBanco machine, when it has cash.

[Debbie Walton]

Well, now that I have some of you here, let me ask another question....my husband and I are visiting mid-September and staying at a hotel for a week.  If we like it there, we want to find a rental for 2-3 months, possibly longer.  Should we look for rentals when we get there or rent online (not crazy about that idea since I can't see the neighborhood or the surroundings).  What did you guys do and how well did it work out?

[bournemouth]

Look when you get here - without doubt.

[Sonia]

42 minutes ago, bournemouth said:

Look when you get here - without doubt.

YES YES YES. Renting on line is a crap shoot. And make sure the rent is paid to the owner. We know more than one case where a person pre-paid 6 months rent and right after they move in the owner comes by and says "who are you?". The person who represented himself as owner was a tenant. Rent had to be paid twice. My web site may be helpful www.soniadiaz.mx 

[Debbie Walton]

Thanks, Sonia.  I visited your website and will keep it bookmarked in case we need more info.

[Debbie Walton]

16 hours ago, ManxMan said:

I use my debit card to withdraw pesos and pay the rent in cash. The transaction fee and conversion fees from my US credit union are relatively small.

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Is there a particular bank to use to access cash from the US to there?  I've heard that Bank of America was good and possible USBank.  We can open an account here before we go, if necessary.

[bournemouth]

Find a bank who will not charge international currency fees and will rebate ATM fees if possible.  Searching this website should produce some information for you.

[jrm30655]

26 minutes ago, Debbie Walton said:

Is there a particular bank to use to access cash from the US to there?  I've heard that Bank of America was good and possible USBank.  We can open an account here before we go, if necessary.

I use ALLY which is a total internet bank and also Wells Fargo.  Ally rebates ATM fees and has a reasonable exchange rate.  Allows $1000 a day withdrawal amount.  WF charges a fee of $5.50 and a daily rate of $600 a day.

The problem can be that the ATM will limit the amount of withdrawal per transaction.  With 2 cards, you can double the amount per machine.

Sometimes the problem is physical.  Most ATMs spit out 500P notes.  When they run low, they will spit out 200P notes.  The slot will only allow so many notes to be spit out at once, so you may have to make 2 withdrawals.

 

[RVGRINGO]

USAA, if you are eligible, Schwab and Ally are good choices for expats.