Jump to content
Chapala.com Webboard

Actinver, Intercam or Monex


Recommended Posts

My wife and I have a few thousand dollars deposited in Actinver just to have some money locally while most of our money is in US banks. Our account is non interest bearing and in US dollars.

On a monthly basis we have purchased pesos from Actinver to run our household. We do this by writing them a check in USD from Bank of America and then, the next day we get our pesos the amount being based on the exchange rate at that time. Actinver takes their cut by giving us a slightly lower rate but we don't have to pay any transaction fees or atm fees.

Recently there have been a few instances that are making us consider looking at another source for our monthly transaction.

Can anyone share their personal experience with Intercam or Monex ? We are not interested in opening an account with any Mexican bank so that is not an option.

Thanks in advance for your help !

 

Link to comment
Share on other sites

6 minutes ago, twelveoaks said:

My wife and I have a few thousand dollars deposited in Actinver just to have some money locally while most of our money is in US banks. Our account is non interest bearing and in US dollars.

On a monthly basis we have purchased pesos from Actinver to run our household. We do this by writing them a check in USD from Bank of America and then, the next day we get our pesos the amount being based on the exchange rate at that time. Actinver takes their cut by giving us a slightly lower rate but we don't have to pay any transaction fees or atm fees.

Recently there have been a few instances that are making us consider looking at another source for our monthly transaction.

Can anyone share their personal experience with Intercam or Monex ? We are not interested in opening an account with any Mexican bank so that is not an option.

Thanks in advance for your help !

 

O'Rourke, across from WalMart.  You can open an account with 300US dollars .  If you have enough in the account to cover the check they give you Pesos right away at the going rate, no charges.  Their rates are always higher than Multiva.  Very friendly and helpful staff

Link to comment
Share on other sites

I recently closed my U.S. dollar account at Actinver for various reasons also..It will take a week or so for them to produce a check in your refund amount..Cash it at the teller window when they give it to you..It is not cashable anywhere else. They did not tell me this, I deposited it in my US bank acct only to have it returned..Then got a run around at Actinver but finally had them issue another check..A real PIA..

Link to comment
Share on other sites

Actinver, which used to be Lloyd here (it wasn't an actual bank until the merger), still acts like it is the only game in town. We used to have to wait days, and weeks, for cheques to go through, and we could only withdraw at certain times of the month... they were also the firm that started charging people insurance every month, without notifying anyone. If you were like my Mom, you only went in once or twice a year... and then found out you had six or 12 withdrawals for an unwanted insurance. Sounds like they have not awakened to the reality of banking in this century in Mexico.

Intercam is so much better.

Link to comment
Share on other sites

Monex is good if you want to have foreign currency in Mexico but they are not a bank that you can use for pesos for everyday life because they don't have a debit card. If you need them to hold US dollars with you exhanging them whenever you like into pesos they are great. All tranactions are done via email or phone so no need to go into the bank. They are awesome if you need to wire money outside of Mexico also  

If you need a bank in pesos for everyday usage you can do a transfer from your monex bank after you exchange your pesos into a local Mexican bank. I have experience with multiva and they are very good. I don't know intercam but they may be similar. 

Multiva has debit cards where they allow 5000 pesos cash whithdrawls a day. They have an online banking system which alllows you to pay bills and make transfers within Mexico. I currently pay cfe and all my hired help/contractors through them and the system takes a bit to get used to but after a while it's easy. 

You can also use the card to purchase in stores and I think their daily limit is around 35000 pesos (not entirely sure but it's higher than the ATM limit). If you need more cash you can go into the bank with your passport and it's instant. 

If you have more cash left over they have products such as CDs and mutual funds. Monex has similar products but multiva's CD rates seemed slightly better.

Also if you were with actinver and they are giving you a hard time moving your money do not go to the cashier and cash it because it's quicker. You will be flagged if it's a large amount when you deposit it into a new bank. Pressure them to do a wire transfer.  

Link to comment
Share on other sites

Betty7--their name IS Intercam Banco --at least that's what's on my statements.

 

Twelveoaks--why keep money in dollars when putting your money in a peso account at Intercam you can earn MUCH better interest than in the US and have no messing around with checks.  Although, they will cash a check instantly.  And they have a cash machine in their lobby and debits cards.

Link to comment
Share on other sites

5 hours ago, twelveoaks said:

My wife and I have a few thousand dollars deposited in Actinver just to have some money locally while most of our money is in US banks. Our account is non interest bearing and in US dollars.

On a monthly basis we have purchased pesos from Actinver to run our household. We do this by writing them a check in USD from Bank of America and then, the next day we get our pesos the amount being based on the exchange rate at that time. Actinver takes their cut by giving us a slightly lower rate but we don't have to pay any transaction fees or atm fees.

Recently there have been a few instances that are making us consider looking at another source for our monthly transaction.

Can anyone share their personal experience with Intercam or Monex ? We are not interested in opening an account with any Mexican bank so that is not an option.

Thanks in advance for your help !

 

Intercam is a bank and my Canadian friends and I use them. Too bad that you are not interested in using Mexican banks. There is already a lot of posts on here about them to research by using the search function provided.

 

Link to comment
Share on other sites

I love the Mexican Bank and Brokerage House called Actinver. Their service is fantastic. There is one limiting factor. This Mexican bank and brokerage house has minimum deposits required for either or both their Bank and brokerage accounts. I might be wrong but the minimum amount required is $50,000 pesos for a bank account and $500,000 pesos for a brokerage account or in US dollars slightly less than $2,900 for a bank account and slightly less than $29,000 dollars for a brokerage account.

To get the true spot rate  left click here       

El FIX para el día 31 de Agosto de 2017, es de 17.8145

 Now I have learned not to try to cash a US check by depositing it in my bank account. Because when I do, my exchange rate is somewhat less than if I were to place it in my Brokerage account. I find that I can get almost the spot rate if I wire the funds directly from a US account (brokerage or Bank) directly to my Actinver Brokerage account at Actinver.

Since Actinver has taken over, the service has  been getting better and better

 

 

Link to comment
Share on other sites

We're satisfied with Actinver.  We used to use Monex but when they left town we found arranging access to funds cumbersome.

We get cash at an ATM, none of the banks match the rate we get from Capital One.  Even better when we are able to use Capital One debit card, which is becoming more and more possible here.   Only use where it is scanned in front of us and check the account always afterwards a few times to make sure no unauthorized debits.  This is a chipped debit card.

 

Link to comment
Share on other sites

5 hours ago, betty7 said:

easy bank. one ID required to buy pesos, 16.90. activer 16.70. why use a mex debit when you can use cash. less risk. as someone said they also have debit cards.

For today, that exchange rate is about 1 point less than I get with my US atm card. One reason I don't like Activer.  My bank charges about .2 point for exchange.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...