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Incoming Wire Transfers, Which MX Bank Charges Least


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(No info needed about ATM Debit Cards unless you wish to respond to another poster. I have that ATM debit area covered.)

What I am after: To open a bank account here to receive perhaps four to six incoming wire transfers per year at low fee, or at a very minimal wire transfer charge.

I have heard Intercam might charge the least. These incoming wires could be already in Mexican pesos or U.S. dollars. I am just after the wire transfer fee information.

Thank you.

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We have a Bancomer account, debit card only. We have received a couple of wire transfers to our account here from the US and paid nothing here on this end, only aa fee from our originating bank in the States. 

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Bancomer's fee was over $600 pesos on my last transfer plus IVA. I can't remember exactly but I think the exchange rate was at least 60 basis points under the international rate.

Multiva charged $10US plus IVA charged in pesos using the same exchange rate as the funds transferred. This past week Multiva's rate was more generous at 20 basis points under the international rate one would find on xe.com.

This link shows the current exchange rates for the major banks but does not include Multiva. http://www.eldolar.info/en/mexico/dia/hoy

At this moment xe.com shows $19.64:1 while Bancomer's rate is $18.76:1 which is about an 80 basis point spread. You could call Multiva to confirm the current rate to see if it is consistent with what I got earlier in the week. 

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10 minutes ago, John Shrall said:

Bancomer's fee was over $600 pesos on my last transfer plus IVA. I can't remember exactly but I think the exchange rate was at least 60 basis points under the international rate.

Multiva charged $10US plus IVA charged in pesos using the same exchange rate as the funds transferred. This past week Multiva's rate was more generous at 20 basis points under the international rate one would find on xe.com.

This link shows the current exchange rates for the major banks but does not include Multiva. http://www.eldolar.info/en/mexico/dia/hoy

At this moment xe.com shows $19.64:1 while Bancomer's rate is $18.76:1 which is about an 80 basis point spread. You could call Multiva to confirm the current rate to see if it is consistent with what I got earlier in the week. 

Thanks, John, for current info. I must admit that the last transfer we sent was 18 months ago...

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Unless you are receiving the wire transfers from a third party, as opposed to transferring $ from your own NOB account to Mexican bank, and that third party needs to transfer by wire, you can opt for EFT transfers through an online currency exchange like xetrade, transferwise, etc. There are no fees for EFT transfers. The company makes its money on the exchange rate. You just have to research which will give you the best exchange.

One of the advantages to this is that the US or Canadian $ is exchanged for pesos before it is sent. I don't know about other Mexican banks, but Bancomer charges something like 300 pesos "currency conversion fee" in addition to whatever exchange rate they happen to be using that day, if the $ arrives in something other than pesos.

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These transfers by wire will be in pesos ALREADY from a foreign exchange currency brokerage account.

In other words, I buy pesos at spot and when I want to send a month of pesos to cover living expenses, I will wire transfer say, 25,000 pesos at a time.

Therefore, the incoming bank's rate of exchange is not involved. The money comes in as a peso and stays a peso.

What I'm after is which bank charges the least to receive a wire transfer in pesos, and MULTIVA, from the discussion above, sounds as though they charge the least.

I am trying to keep the exchange rate discussions out of the thread and the ATM debit card discussions out of the thread.

I really just want suggestions for a bank that is lenient on wire transfers coming in already in pesos. If I do ten wire transfers a year, and banks charge 600 pesos per incoming wire, that is not an attractive bank for me.

Thanks for all the ideas.

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