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Most efficient method of transferring CDN to Peso


Gumby

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Hello all,

My wife and I will be furnishing a house in July 2018 in Ajijic, I am hoping to get suggestions on the best way to transfer Canadian money to Peso's.

Would it be best to open a MX account, can I do without being a resident and so on...

Any suggestions or experiences would be appreciated as I see the exchange rate is very good at the moment.

 

Thank you

Jim

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Canadian dollars are not popular here with the banks. So arrange to have wire transfers from your Canadian bank converted to pesos at the Canadian bank before you send. Only one hitch ..... Canadian laws require that you be sitting in front of a bank person and signing the order before a wire transfer can be sent.

I solve that by leaving a supply of signed cheques with a trusted friend in Canada. If (not often) we need a larger amount of pesos than we want to take from ATM, I get her to send me a wire transfer from her own account, and simply write herself a cheque to cover the cost and deposit to herself. (Yes, it comes into our Mexican bank account.... in pesos.)

An Sugarplum, Canada does not have Schwab. In fact, we only have 5 MAJOR banks, all strictly overseen by strict government reg's.... and no such thing as a private  or "one-of" bank.  (No bank failures either......;).)

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We use transferwise every month to transfer from BMO to Bancomer but you can transfer to most any financial institution in Mexico. With BMO you can have transferwise as a payee

If the exchange rate for C$ to pesos is 15 they will give you that rate and charge 1%. 

Check out monito.com to look at your transfer options and comparisons. 

For Canadians there are fewer options and some do not work for Canadian funds.

We use to use worldremit but too many hassles and more expensive.

 

 

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Whether you can open an account with a Mexican bank with only tourist visa status is something you'd have to ask the banks.

If you can, as posted above, you can set up an account with an online currency exchange house. I use xetrade. Then you can transfer funds (use the EFT option as opposed to the wire transfer) pretty easily online, which will arrive to the Mexican bank account in pesos, within a few days.

If you can't set up an account as a tourist, Scotiabank is the way to go for Canadians- there are no ATM fees for withdrawing from a Mexican Scotiabank ATM. You need to keep a minimum balance in your account (not sure what it is these days) or have a seniors account in order to have the no charge ATM usage.

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43 minutes ago, mudgirl said:

Whether you can open an account with a Mexican bank with only tourist visa status is something you'd have to ask the banks.

If you can, as posted above, you can set up an account with an online currency exchange house. I use xetrade. Then you can transfer funds (use the EFT option as opposed to the wire transfer) pretty easily online, which will arrive to the Mexican bank account in pesos, within a few days.

If you can't set up an account as a tourist, Scotiabank is the way to go for Canadians- there are no ATM fees for withdrawing from a Mexican Scotiabank ATM. You need to keep a minimum balance in your account (not sure what it is these days) or have a seniors account in order to have the no charge ATM usage.

He wrote that they will be furnishing a house so I assume he has a resident visa, not a tourist visa. The banks ask for passports from foreigners. They don't care what kind of visa a foreigner has.

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I have an account at Bancomer and use XE.COM to transfer $ from my RBC account. Having a Mexican account is rather convenient, as a lot of things can be paid online., like CFE, Telmex and anything you might buy on MercadoLibre. Not sure if you need a visa to open an account.

Pete

 

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It is getting easier to  deal with Canadian funds. You can use the ATM's but It is an expensive way to withdraw money.The Royal bank charges 5 $ and the ATM has additional fees and you are limited to the amount you can withdraw.

You can set up an account with Intercam You deposit via a Canadian  cheque and use their ATM to withdraw.  I can cash  a Canadian cheque immediately up to 3000 dollars which is converted to pesos or withdraw up to 20,000 pesos from my account with them.  You need your passport and and Mexican immigration card together with proof of residency ( telephone bill or electric )

You can set up an account with other banks and deposit a Canadian check into the account, I used to do that with Actinver ( formally LLoyds ) but they held your funds for weeks Intercam does not do that. I do not know the time delay with other banks.

You can set up a joint savings account with someone you trust in Canada and if you need a larger amount you can transfer the monies into the savings account and have your friend transfer it for your bank account here.

More and more stores are accepting credit cards but it does limit your shopping options.


 

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3 hours ago, Natasha said:

Canadian dollars are not popular here with the banks. So arrange to have wire transfers from your Canadian bank converted to pesos at the Canadian bank before you send. Only one hitch ..... Canadian laws require that you be sitting in front of a bank person and signing the order before a wire transfer can be sent.

I solve that by leaving a supply of signed cheques with a trusted friend in Canada. If (not often) we need a larger amount of pesos than we want to take from ATM, I get her to send me a wire transfer from her own account, and simply write herself a cheque to cover the cost and deposit to herself. (Yes, it comes into our Mexican bank account.... in pesos.)

An Sugarplum, Canada does not have Schwab. In fact, we only have 5 MAJOR banks, all strictly overseen by strict government reg's.... and no such thing as a private  or "one-of" bank.  (No bank failures either......;).)

Intercam likes my and a few Canadian friend's Canadian dollars just fine and that was even before I opened an account there even cashing 3rd party Canadian cheques for me into pesos. The Canadian banks will not give you a good exchange rate.Never even did that when I was still in Canada where currency exchange houses gave better rates but neither as good as Intercam. Oh and other Canadian banks and Credit  Unions  operate in canada too besides the big 5 , and some foreign banks for example HSBC but no Schwab The other error in your answer is about wire transfer sitting in front of a person in your Canadian bank. I made a wire transfer from my Scotia branch to Santander where it was necessary to open an account too, while I was already here in Chapala for a goodly sum. You must not be a Canadian,but have an account as a foreigner in Canada.

 

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1 hour ago, Joco said:

He wrote that they will be furnishing a house so I assume he has a resident visa, not a tourist visa. The banks ask for passports from foreigners. They don't care what kind of visa a foreigner has.

He also wrote can he set up a Mexican bank account without being a resident. That would tell me he isn't.

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16 hours ago, Gumby said:

Hello all,

My wife and I will be furnishing a house in July 2018 in Ajijic, I am hoping to get suggestions on the best way to transfer Canadian money to Peso's.

Would it be best to open a MX account, can I do without being a resident and so on...

Any suggestions or experiences would be appreciated as I see the exchange rate is very good at the moment.

 

Thank you

Jim

We furnished a home here this year.  We get an excellent exchange rate with our 'no international fee' credit cards.  And airline miles!  We only use our cc's at businesses with chip readers that do no add a surcharge for credit transactions, and we never let the card out of our sight.  Have had zero issues.  It beats amassing tens of thousands of pesos out of ATMs when buying big ticket items, including appliances.  BTW...when we lived here from 2008 to 2012, we never used a cc.  But with chip reader technology it is very safe.  

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8 hours ago, mudgirl said:

He also wrote can he set up a Mexican bank account without being a resident. That would tell me he isn't.

Or, maybe he is asking can he set up a bank account while he is in Canada and the answer is "No." He can set up a bank account in Mexico as long as he has a passport. They don't care what kind of visa one has.

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19 minutes ago, Joco said:

Or, maybe he is asking can he set up a bank account while he is in Canada and the answer is "No." He can set up a bank account in Mexico as long as he has a passport. They don't care what kind of visa one has.

Lately almost all/all Mexican banks will not let anyone open a bank account without a CURP [also most want to see a Mexican INM visa/card ] it has been reported by many people.

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Here is a Canadian Imperial Bank of Commerce web page with information about "Global Money Transfers":

https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/global-money-transfer.html

I'm sure you have to be a CIBC customer.

Most Canadian banks also have a FREE Interac e-transfer.  Canadians can transfer up to $3000 a day to another customer of a MAJOR Canadian Bank via email.

Someone could transfer funds from their Canadian bank to a Canadian living in Mexico's Canadian bank account and then the friend in Mexico could withdraw the amount in Pesos.

 

 

 

 

 

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First of all, Thank you all for the comments, there is definetly some info I have not thought of!

The exchange rate is always the catch and what the banks post is often much higher than I can get from the exchange house. ( I have a relative that works for a company that buys large amounts of foreign currency and the also give me their rate)

To clear things up, I am not a resident however that could change eventually. We spent three weeks in Ajijic last summer and fell in love with the people and the village. I felt Ajijic is a combination of going back in time but also there is something special with all the hidden surprises that we found daily. To make a long story short we decided to buy (yes I know that a smart person would live there a year before committing) so the first order of business is furnishing the property.

i also want to say that the response that I have received on this form goes to show what a caring place Lake Chapala is!

 

jim

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12 hours ago, Joco said:

He wrote that they will be furnishing a house so I assume he has a resident visa, not a tourist visa. The banks ask for passports from foreigners. They don't care what kind of visa a foreigner has.

Not true in my case.  When I withdraw from my Bancomer account all they ask for ID is my Permanente card, not my passport.

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6 hours ago, gimpychimp said:

Not true in my case.  When I withdraw from my Bancomer account all they ask for ID is my Permanente card, not my passport.

I can't say what is true at all banks only the ones where I had accounts and at those they only wanted a passport. Why not let the person who wants to open an account find out what is required and if the bank needs a residential visa and the person doesn't have one, he can go to a bank that doesn't ask for a resident visa?

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6 hours ago, Joco said:

I can't say what is true at all banks only the ones where I had accounts and at those they only wanted a passport. Why not let the person who wants to open an account find out what is required and if the bank needs a residential visa and the person doesn't have one, he can go to a bank that doesn't ask for a resident visa?

https://www.bancomer.com/personas/tarjetas-credito-vive-bbva-bancomer.jsp

 
Google Translation:
 
"Description

The VIVE BBVA Bancomer card allows you to make your purchases on credit, pay comfortably.

It has the Rewards Program with which you earn points and get discounts at thousands of stores nationwide.

Partnerships with shops for example: Walmart, Sam's Club, Chedrahui, Liverpool, The Iron Palace, Restaurants, etc .; where you can enjoy offers months without interest and discounts.

You can make cash arrangements in thousands of national and international ATMs.
 
Requirements

1. Residents in the Mexican Republic (Nationals and Foreigners). [ I asume it means legal residents of Mexico,  not tourists visitng Mexico ]

2. Minimum age of 18 years and maximum age of 75 years as of the date of contract.


3. Minimum monthly income: $ 5,000.00

4. Current official identification.

5. Proof of address (when the identification does not contain it).

6. Signature of the client (credit card application and consultation with the credit bureau)."
 
This is for a credit card at Bancomer. To open an account I assume it would be similar.
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1 minute ago, AlanMexicali said:

https://www.bancomer.com/personas/tarjetas-credito-vive-bbva-bancomer.jsp

 
Google Translation:
 
"Description

The VIVE BBVA Bancomer card allows you to make your purchases on credit, pay comfortably.

It has the Rewards Program with which you earn points and get discounts at thousands of stores nationwide.

Partnerships with shops for example: Walmart, Sam's Club, Chedrahui, Liverpool, The Iron Palace, Restaurants, etc .; where you can enjoy offers months without interest and discounts.

 

I'm sorry, I wrote that too fast. Let me write it slower.

I can't say what all banks want, only the banks where I opened accounts.

Translated:

I never opened an account at Bancomer.

Do you want to copy and paste the requirements of the banks where I opened accounts?

 

 

 

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19 hours ago, ned small said:

Intercam likes my and a few Canadian friend's Canadian dollars just fine and that was even before I opened an account there even cashing 3rd party Canadian cheques for me into pesos. The Canadian banks will not give you a good exchange rate.Never even did that when I was still in Canada where currency exchange houses gave better rates but neither as good as Intercam. Oh and other Canadian banks and Credit  Unions  operate in canada too besides the big 5 , and some foreign banks for example HSBC but no Schwab The other error in your answer is about wire transfer sitting in front of a person in your Canadian bank. I made a wire transfer from my Scotia branch to Santander where it was necessary to open an account too, while I was already here in Chapala for a goodly sum. You must not be a Canadian,but have an account as a foreigner in Canada.

 

Yes, I am, and both Toronto-Dominion (I was trustee for an estate) and Royal Bank (mine) have refused to do wire transfers without one being there in person for at least three years.

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2 hours ago, Joco said:

I can't say what is true at all banks only the ones where I had accounts and at those they only wanted a passport. Why not let the person who wants to open an account find out what is required and if the bank needs a residential visa and the person doesn't have one, he can go to a bank that doesn't ask for a resident visa?

Perhaps you're right that you and I should stop giving information to the OP based on our own personal experiences, which were not the same.  That's not what he/she wanted to hear after all , is it?

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2 hours ago, Natasha said:

Yes, I am, and both Toronto-Dominion (I was trustee for an estate) and Royal Bank (mine) have refused to do wire transfers without one being there in person for at least three years.

You can transfer money using a service without being present and it is cheaper. Wire transfers are expensive. Transferring with a financial company is cheaper. 

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3 hours ago, gimpychimp said:

Perhaps you're right that you and I should stop giving information to the OP based on our own personal experiences, which were not the same.  That's not what he/she wanted to hear after all , is it?

The banks asking for a CURP and INM visa/cards as  proof of legal residence in Mexico is fairly recent noted by many posters on several Mexico Expat fórums as was getting already existing accounts closed in Mexican banks even with INM visas/cards and CURPs . if you opened a bank account even a year or two ago it might not have been  asked for.

My Buddy here in SLP, an American on FMM 180 day tourist cards, bought a house and an apartment in the last 12 months and went to every bank and could not open an account without them. Very inconvienent for him to say the least. He did not try Actinver or the other investment speciality banks. Things change sometimes.

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