mudgirl Posted December 26, 2017 Report Share Posted December 26, 2017 Yes, I know Mexicans who have lost the meager amount of savings they had in the bank to the service charges- they didn't understand that they had to keep a minimum monthly balance in their accounts to avoid this. And they tend not to check their accounts online regularly like many foreigners do. So it would seem that for day-to-day transactions, a bank that doesn't have service charges or minimum balances would be the way to go. Link to comment Share on other sites More sharing options...
cedros Posted December 26, 2017 Author Report Share Posted December 26, 2017 Good point mudgirl. Link to comment Share on other sites More sharing options...
Joco Posted December 26, 2017 Report Share Posted December 26, 2017 25 minutes ago, cedros said: Good point mudgirl. I think the most I've paid is 5 pesos a month. This bank doesn't have a checking account so there is no way to charge a lot of bank fees. Link to comment Share on other sites More sharing options...
cedros Posted December 26, 2017 Author Report Share Posted December 26, 2017 Casi nada. I have a lot of things to check. Link to comment Share on other sites More sharing options...
casasemanas Posted December 27, 2017 Report Share Posted December 27, 2017 16 hours ago, Joco said: I am not depositing checks. I am transferring money from a US bank account, that goes to a money transfer company and then to the Mexican bank. There is no need to wait to see if funds clear. There are several links posted in this thread that are to transfer companies. Use one of them so you don't need to deposit a check. I imagine that those sites charge a fee. Link to comment Share on other sites More sharing options...
cedros Posted December 27, 2017 Author Report Share Posted December 27, 2017 Of course I will check with a lawyer and different banks before I do anything but it is useful to get some feedback here. Link to comment Share on other sites More sharing options...
Joco Posted December 27, 2017 Report Share Posted December 27, 2017 4 hours ago, casasemanas said: I imagine that those sites charge a fee. Of course they do. Your bank charges a fee for checks. How could a business stay in business without charging for what it does? Link to comment Share on other sites More sharing options...
casasemanas Posted December 27, 2017 Report Share Posted December 27, 2017 Actually the US bank doesn't charge a fee for checks, nor the Mexican bank unless it's built into the exchange rate, which is too complicated for this old brain to comprehend. And yes, I understand that a money transfer company would have to charge a fee to stay in business. Not trying to argue, just to understand the options. Link to comment Share on other sites More sharing options...
bmh Posted December 27, 2017 Report Share Posted December 27, 2017 One thing that puzzles me is that is order to get a" free bank account" ( afyer you have paid the 6month or year insurrance fee) some banks request that you use the debit card or make a deposit anywhere from once to 6 times a month and I wonder the reason for that..not to have formant accounts? They do not charge for those transaction within the system so why are those the requirements? Anyone knows? Link to comment Share on other sites More sharing options...
traderspoc Posted December 27, 2017 Report Share Posted December 27, 2017 i use multiva bank very happy with. three years ago when banks were not cashing US checks, mulitiva did, they are well organized and speak English in Ajijic branch Link to comment Share on other sites More sharing options...
Joco Posted December 27, 2017 Report Share Posted December 27, 2017 4 hours ago, bmh said: One thing that puzzles me is that is order to get a" free bank account" ( afyer you have paid the 6month or year insurrance fee) some banks request that you use the debit card or make a deposit anywhere from once to 6 times a month and I wonder the reason for that..not to have formant accounts? They do not charge for those transaction within the system so why are those the requirements? Anyone knows? I'm sure like the exchange houses, they are making interest on the money. The interest rate banks pay customers is less than what the bank receives on the money. The more money deposited, the more money the bank makes. Link to comment Share on other sites More sharing options...
bmh Posted December 28, 2017 Report Share Posted December 28, 2017 The rule is that people have to use the card 2 to 6 times .Those are usually withdrawals so how do the bank make money on this ? I can see if deposits were mandated but they are not.They want transactions and they do not charge for the transactions? I should add that if people do not have the minimum amount of trasactions they get charged a fee.. maybe rhat is the way to charge a fee... Link to comment Share on other sites More sharing options...
mudgirl Posted December 28, 2017 Report Share Posted December 28, 2017 16 hours ago, casasemanas said: I imagine that those sites charge a fee. No, the online currency exchange houses do not charge a fee for EFTs. They make their money on the exchange rate. Link to comment Share on other sites More sharing options...
Joco Posted December 28, 2017 Report Share Posted December 28, 2017 7 hours ago, mudgirl said: No, the online currency exchange houses do not charge a fee for EFTs. They make their money on the exchange rate. Xoom charges $4.95 and more depending on the transfer. Link to comment Share on other sites More sharing options...
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