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cedros

Using Coppel as a bank

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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.

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Good point mudgirl.

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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.

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Casi nada. I have a lot of things to check.

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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.

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Of course I will check with a lawyer and different banks before I do anything but it is useful to get some feedback here.

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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?

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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.

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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?

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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.

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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...

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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.

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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.

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