Mexican Bank Account Questions

[franky]

Hi all got a question.  I'm an American and a few years ago i came to mexico and opened a few mexican bank accounts.  Back then, i recalled they only needed your passport, fmm and names and phone numbers of 2 people you know.   The thing is i been in and out of mexico quite a bit.  I have not used the bank accounts at all except a long time ago where i did withdraw cash from it.  I deposited basically the minimum amount to open the bank account and have close to minimum balance there where i get no monthly fee charge.

 

The thing is for a while, i do not recall what is my pin number for my bank accounts.  The thing is i have my bank cards but i do not know my pin number.  Is the only way to get it be going to the bank?  The other thing is i speak no spanish.  So a while back when i opened the accounts, i basically spoke to a rep at the bank that spoke english and its usually just one person there who spoke english.  So that would mean i have to look for that person and then speak to them right?  And would i be able to get the pin number right on the spot... or would they have to mail it to me or something like that?  I have like the minimum or close to the minimum in my bank accounts.

 

The other thing is this.  I heard that not that long ago, if you aren't a permanent resident, you can't open a mexican bank account... is that true?  If so, when did this happen exactly?  I opened my bank account few years ago so i had no idea about this.  Also would you say if i don't plan to use the bank accounts anymore, to just go to the bank and close them and withdraw my money?  Or its best to just keep it since i can't open a bank account anymore ?  Thus might as well keep it since well they don't deduct any fees from my bank accounts.  I come to mexico on and off but if i don't come back, well i don't like that i have some money in these bank accounts where i can't withdraw my money.  Also because i don't know spanish, i never did any online banking with it.  But if you do it, could you just set the online banking up yourself?  The thing is i still get like a monthly online statement from one of the banks that i opened an account with a while back.  But you need a pin number to open it but i don't know my pin is anymore.  But if i have my pin numbers for my banks, would that mean if i was in the US and don't ever plan to come back to Mexico anymore, i could just withdraw all my money in a US ATM in the US?  And if so, would that mean my bank accounts would close itself once the balance gets to negative or 0?  Curious if anyone knows about this.  Also do any of you withdraw money from the US ATM from your mexican bank account cards?  If so, how is it and i assume fees are high?  But if i want to withdraw all my money, i could do that but what happens to my account if balance goes negative which it would since it would be below the minimum balance.

[johanson]

Here is an answer to a few of your questions. Banks in Ajijic, Chapala, other cities visited by many Americans and Canadians, have staffs where most are bi-lingual. In fact most older folks from up north, never learn Spanish and must do all of their banking in English and have no problem doing so. Yes and may of us forget our pin #s. You will be alright down here and at that time you can decide by visiting each bank, what to do with your funds here in Mexico.

[cedros]

As far as I know you can open a bank account if you  aren't a Permanente. I wouldn't count on someone in a local bank being able to speak English well enough for you. 

[Bandol]

Multiva in Ajijic has at least three excellent English speakers on staff.

[addtocart]

If you haven't used these accounts in years, there is a very good possibility the bank has deleted the account and kept your money.  Happened to me at Scotia Bank.  I managed to get my account reopened only because it had only been a couple of years and the original applications, etc. were in a box in a storeroom.

[johanson]

I would like to add that the majority of the employees who interact with the public at the Ajijic Actinver, speak English, most of them do so very very well.

[gringal]

39 minutes ago, johanson said:

I would like to add that the majority of the employees who interact with the public at the Ajijic Actinver, speak English, most of them do so very very well.

They changed the name to Banco de Inversion. You're correct about the English speaking employees.

[cedros]

55 minutes ago, johanson said:

I would like to add that the majority of the employees who interact with the public at the Ajijic Actinver, speak English, most of them do so very very well.

Their hours are so restricted though.

 

[johanson]

What are the bank hours at Actinver? Are they not from 8:30 or 9 AM until at least 5 PM. I have never found their hours restricting

[cedros]

2 hours ago, johanson said:

What are the bank hours at Actinver? Are they not from 8:30 or 9 AM until at least 5 PM. I have never found their hours restricting

To me that is restrictive. I like 24/7.  

[bournemouth]

You must be thinking of an ATM.

[cedros]

Of course. That is the best way to obtain money.

[rafterbr]

Depending on your bank whether there is an english speaking employee or not.  I know at Santander they do not and I don't believe Banamax has either.  Some bank accounts will stay open with a minumum deposit and some will not.  You can get a new pin at the bank but if they don't have an english speaking employee you will have to get some one who speaks english go with you.  I forgot my pin and password so had to get new ones.  It was a real problem because they had to call headquarters and find someone there who spoke english.   I got a new account at Santander with my passport, tourist visa and the recomendations from two local mexicans.  I needed their address and phone numbers.

[johanson]

Having only banked at Actinver, during my 21 years in Mexico, I did not know the other banks did not provide English speakers. I guess I am kind of surprised.  And yes I can use an ATM 24/7 but I would rather wire my US and/or Canadian funds directly to my Actinver brokerage account, hold the money in a dollar account and then on the advice of my broker buy pesos when the dollar is strongest. The last time was at the end of June, beginning of July when I got 20.8 to 1.   Now should I need pesos outside normal banking hours I can either withdraw them with my Mexican debit card from Actinver, or use a US card withdrawing funds from the US and buying pesos at the present rate of exchange which is nowhere near the 20.8 to 1, I got about 2 months ago.

Yes, after 21 years I do Speak Mexican Spanish, but English is still my first language and I prefer dealing with my investments in my first language which I speak much better than my Spanish.

So, if language is an issue, the majority of the folks working at Actinver Bank in Ajijic are bi-lingual. You might want to check them out.