Jump to content
Chapala.com Webboard
mexjerry

Banks in Mexico?

Recommended Posts

Apparently these unfortunate folks didn't hear the words "don't invest more money in a Mexican financial institution than you can afford to lose".

Worth repeating. I was screwed out of 10,000 pesos by a Mexican bank in San Miguel right after moving there from the states. Lesson learned.

  • Like 1
  • Thanks 1
  • Sad 3

Share this post


Link to post
Share on other sites
46 minutes ago, gringal said:

Apparently these unfortunate folks didn't hear the words "don't invest more money in a Mexican financial institution than you can afford to lose".

Worth repeating. I was screwed out of 10,000 pesos by a Mexican bank in San Miguel right after moving there from the states. Lesson learned.

Explain how you were screwed to  give some credence to your statement.

Share this post


Link to post
Share on other sites
1 hour ago, happyjillin said:

Explain how you were screwed to  give some credence to your statement.

You want "credence" old poster under new name??  The irony here is rich.

The story, poorly recalled after 15 years:  I spoke nearly zip Spanish at the time and went to open an account at the local Banamex.  The employee took the information and opened an account.  In the process, I was asked to make out a blank check with no recipient named and there was some kind of excuse given about that's how they did it.  I fell for it. My excuse: newbies in a foreign country often have a "easy victim" sign on their backs.

Several months later, after my balance was comfortably over $10,000 pesos, the check in that amount was cashed by someone I had never heard of, in a nearby town.  I complained to the management, who said they'd "look into it" and "was I SURE I hadn't written that person a check?" After all, my signature was on it.  Nothing ever came of it.  Several years later, the employee responsible became a manager of a different branch.  Credence enough for ya?

Share this post


Link to post
Share on other sites
11 minutes ago, gringal said:

You want "credence" old poster under new name??  The irony here is rich.

The story, poorly recalled after 15 years:  I spoke nearly zip Spanish at the time and went to open an account at the local Banamex.  The employee took the information and opened an account.  In the process, I was asked to make out a blank check with no recipient named and there was some kind of excuse given about that's how they did it.  I fell for it. My excuse: newbies in a foreign country often have a "easy victim" sign on their backs.

Several months later, after my balance was comfortably over $10,000 pesos, the check in that amount was cashed by someone I had never heard of, in a nearby town.  I complained to the management, who said they'd "look into it" and "was I SURE I hadn't written that person a check?" After all, my signature was on it.  Nothing ever came of it.  Several years later, the employee responsible became a manager of a different branch.  Credence enough for ya?

Yes

 

  • Haha 1

Share this post


Link to post
Share on other sites
On 5/24/2019 at 8:04 AM, gringal said:

Apparently these unfortunate folks didn't hear the words "don't invest more money in a Mexican financial institution than you can afford to lose".

Worth repeating. I was screwed out of 10,000 pesos by a Mexican bank in San Miguel right after moving there from the states. Lesson learned.

I think you should qualify your post by saying "foreigners, no lucrativo"".  Mexicans and foreigners engaged in any kind of business activity here have to have domestic bank accounts for accounting and tax reporting purposes. Even if you rent out a casita, a Mexican account is necessary, and why would any Mexican or even a foreigner risk sending their funds to the US?

There are a lot of good banks and bankers in Mexico and the SMA situation, if it happened as reported, is a rare exception.  I have never lost any sleep over it and put it in the same category of chance as the foreigners who are murdered in Mexico, maybe even less.

(edited by moderator to remove political comment)

  • Like 5
  • Thanks 1
  • Sad 1

Share this post


Link to post
Share on other sites

I have a Mexican bank account  and about 9 months ago when we checked my balance I was over 70,000 pesos short.  My wife had gone to Germany and the balance wasn't checked for a month.  We went to the bank and they showed a little over 4,000 peso's was charged three or four times a week every week  to my account.  Luckily I had bought insurance against hacking but the bank at first said they had checked and I had bought things with these monies.  All these monies went to a known hacking site in the USA,  but the bank turned down our claim.  Next we went to another banking official in Mexico City and he told us they had a special investigating group for these problems.  We provided the group with our information and about 60 days later our money was refunded.  We were probably hacked from one of the restaurants in Ajijic.  The bank told us to never give anyone your credit or debit card because they can get your code off the back.  Now we check the balance every week or two. 

  • Like 3

Share this post


Link to post
Share on other sites

"now we check the balance every week or two"

That´s what you have to do or even oftener now with online banking systems.  I wouldn´t go away and leave my house unlocked and ask someone to check it once a month.

Heavily used credit cards are like unlocked houses.

  • Like 1

Share this post


Link to post
Share on other sites

There's a good technical answer for this: my banks and cards always notify me instantly via email when there has been a transaction, in or out. The one time I got nailed here was using the ATM at Farmacia Guadalajara some years ago. All I did was "activate" it... never did take any money or make any purchases.

10 minutes later in my email at home was a CC message saying I had withdrawn all money up to my credit limit. Pretty astounding, since I couldn't do that if I wanted. No matter: because they were notified right away, I was covered. Now my email is also on my cell phone, so I get notifications immediately. You can usually set this up online at your institutions Website.

  • Like 1

Share this post


Link to post
Share on other sites

We have investments here in Mexico that earn far more than is possible in the U.S. these days.  Those investments and the far lower cost of living here enable us to live a lot better than we would in the U.S.  We watch these accounts very very closely.  

What are your options in the U.S.?  Getting paid a measly 2 percent if that by a bank account or playing Russian roulette with the grossly overpriced stock market.  

 

  • Like 2

Share this post


Link to post
Share on other sites

Thanks for your posting Mainecoon. TOB basically called me "naive" for investing money with a Mexican Bank (Bancomer) even to the point of saying that I had put my life savings in to it. Well I never put my life savings in one basket, a big chunk is in real estate. I am fluent in Spanish and so I can handle my own transactions without the need of a lawyer (a notario yes). 

Share this post


Link to post
Share on other sites
15 minutes ago, HoneyBee said:

Thanks for your posting Mainecoon. TOB basically called me "naive" for investing money with a Mexican Bank (Bancomer) even to the point of saying that I had put my life savings in to it. Well I never put my life savings in one basket, a big chunk is in real estate. I am fluent in Spanish and so I can handle my own transactions without the need of a lawyer (a notario yes). 

To be fair, “TOB” did not tell you anything. A few posters on TOB offered their opinion on your investing money with a Mexican Bank. The vast majority of posters both here and on TOB do not care one whit what you (or anyone else) does with their money.

  • Like 1
  • Thanks 1
  • Sad 1

Share this post


Link to post
Share on other sites
On 5/29/2019 at 7:40 PM, Mrs. Rupert said:

Gringal, I am truly sorry this happened to you.  But, why would you endorse a blank check?   

You want an answer beyond what I already posted?   I said it all, already.  The lesson learned was worth the pesos lost. However, there's no way I'd have put my life savings in a Mexican bank...then or now.  IMO, your question would be more appropriately addressed to someone who lost their life savings to a crooked bank.  Why did they do that?


 

Share this post


Link to post
Share on other sites
On 5/29/2019 at 6:47 PM, slainte39 said:

"now we check the balance every week or two"

That´s what you have to do or even oftener now with online banking systems.  I wouldn´t go away and leave my house unlocked and ask someone to check it once a month.

Heavily used credit cards are like unlocked houses.

I check my balances daily.  Two seconds of my time gives me 24 hours of assurance that my money is where it's supposed to be.

CG, my USA bank alerts me to any suspected fraud.  I don't see that option on my Mexican bank accounts.  Can you clarify that your bank is in Mexico?

Share this post


Link to post
Share on other sites
6 hours ago, More Liana said:

I check my balances daily.  Two seconds of my time gives me 24 hours of assurance that my money is where it's supposed to be.

CG, my USA bank alerts me to any suspected fraud.  I don't see that option on my Mexican bank accounts.  Can you clarify that your bank is in Mexico?

Totally agree, a very simple solution to an overblown problem, even if only for peace of mind, for the very skeptical.

It´s like……. ¡ Enséñame los partes reemplazado, mecánico !

Share this post


Link to post
Share on other sites
On 5/29/2019 at 7:29 PM, ComputerGuy said:

There's a good technical answer for this: my banks and cards always notify me instantly via email when there has been a transaction, in or out. The one time I got nailed here was using the ATM at Farmacia Guadalajara some years ago. All I did was "activate" it... never did take any money or make any purchases.

10 minutes later in my email at home was a CC message saying I had withdrawn all money up to my credit limit. Pretty astounding, since I couldn't do that if I wanted. No matter: because they were notified right away, I was covered. Now my email is also on my cell phone, so I get notifications immediately. You can usually set this up online at your institutions Website.

I spent all last week changing security information on my US bank, PayPay, eBay, 3 money transfer companies and others. The money transfer companies always send an email confirming a transfer. They didn't last week and neither did my bank. The hacker got into my accounts and changed my email address to his address so he was sent the notices. It was a Russian sending my money to Poland. He bought gift cards from eBay and other companies I have used so he could cash the gift cards. Download a two-step security authentication app for your phone or computer https://www.login.gov/help/signing-in/what-is-an-authentication-app/.   I thought I could count on my bank and other companies to notify me but they couldn't because the accounts were hacked.

  • Sad 2

Share this post


Link to post
Share on other sites

Gringal, you just lost my sympathy.  You did not post an answer to anything.  You signed a blank check and suffered the losses.  Hard to believe.

  • Like 1
  • Thanks 3

Share this post


Link to post
Share on other sites
On 6/4/2019 at 9:56 AM, More Liana said:

CG, my USA bank alerts me to any suspected fraud.  I don't see that option on my Mexican bank accounts.  Can you clarify that your bank is in Mexico?

I've had a Bancomer account for about 10 years with no problems. I get a text message on my phone immediately when I use the debit card or do an online transfer.

Share this post


Link to post
Share on other sites
Just now, mudgirl said:

I've had a Bancomer account for about 10 years with no problems. I get a text message on my phone immediately when I use the debit card or do an online transfer.

Yes, I get a text message on my phone when I use my debit card or do an online transfer.  I don't get alerts about possible fraud, though--alerts that ask me to call the bank to confirm that I made the transaction, or tell the bank that yes, it is a fraudulent transaction.  Do you?  My USA bank offers that service, Bancomer, no.

Share this post


Link to post
Share on other sites
10 minutes ago, More Liana said:

Yes, I get a text message on my phone when I use my debit card or do an online transfer.  I don't get alerts about possible fraud, though--alerts that ask me to call the bank to confirm that I made the transaction, or tell the bank that yes, it is a fraudulent transaction.  Do you?  My USA bank offers that service, Bancomer, no.

Well, if I got a text alert that something had been charged to my debit card when I hadn't made a purchase or a transfer, that would alert me to fact that someone is using my card fraudulently and then I'd contact Bancomer.

  • Like 1

Share this post


Link to post
Share on other sites
9 hours ago, More Liana said:

Yes, I get a text message on my phone when I use my debit card or do an online transfer.  I don't get alerts about possible fraud, though--alerts that ask me to call the bank to confirm that I made the transaction, or tell the bank that yes, it is a fraudulent transaction.  Do you?  My USA bank offers that service, Bancomer, no.

Every time I buy something on Mercardolibre or Amazon.MX, Banco Azteca calls or sends an SMS to confirm a purchase. It did irritate me until my US accounts were hacked last week. From now on I will patiently respond to them.

Share this post


Link to post
Share on other sites

Deleted! This web site is so full of nasty responses, I hate to post here.

  • Sad 1

Share this post


Link to post
Share on other sites

With all due respect...Before putting $100,000 pesos in an account in a foreign country that you need to ask for help on a chat board, you might want to consider that you don't yet have the expertise to do that.  Perhaps close that account and seek professional help.  I'm sure there are no dishonest people on here who would volunteer to "help you" (ahem) but I can't guarantee that.  Best of luck!

  • Like 3
  • Thanks 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...