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Mijo

Social security and banking

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Hi

what do folks do about social security. Do they electronically deposit to Mexican bank accounts? The bank fees (both US and Mexican) add up quickly for ATM withdrawals. Monthly wires cost too much. 
TIA

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My S.S. monthly deposit is direct deposited to HSBC, no fees involved. No fees involved to set up the account, no fees involved for ATM withdrawals.  There is a minimum balance required of 2500 pesos, I think.  I contacted S.S. in GDL as to what information they wanted regarding my account numbers etc., sent them that information and within a week, the account was set up.  Very easy, no problems since setting it up and that was many years ago.  I am sure others will give you information about other MX banks.   

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My money is deposited into one of my U. S. banks. I then send to myself to my Bancomer account using world remit as of now 21.46 exchange plus 2.99 charge. Of course no charge to withdraw from Bancomer. 

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My social security check is deposited into my Intercam on the 3rd. of each month.  It comes in at the full rate of exchange for that time. There are no fees for me to take money out of my account at an Intercam machine.

 

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...for the OP   In other words one can get the 'right' bank, either NOB or in Mexico, and get to their funds via ATM with no or precious little fees involved ever.

 

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As veterans, we use USAA, an online bank available only to vets. If you are a vet, it's easy to set up an account online and their site is well laid out.

Our SS is deposited to USAA and we withdraw at HSBC because they usually offer the best rates and I like to use the machine in Soriana. All the fees for 5 withdrawals or transfers a month are refunded by USAA.

We have an account at BBVA along with debit and credit cards, so whenever I need to, I run down at dawn and deposit funds in one of the two ATMs that accepts deposits. BBVA usually has one of the worst exchange rates which is why I don't have my check deposited there, nor withdraw money from my USAA account there.

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Just now, oregontochapala said:

As veterans, we use USAA, an online bank available only to vets. If you are a vet, it's easy to set up an account online and their site is well laid out.

Our SS is deposited to USAA and we withdraw at HSBC because they usually offer the best rates and I like to use the machine in Soriana. All the fees for 5 withdrawals or transfers a month are refunded by USAA.

We have an account at BBVA along with debit and credit cards, so whenever I need to, I run down at dawn and deposit funds in one of the two ATMs that accepts deposits. BBVA usually has one of the worst exchange rates which is why I don't have my check deposited there, nor withdraw money from my USAA account there.

if you withdraw using your USA debit card the rate will not be the BBVA or the HSBC rate.

The rate is set by the interbank agency that handles your card. It will be the same at any bank's or private ATM that day.  Examples are Red Plus Star. 

 

 

 

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Get a Schwab account....no ATM fees world-wide.  Use any ATM that suits you. 

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2 minutes ago, Bisbee Gal said:

Get a Schwab account....no ATM fees world-wide.  Use any ATM that suits you. 

Or Etrade, Fidelity, and most other brokers that have banks. There are also internet only banks that offer the same because they don't have ATMs. 

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43 minutes ago, Mostlylost said:

if you withdraw using your USA debit card the rate will not be the BBVA or the HSBC rate.

The rate is set by the interbank agency that handles your card. It will be the same at any bank's or private ATM that day.  Examples are Red Plus Star. 

 

 

 

You say that every time I post yet the manager at BBVA in Chapala told me differently. As well, my own withdrawals do NOT support what you say. Also, why do banks post what the daily buy/sell rates are for dollars if the rates are set by an outside agency when converting dollars to pesos?

Based on those factors, I will continue to do this based on my own experience and advice by my bank as opposed to what you insist is the way it works.

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You can check online at Visa or MC websites. 

The Manager at BBVA is dead wrong.

The posted rates are for interbank transactions and cash transactions.

Think logically. There are hundreds of different currencies in the world. Say you arrive in Chapala from Dubrovnik. You withdraw 1000 pesos using your visa debit card it will cost 311 Croatian Kuna today at any ATM in Mexico The transaction is handled by Visa and one of the interbank systems that the ATM and Visa both use. 

Can you imagine if BBVA had to update 100's of currencies everyday just on the chance someone in Mexico would be using their Visa card from Taiwan? ( which would be 1,385 Taiwanese New Dollars today at any ATM in Mexico) 

If you check the Visa website they only ask the currencies to quote you the exchange  the rate. The rate is the same at any ATM. They don't list different rates for different banks.

Do what you wish. But if you do any reasearch you will find I am giving you the facts.

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My SS benefit amount is direct deposited to my Bancomer account.  The rate of exchange I receive is the rate used that day by Banxico, (Bank of Mexico, the national bank of Mexico), which handles the transaction.  The deposit does NOT go directly from Social Security into any ordinary commercial bank in Mexico, it goes through BANXICO. 

Your personal bank does NOT determine the exchange rate.  The Banxico rate is always a SPEI bank-to-bank rate and much better than the rate an individual account-holder receives.  Here's the explanation, direct from the Banxico website.  Yes, it's in Spanish.  https://www.banxico.org.mx/servicios/sistema-pagos-electronicos-in.html

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