John Shrall Posted August 31, 2020 Report Share Posted August 31, 2020 To the original OP. As you can tell there are many options to manage money transfers if you live here. There is no one or right answer to the question. The method you start using will most likely change over time to suit your needs. The one element of finance that has changed in the 18 years I've lived here is acceptance of credit cards which can reduce the need for physical cash from either a local bank or ATM. You want a credit card with no currency exchange fees. Same for a debit card if you plan to access cash that way. Avoid debit cards that have a transaction fee too. Years ago you could get hit with both. Wiring money down can also be cost effective but you must start with an institution that doesn't have an outbound fee. Normally that's only brokerage accounts like Ameritrade or Schwab. Having lived here full time for many years, I believe an account in a local bank that has an office near where you live is essential. Yes, you have to fill out a lot of paperwork and present copies of many documents but after that, the technology has changed so much (for the better) that you almost never need to interact with branch personnel. With a phone I can send money to the account of the guy that cleans my pool and cash payment for a lady that cleans my house in Guayabitos. Start with making sure you have the means to get ATM cash at the lowest possible cost and then grow into the method that works the best for you. 1 1 Quote Link to comment Share on other sites More sharing options...
NLU Posted September 1, 2020 Report Share Posted September 1, 2020 John, Your post is what this board is supposd to be about! Thanks for the great commentary. Quote Link to comment Share on other sites More sharing options...
cedros Posted September 1, 2020 Report Share Posted September 1, 2020 On 8/28/2020 at 11:19 AM, cedros said: That would be nice if it was that easy. It isn't that easy. I have my main money at a HSBC in Canada and a HSBC account at Laguna mall in San Antonio Tlayacapan. The HSBC in Canada is connected to HSBC in San Antonio. The HSBC in Canada and the connection with HSBC in Laguna mall works very well. Because I am a Premier customer in Canada I am the same in Mexico but HSBC in Mexico City would not recognize my Premier status in Mexico-they tried to charge me monthly fees and ATM fees and money transfer fees.. I have been disputing this for 8 months. Finally I had enough and this morning I went to HSBC in Laguna and told them I wanted to close my account as they were not treating me fairly. The assistant manager said you can't do that and she promptly solved my problems-so I still have an account there. Quote Link to comment Share on other sites More sharing options...
cedros Posted September 1, 2020 Report Share Posted September 1, 2020 On 8/28/2020 at 11:19 AM, cedros said: That would be nice if it was that easy. Duplicate Quote Link to comment Share on other sites More sharing options...
cedros Posted September 1, 2020 Report Share Posted September 1, 2020 Triplicate Quote Link to comment Share on other sites More sharing options...
johanson Posted September 2, 2020 Report Share Posted September 2, 2020 5 hours ago, cedros said: Triplicate Too funny. When I make mistakes like this, I first get real mad at myself and then start laughing. Quote Link to comment Share on other sites More sharing options...
cedros Posted September 2, 2020 Report Share Posted September 2, 2020 You mean like duplicate and triplicates. If so it is a recent development. I'm not sure what the problem is-this board or my very slow WiFi. Sometimes i wait 10 minutes and it is still not posted. Quote Link to comment Share on other sites More sharing options...
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