Mijo Posted September 26, 2020 Report Share Posted September 26, 2020 Going to open a Mexican bank account. Any recommendations? Quote Link to comment Share on other sites More sharing options...
barrbower Posted September 26, 2020 Report Share Posted September 26, 2020 Unless you are forced to do it for some reason...don't. Alan 1 1 Quote Link to comment Share on other sites More sharing options...
lcscats Posted September 26, 2020 Report Share Posted September 26, 2020 Bancomer/BBVA is everywhere in Mexico and has sister banks in South America. They can be a pain in the a** and like to make up new rules it seems. They also lie. We also have an account at Intercam so my wife has an account in her name. It seems that joint account doesn't mean what it means in the US. We are very happy with Intercam. If you are not a global traveler and don't need the big bank try Intercam. New office will be open soon at Carraterra and Cinco De Mayo. They are good with checks and BBVA/Bancomer is not. 1 Quote Link to comment Share on other sites More sharing options...
handfaf Posted September 26, 2020 Report Share Posted September 26, 2020 Actinver They treat you like the other banks should. 1 Quote Link to comment Share on other sites More sharing options...
daisy2013 Posted September 26, 2020 Report Share Posted September 26, 2020 Keep in mind you may get interest on your money but over a certain amount you pay tax on the balance, not tax on the interest. Therefore keep it at the minimum not to have your interest wiped out by the tax they deduct. Actinver wants your ss number and will report it to the US government. Quote Link to comment Share on other sites More sharing options...
Bandol Posted September 26, 2020 Report Share Posted September 26, 2020 Multiva will treat you very well. Not as crowded as Intercam because their charges are higher. And you get a chair to sit on while you wait. 1 Quote Link to comment Share on other sites More sharing options...
Alpha1 Posted September 26, 2020 Report Share Posted September 26, 2020 Whichever bank you decide on, keep the balance at a level to simply cover expenses. Bank protection here isn't what it should be, balances have disappeared. 1 Quote Link to comment Share on other sites More sharing options...
#HarryB Posted September 26, 2020 Report Share Posted September 26, 2020 I have been a Multiva customer both bank and investment and have been treated very well for many years. We I have been in the hospital, they even offered to come to my bedside to get signatures. Sra Monica is great , but all are helpful and most speak english! 1 Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted September 26, 2020 Report Share Posted September 26, 2020 It will depend on what you want the bank account for. Here we have small "investment" banks, Mexican and international full service banks. Quote Link to comment Share on other sites More sharing options...
Colo-Rick Posted September 26, 2020 Report Share Posted September 26, 2020 Remember that you will have to check the box on your USA tax form that says you have a foreign bank account. And from there.... 1 Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted September 26, 2020 Report Share Posted September 26, 2020 8 minutes ago, Colo-Rick said: Remember that you will have to check the box on your USA tax form that says you have a foreign bank account. And from there.... Only if the value of your foreign accounts exceeds $10,000 at anytime during the calendar year. 1 Quote Link to comment Share on other sites More sharing options...
Bisbee Gal Posted September 26, 2020 Report Share Posted September 26, 2020 https://www.nolo.com/legal-encyclopedia/when-am-i-required-file-schedule-b-irs-tax-return.html Quote Foreign Bank Accounts If you have foreign bank accounts, the rules change. You are required to file Schedule B if you: “Have a financial interest in or signature authority over a financial account (such as a bank account, securities account, or brokerage account) located in a foreign country.” There is no dollar threshold on the duty to report foreign accounts on Schedule B. You should report any such accounts. To do so, complete Part III of the form. You are not required to list the amounts you held in such accounts on Schedule B. Instead, you merely answer “yes “that you had a foreign account. You are also required to state whether you were required to file FinCen Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Quote Link to comment Share on other sites More sharing options...
sm1mex Posted September 27, 2020 Report Share Posted September 27, 2020 Multiva. Not HSBC. Horrible customer service and SLOW. Quote Link to comment Share on other sites More sharing options...
happyjillin Posted September 27, 2020 Report Share Posted September 27, 2020 As far as I'm concerned Intercam has given us excellent personal financial service as good as our Scotiabank in Canada. Actually better because or account exec at Intercam has done housecalls. Quote Link to comment Share on other sites More sharing options...
#HarryB Posted September 27, 2020 Report Share Posted September 27, 2020 We have our SSI checks deposited directly to Multiva and have an ATM/debit card to keep the balance under 10K US. We do report a foreign account. Their investment side gives a better transfer rate for 10K or + Quote Link to comment Share on other sites More sharing options...
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