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Best Way to Transfer Money from a CANADIAN Bank to my Bancomer Account in Mexico?


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With ATM fees going up, etc. I'm looking for the best way to transfer money from my Canadian bank to Bancomer. I talked to my bank and they said it's possible to do a Global Transfer but she wasn't able to tell me how much it would cost because Mexico is a 'special' situation and it depends on the bank on this end. So, does anyone here regularly transfer money from their Canadian Bank to Bancomer and, if so, can you give me an idea of how it works and how much it costs? Thanks in advance. 

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I use a service online called OFX.  They charge $15 and take the money from my TD Canada Trust account and drop it into my Bancomer account.  I just transferred $10K and they waived the service fee.  As with all foreign exchange the rate they give you changes constantly. It was a bit of paperwork to get it set up but now it is super easy every time I use it.  I used to write a cheque to Bancomer from the Canadian account but they give a poor exchange rate and you have to sit and wait to see someone and wait while they call Mexico City for a rate, etc.  Then I couldn't get access to the money for weeks while the cheque cleared via pony express.  OFX is much more convenient.  I can do it from home on my computer or phone and check rates any time.  I'm very happy with it.   https://www.ofx.com/en-us/

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Ask them if they will accept a cheque from your Canadian bank account. That's what I do from my Scotia to my Intercam and it costs me no fees except whatever exchange rate I have negotiated with my Intercam acct. exec., which is always better than the rate posted on the board in their lobby.

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Greengo:  I recommend that you convert your US funds to Canadian, send your funds to Canada and then follow the instructions. What do you think? Can you do that?  :)

 

:)  :D  🤣

😁

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24 minutes ago, gringohombre said:

I understand that there is now a limit of about a thousand US$. Is this daily?

Max per transfer is 980.0 USD, no limit on # of transfers.  I just did 2 in one day.  In checking with TW they are working on a new set of parameters with their partner on Mexico transfers, so the current limit is not seen as being long term.

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1 hour ago, tugwestend said:

Max per transfer is 980.0 USD, no limit on # of transfers.  I just did 2 in one day.  In checking with TW they are working on a new set of parameters with their partner on Mexico transfers, so the current limit is not seen as being long term.

Thank you for this info...obviously you know how TransferWise works. Just one more question...what address should I use? I am a Residente Permanente here and have a Laredo forwarding address and also family members address in US. Gracias 

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On 1/5/2021 at 11:42 PM, gimpychimp said:

I use a service online called OFX.  They charge $15 and take the money from my TD Canada Trust account and drop it into my Bancomer account.  I just transferred $10K and they waived the service fee.  As with all foreign exchange the rate they give you changes constantly. It was a bit of paperwork to get it set up but now it is super easy every time I use it.  I used to write a cheque to Bancomer from the Canadian account but they give a poor exchange rate and you have to sit and wait to see someone and wait while they call Mexico City for a rate, etc.  Then I couldn't get access to the money for weeks while the cheque cleared via pony express.  OFX is much more convenient.  I can do it from home on my computer or phone and check rates any time.  I'm very happy with it.   https://www.ofx.com/en-us/

Thanks very much for this information. So, the only fee you pay is the $15 to OFX, or does Bancomer charge you a fee also? Is the exchange rate they give you good?

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On 1/6/2021 at 12:20 PM, happyjillin said:

Ask them if they will accept a cheque from your Canadian bank account. That's what I do from my Scotia to my Intercam and it costs me no fees except whatever exchange rate I have negotiated with my Intercam acct. exec., which is always better than the rate posted on the board in their lobby.

gimpychimp posted above that cashing a cheque with Bancomer is a PITA

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On 1/6/2021 at 1:41 PM, mosport said:

Go to Global Money Transfer at your Canadian Bank. Follow the instructions. Easy peasy straight into your Mex bank acct. Mine is CIBC.

 

My bank said I could do this but they couldn't tell me what the fee would be because it depends on the receiving bank in Mexico. They normally charge $5 up to $999 and no fee for $1000 or more. How much is the fee you pay? Is your Mexican account with Bancomer? Thank you.

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25 minutes ago, Frijoles said:

Thanks very much for this information. So, the only fee you pay is the $15 to OFX, or does Bancomer charge you a fee also? Is the exchange rate they give you good?

Bancomer doesn't charge me anything.  When I sent the money the other day the $15 fee applied if I was sending 5K, but they waived it with 10K.

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XE works fine for me. Funds are transferred directly from my RBC account into my Bancomer account. Takes a few days. 

Setting up takes a while, to validate all the account information, but once done, it's a breeze. I have transferred amounts from $1000 to $10,000 C$, though have not done so recently.

Pete

 

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39 minutes ago, peteben said:

XE works fine for me. Funds are transferred directly from my RBC account into my Bancomer account. Takes a few days. 

Setting up takes a while, to validate all the account information, but once done, it's a breeze. I have transferred amounts from $1000 to $10,000 C$, though have not done so recently.

Pete

 

Agreed. Small or large amounts may be transferred from most countries, to worldwide. As stated, setting up varies dependent on your circumstances. e.g. I do transfers and pay the amount to be transferred through my bill payment feature of my bank.

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