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Would like some input on best place to park some funds here safely and gain a little interest. I know that it will not be much since I am am talking about liquidity and not a huge amount of cash. What about a Mexican version of a Money Market account? Any input would be greatly appreciated. Gracias.

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Multiva offers some interest bearing accounts that pay 2 or 3%. After receiving a wire I transfer the excess to the account and liquidate funds when needed. As of today a 6 month CEDE (CD) pays 4.5% less the government’s 20% ISR taken at maturity.

Buried on their website is a pdf that lists all of of their offerings and recent returns. They are listed under fondos de inversion.

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You should consider opening an account with O'ROURKE Investments, located in the lower level of Laguna Mall, between the HSBC & Black Coffee.  See the Manager, Cesar RUBIO.  He has lots of very satisfied ExPat clients.  Phone  376 766 4481.

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We have a chequeing account with Intercam and get interest minus about 75% of what the feds grab of that interest thanks to AMLO.  Amazing that we get interest,because never happen at a Canadian bank on that kind of account. We chose chequeing in order to be able to withdraw any amount.

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I have had an account with Bancomer Banco Patrimonial for about 6 years. I use to have a mix of CETES and Bancomer investment products. Then several years ago I got rid of the Bancomer products and purchased Tesla shares (TSLA.mx). Sold them recently and bought shares of Nikola motors (NKLA.mx) and increased my CETES holding. But the interest currently paid by CETES bonds is much less then the current inflation rate 😒. In other words, your money will lose value over time. (enjoy it while you have it).

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This week at Intercam a CEDE of 100 000 Pesos for 9 months gets you 3.35%  I believe the new tax rate was dropped to just below 1% as of Jan 1st.

 

As Per HoneyBee, it is well below the real rate of inflation. 

 

I do not know the difference in rates or benefits between a CETE(s) and a CEDE(s). Someone said a CETE is a Federal Government bond, and a CEDE is a bank CD?? If anyone knows, please share on the board. 

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No dog in this fight (gracias Ferret) but be aware that the higher yield investments at Multiva are NOT covered by Mexican equivalent of FDIC. I only know this after translating their entire statement one period for a friend..... who was more than shocked at this revelation  I cannot say for O'Rourke, Intercam etc, but suspect the same applies.

You need to take the time to read ALL the fine print, and ask the hard questions.  They apparently were not willing to explain this to her when she asked.

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1 hour ago, wanderer said:

i caught intercam charging me a very high fee, .92% on a savings account and then lying and denying it. i proved it to them and they still denied it so i moved to orourke. much better.

Really? And how did you prove it?

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36 minutes ago, wanderer said:

i did the math and found it in their in literature. maybe you should try it.

I don't need to. I have had a chequing account,not savings. with Intercam for several years and everything is hunky dorry when I go to my account on line once in a while to check my balance or see if I should load 'er up again. In addition my account exec is top notch in all respects.

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I was surprised that tax was taken out of my money before the remaining funds were used to buy the CETES.  I guess they don't trust anyone in charging tax after the funds make interest.  I can take my money out when the rollover occurs once a month.  But I roll the whole balance over so I can make interest on my interest.

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On 6/24/2021 at 8:12 AM, John Shrall said:

Multiva offers some interest bearing accounts that pay 2 or 3%. After receiving a wire I transfer the excess to the account and liquidate funds when needed. As of today a 6 month CEDE (CD) pays 4.5% less the government’s 20% ISR taken at maturity.

Buried on their website is a pdf that lists all of of their offerings and recent returns. They are listed under fondos de inversion.

4.5% yield after 20% tax is only a yield of about 3.6%, still not bad compared to US or Cad bank rates. Of course you also have currency risk.

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7 hours ago, wanderer said:

i caught intercam charging me a very high fee, .92% on a savings account and then lying and denying it. i proved it to them and they still denied it so i moved to orourke. much better.

Are you saying it was an Intercam fee and not a government imposed ISR regulation with holding?  A fee for what?  I have had a checking account and cede account with Intercam for years and have never been charged a fee.  Unless it is something distinguishable between a national and a foreigner, I can´t imagine what it could be?  Other family members, all Mexican, have never been charged a fee either.

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