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My wife and I are having a challenge getting a bank account open. Every bank and even at the branch level seem to have their own and different requirements. Is there a bank that is more geared to foreigners? We have temp residency and have a letter with a local utility bill. Some banks are requiring a Mexican phone number and/or permanent residency, among other things.

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1 hour ago, 2Expats said:

My wife and I are having a challenge getting a bank account open. Every bank and even at the branch level seem to have their own and different requirements. Is there a bank that is more geared to foreigners? We have temp residency and have a letter with a local utility bill. Some banks are requiring a Mexican phone number and/or permanent residency, among other things.

(1) What is the purpose of opening ---- keep   "emergency" money here, or bring quite a large amount? (Will help with your decision.)

(2) How do you propose to fund this account ...... eg I cannot send a wire transfer from Canada because I'd have to be bum-in-seat at my Canadian branch to sign. Therefore have to have trusted Canadian friend complete signed cheeks left with her to do it for me.

(3) IF you go with Intercam, Multiva, and Lloyds Actinver (none my choice) be very sure you understand ramifications of various accounts including taxes,     guarantee on deposits, etc. They'll try to sneak that part past you.

(4) Bancomer not my choice due to difficult access, but I know several who use that branch.

(5) Currencies of many kinds are really bouncing around right now.  Suggest you steer well clear of keeping a large amount in Mexico.

(6) Tho' DO have Mx bank, find it better to use ATM's to withdraw largest amount possible (depends on your foreign bank) from time to time and make minimal use of Mx bank. This of course is one person's opinion.... no need for castigation  on that point.

 

 

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The purpose of opening the account is to keep a minimal amount of cash the and use it as a form of ID. It seems a bank account is often required for other purposes. For instance, we tried to get a storage unit and they required a bank account.

If transfers are required we would use Transfer Wise. It simplifies international transfers. 

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Why use ATM's to get cash at a Mexican bank?  Fees charged.  Just find a bank with convenient parking, walk on in and get your cash as needed. Stay under the limit for reporting. For serious money, use a U.S. bank that serves people living overseas, such as State Dept. Federal Credit Union.  Lots of advantages, including being able to use your actual address.  They issue credit and debit cards as well.

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12 minutes ago, 2Expats said:

The purpose of opening the account is to keep a minimal amount of cash the and use it as a form of ID. It seems a bank account is often required for other purposes. For instance, we tried to get a storage unit and they required a bank account.

If transfers are required we would use Transfer Wise. It simplifies international transfers. 

I also like the idea that when I only carry my Mexican card; If I were to loose it, it can be replaced locally much easier than a NOB card.

I get fully reimbursed for my NOB debit card use, but like my Visa, they stay locked at home.

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I've managed to live here for 10 years total without needing a MXN bank account.  During this time we've bought and extensively renovated 2 homes and purchased a new car.  Never paid an ATM fee (Chas. Schwab).   

But the OP says he needs a local bank account in order to secure a storage unit and I have no reason to doubt him/her.  

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I have had a basnk account with bank comer for the last 20 years and never had a problem with them. I use my bank account for transfers on a regular basis.. I pay employees that way no matter where I am  and it is very convenient. They also pay my electric  and telmex bill. and have done so for 20 years without a problem. I would not be without a Mexican account.

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1 hour ago, 2Expats said:

We tried intercam but were told there was a 30 peso fee for debits and a 90 peso fee for ATMs that were not intercam.

I do not get charged by Intercam when using their machines. They have two branches and an additional ATM at the LCS. 

I do not get charged 90p. It varies by which bank I use. As it is a Mexican card, the rates are 1/4 to 1/2, of what they show on the screen for fees on a NOB card.

If you set up an account, ask for a daily limit increase to 10,000p. That can only be taken out in a branch and 5000p limit remains for ATMs.

The only tax I pay is just under 1% on CEDES.

As already noted, great service.

Western most branch:

Daniel Arturo Amezquita Padilla damezquita@intercam.com.mx

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1 hour ago, 2Expats said:

We tried intercam but were told there was a 30 peso fee for debits and a 90 peso fee for ATMs that were not intercam.

I don't know about that since we don't use ATM's even Intercam's and I don't use my debit card,except when I go to a hospital. Cash is king here and we just go to the branch teller and get it as needed. I don't wire from my Canadian Scotiabank account,nor do I need to pay any wire service. To top up my Intercam acc.,I write myself a Scotia cheque,deposit it and even though Intercam won't get the $'s in less than 5 working days,it shows as a deposit the day I put it in. Bonus,they pay interest on our chequeing account

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9 hours ago, 2Expats said:

We tried intercam but were told there was a 30 peso fee for debits and a 90 peso fee for ATMs that were not intercam.

So only use Intercam. There are two branches in Ajijic amd more in Guadalajara, Mexico City and at the coast. They have a good reputation for customer service.

Each bank asks for different documents. Just show them what they want. You can't argue as it is what their head office requires. 

I use HSBC ATMs to access my money in Canada. No ATM fees. I had an account with HSBC locally and could transfer money freely from Canada but HSBC in Mexico City kept "stealing" my money so I closed it. I don't need a local bank.

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I also no longer have a local bank. Used to deal with Lloyds in San Miguel de Allende and that started in 1996 when there were no ATM's in most places. Our Lloyds account number was still the same in Puerto Vallarta and also here when we moved back inland in 2011. Unfortunately, Lloyds sold to Actinver and that's when the problems started. I finally closed the account in 2014. Since then, I have only used my Canadian account into which my pensions are deposited. I use the Multiva or HSBC ATM's a couple of times a month. Zero problems.

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2 hours ago, Whipstock said:

I do not get charged by Intercam when using their machines. They have two branches and an additional ATM at the LCS. 

I do not get charged 90p. It varies by which bank I use. As it is a Mexican card, the rates are 1/4 to 1/2, of what they show on the screen for fees on a NOB card.

If you set up an account, ask for a daily limit increase to 10,000p. That can only be taken out in a branch and 5000p limit remains for ATMs.

The only tax I pay is just under 1% on CEDES.

As already noted, great service.

Western most branch:

Daniel Arturo Amezquita Padilla damezquita@intercam.com.mx

My account exec is at the newer branch west of colon. Alejandra de la Torre. adelatorrep@intercam.com.mx. phone:376-766-4236,ext7856

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17 minutes ago, happyjillin said:

My account exec is at the newer branch west of colon. Alejandra de la Torre. adelatorrep@intercam.com.mx. phone:376-766-4236,ext7856

I believe I've  been helped by her at the original location near the OXXO. 

Nothing but top notch service from anyone I've dealt with at Intercam.

I usually have gotten less than 10 feet from an ATM before they have sent an email stating that a withdrawal has occurred and for how much.

Only negative I've ever heard was they pay less than some other banks for CEDES. 

2Expats, you may want to take a second look at them.

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In early 2008 I was making final preparations for my move here and decided that I needed to open a Mexican bank account. I was living in Southern California about 4 hours from the border so I went to my bank and withdrew US$10,000 and drove down to the border and at San Ysidro walked across the border bridge into Tijuana. I asked directions to the nearest Mexican national bank and was directed to a Bancomer branch a few blocks away. I walked there and asked to see the manager. I met with him in his office and plopped down the envelope with all those $100 bills. His eyes opened wide and he asked me some questions. I had made a prior trip here and rented a house so I had a Mexican address but not much more. I had some basic paperwork about temporary residency and I think that was all. I am sure that things are much different now but I do not think that a Residente Permanente is required. Shortly after arriving here I went to the Bancomer branch in Ajijic and had my account transferred there and have had a very good relationship with them since. 

TJ was always a rough town, I am sure much more dangerous today, but sometimes I look back and laugh, thinking about all the Hombres Malos there who had only known what I was carrying in my pocket!!! 

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Like some previous posters, we lived over a decade without ever feeling the need for a Mexican bank. We maintained our USA banking, which returned ATM fees, and used any convenient ATM for our cash needs. Bought and sold two homes and one new car with wire transfers and/or "plastic" with limits waved for a day to complete the transaction.  Never any inconveniences, and always secure.

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10 hours ago, 2Expats said:

My wife and I are having a challenge getting a bank account open. Every bank and even at the branch level seem to have their own and different requirements. Is there a bank that is more geared to foreigners? We have temp residency and have a letter with a local utility bill. Some banks are requiring a Mexican phone number and/or permanent residency, among other things.

Yep, they need that Mexican phone number to send you codes. They will not use a foreign phone number. Citibanamex has been easy to work with. Need a utility bill in your name.

 

 

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