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Pls. recommend a bank in Mexico to get automated monthly deposits from USA.


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I can't recommend a Mexican bank, as I don't have one. I get my OPM retirement sent to USAA bank, and just access funds via ATMs here (charges are reimbursed) or use their direct transfer services for larger payments. There are other financial institutions (like Schwab) that have similar arrangements.

I strongly recommend researching the concept of banking here in Mexico. Some accounts are not insured, and there are several claims of employee or institutional fraud dealing with expats. There are also the issues of currency devaluation and compliance with US requirements to notify the IRS about any foreign accounts.

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If your desire is to open a Mexican bank account you need to recognize there are different types of banks here.

Regular banks like BBVA, CitiBanamex, HSBC, Scotiabank, Etc.  Those banks offer insured accounts, car loans, home loans, and credit and debit cards. They also offer apps to be able to move money and pay bills from your phone or computer.

Investment type banks like Multiva, Actinver, Intercam, etc. that offer investments and savings accounts, some insured and some not. They have debit cards(that do not work for some things) but do not offer credit cards, car loans, home loans, etc.  

 

 

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12 hours ago, Citizen of the World said:

Hi! please recommend your bank to get the monthly deposits? I am retired in Chapala. TIA

I can recommend MY banking account for your OMB deposits .... I'll send you my routing and account numbers in a PM.... 😎

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ha! I am retiring in Chapala, because with the montlhly deposit, I couldn´t afford to live in USA!  :(  I have to live here, so I need a Mexican Bank Account to get my pennies here ...  I do not have an address in USA, even I do not have a phone with American number... 

 

 

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3 hours ago, lakeside7 said:

Well she is looking for a partner so it seem you have met a good match, don't forget to send us all an invitation 

Me thinks that she must have already found a partner as that is.... long gone from her Avatar! SHUCKS!  😂

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The cost of a usa Skype number (you chose the area code you want and it does not have to match the address) is well worth is.  You can give this number to any north bank or investment institution    Once you enter your HSBC application information, they call you to verify the info.  That is all there is to it.

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1 hour ago, MtnMama said:

You can also open a forwarding account for mail and packages with a company like iShop or Sol y Luna. You then have a US address for the bank and it is useful for receiving mail.

Most banks and other financial institutions use free USPS software that ID mail forwarding addresses as CMRA's.  Commercial Mail Receiving Agents.  They don't care for those addresses.  Getting harder and harder for US expats between this and the Patriot Act.

One ray of light are US Credit Unions.  The OP is a Federal Retiree and likely eligible for one or more CU's to join.  They don't care about foreign addresses or CMRA's.  

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2 minutes ago, Citizen of the World said:

 

Does it really work?     Where is the Sol y Luna address in USA located? I know Ishop´s USA address is located in Texas, but I do not know where Sol y Luna´s is...

Also Laredo, as is Handy Mail's.  

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On 11/6/2021 at 7:14 AM, pappysmarket said:

Why would where the deposit is coming from have anything to do with if the bank is a good bank? I'm confused.

Because USA does not want to send money directly to Mexican banks with no routing number... I guess most of the banks in Mexico have just swift code... but I would like to know.  Usually there is a way to do things... 

 

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  • Citizen of the World changed the title to Pls. recommend a bank in Mexico to get automated monthly deposits from USA.
4 hours ago, Citizen of the World said:

Because USA does not want to send money directly to Mexican banks with no routing number... I guess most of the banks in Mexico have just swift code... but I would like to know.  Usually there is a way to do things... 

 

Regular banks like BBVA, CitiBanamex, HSBC, Scotiabank, Etc.  Those banks offer insured accounts, car loans, home loans, and credit and debit cards and checks that require routing numbers. They also offer apps to be able to move money and pay bills from your phone or computer

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