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bringing money from Canada


RA_John

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Are you talking a huge amount of money, like to pay for a new car or a house? You can withdraw on your ATM card from your Canadian Scotiabank account at any Scotiabank in Mexico without incurring any fees, as long as you maintain the minimum balance required in your account.

If you need a larger lump sum, there are online currency exchange/money transfer outfits, like Wise or Xetrade. I use Xe to transfer from my Canadian Scotia acct. to my Bancomer acct. EFT transfer, so no wire fee, you are just subject to their exchange rate. 

They do have limits to how much you can transfer at once, but you can request larger limits. Takes about 5 days to appear in my Bancomer acct.

But I think you may have to be in Canada to set up an account to start with, as they phone you to verify your info when you first sign up- you'd have to research that.

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What do you mean by large? When we wired money to buy a house it was large and required signatures. To finance our stay in Mexico we routinely wire several thousand at a time to our Mexican bank without any hassles. CIBC has free worldwide money wire at exchange rates competitive to any other wire service. Check if TD or scotia offer same directly from your account. Be prepared for 2FA verification if you're already abroad, and / or use a VPN.

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1 hour ago, RA_John said:

Sorry for not being more specific

We are considering buying a house here.

TD is saying to do a large wire transfer, we need to physically be in the branch in Canada.

We are with Scotia and bought our house here in 2006 and had no problem doing everything from here. before we left Alberta we told our branch manager that we were going to buy a house with cash and will need to have it transferred to the RE bank account in US $'s. Later we had a wire transfer to our MX bank account[about $15000cdn] to pay our contractor for reno work. We are now with Intercam here and top up our acct. with a cheque from our Scotia Canadian branch for any amount we want. Maybe you need to change banks.

 

pedro kertesz

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1 hour ago, RA_John said:

Sorry for not being more specific

We are considering buying a house here.

TD is saying to do a large wire transfer, we need to physically be in the branch in Canada.

I had the same problem with the Royal Bank of Canada. Finally had to go back to Canada to arrange a transfer. 😒

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3 hours ago, RA_John said:

Sorry for not being more specific

We are considering buying a house here.

TD is saying to do a large wire transfer, we need to physically be in the branch in Canada.

Talk to them. We did it remotely from Mexico, they sent in pdf paperwork and accepted digital signatures to wire money for house purchase.

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13 minutes ago, MakeItSo said:

Talk to them. We did it remotely from Mexico, they sent in pdf paperwork and accepted digital signatures to wire money for house purchase.

To clarify: they emailed the pdf files, we took pictures of signatures (had to match what they have on file in the bank), and copy-pasted into the pdf, and emailed back. that's it.

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7 hours ago, happyjillin said:

We are with Scotia and bought our house here in 2006 and had no problem doing everything from here.

In the banking industry things have probably changed/tightened up in 16 years. Just saying...

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43 minutes ago, RickS said:

In the banking industry things have probably changed/tightened up in 16 years. Just saying...

You're SO right my friend.  Wire transfer from Canada used to be a simple phone call from me (here) to bank (there).  Not any more. Bum in seat or no dice!!  That's why trusted friends (there) have signed checks on hand, and if I need a wire they make the check out to themselves, deposit, wait for it to clear, and then send me a wire from their own account.

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On 3/4/2022 at 8:37 PM, MakeItSo said:

To clarify: they emailed the pdf files, we took pictures of signatures (had to match what they have on file in the bank), and copy-pasted into the pdf, and emailed back. that's it.

MakeItSo

Which bank was that?

Was that done recently?

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I opened an account at Intercam (the new branch) with better parking. The rep there was Alejandra de la Torre Pulido and she was recommended by Happyjillin. Perfect English. The other rep I dealt with there was Irma Ahtziri Martinez Garcia and she also speaks perfect English. I opened the account to specifically have funds here to purchase a new vehicle (which I'm still waiting for). I wrote an old fashioned cheque on the TD bank to fund the account. It cleared in 10 days. SO easy. And the customer service is outstanding at Intercam.

So, if you have cheques with you, it is, imho, the least painful means of getting money into Mexico from Canada for big purchases. Don't have cheques? Ask your bank to courier some down. And I do mean "courier" like Fedex. You do not have to have a box at iShop to have them sent there. You can track them online and pick up at your convenience... cost is about 30 to 50 pesos.

Life does not have to be complicated but I would tell your Canadian bank that you plan on writing a BIG cheque on your account.

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1 hour ago, Ferret said:

I opened an account at Intercam (the new branch) with better parking. The rep there was Alejandra de la Torre Pulido and she was recommended by Happyjillin. Perfect English. The other rep I dealt with there was Irma Ahtziri Martinez Garcia and she also speaks perfect English. I opened the account to specifically have funds here to purchase a new vehicle (which I'm still waiting for). I wrote an old fashioned cheque on the TD bank to fund the account. It cleared in 10 days. SO easy. And the customer service is outstanding at Intercam.

So, if you have cheques with you, it is, imho, the least painful means of getting money into Mexico from Canada for big purchases. Don't have cheques? Ask your bank to courier some down. And I do mean "courier" like Fedex. You do not have to have a box at iShop to have them sent there. You can track them online and pick up at your convenience... cost is about 30 to 50 pesos.

Life does not have to be complicated but I would tell your Canadian bank that you plan on writing a BIG cheque on your account.

Once you have established an account there as a regular customer,the cheque you write for a top up in your acct. will be deposited that day. No waiting. I was offered a better exchange rate by Intercam if I wired, so I checked the Scotia procedure and it wasn't worth the hassal[sic] for a bit more loot. I'm here fer a good time not a hard time. What's wrong with you people doing the same thing over and over and then moaning and groaning about it.

 pedro kertesz the contented

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22 hours ago, RA_John said:

MakeItSo

Which bank was that?

Was that done recently?

CIBC. This was in 2020, when in fact they did not want to see us at all in person (pandemic). At first they sent password-protected PDF files, where we filled in various forms, and copy-pasted scanned signatures, and emailed back. We've done all kinds of other remote-signing with them since. They now send you a link to a secure server where they host PDFs for signing, and you can download them for your records. Actually very easy and convenient process.

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