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Banking in Mexico

 
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Beemers



Joined: 09 Apr 2003
Posts: 7

PostPosted: Fri May 02, 2003 7:17 pm    Post subject: Banking in Mexico Reply with quote

I've read all the posts about wages and such while working in Mexico but I still have a few questions.

First, how are you usually paid while teaching (i.e. Cash, cheque...)? Also, is it possible to open up a bank account while in Mexico (I will be there for a year)?

Any information on banking, including necessary documents or requirements is greatly appreciated.
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Ben Round de Bloc



Joined: 16 Jan 2003
Posts: 1946

PostPosted: Sat May 03, 2003 3:23 pm    Post subject: Bank accounts Reply with quote

Beemers,

If you plan to be in Mexico for only a year, I doubt that you'll have much need for an account in a Mexican bank. You'll probably never earn enough money ahead that you'll be able to deposit anything into your account anyway. With the incredibly low interest rates on savings/checking accounts that Mexican banks are currently paying, your interest probably wouldn't even cover the bank's service charges.

It is not common practice to pay bills or make purchases using personal checks here, so there's really no need to have a checking account for those purposes.

Of more concern, you should have "security" money in checking/savings in a bank in your home country with an ATM card to get to it when you need it.

Most language schools where I live pay in cash or with a check. However, it wouldn't surprise me if in the near future, some schools start going the direct-deposit routine as many local businesses have done. In such cases, the business opens an account for each of its employees in a bank of the employer's choice, deposits wages into the employee's account, and the employee can draw it out using a bank card.

Many language school owners prefer to pay teachers in cash as a tax advantage . . . their advantage not yours, by the way. Also, if you plan to work illegally (no work visa,) expect to be paid in cash.

Best wishes!
Smile
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9403
Location: Mexico City

PostPosted: Sun May 04, 2003 3:46 am    Post subject: Pay Reply with quote

Agreed this time Ben...

Even if you get a work permit and stay for a year or more, it is not easy for a teacher to open a bank account. The 1996 crash here in Mexico realy friggered up the banking system.

The service charges in Mexico City aren;t bad at all for maintaining an account...but don't plan on having any conveniences to come with it. It's changing slowly, but for the moment, expect to be oaid in cash, like Ben says, with or without a work permit.
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Beemers



Joined: 09 Apr 2003
Posts: 7

PostPosted: Sun May 04, 2003 4:30 pm    Post subject: Reply with quote

Thanks guys, that helps a lot. I am going to Mexico to teach for the first time this August so I am sure I will have many more questions before I go. Shocked

Steph
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Gringo Greg



Joined: 19 Jan 2003
Posts: 252
Location: Everywhere and nowhere

PostPosted: Sun May 18, 2003 3:56 am    Post subject: it depends Reply with quote

I found that having an account in Mexico was convenient. On payday, I could put my money in my account less my rent money and be able to access just what i needed, when I needed it. Most of the atm cards use the elctron system so you can pay for your purchases at Wal-mart or whatever store. It really makes it easy.

Opening an account can be a real pain sometimes. The last acocunt I opened was in 2000. All I needed to show was my passport and tourist card. If you speak Spanish well enough and go with a Mexican friend(and their power bill/water bill/etc.), and you find an accomodating bank employee, opening an account is very easy. Otherwise you get told that it is impossible. Spend a day or two going around to several banks and one will let you open an account...

That said, a dutch friend visited several banks with his Mexican wife in tow and he couldn't even find a bank that would let him open an account where he was merely a signatory(joint aacount with his wife.)

Greg
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