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disraeli123

Hello Everyone, I'm sorry, if this has been asked, before, but I just put in my FM-3 paperwork and now I'd like to know what I have to do in order to open a bank account Question

Thanks for your help in advance Smile

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

It's been awhile, but it shouldn't be much more than bringing your FM3, passport, and proof of address (and copies of everything) into whichever bank you choose...assuming you're opening the account and not your employer.

disraeli123

Thanks Guy, Your prompt answer and advice is appreciated. You are after all one of the veterans on the board. Thanks a lot Again!!!!!!!!!!!!!!!!!!!!!!!!!!

notamiss · Posted: Fri May 25, 2012 7:04 pm Post subject:

And don't forget some money to meet the minimum deposit requirements (amount you need will depend on the type of account you choose).

Enchilada Potosina · Joined: 03 Aug 2010 Posts: 344 Location: Mexico

And when they offer you a credit card just say no gracias.

disraeli123

All of your advice is noted and thank you all for helping me out as a new comer to Mexico.

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

MotherF · Posted: Sat May 26, 2012 9:19 pm Post subject:

I don't know about EP, but when I was offered a credit card and listened to the terms I was like "What crazy person on earth would possible accept such a deal?" Razz

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

MotherF · Posted: Sun May 27, 2012 1:34 am Post subject:

The interest rate was something like 24% and you had to make at least 3 charges a month if you didn't want to have a monthly fee.

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

Credit cards everywhere are in the 20+ range on interest...I don't see that as nutty. It hurts if you use the card as a form of income, but that's irresponsible.

We have a Bancomer card that is at 27% interest but we never carry a balance. I don't think we have a minimum number of charges but we put all kinds of things on it anyway. We pay all the bills online with it then pay it off the next day online through Bancomer. I'm much happier doing it that way than schlepping down to a bank or a grocery store to pay a bill.

There's a 450 peso per year charge but I don't find that unreasonable for what we get out of the card. Can't rent a car here or book a hotel in the US or Canada without it.

disraeli123

Thanks to everyone for their help on Banking. As far as credit goes I have a card from the States and it has only a 15% . I do pay it off every month, but 27% is astronomical. Again thanks everyone.

Dragonlady · Posted: Mon May 28, 2012 1:00 am Post subject:

My advice for opening a Mexican bank account? Don't Exclamation

1) unless you're here for the long haul, which you likely won't know until you've been here 1-2 years. Until then, keep your pesos in a sock (or flip-flop) and maintain access to your foreign accounts and credit cards through ATMs... for emergencies only.

2) unless your employer pays you by direct deposit using a group (employer managed) account that truly waives service fees and allows you to withdraw everything each pay period without penalty.

If you're doing things right, you should be able to live on what you earn here - unless you have champagne tastes on a beer salary (bless you mom for that one).

DL

esl4everever · Joined: 20 Nov 2011 Posts: 38 Location: US

I am a name dropper.
And i like to get very specific with my info.

You may wish to look into a bank called USAA.
It is not only for military members.
It is involved because it is global banking.

bank of Amerida
also has global banking at higher rates than USAA.
and they have min. you have to keep in their checking account

note -

You may not use this bank if you are not a US citizen.

Tretyakovskii · Joined: 14 Aug 2009 Posts: 462 Location: Cancun, Mexico

I have no complaints about my nomina account: it pays no interest but there are also no fees associated with it unless I want to add a capacity to make bank transfers to pay bills; then, it's 24 pesos per month.

Once, when in the bank, I was feeling soft and agreed to accept a credit card from them. They told me there was no annual fee, so it sounded OK; however, what there was, and what they didn't tell me, was that there was a charge of 87 pesos per month if I didn't charge anything in a given month! It took me two months to finally get the card cancelled, and the charges stopped. What a pain.

Thing is, I had no need for the card. I had two U.S. based international credit cards as it was, both of which work just fine in Mexico and for online purchases or payments.

Gotta be tougher next time, when faced with any special offers my bank wants to make me....