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Mexican money matters

 
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Deceptacon



Joined: 24 Sep 2012
Posts: 3

PostPosted: Mon Nov 19, 2012 8:21 pm    Post subject: Mexican money matters Reply with quote

Hi, hope you're all well. Well, I managed to get a job in Oaxaca state and will be on my way in three weeks. Yeeha!

Just a few money queries I'm hoping you kind people will be able to help with...

I'm with Santander UK but they're either unable or unwilling to tell me whether I can transfer my account or easily set up a Mexican one. Does anyone have a tried and tested contact number?

If the above fails, how long will it take to set up a bank account in Mexico and what will I need? Are any banks worth going for or avoiding?

Although I'm not exactly keen on carrying wads of money about, should I bring a combination of Mexican pesos / US dollars / travellers cheques when I first arrive?

Also, is anyone aware of the ATM situation in Miahuatlan, Oaxaca?

Gracias x
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MotherF



Joined: 07 Jun 2010
Posts: 1129
Location: 1748'N 9746'W

PostPosted: Tue Nov 20, 2012 4:30 am    Post subject: Reply with quote

The school you are working at will pay you via direct deposit at the bank of their choosing. Once you get your work visa sorted you will be able to open a "nomina" (payroll) account at that bank with no initial deposit. You will need the visa, your passport and a proof of local address.

While there are branches of Santander all over Mexico--do not expect that to do anything special for you. They won't recognize you as a customer of theirs.

I'm not sure of the ATM situation in Miahuatlan--but why don't you ask your contact with your hiring school. They are pretty friendly.
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tideout



Joined: 05 Feb 2011
Posts: 180

PostPosted: Tue Nov 20, 2012 4:43 am    Post subject: Re: Mexican money matters Reply with quote

Deceptacon wrote:
Hi, hope you're all well. Well, I managed to get a job in Oaxaca state and will be on my way in three weeks. Yeeha!

Just a few money queries I'm hoping you kind people will be able to help with...

I'm with Santander UK but they're either unable or unwilling to tell me whether I can transfer my account or easily set up a Mexican one. Does anyone have a tried and tested contact number?

If the above fails, how long will it take to set up a bank account in Mexico and what will I need? Are any banks worth going for or avoiding?

Although I'm not exactly keen on carrying wads of money about, should I bring a combination of Mexican pesos / US dollars / travellers cheques when I first arrive?

Also, is anyone aware of the ATM situation in Miahuatlan, Oaxaca?

Gracias x


I have Bank of America which has a relationship with Santander and makes withdrawals free of charge. Obviously, it should be easier for you. I notice I can only withdraw from my checking account on an ATM card at Santander and it won't let me withdraw from Savings - you're situation may be different with an established account at a Santanders. To avoid an emergency issue when you arrive, I'd make sure you have money in both checking and savings accounts - until you see you can use either or both. I can't recall the specifics right now but you'll probably need your FM3 at least to set up an account locally.

You might want to see what bank your school uses as well. I'm certainly not saying you'll want to drop Santander but wait and see what's what when you get there. No matter how prepared you go, it will take a bit to get set up - especially in Oaxaca. IMO, I wouldn't even dream of trying to set this up from overseas.

How much to bring depends on where you're going in "Oaxaca State"? If you're going to be in the city, bring a couple of hundred bucks (or BP's) and change that at the airport. After you're settled a couple of days simply ask people where the Santander cajero automatico is. You'll find it. You don't need to carry a "wad" of cash as you can go to an ATM.
If I were going to an outlying part of Oaxaca, I'd up my cash levels a bit. Will you need money for a deposit right away etc.? Adjust accordingly if you can't determine for sure there's an ATM in your little town.

BTW, Santander has ATM's in a number of places - look it up on their website and check for Oaxaca. I know there's one a half block from the zocalo on the NE side (near Italian Coffee shop) and there's one north of Parque Llano near the main regional bus station on a main city street. Sorry I can't recall the name.

Don't wait until midnight to withdraw - robberies are not unheard of.

Good luck.
tideout
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tideout



Joined: 05 Feb 2011
Posts: 180

PostPosted: Tue Nov 20, 2012 4:45 am    Post subject: Reply with quote

Ah, I shoulda' just waited for MotherF!!!
Very Happy Very Happy Very Happy
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Dragonlady



Joined: 10 May 2004
Posts: 716
Location: Chillinfernow, Canada

PostPosted: Tue Nov 20, 2012 7:28 am    Post subject: Reply with quote

Regardless of where you're from or where you'll be going, be sure to notify your bank(s) beforehand that you will be travelling to, living, working in (insert name of new country) so that they don't inadvertently freeze your account thinking your ATM/credit card(s) have been stolen. A quick phone call beforehand will save you oodles of grief and embarrassment.

Scotia Bank, Santander, HSBC in Mexico may use the same name / logo as elsewhere but they are all brothers-from-a-different-mother.

Make sure the bank your employer requires you to use for automatic payroll allows you to withdraw the entire amount each pay period without penalty - you may not have a choice in the bank, but you can negotiate this perk.

Not sure I agree with changing money at the airport - but I've never had any problem taking a few hundred pesos from an ATM there to hold me over.

DL
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Guy Courchesne



Joined: 10 Mar 2003
Posts: 9399
Location: Mexico City

PostPosted: Tue Nov 20, 2012 2:55 pm    Post subject: Reply with quote

Quote:
Scotia Bank, Santander, HSBC in Mexico may use the same name / logo as elsewhere but they are all brothers-from-a-different-mother.


That has always annoyed me to no end, especially Scotia. Bancomer has been pretty good to us for moving money to Canada and vice versa though.

Quote:
Make sure the bank your employer requires you to use for automatic payroll allows you to withdraw the entire amount each pay period without penalty - you may not have a choice in the bank, but you can negotiate this perk.


By this are you referring to the need to maintain a minimum balance in an account?
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tideout



Joined: 05 Feb 2011
Posts: 180

PostPosted: Tue Nov 20, 2012 3:28 pm    Post subject: Reply with quote

Dragonlady wrote:


Not sure I agree with changing money at the airport - but I've never had any problem taking a few hundred pesos from an ATM there to hold me over.

DL


Depends on where the OP is going no? If the OP is just hopping on a bus to a pueblo where he/she doesn't know the terrain you'd want more than a couple hundred pesos I'd think?

I guess everyone's got their own measure of comfort for the unplanned event but I always like to have more than enough to take a cab outta' some place if need be!

Good suggestion on calling the bank about your geographic roaming.

tideout
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MotherF



Joined: 07 Jun 2010
Posts: 1129
Location: 1748'N 9746'W

PostPosted: Tue Nov 20, 2012 3:43 pm    Post subject: Reply with quote

There is only one possible employer that deceptacon could be going to in Miahuatlan. We had a long weekend so they probably didn't check their emails this weekend, but I'm sure they will answer all his questions about banks, ATMs, and how much money he will need before his first pay day (to pay immigration, to put a desposit and first months rent down on a place, the going rate for comida corrida--all that jazz). I've been to Miahuatlan, but it's not really the kind of place that attracts tourists, so I feel it's better to let the 20 odd English teachers living there answer his questions.
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Dragonlady



Joined: 10 May 2004
Posts: 716
Location: Chillinfernow, Canada

PostPosted: Wed Nov 21, 2012 5:25 am    Post subject: Reply with quote

Quote:
Make sure the bank your employer requires you to use for automatic payroll allows you to withdraw the entire amount each pay period without penalty - you may not have a choice in the bank, but you can negotiate this perk.

Guy asked...
Quote:
By this are you referring to the need to maintain a minimum balance in an account?
Yes, as well as not having any service fees. Santander had such an account but it was tied to the employer, which meant when I left the employer I wasn't able to keep my account - I'd have to set up a 'new' account - subject to all the usual rules of minimum balances and service fees.

DL
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BadBeagleBad



Joined: 23 Aug 2010
Posts: 835

PostPosted: Wed Nov 21, 2012 4:46 pm    Post subject: Reply with quote

Another option that hasn't been mentioned is sending yourself money via bank transfer, using a service such as Xoom. You can send money from your UK account to yourself, to be picked up at any bank in Mexico, as well as many stores. All you need is a valid ID to pick up the money.
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