Job Discussion Forums

[Athanasius]

I have a question for the group:

I have gathered from reading the posts on this site that it is advisable to have at least $2000 when starting in Mexico as a teacher.

Where do I put this money? I assume the answer is: a Mexican bank.

If so, will the bank convert my dollars to pesos when I withdraw, as the ATMs do over there when you withdraw from your American account? Will I have to convert to pesos when I make my initial deposit? How do I deposit it -- through electronic transfer or via a check against my American account?

I'm also wondering, though, if it is possible to access my funds in the US from Mexico, not only via my bank card but perhaps by making periodic deposits as necessary by check against my American account.

What do you recommend, group?

Thanks in advance!

[ls650]

[Cdaniels]

Not a Mexican Bank! From travels in Europe, and soon Mexico, I have used a Visa Bank card that is good anywhere VISA is accepted (There are also Mastercard bank cards). The banks will automatically do money conversion which is to your advantage, because nothing extra is taken out, and exchange rates will be up-to-date. Now if you want to put your earnings into a Mexican bank, assuming you're staying long-term, that's another matter. In certain places, though, it's even easier to use a US bank card than Traveler's Checks. In tourist areas especially, be careful of suspicious-looking ATM machines, which can be set up to read your card and fool you into giving your password. (This is a growing problem throughout the world, and you should be beware of this problem whereever you are.)

[Guy Courchesne]

You're right LS650...no way to open an account unless you show an FM3. There is an alternative in Lloyd's, which is primarily an investment fund manager, but if you are just socking away money, you'll earn decent interest on it...tax-free apparently. Cashing out can be done same-day...you just sell your account back to Lloyd's and they write you a cashier's check.

I don't think one needs to worry about security in Mexican banks so much anymore, mostly due to the fact that there are very few Mexican banks! Most are foreign owned, such as Banamex/Citibank, HSBC, Scotia-Inverlat, BBVA, etc, etc.

ATM card are far easier to access in Mexico than traveler's checks.

[Samantha]

There is one exception to this locally and that's Bancomer. Several of their branches will open accounts for those only on tourist visas. This could be because so many investors and part-time foreigners are snapping up properties here and need a place to deposit their rental income, I'm not sure.

[Flo]

Don't bother opening an account until your FM3 goes through. Chances are your employer will have you open an account with a specific bank so they can do direct deposit. Using your ATM card is the best bet. Check with your bank before you go to find out how much they will charge you for currency conversions, etc. I was able to get a special account with my bank (in the US) so I only had to pay an occassional ATM fee.

[Jacoboandres]

I have had really bad experiences with Mexican banks. (Although, first it is important to note that most Mexican banks are not really Mexican, but American (BanaMex/Citibank), Spanish (Banco Bilbao, BanComer) or British (Hong Kong Shanghai), etc. )

Before I got my FM3, the banks wouldn't even look at me. After the FM3, I went to HSBC (where I have a US account) and filled out the forms. The guy got hung up on the fact I don't have a maternal apellido. After more than a fortnight, they rang and said that my passport photo wasn't valid because I am wearing glasses. I told them to take it up with the US consulate. Then they final got the account all set up, but denied me the credit card they had promised because non-Mexicans couldn't get credit cards (at 75 per cent interest!).

Oh well... But I had equally bad experiences with HSBC whilst I living in London on a valid visa, because they wouldn't let me open a cheque account because I had no credit history. And when I was living in Buffalo, I also had trouble with Marine Midland/HSBC, so go figure. But, to the point, the reason I use HSBC is that they have a global network, and at least I can withdrawal from my HSBC account in New York at any HSBC ATM in the world (including one every two blocks in Monterrey) without paying fees.

But before you get an FM3, any foreign bank would work, if it uses standard ATM cards, but you'd have to pay fees. (The banks here charge something like MN$7, but my bank charges more than double that.) Usually, once you get an FM3, your employer will set up a Nomina account at a local bank. If you don't get a visa, its back to cheques al portador or cash.

Jacob Andr�s
Monterrey, Nuevo Le�n

[Ben Round de Bloc]

[Guy Courchesne]

[ls650]

I've never had a machine 'eat' my card.... but I've been told by a couple of my co-workers that they've had to retrieve their cards the next day from the bank. No destroying took place in either case.

[Ben Round de Bloc]

I don't use a local bank card, only a card from a bank in the States. Maybe different banks have different policies, I don't know. Speaking from my most recent experience (a couple of months ago) at the main HSBC bank in downtown Merida, their standard procedure as was explained to me by their head manager: a photocopy of the front of the card was sent to my issuing bank in the States, and then my card had to be destroyed. A few years ago, local banks would return an "eaten" card if the owner requested it and had valid ID to show. I know of no banks in Merida that will do that now, however.

By the way, the ATM ate my card, because there was a brief two-second loss of power/electricity while I was in the middle of the transaction, which caused the ATM's computer system to re-boot. I waited around until someone else had made a successful transaction using that machine, just to make sure it didn't spit out my card along with money from my account. This was on a Sunday night. When I went to the bank the following day to report it, I was flatly told there was no way to get my card returned to me, no exceptions, end of story.

[Samantha]

This has been my experience too, Tim. It is apparently a national bank security regulation and they are NOT supposed to return any card eaten by a machine. This was well explained to us too. I find it easier to allow them keep the card than go through the hoops and MAYBE get it back, I just go on and use the spare I have tucked away and order a new spare card from my bank in Canada. My last experience was when a stand-alone Banamex machine in Sam's Club had some sort of power failure after the money guys had just paid a visit. Talk about a helpless feeling! No card, no money!

[Guy Courchesne]

Just a quick note on HSBC. If they ever give you trouble or the run around from person to person to solve a problem, try firing off a diplomatically worded but stern email to HSBC head office in London. I did that for an ATM problem a few months ago and you would not believe how fast things turned around. Not 12 hours after sending the email, one of the Mexico HSBC honchos was on the phone apologizing to my wife.

[Cdaniels]

This happened to me recently in Boston (stupid Xmas shopping ) and the bank said it was their policy to destroy all cards not associated with their own bank.
You can also get "ATM" cards from Paypal, the service for making Ebay purchases. You will almost always have to pay the ATM fee, though (which is up to $2 around Boston )

[snorklequeen]

here's an idea -- would this work? i won't be working right away so won't have an FM-3 but still need to have a bank account in greater DF where i can make deposits [to pay bills online]

when in Tepo in October, i noticed there is at least one HSBC bank in the DF area

so, if i were to open an account at HSBC in the USA before moving to Tepo, then even without an FM-3 i should be able to make deposits at a DF branch, si? for online bill paying on credit cards

if not, then i wonder if Lloyds Asociados allows US citizens to do online bill paying? i know they allow us to make deposits and open accounts; perhaps it's within their "rules" to allow online bill paying from a savings account or investment account with a minimum of fees -- or am i dreaming???

there must be a way!!!