Job Discussion Forums

[naturegirl321]

I'm in China now and my contract isn't up for another nine months and
I'm thinking about going to Latin America next.

I know that most people work illegally and it doesn't seem to be a
problem. \My question is, how do you open a bank account?

Do you need letters from your employer? Will it tip people off that
you are working illegally?

If you can't open a bank account, what do you do with your money? And
how do you sent if home?

[MELEE]

[Tinman]

I can only speak from my experience in Mexico. I had a bank account in Mexico, but was not teaching at the time, had my own business and a work visa. As I recall the restrictions were fairly lax, maybe because so many retirees settle there. Most banks were happy to open an account with a valid passporte and address, especially if your deposit is cash (there is a 30 day wait period until you can draw on a check deposit from a US bank.
That said, I am going to Ecuador in about a week, but I do not plan on teaching, at least not right away. I belong to the South America Explorers club and was inform by e-mail that you cannot open a bank account with a tourist visa. I am planning on getting a special investor's visa which requires the deposit of $1,000 for a fixed period (1 year I think). Having lived in Mexico for 5 years, I still would find it difficult to believe that an bank in a country starved for hard currency would turn down an person who wanted to open an account in US cash dollars.
If I hear any more in the next week, I will post.

[naturegirl321]

Thanks for the info. By all that money, I meant the money that you get paid. Even though it's little, I wouldn't want it around the house.

The travellers cheques are a good idea. Maybe if I go somewhere with a lot of retirees, it'll be easier

[MELEE]

[michaeld.chicago]

[Guy Courchesne]

Michael, I'll back up that statement...most people in Latin America don't work under permits or visas. It's part and parcel with Latin America culture. I'm generalizing of course, but you'd be hard pressed to name two Latin American countries where there were more teachers working with visas than with not. Let me shorten that to name 1 country.

I haven't found a bank in Mexico yet that will open an account without an FM3 or FM2. The only option, besides traveler's checks, is to go to Lloyd's (based in guad I think). They're not a bank but an investment fund. Youearn a little interest, can open an account on minimum 100 usd and can withdraw anytime you want. Sort of a bank.

[MELEE]

Guy and others in Mexico,

Have you checked out Banco Azteca? You know the new one based in the Electra stores. I haven't but their TV commercials try to bill themselves as the bank that will give anyone with 100 pesos an account.

I was considering finding out about opening a second account with them because of the losy service I was getting at Bital. But one of my co-workers mounted a campaign to try to get the university to change banks (He collected more than 15 stories of ineptitude by local Bital employees) and in the end it worked, because while we never changed banks when the Bital Branch Manager found out about it suddenly university employees started getting the red carpet treatment!

[Guy Courchesne]

I've seen Azteca, but figured it was too small to do anything international like I sometimes have to do to pay things in Canada.

Funny, I find Bital to the best (of a whole lotta bad) bank in Mexico. Banorte has to be the worst for exhorbitant service charges.

Worth checking out Azteca if they can get around the FM3 req for most foreigners.