Job Discussion Forums

[jfurgers]

Well I finally have someone who is going to buy my house! Closing date is December 15. IF this works out I'll be able to FINALLY get to D.F. sometime in January or April. April if I have to finish out my semester teaching ESL at the college here in Plano Texas.

My question is since I'll have no need to have a bank account in the States once I go to Mexico, how can I get my money into Mexico? I'm closing out my accounts here in the States a couple of days before I head out to D.F.

I thought I would take travelers checks with me and put them in a safe deposit box once I get to D.F. until I open a bank account. From what I've been reading on these posts I won't be able to open an account until I have my FM3 which may take some time. My wife is from D.F. but our marriage isn't recognized by the Govt of Mexico yet because we haven't done all the necessary paper work for that and I want to have some money in an account in Mexico in my name only because her family has all of their names on my wifes accounts and I don't trust nor care too much for her family so I figure I would have a little nest egg put aside in case of an emergency.

Anyone ever tried taking travelers checks to open a bank account in Mexico? What's the best way to take money with you into Mexico if you have no accounts in the States or your home country?
Gracias!!

[MO39]

My situation is different from yours, but my solution to the banking problem may be useful. Before I arrived here in September, I opened an account with Bank of America on-line (very easy to do), so I could have my Social Security checks directly deposited in it. Here in Mexico City, I can withdraw my money at any Scotiabank branch without paying any fees, and I get a good exchange rate to boot. So you could open a Bank of America account and deposit the bulk of your nestegg in it and then withdraw your money at your leisure once you're here.

[GueroPaz]

You can always leave your money in one of your Texas accounts and draw it out by ATM. I did that for almost 3 years, using Wells Fargo, including having my pension deposited directly into WF. Their toll free number to Nevada worked all the way from the southern end of Chiapas, free!

I doubt that it's much trouble to close an American account, after you've been in Mexico for a while.

[Samantha]

Jfurgers wrote:

[NinaNina]

Allow me to second the recommendation for having an account with Bank of America and withrdrawing money at Scotia via ATM. There are absolutely no fees and the exchange rate is better than any offered at the banks themselves.

Also, if you are a teacher in the states and a member of NEA, you can get B of A's NEA money market account, currently at 5.03% APR. No fees if you keep a minimum of $10,000 I believe, and lots of interest in these days of the weak dollar.

The only downside you may experience is the 3,000 peso limit on withdrawals. When we have a big purchase, we have to visit the ATM a couple days in a row to get enough cash. There is, however, the SAFESEND program which allows a greater quantity to be transferred, also fee-free, through Bank of America.

Congratulations on the house sale! No small feat in the declining market. We got ours sold in Portland right before our move down.

-Serena
www.mexpop.blogspot.com
www.haveyouseen.blogspot.com

[MO39]

[Samantha]

The total daily and weekly limit you may withdraw is determined by arrangement with your foreign bank. I have done multiple withdrawals, back-to-back. It's he$$ on the withdrawal fees but saves days of shoe leather and time.

[FreddyM]

[jfurgers]

Thanks to everyone for the useful information. I do have an account with BofA so I'll probably keep that. I was thinking that I wouldn't have to because the only bill I will have in the States is a student loan. I just want to make sure I have no problems getting money from my account in the States into a bank in Mexico City. Is there a set amount I will need to have to open an account or will the FM3 be all I need?

Thanks.

Happy Monday!!

[MELEE]

[sarliz]

I just opened an account with Banamex (which I should theoretically be able to connect to my Citibank accounts online, but I haven't tried yet), and I needed at least 1000 pesos, my FM3, and a proof of address (I used the most recent phone bill, but it didn't need to be in my name, which was nice). Usually, I'm kind of anti-globalization, but it sure comes in handy with banking, no?

[NinaNina]

SafeSend is a great system but, unfortunately, you cannot send money to yourself. You can, however, "send" it from your boyfriend/girlfriend and list yourself as the recipient. For example, I have a joint account with my husband, so I can list him as the sender and myself as the recipient.

Good luck!

www.mexpop.blogspot.com

[scottmx81]

The only downside you may experience is the 3,000 peso limit on withdrawals.

It depends on the Bank.

HSBC - 4000
Scotia - 3000
Banorte - 5000
Banamex 8900+
Bancomer 8900+
Convenience ATMs in places like Sanbournes, typically 3000

It is very much possible to take out larger amounts at many ATMs. I signed a form at my bank in Canada to have my withdrawl limit raised to $1000 CAD and it isn't very hard to find ATM's that let me take out about 8900 pesos. That was about most I was allowed to take out based on the exchange rate at the time. Not all Banamex/Bancomer ATMs allow these high withdrawls, but many do. I knew which ones to go to when necessary. For example, at the Bancomer just off the main plaza in Morelia, of the three ATMs, at least one of them would dispense 8900 pesos in a single transaction, and one of them wouldn't.

For Canadians, a very important reason to shut down your bank accounts if moving abroad is because you can't declare yourself a non-resident for tax purposes while you maintain such ties to the country. I don't know if the same sort of idea applies in the U.S.

I think most independently opened accounts do require a minimum of 1000-3000 pesos depending on bank and plan. By indepedent I mean not direct payroll linked accounts.

[dixie]

[Phil_K]