Job Discussion Forums

Linda T. · Joined: 02 Dec 2007 Posts: 49 Location: California

Although I don't expect to be teaching in Mexico until September, just for planning ahead purposes, do any of you have recommendations for banks in the states (I'm in California) which have partners in Mexico which would be beneficial? Sounds like it's not all that easy opening up a bank account in Mexico (especially if teaching without the teaching permit). How do most people handle their finances while they're working in Mexico if they don't have the work permit??? Is a bank even necessary if you're just living off your earnings? Without the permit, do you usually just get paid in pesos rather than by check? Or . . . if by check . . . is it a hassle cashing it if you don't have a bank account?

notamiss · Posted: Fri Mar 21, 2008 4:25 pm Post subject:

I don't know whether it is helpful to know that Banamex and Citibank are the same. You could investigate their respective websites to see if that fact would give you any benefits. I think there are some things you can do in respect of transferring money.

MO39 · Posted: Fri Mar 21, 2008 6:36 pm Post subject:

As far as I know, you can't open a bank account in Mexico unless you have an FM-3.

What sort of job will you be looking for in September. Hopefully, a reputable school will get working papers for you or help you to do it yourself. If you find a school willing to hire you without an FM-3, ask them how they propose to pay you.

FYI, if you have a Bank of America account in the States, you can access that account here at Scotiabank or Santander Serfin without incurring service charges, but you wouldn't be able to deposit money in the account from this end.

TheLongWayHome · Joined: 07 Jun 2006 Posts: 1016 Location: San Luis Piojosi

I don't think it really matters which bank you use as far as transfering money is concerned - most will charge a flat flee for moving figures from one computer screen to another. Unless you're going to send large amounts, western union probably works out cheaper. Some posters have had success using Paypal to move money I think.

You do need an FM3 to open a bank account though if you're lucky, the place you work at might give you a nomina account - works like a normal bank account, the school just pays into in every payday. It beats queueing for hours in the corresponding bank to cash a paycheck every 2 weeks. A lot of places still pay in cash though which is far too easy to spend.

MO39 · Posted: Fri Mar 21, 2008 8:28 pm Post subject:

jfurgers · Joined: 18 Sep 2005 Posts: 442 Location: Mexico City

MO39 · Posted: Sat Mar 22, 2008 12:35 am Post subject:

Linda T. · Joined: 02 Dec 2007 Posts: 49 Location: California

Thanks to all . . . this is very helpful . . . seems like B of A is the best way to go since I have no idea if wherever I eventually get placed will offer the FM3 or not.

jfurgers · Joined: 18 Sep 2005 Posts: 442 Location: Mexico City

Thanks for the info MO39. Very Happy

MO39 · Posted: Sat Mar 22, 2008 6:05 pm Post subject:

You�re very welcome!, jfurgers.

dreamon · Joined: 20 Jan 2008 Posts: 40

Linda:
Banking in Mexico will vary state to state. It also depends on who you know. Go to your bank and ask them who they are affliated with. Usually the affiliation warrants no charge on this end if you use your atm bankcard here to withdraw money. You cannot deposit money into your USA bank account from Mexico. You can withdraw from your USA account in just about every atm or bankcard machine as well as some bigger stores. A bank account is not necessary, depending on where you live. For example, here in Nayarit, the crime rate is so low, keeping money in your apt, is not a problem. Also, the owner of the school, has many students whom are bank presidents as well as workers. As teachers we are allowed to open a bank account without a FM3. In certain banks. None of us have found it necessary. The owner gave each of us a visa bankcard to use anywhere in Mexico, and he deposits in those accounts on the 5th and 20th or sooner of each month. It is quite nice to have the visa part of the package. It keeps your money safe as well as shows you where you are spending your money. Money transfers will vary in prices depending on the banks. The bank we have as teachers, allows free money tranfers from the USA. Depending on where you live, all will vary. When making your decisions, research the state and area. Do not assume a school is bad because of FM3 comments. US citizens if they are retired or even a US citizen, must report earnings in Mexico, if you have a FM3. This could cause a retired person to lose benifits, but he really wants to teach. Every circumstance is different. You need to find a place that best fits your needs. If you want to pay taxes on your earnings here in Mexico, then follow the laws you are bound by if you feel it is the correct approach. This would limit teachers being able to afford to teach in Mexico, paying taxes here and in the USA. Think before you leap, and weigh your decision on what is best for you. Good luck, and if you are near our area, stop in and say hello...

MO39 · Posted: Sat Mar 22, 2008 8:01 pm Post subject:

A comment on one point of dreamon's post. A US citizen living abroad should file a federal income tax return every year but isn't required to pay taxes unless he or she earns more than 80,000 dollars a year. It's highly unlikely that an English teacher in Mexico (even a retiree receiving a pension, such as I am) will earn that much in a year.

dixie · Joined: 23 Apr 2006 Posts: 644 Location: D.F

dreamon · Joined: 20 Jan 2008 Posts: 40

It is free with this bank for them to send money to here. One teacher had their sister send money and it did not cost him anything on this end. To send money to the USA is quite different. If you want to send me a private message then I will be happy to tell you what bank to try in your area. Here, it is very generous to us, and has been in business 50 years. Very small, and not high profile. Their banks are not much bigger than an apt. They are very old fashioned but trustworthy. They are all over Mexico, but I bet you have not seen them. Sending money home is a real issue in Mexico. They love to receive it, but do not like it to leave here. The best way is to give your family an ATM bank card that works in the USA which most of them do. They can then take it out on that end. For example, Santandar works in the USA. One can give it to family and they can take money out for a very small fee, and some no fee at all. They can even use it to charge something in most stores in the USA. HSBC in another very good one for that. They are world known and you can get money anywhere with them with your card. IF you do not like that idea, then you can western union, but it can be expensive. You also can get money orders American Express, and send them DHL. It is a bit cheaper than WU. UPS Internation is also ok, FED EX international, all of whom do 24-48 hour service.

guatetaliana · Posted: Sun Mar 23, 2008 3:25 am Post subject:

I'm wondering about this scenario, which I'm sure lots of people here deal with: I have student loans/bills in the US that I usually pay online from my US bank account. Therefore, I would like to get my money from here to my US bank account. I don't want to involve any family in picking up money (i.e. Western Union), nor do I want them to have to withdraw money and then deposit it for me (i.e. Debit Card from Mexican bank acct).

Luckily we have a totally legit, full-access Mexican bank account through my husband, who is a Mexican citizen. We will try to set up the PayPal thing soon, but if that doesn't work, I'm interpreting that our only other option is to SEE if the Mexican bank will do an international bank wire to send the money to my US account, for a potentially outrageous fee. Is there any other option I'm missing?