Job Discussion Forums

[mdp19742004]

Hello everyone...

I'm leaving for Mexico City in a few weeks, and I was wondering if anyone had banking advice. Specifically, I'm wondering what is the best way to access the cash in my US account while in Mexico for larger amounts of money for things such as initial rent and deposit for an apartment. In my research, I've found that you need a local address to open an account...so there's the catch-22 of having the cash on hand to get the local address. Any advice out there?

Thanks so much!

[amaranto]

I would suggest informing your bank that you will be abroad and using your debit card for withdrawals. Keep in mind that ATMs do not permit withdrawals of over $3,000 pesos per day for security reasons. Of course, you will be charged an international fee by your bank for withdrawals.

You will be able to set up a bank account here when you have an FM3.

[notamiss]

Some banks allow ATM withdrawals of up to $5000 MXN per day.

[scottmx81]

If you get your withdrawal limit changed at your home bank in the U.S. and upped to the highest amount they will allow, there are ATMs in Mexico that will dispense 10,000+ pesos in a single transaction. In particular these are usually Bancomer & Banamex ATMs, but not all of them. Perhaps about 1/3rd of them in my experience.

[TheLongWayHome]

BanRegio cash machines actually give you dollars. Might be a way not to lose so much money in fees.

[Tretyakovskii]

I agree, using ATMs with your debit card is a convenient, and relatively inexpensive way to get cash from your foreign bank account, in Mexico. I routinely take out 6-7,000 pesos at a time, and the ATMs in large cities everywhere in the country work the same way, in my experience. The only time I haven't been able to access cash in this way has been when a machine was out of money/service.

The combination of the fees my bank charges and those of the local bank on an ATM transaction equal approximately 1% of the sums withdrawn on withdrawals of this size (smaller withdrawals are more expensive, as the fees I pay are fixed, per withdrawal).

Your ATM card may have per transaction and per day limits on the totals you can withdraw, but making withdrawals two or three days in a row will allow you to get the sums together that you could need to rent a place, for example.

Using credit cards to get cash from ATMs is generally a lot more expensive, as I understand it.

[Oreen Scott]

I pay a monthly service fee which eliminates fees on ATM withdrawals, international or otherwise.

You may want to discuss your situation with a banking representative because you need to let your bank know you will be tavelling and living abroad anyway because if you don't they may freeze your account until you prove you are you by answering all kinds of identifying questions.

[Spector]

[rrrjjjmmm]

In terms of opening a bank account, I did it a really easy way, as I also needed to continue paying some bills back home.

I went to Soriana and opened a pre-paid Mastercard account. It's not credit, I just top it up at either Banamex or Soriana Supermarkets whenever I want. I can use the Mastercard function anywhere in the world (i.e. online to pay a bill back home), as well as the ATM function (you get a PIN).

All I needed was my passport, my visa and an address, any address, for a phone bill, electricity, water. I got that from my school as it didn't need to be in my name.

Now, if I want to transfer cash to my Australian account, I do it via Paypal using the Mexican card. And if I want to pay a bill, I used the Mastercard function.

It may not be ideal for you, but check it out, as it's been perfect for me and my situation here.

[wildchild]

you must notify your bank that you will traveling abroad, like others have said, for if not, you will not be able to withdraw cash.

i bank back home with Bank of America, and when i withdrew from Santander, i wasnt charged any fees on either end.

[notamiss]

As I understand it, using a credit card to withdraw at an ATM (whether abroad or at home) is more expensive for a specific reason: unlike a purchase on the same credit card, interest will start accruing on the withdrawal from the moment you take out the money. This probably isn�t something you�d ever want to do.

[TheLongWayHome]

[Prof.Gringo]

AMEX Travellers Checks, don't leave home without them!

[wildchild]

[Spector]