Job Discussion Forums

[sarliz]

I am in some desperate need of sending money back to the US so that I can make monthly student loan payments.

I have checkings, savings and credit card accounts with Citibank, who back in the states assured me that I could open a Banamex account and easily connect it to my Citibank accounts online, as Citibank and Banamex are parts of the same multinational conglomerate. However, now that I�m in Mexico and have opened a Banamex account, no one here can tell me how to send money back to Citibank without paying around $50 US a pop to do it, which on my paltry teaching salary I can�t afford.

Can anyone help?

I�ll be going back to Detroit and Chicago this February, and will be more than happy to open an account at a different bank that may actually have an agreement with a Mexican bank to transfer funds between them, if someone tells me which bank this might be. Or is there another option I�m not thinking of? Please oh please tell me I can do something.

Anxiously awaiting help,

Sara

[MELEE]

As far as I can tell there's no bank with such an agreement. Granted I haven't fully explored the option.
Since you are going back the cheapest thing is to take you Mexican ATM card and leave it with a very trusted family member who can withdrawl money for you each month and pass it on to your other accounts/creditors.

I also know people have found it more economical to get a money oder made out for deposite only in X account, then FedEx that to the US. Rather than do a bank transfer! I no someone who did this for months, but has since stopped so I don't know if it is still more economical.

[jfurgers]

Check with Bank of America. If you could leave some in a checking account with them then you could go online even if in Mexico, and make the payment every month. I pay all of my bills online, including my student loans.

You can also check with who has your loans and see about doing a verbal deferment. You should be able to do that for up to a year. After the year call them back and do the same thing.

This works for up to three years I believe. The govt won't pay the interest for you though but you'll have some time that you won't have to worry about paying on your loans. That may give you a chance to save some. You could also try a forbarance or economic hardship deferment. I used to work in Financial Aid at the University of Texas at Dallas so I know a LOT about how you can get those loans deferred.

[gypsygirl1475]

If that doesn't work get a prepaid credit card with Western Union and then you can load it from any Western Union location and make you payments with that. You can even get two, give one to a trusted family member then load it for your bills and you family member can get it off or use it for you to pay bills. Either way. However, I do believe that Bank of America has locations in Mexico City and I believe that City Bank does too. http://www.americanexpress.com/mexico/homepage/default.shtml
Yes Banamex and CitiBank does have some kind of alliance.
https://www.citidirectonline1.citidirect.citicorp.com/web/cda/home.jsp
I got this off the this site http://www.banamex.com/eng/personal/index.html just hit the link Citidirect

[Samantha]

Sarliz,
Is the loan being withdrawn automatically from your US account, or did you give them post-dated checks, or is someone else handling it for you? Once I know that, I might have another suggestion.

Unfortunately bank transfers are pricey. I think I pay about $250 pesos to transfer money with HSBC here to another bank up north. That's right around the same price as Fed-Ex, but more efficient.

[gypsygirl1475]

Oh, and for any other issues similar to this try this site https://www.solutionsabroad.com they're a great resource, it's free to sign up. I have a wealth of resources so if anyone needs help with something just PM me.

[gypsygirl1475]

Don't they except quick collect from western union or can't you just wire the money straight to the loan company. Surely they will understand you are working abroad.

[geaaronson]

Also keep in mind that you are temporarily absolved from making monthly payments on your students loans if your income falls beyond a certain yearly income leve. In 1995, that level was $16,000 per year. I doubt you are making that kind of money here in Mexico.

[TheLongWayHome]

gearronson is right, I haven't been paying off loans (in the UK) since I came to Mexico. They even wrote one of mine off as I hadn't been able to make a payment on it for more than 7 years (never earnt enough in the UK either!).

Banks charge a flat rate however much money you send so if you're going to send it that way, make sure it's an amount worth sending. Otherwise, there's Western Union. Yes, we're still paying for the privelige of figures being moved from one computer screen to another. What a con.

[sarliz]

Thanks for the quick replies, everybody! Quite impressive! While I'm using your information to research my options, I'll further clarify my issue. I have been paying bills online with no problem, it's just that now I don't have money left in my US accounts to pay the bills there with. I do, however, have money in my Mexican Banamex account. I'm trying to get the money into the Citibank accounts for easy online bill paying happiness.

[sarliz]

Oh, I forgot a fun detail. One of the account managers at the main Banamex in Guadalajara told me that sending money should, indeed, be possible and free of charge. She explained to me that the money would be sent to California Commerce Bank (which they said is some kind of middleman bank for Banamex and Citibank, which I don't understand why it's necessary if they're the same company), then sent onward to my account in Citibank. The first time I tried this, the teller entered my account number wrong, and the money was returned to Guadalajara after a week and a half. The second time, apparently because I don't have an account with California Commerce Bank, the money was returned a week later. I have yet to get the story straight from the people at the GDL branch, but I went to my local branch (who doesn't believe that sending the money is possible, but is also located in podunk) and that's what they told me. Excuse me while I bash my head against the wall.

[Samantha]

Sarliz, this might work for you. Check out www.paypal.com to open a Paypal account. First, since you are in Mexico, it will be opened referencing your Mexican bank account. (I've done this and it went well) Then after your Mexican bank account is verified, add a US bank account to your same Paypal account. After that account is verified (only takes a short while) you should be free to upload money to your Paypal account from Mexico and withdraw it to your US account. They do the currency conversion at a rate that I consider to be fair.

You will have to do a bit of reading and research on the Paypal site if you aren't familiar with it. They will need your 18 digit CLABE which you can get from your bank (or maybe even your bank statement). My husband and I have both used Paypal for a long time. It's great for online shopping too, both in Mexico and outside Mexico. And with Paypal you can send money to anybody, anywhere (and RECEIVE it!) Transaction statements are produced for your records, and you can print them if you wish or save them to a document. Good luck...

[gypsygirl1475]

Great idea Samantha.
Forgot about Paypal, that is what I have and you can pay your bills with it. I've been with them since the mid 90's. They are perfect for teachers abroad.

[sarliz]

Brilliant!! I'm in the process of verifying my US account. I'll report back with hopefully blissfull results.

THANK YOU!!!

s

[thelmadatter]

I would like to know how it turns out as well... I am paying off a small student loan as well. The montly payment is taken automatically from my US account and I keep 9-10 months worth of $ there to cover so I need to send money only when my son comes to visit and can take care of the deposit for me.

Would be nice to have another option for emergencies.