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Georgia


Mar 25, 2007, 12:01 PM

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Re: [Ron Pickering W3FJW] H S B C

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Are you guys talking about 100 dollars or 100 pesos?????????????????


S & C

Mar 25, 2007, 1:31 PM

Post #77 of 100 (6808 views)

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Re: [ken and judith] H S B C

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If you use an HSBC Debit Mastercard, which I believe is their normal card, at ANY HSBC ATM machine in the world, there is no charge, period!

I have used it extensively in the US, England, Australia and Mexico and have never been charged for the service.
If you use the HSBC card and somone else's ATM machine you will be charged by the owner of that machine.
(I have used my HSBC card at Bancomer ATM's and have only been charged like $1 US from Bancomer and nothing from HSBC, but i can't swear that this is the norm since I don't go off HSBC often).
Stan


Bubba

Mar 25, 2007, 1:50 PM

Post #78 of 100 (6803 views)

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Re: [Goody2shs] H S B C

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I had read in the local newspaper business section about this some time back that several socalled "online" banks now allow you to open savings accounts with pretty high interest earnings as they supposedly don't have the high overhead costs of normal brick and mortar banks. And honestly speaking, knowing that HSBC actually has quite a number of brick and mortar building banks all over, I don't understand the concept. All I know is, it works.

Goody:

I am not in the states and am not privy to the HSBC U.S. subsidiary´s organizational structure but the e-bank is certainly a separate function, perhaps even a separate subsidiary from the brick and morter bank although the two entities compliment each other. I´m sure that the physical HSBC branches offering checking and savings accounts are not paying anything like the return you can get on the e-bank. Since no e-bank will open my account as I am not a U.S. resident, I don´t know this for sure but I´ll bet you can only open these internet accounts on line.

My apologies to Oscar for misreading his post. I guess I was aiming my comments at those who may confuse Global HSBC with its various subsidiaries throughout the world.


Ron Pickering W3FJW


Mar 25, 2007, 4:53 PM

Post #79 of 100 (6782 views)

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Re: [Bubba] H S B C

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You're right on Bubba. The online service with HSBC is strictly online. Although I suppose one could go into a B&M bank & use the card to get cash. One cannot use a bank to deposit money into their accounts as all debits/credits have to be done online.. They might all be connected as far as ownership, but in business they are completely separate.
Getting older and still not down here.


Goody2shs

Mar 25, 2007, 9:42 PM

Post #80 of 100 (6755 views)

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Re: [Bubba] H S B C

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Thanks for your interest in this Bubba. I will do a little more research on this subject and let you know. Have to really study their website, which is large. Will report back when I know more about it.
Gudrun


mazgordon


Mar 25, 2007, 11:02 PM

Post #81 of 100 (6749 views)

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Re: [Goody2shs] H S B C

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Hey Folks,

We had $378,000 US Dollars stolen from our account with the Private Banking Division of Bank One of Chicago in 2003. No accounting was ever made for the loss. In fact they sued me to approve the accounting, requiring me to appear against their heavy weight lawyers when they'd left us indigent. My wife of 25 years passed away due to the stress.

I've never lost a peso in the Mexican banks...

Thankfully I've recovered and have a fine new life.

¡Echar todo la carne al asador!


drfugawe


Mar 26, 2007, 7:32 AM

Post #82 of 100 (6726 views)

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Re: [Brian] H S B C

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It was our experience with a Chase credit card that it doesn't matter if you call ahead of your trip to put them on notice of your travel intentions - they will just go ahead and freeze your card anyway. My call to Chase prior to our trip immediately turned from my intended purpose into a sales opportunity for the eager Chase rep - and since his comand of English was about as good as my comand of his mother Indian tongue, I'm not sure he ever knew why I was calling anyway!

Lots of luck
john
_________________________

"Self-respect: the secure feeling
that no one, as yet, is suspicious."
H.L. Mencken
____________###



Goody2shs

Mar 26, 2007, 9:09 AM

Post #83 of 100 (6710 views)

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Re: [mazgordon] H S B C

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WOW, extremely sorry to hear of your misfortune there. Unthinkable!!! Did someone steal your identity or something like that? Or was it a computer/clerk error? Strange, my husband also said, whenever a bank makes an error, it usually is in THEIR favor. So I suppose we're the lame ducks out there, just have to pray things go right. One hears stories good and bad for either side, so what are you to believe? I really don't know.


drfugawe


Mar 26, 2007, 11:10 AM

Post #84 of 100 (6700 views)

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Re: [S & C] H S B C

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As stated inumerable times here previously, whenever you use a Visa/MC branded debit card in a Mex ATM, you will pay a 1% foreign exchange fee. This is an absolute, and you will never see an evidence of it, since the fee is deducted as an adjustment to the exchange rate.
jm
_________________________

"Self-respect: the secure feeling
that no one, as yet, is suspicious."
H.L. Mencken
____________###



Bubba

Mar 26, 2007, 11:45 AM

Post #85 of 100 (6693 views)

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Re: [drfugawe] H S B C

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As stated inumerable times here previously, whenever you use a Visa/MC branded debit card in a Mex ATM, you will pay a 1% foreign exchange fee. This is an absolute, and you will never see an evidence of it, since the fee is deducted as an adjustment to the exchange rate.

And that is an infinitesimal cost for the service provided by the service provider as anyone remembering the actual and psychic costs of the old pre-ATM days in Mexico will attest. Remember when one had to go to a bank with one´s traveller´s checks to exchange those checks for pesos in what was a costly and arduous process with attendant costs associated with this manual procedure? It is a tribute to the system that the huge international service providers can provide us access to our money almost anywhere in the world in seconds, charge us only 1.0% and still make a juicy profit which is the only rationale for providing the service in the first place.

I still remember walking into a bank, standing in a huge line where someone eventually authorized my traveller´s checks (or turned me down for some arbitrary reason) , stamped a few documents after carefully inspecting my passport and sent me to another long line where a second person actually gave me my money. It was a dreadful, time-consuming and unfriendly process that, all-in-all cost a hell of a lot more than 1.0%.


(This post was edited by Bubba on Mar 26, 2007, 11:47 AM)


S & C

Mar 26, 2007, 1:18 PM

Post #86 of 100 (6676 views)

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Re: [Bubba] H S B C

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Bubba, you are right in that the on line accounts of HSBC are a seperate entity, however, if you happen to have an account with them in the US you can do on line banking, transfers, bill paying etc, all from the same web site and you can see all og your accounts with HSBC on one page. (I.E. checking, savings, laons, credit cards, on line savings as weel as brokerage.
The B& M savings rates are typical, like .5%and the checking accounts may have fees unless you arrange things so you bypass them, like balance minimums or total accounts with them that total more than $15,000.
The on line stuff began only after ING became so successful at it and then many others joined the fray. I'll take 5.05% anytime, especially when it is so easy to move money from account to account on line.
HSBC is just like all the other big boys with stuff the offer. They just happen to be the most convenient for me because of their proximity to where I live both here and in the states. BoA or Wells Fargo may be better for someone from the US West Coast.
Stan


Bubba

Mar 26, 2007, 2:05 PM

Post #87 of 100 (6665 views)

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Re: [S & C] H S B C

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Right on Stan. If I were not precluded by the Patriot Act from opening an on-line account at HSBC or ING, I´d do so tomorrow. My response to the earlier poster was meant to explain how banks do this sort of thing. I am very much aware of the ease with which one may avail themselves of inter-subsidiary services services offered by the same bank holding company.

What HSBC and these other global banks do is become involved in various business practices, some far more risky than others, to profit from enveavors they would never risk within the same entity as, for instance, the standard banking entity. For instance, HSBC has a mortgage lending arm in the U.S. that specializes in sub-prime real estate lending but because of huge inherent risks attendant to that activity, they set up a separate subsidiary for that type of business and rake in huge profits until they get into trouble. Then, only the subsidiary is in trouble (up to a point). They have just had their wrists slapped by the U.S. regulators for this activity and have promised to back off. Their Mexican subsidiary, which has absolutely nothing whatsoever to do with their U.S. entity except common ownership, is planning to move heavily into high risk consumer lending in Mexico which is pretty hairy stuff.

The fact that a bank headquartered anywhere that has subsidiaries in the U.S. and Mexico allows inter-subsidiary activity among clients is a marketing decision not a legal right of the client. It´s great for the consumer though. 5.0% savings yield, FDIC insurance and certain free services such as ATM withdrawals in Mexico. You can´t beat that.


(This post was edited by Bubba on Mar 26, 2007, 2:07 PM)


drfugawe


Mar 27, 2007, 7:41 AM

Post #88 of 100 (6617 views)

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Re: [Bubba] H S B C

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In all of this discussion of $ transfers, ATMs, and banking affiliations, I'm still apparently missing something. Why are there banks aggressively and successfully marketing $ transfer services to expat Mexicans in the US (HSBC and Bancomer among others)at very high fees, when it is apparently possible to transfer $ via an ATM transfer at much lower cost?

I just recently saw an online article about HSBC opening a new SoCal branch for the express purpose of handling cash transfers back into Mexico. What am I missing about this process?
jm
_________________________

"Self-respect: the secure feeling
that no one, as yet, is suspicious."
H.L. Mencken
____________###



jerezano

Mar 27, 2007, 8:01 AM

Post #89 of 100 (6610 views)

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Re: [drfugawe] H S B C

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Hello drfugawe,

You asked about bank transfer of remisas from Mexican expats in the USA back to their relatives in Mexico: >>What am I missing about this process?<<

What you are missing in this process is that most Mexican expats living and working in the USA cannot open a bank account. To remit money to mexico they need to use Western Union, or one of the many money transfer companies, or give it to a trusted friend to carry back, or some other method. All of which in the past charged obscene fees. Sometimes as much as a third of the intended remittance. Small remittances of $100 or less were practically gobbled up just by the transfer fees. That trusted friend sometimes gobbled up all the remittance. And some Mexican expats I know of send as little as US$50 a month or perhaps two or three times a year.

Now, the relatives in Mexico can open a bank account down here and the Mexican expat can make a deposit to that account in a USA bank, then call that deposit number and the amount by telephone down to the relatives in Mexico. The relaltive wanders down to the bank, shows the code number and makes a withdrawal. With some banks they don't even need to open an account.

Whether the banks charge for this I don't know. But knowing banks I'm sure they do. But even so the fees, compared to the past, are much, much lower. Too, the convenience is worth the cost in most cases.

Adiós. jerezano.


Oscar2

Mar 27, 2007, 8:47 AM

Post #90 of 100 (6597 views)

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Re: [S & C] H S B C

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Quote
Bubba, you are right in that the on line accounts of HSBC are a seperate entity, however, if you happen to have an account with them in the US you can do on line banking, transfers, bill paying etc, all from the same web site and you can see all og your accounts with HSBC on one page. (I.E. checking, savings, laons, credit cards, on line savings as weel as brokerage.



Based on your post above, were these internet Mexican and US interchange accounts initially all opened in the US? If not, did you pre-open your Mexican account while in Mexico proper and then linked them together or do you have to log on separately to each account?

Reason being is that I’ve taken the liberty of calling and anyone in the US can call HSBC international banking at: 888-662-4722 and ask to be transferred to international Mexican internet banking proper.

Within Mexico City: 5721 3390
Outside of Mexico City toll free: 01 800 715 35 41 option 4




In the US I came away with a mish mash of uncertain scenarios pertaining to HSBC internet banking in Mexico and trying to link it with the US. I was told that at this time the labyrinth of policies and procedures are still under construction and seemingly won’t be completed until sometime in September of this year.


US based City Bank and Mexico based Banamex already are good to go on both fronts but one “must” open their bank account in Mexico and have a Mexican residents utility bill in order to establish a link.


Speaking to someone on establishing an international Mexico specific internet account by phone exposes you to opinions, policies and procedure specific to Mexico which varies and not always the same pending who you talk too each time you call. Yes, it can get a bit dicey and unpredictable.

Perhaps someone with greater understanding can seep into this quandary and sort out specifics about internet banking which will clearly shed some specifics on the differences of opening an internet account from a US point of origin verses opening a HSBC point of origin Mexican internet account and their different privileges and/or limitations. Clarity will muster up a heap of gratitude.

(This post was edited by Oscar2 on Mar 27, 2007, 11:08 AM)


S & C

Mar 27, 2007, 10:01 AM

Post #91 of 100 (6581 views)

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Re: [Oscar2] H S B C

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I'm sorry if I misled anyone but I do not have a Mexican HSBC acount. I mentioned in a previous post on HSBC that he US segment does not interface with the Mexican segment at this time. I hope they do get together later this year.
Everything I do with HSBC has been done in the states and I only use their ATM's in Mexico for getting my money. On numerous times I have taken $3000P twice in a row w/o a problem and since that has been all I need for "living" money, I can do that as often as I wish.

I haven't yet needed to transfer large amounts to Mexico but may in the future.

HSBC has what they call a "Premier" level of service. It costs $50/month or is free if you have $100,000 in US funds in their US bank, (the totals of savings, checking, CD's, Money market, IRA's or brokerage funds). You then get a "relationship" person to deal with 24/7 and you get special rates on loans, credit cards, cd's, safe deposit boxes etc, PLUS you can transfer large amounts to yourself from country to country for no cost. (Since "retired" people should be somewhat conservative with their investments, and HSBC is paying 5.25% for cd's, this service may be worth looking into).
Stan


Bubba

Mar 27, 2007, 10:58 AM

Post #92 of 100 (6572 views)

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Re: [Oscar2] H S B C

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Oscar:

There is no such animal as a Mexican internet bank that is even remotely akin to the U.S. internet bank we are discussing. The e-bank accounts are a U.S. hybrid product and you are confusing the notion of internet banking with the notion of an internet or e-bank.

You can open an account at HSBC Mexico and access and perform certain functions at that bank on the internet. That does not make it an internet or e e-bank.

You can open an account at HSBC in the U.S. and perform certain functions at that bank over the internet.That does not make it an internet or e-bank.

You can open an account at HSBC Online e-bank in the U.S. and deposit and withdraw money there on-line but that bank has no physical presence outside of cyber space.

The reason no one can give you a straight answer is that nobody has an answer.

I´m bowing out of this one.


(This post was edited by Bubba on Mar 27, 2007, 11:00 AM)


Oscar2

Mar 28, 2007, 12:28 AM

Post #93 of 100 (6529 views)

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Re: [Bubba] H S B C

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The reason no one can give you a straight answer is that nobody has an answer.



Based on what has transpired to date, thus far I think the calls you’ve made are on the money, no pun intended. As far as bowing out, this too is understood and I’d probably follow suit but there’s something on the back burner still cooking which hopefully by the end of the week, will bring about favorable results ……….

If so, I’ll keep you posted and if it turns out even close to the current US internet connection with Lloyds of Mexico, I’d be happy to at least electronically view, at will, holding from other Mexican banks from the comfort of my home, as opposed to enduring a shroud of doubt.


Confusion is not alien to me, as it probably isn’t with others but its folks here on this forum and those such as yourself, who persevere and sometimes bring to the fore very useful and “sometimes” accurate information that makes this forum an excellent resource and more.


With a little luck it may still happen and if it does, it will be good news for all interested.

Hasta Luego


drfugawe


Mar 28, 2007, 7:13 AM

Post #94 of 100 (6515 views)

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Re: [jerezano] H S B C

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jerezano wrote: "What you are missing in this process is that most Mexican expats living and working in the USA cannot open a bank account."

Of course! Please excuse me for not recognizing this earlier - and thank you for your good explanation.
john
_________________________

"Self-respect: the secure feeling
that no one, as yet, is suspicious."
H.L. Mencken
____________###



Bubba

Mar 28, 2007, 9:27 AM

Post #95 of 100 (6493 views)

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Re: [Oscar2] H S B C

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If so, I’ll keep you posted and if it turns out even close to the current US internet connection with Lloyds of Mexico, I’d be happy to at least electronically view, at will, holding from other Mexican banks from the comfort of my home, as opposed to enduring a shroud of doubt.

Oscar:

I know I said I was going to bow out but I felt you might benefit from hearing of my experience with banking over the internet (as opposed to internet banking) in Mexico.

We Have accounts with our brokerage house´s captive bank in the U.S. and Lloyd-Activiner investment house in Ajijic. We also have a savings account at Bancomer in Ajijic. We bank on line at both the U.S. bank and Lloyd with splendid results. There are certain activities we can perform at the U.S. bank and Lloyd over the internet such as making investments or inter-account transfers but that´s about it. We can check our balances and invesment mix every day or every hour if we wish at no charge.

Now, to Bancomer. We spent a lot of time there trying to get on line access to our savings account there so we could check our balances from time to time. It used to be simple to do that there but they have recently made it more complicated - probably to improve security so that´s OK except they make it a bit tiresome with their bureacracy. That´s beside the point. The question is, does one really want internet access to one´s Mexican bank account.

Even though we are designated by Bancomer as "preferred" customers, we have decided against internet banking there or taking their credit card offer. Here is why:

Every time we bank on line, that is, pull up our account balances on the computer, they charge us $35 Pesos plus the attendant IVA. They even charged us $35 Pesos plus IVA when they went on line on our behalf to create the on-line account. We can go in the bank and get our balances or get our balances at any Bancomer ATM for free but if we access our account on line it is $35 Pesos plus the IVA every time. Well, I´m no cheapskate but give me a break. I´m doing them a favor banking on line. I should be charging them $35 Pesos plus IVA.

I do not trust Mexican banks. Not just Bancomer but any Mexican bank. I´ve had quite a bit of money in Bancomer lately because of our home remodel in remote Chiapas where there is no Lloyd-Activiner but that´s the only reason. Not only do they manage to more than service charge away any interest I earn on my savings account but I suspect that any problems that may arise from any credit card they issue me or any on-line banking access they give me will be my fault.

Not speaking of Bancomer now but any Mexican bank including HSBC and Banamex and Banorte and you name it. If you have their credit card or on-line access with them you have just significantly increased your chances of falling victim to either internal or external fraud. This ain´t the United States and your bank down here is not likely to welcome you with warm greetings and open arms when you walk in there and tell them you just had $100,000 Pesos disappear from your account through some mysterious event you fail to comprehend.

Mexico is the land of the implied but never directly spoken:

"Well, this is not my fault and not my problem. What proof have you got anyway? Just what careless and stupid thing did you do to allow yourself to be so vulnerable that you allowed someone to steal your money or, for that matter, how do we know that you are not trying to rip us off . We are a major international bank headquarterd in (London, Bilbao, New York) and just who are you anyway and I´m going to have to call Mexico City and tell them about this problem and I hate to call them because they are national headquarters and think I am just some rube out in the provinces and this is going to hurt our office at annual review time and, oh, God! these expat clients are a pain in the ass and.... Well, we´ll look into it when we can get around to it although this may take some time as we have other priorities. Are you sure you didn´t withdraw this money and just forget about it, old codger?"

All of the above paragraph is summed up as follows when addressing you to your face:

"We´ll look into it ,sir."

You might want to re-think this whole thing.

Lloyd-Actinver, on the other hand, is used to dealing with us foreigners and I have always been treated well and with responsiveness when I experienced problems there. That´s why the bulk of my money committed to Mexico is there.

My Spanish teacher once told me that there was no useful verb "to bank" in the Mexican´s lexicon. Ordinary Mexicans don´t "bank". They are "banked" as a courtesy of the bank but only if remaining properly deferential and respectful. When she found out I call my Mexican branch manager by his first name she was flabbergasted. I told her that I not only called him by his first name but he called me by my first name and always gave me great service when he saw me. However, that does not change the fact that in Mexico in general, the prevailing notion in banking is obvious when things go badly:

" The customer is always wrong."


(This post was edited by Bubba on Mar 28, 2007, 9:33 AM)


Oscar2

Mar 29, 2007, 12:39 AM

Post #96 of 100 (6453 views)

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Re: [Bubba] H S B C

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Well said. Although your characterizing customer interaction may sound a bit gruff, when alls said, your take rails on the scathing effect one’s left with when such a lost seems hopeless. Violated and some, at best.

To the degree depicted, knock on wood, luckily, I haven’t been in the cross hairs of the bank…….yet. However, the overall sense of wanting for better is also understandable.

On another front, I had one of the more pleasant types of conversations with a Mexico City Senior Executive from the HSBC Premier program, who incidentally spoke with the authority and kind of pointed, crystal clarity shored up by one of those English accents that flags the utmost in attention.

He was a good Joe with good intentions. But after receiving your post, filled with paranoia and as much as I tried to contain myself and demeanor, an abundance of questions gagged so rapidly that this poor, well intended English fellow had to beg off to collect himself and fetch a journal to prepare for the onslaught ….:-)

When done, with his Englishness and gentlemanly fashion he bid adieu, promising to take no less than a month to answer all my questions…(just kidding) but yes, he immediately confirmed our conversation with a post and hopefully tomorrow clarity will rise with the sun...

Hasta

(This post was edited by Oscar2 on Mar 29, 2007, 12:49 AM)


drfugawe


Mar 30, 2007, 10:20 AM

Post #97 of 100 (6395 views)

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Re: [Bubba] H S B C

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Bubba,
And if your past messages to us are prelude to your future messages, it won't be too long before you're back here telling us how Lloyd-Actinver has ripped you off. It is a Mexican banking institution, is it not?
jm
_________________________

"Self-respect: the secure feeling
that no one, as yet, is suspicious."
H.L. Mencken
____________###



Bubba

Mar 30, 2007, 2:40 PM

Post #98 of 100 (6368 views)

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Re: [drfugawe] H S B C

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jm:

I have been with Lloyd for six years and cannot speak highly enough of them. They have offered me less than optimal currency exchange rates in the past but I wouldn´t call it a rip off. They offered the rate they offered and I accepted their offer at first. I later found I could get a better exchange rate than Lloyd offers because I piggyback my currency exchanges on Schwab´s currency exchanges which gives me their clout to some extent. I have that option because I am a client of Schwab. If one doesn´t have that option then exchanging through one´s U.S. investment house or bank or Lloyd or some other Mexican financial intermediary is one´s choice.

It is a Mexican banking institution, is it not?

No, Activiner-Lloyd is not a Mexican banking institution, it is an investment house. Its service is far superior to that one will receive in a Mexican bank generally speaking unless one is filthy rich. Not only that, I achieve an excellent rate of return on my investment mix at Activiner-Lloyd so I recommend them highly insofar as investing those funds one has committed to investment in Mexico. I repeat past caveats. Only invest money anywhere in Mexico you can afford to lose. Period.




(This post was edited by Bubba on Mar 30, 2007, 2:42 PM)


Papirex


Mar 31, 2007, 11:07 PM

Post #99 of 100 (6320 views)

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Re: [drfugawe] H S B C

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Drfug, You might want to check this website, in English or Spanish: http://www.lloyd.com.mx/ I thought everybody here knew that Lloyds is not a bank. If you haven't moved to Mexico yet, that would probably explain why you mistook it for a bank.

Rex
"The supreme happiness of life is the conviction that we are loved" - Victor Hugo

(This post was edited by RexC on Apr 1, 2007, 12:03 AM)


Bubba

Apr 1, 2007, 5:40 AM

Post #100 of 100 (6309 views)

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Re: [Bubba] H S B C

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My apologies. I misspelled the name of the newly merged entity Actinver-Lloyd, Fondos de Inversion.
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