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Papirex


Mar 10, 2007, 5:50 PM

Post #51 of 100 (7703 views)

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Re: [thriftqueen] H S B C

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Yes, he bought all the Sears stores in Mexico as well as all the JC Penney stores here several years ago.

He did change the names on the JC Penney stores a while back though. That bothered my wife. Before we moved back here permanently, she used to like to shop at The JC Penney stores in México City using her US JC Penney credit card, before there were any ATM machines anywhere in Mexico in the 1980s.

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


hkiersey


Mar 12, 2007, 2:35 PM

Post #52 of 100 (7655 views)

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Sears Credit Card usage or Home Depot?

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Hi:

I've been reading the forum's since August 06. Very Helpful. I see the information about Sears Credit Cards being very dificult to use at Sears in Mexico. I was wondering if anyone knew if it is possible to use the Home Depot Credit Card at the Mexico Home Depots?
"You are where you should be, doing what you should be doing, otherwise you'd be somewhere else, doing something else."


Gringal

Mar 12, 2007, 2:44 PM

Post #53 of 100 (7651 views)

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Re: [hkiersey] Sears Credit Card usage or Home Depot?

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Home Depot credit cards are heavily advertised in the Home Depot stores in Mexico. Don't know if you could use your NOB card, though.


jwp_007

Mar 12, 2007, 4:04 PM

Post #54 of 100 (7630 views)

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Re: [Gringal] Sears Credit Card usage or Home Depot?

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I checked my HSBC accounts for some ATM withdrawals in Jalisco in Feb and March of this year. I checked the exchange rate for the withdrawal dates on XE.com against my HSBC statement; all the transactions were for 3000 pesos. The HSBC statements do not show the exchange rate so I did the math to extract the rate.

Feb. 20 – XE.com - .091121 - HSBC .09121
March 2 XE.com - .08945 - HSBC .08965

I do not know if there are better or worse rates for other ATM cards, or if XE.com is the gold standard of currency rates – but that is what I received from HSBC with no additional fees.


db52

Mar 12, 2007, 5:37 PM

Post #55 of 100 (7609 views)

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XE.com

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Well, that is interesting. I never heard of XE.com before, but it appears to be quoting rates that big-time currency traders would rely on--not just "dumb sucker tourists" like me. And if I have done my math correctly, HSBC appears to have been only 27 cents more expensive than XE in the first instance and 60 cents in the second transaction. I can live with that!


Papirex


Mar 12, 2007, 6:04 PM

Post #56 of 100 (7603 views)

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Re: [jwp_007] Sears Credit Card usage or Home Depot?

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The published exchange rate each day is yesterday’s rate at the close of the business day. The exchange rate published on Saturday, Sunday and Monday, or the day after any holiday is the rate at the close of business on Friday or the last business day before the holiday. It is not fixed by law. Banks, etc. are perfectly free to give you a lower exchange rate; they will not be breaking any law. That is how the cambios make their money; they are private businesses, not a government service.

An example of how the exchange rate fluctuates is that last week we withdrew $5,500 Pesos on two successive days. On March 1st our credit union account was debited U.S.$491.44 plus the 1% exchange fee levied by Visa of U.S.$4.91. On March 2nd the account was debited U.S.$492.55 Plus the 1% exchange fee of U.S.$ 4.93. That was a total difference of U.S.$ 1.13 to withdraw the same amount of money in just 2 days. We weren’t cheated out of a Buck; the difference just reflected the normal daily exchange rate fluctuation.

Many people often try to compare the exchange rate they receive at an ATM to the published exchange rate for the day before, and then complain when they don’t match. They never will. The Mexcan Peso is a floating currency, that is, the value of it changes thoughout the day depending on many things, including how much people and institutions are willing to pay for them. The exchange rate posted at many banks is not the exchange rate that their ATMs are using at any hour.

I use the Oanda FX converter on my computer to double check exchange rates sometimes. http://www.oanda.com/...=us&exch=MXP_USD I have customized it to show only U.S. Dollars and Mexican Pesos, but you can check most of the currencies in the world using it. The Oanda converter will list three prices for the peso, the ask, bid, and sell price. The final sell price is the one published at the close of business every day.

It is the best converter I have found; it reflects the hourly changes in the exchange rate. You may enter an amount in the morning, and the same amount in the afternoon, and get 2 different results, reflecting the change in the exchange rate during the day. You can also check the rate for past dates. I always set the exchange rate used for the bank rate plus 1% so it includes the 1% exchange rate fee charged by Visa.

If you dig around a bit, there is a lot of information on the Oanda site regarding international monetary exchange rates.

You will drive yourself nuts if you are constantly trying to find a bank or an ATM that will give you exactly the exchange rate published that day. It isn’t ever going to happen. If it comes within a few Cents, that’s as good as it gets. Sometimes when I do double check the amount I have received from an ATM, there will be a difference of a Dollar or two. It is usually in my favor.

I quit worrying about getting the exact exchange rate a long time ago. It’s better for my brain.

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

(This post was edited by RexC on Mar 12, 2007, 6:31 PM)


Goody2shs

Mar 12, 2007, 9:33 PM

Post #57 of 100 (7571 views)

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Re: [Bubba] H S B C

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Sounds like you accidentally put vinegar into your margarita instead of tequila.


Tab


Mar 13, 2007, 11:54 PM

Post #58 of 100 (7513 views)

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Re: [db52] H S B C

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Does anyone have an HSBC account in Mexico? I have one down there and just had to order their new High Security OTP (hopefully high-security). I can't seem to find out if it will work from Canada or not (as this is where I am currently living full-time). I am hopeful, seeing as it must work off a satelite - but I haven't had that confirmed from HSBC. Are the other Mexican banks using this new device as well? By the way - does anyone else question why the Mexican banks have such high fraud? Any chance it comes from the "inside" and no amount of high-security device will stop them????? Thanks.

LOVE THE FORUM!


hkiersey


Mar 20, 2007, 11:20 AM

Post #59 of 100 (7447 views)

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Re: [moonfam5] H S B C

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Hi, You don't know me but I've been reading the forums for awhile. Am finally moving to Mexico in 2 weeks. I've opened an HSBCdirect online savings account and for some reason I was thinking the best way to access large sums of money in Mexico would be to open an HSBC Mexico account and not keep my money in it, but when I need a large sum I would do an account transfer from the US HSBC to the Mexico HSBC account and then withdrawl.

Do you or anyone know if this is a good idea?
"You are where you should be, doing what you should be doing, otherwise you'd be somewhere else, doing something else."


Ed and Fran

Mar 20, 2007, 12:16 PM

Post #60 of 100 (7436 views)

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Re: [hkiersey] H S B C

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I was thinking the best way to access large sums of money in Mexico would be to open an HSBC Mexico account and not keep my money in it, but when I need a large sum I would do an account transfer from the US HSBC to the Mexico HSBC account and then withdrawl.


That's pretty much what we do (although we don't transfer from an HSBC in the US) and we suspect that there are a large number of expats living in Mexico who do something similar. Usually about once a month (sometimes more, sometimes less) we make a transfer from our US account to our local HSBC, and then draw down on that for our normal expenses.

Regards

Ed & Fran


hkiersey


Mar 20, 2007, 12:30 PM

Post #61 of 100 (7432 views)

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Re: [Ed and Fran] H S B C

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On the Forums I've read about a lot of Fraud in all the Mexican Banks. Have you personally experienced any fraud.

Also we are going to be living part time by Morelia, Michoacan and then part time somewhere else which we haven't decided yet... Maybe Puerto Vallarta.. not really sure.

Where do you live? And do you think that there are lots of HSBC Banks all over..?

Thanks for the reply.
Heather
"You are where you should be, doing what you should be doing, otherwise you'd be somewhere else, doing something else."


Ed and Fran

Mar 20, 2007, 12:45 PM

Post #62 of 100 (7420 views)

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Re: [hkiersey] H S B C

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Have you personally experienced any fraud.

Us? No.


Where do you live? And do you think that there are lots of HSBC Banks all over..?

We live on the gulf Coast in Tuxpan, Veracruz. Yup, HSBC has branches everywhere. I don't have stats on who has the most branches, but HSBC has to be up there near the top.


Regards

Ed & Fran


bournemouth

Mar 20, 2007, 12:51 PM

Post #63 of 100 (7414 views)

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Re: [hkiersey] H S B C

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Apparently there are 1400 branches of HSBC in Mexico but I was unable to come up with a map of the locations.


hkiersey


Mar 20, 2007, 12:57 PM

Post #64 of 100 (7410 views)

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Re: [bournemouth] H S B C

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Well, I'm very excited to hear that. It's hard to make decisions for our future without being there. But....thanks to this forum I've been able to weigh out the options and I think I've made a good choice.

Thanks for the info

Heather
"You are where you should be, doing what you should be doing, otherwise you'd be somewhere else, doing something else."


Goody2shs

Mar 20, 2007, 11:05 PM

Post #65 of 100 (7350 views)

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Re: [hkiersey] H S B C

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I have also opened an online HSBC savings account for that same purpose. It works great for transfer to and from any bank account we have and besides they pay a hefty interest on your savings. Right now if you put new money into your account, they offer 6%, which is fantastic by U.S. standards.


jerezano

Mar 21, 2007, 8:28 AM

Post #66 of 100 (7322 views)

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Re: [Goody2shs] H S B C

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Hello,

Fraud in the Mexican banks. The banking industry is now pretty well guarded against fraud. In the past no. And the subsidiary banking industry, the so-called credit unions, union cooperatives, corner empresarios who guard your money and pay sky-high interest are all without watchdogs. Fraud there, yes.

What you will find with Mexican banks is price-gouging on what we think of as standard services. Lack of such services. An attitude that your money is really theirs and that they are doing you a favor to allow you to deposit money in their institution, and no insurance on your deposits. For example Bancomer 3 years back was charging a monthly fee for a severely restricted on-line banking use. Can you imagine? I dropped it so I don't know about now.

Before the days of computing, for example, if you banked at XXX bank in Guadalajara on yyy street and tried to cash a check at another branch of the same bank on zzz street, you were out of luck. No dice. If the staff were really cooperative, they would make a phone call to your branch, if the phone worked, and ask, and then MAYBE cash your check. The same with deposits. Those days are now gone forever with the arrival of the foreign banks, but the attitudes remain.

And the question remains for those who really got hurt when López Portillo converted all the banks to paraestatales: Was it fraud to impound all the dollar accounts and convert them to nearly worthless pesos? It would be by USA standards.

Adiós. jerezano


Bubba

Mar 21, 2007, 11:56 AM

Post #67 of 100 (7291 views)

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Re: [jerezano] H S B C

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Good post, Jerezano but guarding against sophisticated fraud is not so simple and here is what one must always keep in mind. Your average Mexican bank ain´t your average U.S. bank and there is no insurance. If you are defrauded, do not anticipate the smiling instant refund of your lost funds. It will be your problem, not theirs. You will have been found guilty of having been stupid and, therefore, unworthy of recompense without a fight you will pursue without local stature. This is hugely important for you to understand.

We have been keeping large average balances in a Mexican bank because of our home construction project in Chiapas and, thus, have been designated "preferred" customer status with all that status infers. We still make no money on our savings account as we are service charged to death. And, I promise you, if we are defrauded whether internally or externally, we will never see that money again. Never leave more money than you can afford to lose in a Mexican bank or investment house. Any bank. Any investment house.

About four years ago, my main banker at a huge investment house in the U.S. warned me to take my money out of a Mexican investment house because the firm was undercapitalized and known to shift risk about to benefit its wealthy cients to the detriment of its ordinary clients and, in the event of a financial crisis leading to liquidation, would take care of its powerful friends at the expense of everyone else who would be left penniless. Does this surprise you? Think about it. In the U.S. with all its regulations and so called rule of law, who gets screwed? Imagine your situation in a country where there is no "transparency" and normally no punishment for the manipulator or swindler.

Did you know that one highly touted multinational bank has frozen the assets in litigation of one of its clients in Latin America because that client criticicized its service publicly on the internet? His assets could be frozen for years beyond his lifetime. I have no idea who is right or wrong in that controversy but I tell you - keep the bulk of your money in the U.S. and keep it insured by the Federal government. To do otherwise is the height of recklessness.


(This post was edited by Bubba on Mar 21, 2007, 12:07 PM)


ken and judith


Mar 21, 2007, 7:06 PM

Post #68 of 100 (7239 views)

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Re: [Bubba] H S B C

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Getting back to HSBC for a moment - can anyone confirm for me what the withdrawal fees are for taking money out of an HSBC account from another country (Canada or US) from an HSBC ATM in Mexico. Do you get hit with 2 ATM fees or does HSBC charge you only once.

Thanks


moonfam5

Mar 22, 2007, 6:53 AM

Post #69 of 100 (7198 views)

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Re: [ken and judith] H S B C

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Everywhere that I have used my HSBC ATM card, I have only been charged the withdrawal fee from the account once. Of course the question is why am I being charged at all since HSBC is supposedly a world wide bank. Come to think of it, I have never withdrawn monies from a HSBC branch in the States. I wonder if there is no charge for that service? B of A doesn't charge for withdrawing your own money from your own account in their domestic branches, but I have been hit twice for using my B of A card in Mexico, once from the ATM where I withdrawl, and another from B of A for the privilege thereof.
WinkThe more I learn, I less I know.


Rolly


Mar 22, 2007, 7:42 AM

Post #70 of 100 (7189 views)

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Re: [moonfam5] H S B C

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You can use your BofA ATM card at Serfin bank with no charges. I do it all the time.

Rolly Pirate


windknot

Mar 24, 2007, 11:28 AM

Post #71 of 100 (7120 views)

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Re: [S & C] H S B C

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For those that don't already know, it is Bank of America that owns/or has an affiliation with Santander Serfin in Mexico. I have never had a problem with the Santander ATM's and my BoA checkcard. I also find the exchange rate to be much more favorable than if I had walked into the same bank with USD's and exchanged them for pesos. Once when the rate was 10.85, I did the math and had received 11.02 from the ATM. This includes any fees, of which I think there are none.


Oscar2

Mar 24, 2007, 12:50 PM

Post #72 of 100 (7105 views)

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Re: [Goody2shs] H S B C

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Quote
I have also opened an online HSBC savings account for that same purpose. It works great for transfer to and from any bank account we have and besides they pay a hefty interest on your savings. Right now if you put new money into your account, they offer 6%, which is fantastic by U.S. standards.



You mentioned having opened an on-line account with HSBC. Is this an on-line account with a HSBC in Mexico that you now have control over NoB? If so, did you get your Clave while in the states or did you initially establish this internet link while in Mexico. I’m having difficulties in this area.


Bubba

Mar 24, 2007, 2:02 PM

Post #73 of 100 (7098 views)

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Re: [Oscar2] H S B C

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You mentioned having opened an on-line account with HSBC. Is this an on-line account with a HSBC in Mexico that you now have control over NoB?

Oscar.

I am not the poster but I can tell you the HSBC "sweep" account that pays the temporary 6.0% is a U.S. only account covered by FDIC insurance. If you reside in Mexico you cannot open one. It is illegal for you to do so. You must open an account at HSBC Mexico which is not the same bank as HSBC´s U.S. subsidiary. I doubt a savings account in HSBC´s Mexican subsidiary bank will pay you in excess of 1.0% although you can open investment accounts with them that will pay more. No money you have in the Mexican bank is covered by deposit insurance so your deposits at any bank in Mexico are substantially more risky than your U.S. deposits.

If you still live in the U.S. or can seem to live in the U.S. by lying on the application, you can open the HSBC on-line sweep account there and can enjoy the benefits of that account at HSBC´s ATMs in Mexico. The PIN you choose, whether at HSBC´s Mexican or American subsidiaries is good at ATMs all over the world.

We bankers love to give teaser rates to both depositors and borrowers. It is our way of tricking you in the door. We know that, by offering 6.0% on "new" money for a couple of months , we can bring in new depositors and then we try to sell them on services that keep them there. Bankers know that depositors are loathe to change banks, especially if they have automatic services such as electronic deposit services at that particular bank. After April, in the case of the HSBC promotion, one´s return on the account drops to that similar to other e-bank rates which will still be higher than your average "brick & mortar" bank so it´s a good deal.

I recommend the HSBC USA product if you can open one. I would open one myself if legally allowed to do so. However, when HSBC USA tells you it is paying six times (or whatever) the average bank savings account rate, they are playing games with you. Their rates are probably comparable to thea rates of most e-banks so don´t get too excited.


(This post was edited by Bubba on Mar 24, 2007, 2:08 PM)


Oscar2

Mar 24, 2007, 3:18 PM

Post #74 of 100 (7080 views)

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Re: [Bubba] H S B C

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Here’s a scenario that will make my dubious question perhaps a bit clearer. Let’s assume you open an HSBC account while in Mexico but aren’t there long enough or forgot to use the pin/clave issued during the time allotted while in Mexico to open up this internet banking account.

While NoB, you decide its time to establish connection with this Mexican account via the internet. Has anyone on this forum done so while in the states and if the answer is yes, did HSBC issue you another clave/pin by phone, mail or otherwise while NoB in order to establish a link?

Incidentally Bubba and Jerezano, I thoroughly chime in with your experiences about Mexican bank services presented to one as privileges rather than the expected, no matter how much dinero invested in their institution. Try getting a safe deposit box or other simple peripheral services and rates go up exponentially. I mean in some cases to the point of lunacy. $500,000.00 pesos plus maintenance fees was the highest price quoted for a safe deposit box.. Go figure.

The odd man out sort of thing about this situation is that they look at you as if you should already know this without question. The problem here is your fresh from exposure to incredibly lesser rates offered NoB when sizable deposits grant you seemingly a card blanch by comparison. In other words the larger your bank holding, the bank definitely benefits from these holding in their increased accrued interest and/or monies used for other investments which feeds their bottom line.

In some Mexican banks, this same scenario would do no more than grant a smile while you’re smarting and being ushered out the door with minimal services and/or hefty service charges should you require more. I’d love to say the opposite and would do so game-fully but sorry pal, it’s not going to happen, not just yet. But sometimes you do what you have to do….


Goody2shs

Mar 24, 2007, 7:07 PM

Post #75 of 100 (7046 views)

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Re: [Oscar2] H S B C

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Hi Oscar2, to answer your question: Funny, would you believe, I don't actually know where my HSBC bank is located as I opened the account strictly as an online banking account. It is supposed to work anywhere in the world. But we still live in the U.S. and I switch funds from this account to two of my other checking accounts from time to time. You can add as many accounts as you like on your profile with the online bank so that you can transfer your money from anywhere to anywhere from your computer. I funded my HSBC account with a transfer from my checking account, so never sent anything to them in the mail either. 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. Hope I answered your question?
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