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jwander

Apr 30, 2010, 5:22 PM

Post #1 of 44 (8874 views)

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Requirements for opening a bank acccount in Mexico ?

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Would someone please tell us what the requirements are for opening a bank account in Mexico ? We need to have funds available for a real estate purchase. We will be traveling down to Mexico on the new tourist visa. We will be in Manzanillo for the real estate closing. There is no realtor involved.

Thanks

Jeff and Lisa



Zorba

Apr 30, 2010, 5:28 PM

Post #2 of 44 (8863 views)

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Re: [jwander] Requirements for opening a bank acccount in Mexico ?

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Hi, you need a visa to open a bank account. That means an FM2 or FM3. You cant open one on a tourist visa. You will also need a light, water or phone receipt.

Your best option might be to wire the money from you US account to the seller's account. But, knowing Mexico, they probably want cash.

You can take cash across the border. It's legal as long as you declare it. But of course, that has its own inherent risks.

Maybe US cashier's cheque?

You say no realtor is involved. Is there a notario you trust involved?


(This post was edited by Zorba on Apr 30, 2010, 5:38 PM)


Rolly


Apr 30, 2010, 5:49 PM

Post #3 of 44 (8840 views)

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Re: [jwander] Requirements for opening a bank acccount in Mexico ?

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From my website at http://rollybrook.com/..._in_mexico.htm#Money

If you want a Mexican bank account, here are some things you will need to do.
1. Choose a bank.
2. Go to the bank to get an application. If your Spanish is not good, take a translator with you.
3. You will need to show your FM3 and some form of proof of residency. This is usually a utility bill in your name at your address or a letter from your landlord. In most (all?) banks you cannot open an account with an FMM.
4. You will be asked for names and addresses of two references. Often the bank will actually contact your references. This is supposed to weed out drug dealers.

Rolly Pirate


bournemouth

Apr 30, 2010, 5:57 PM

Post #4 of 44 (8829 views)

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Re: [Zorba] Requirements for opening a bank acccount in Mexico ?

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Bancomer will let you open an account with a tourist visa/FMT.

Unless you are very confident about the notario handling the closing and/or have done this before, you might want consider hiring someone to see you through the process


(This post was edited by bournemouth on Apr 30, 2010, 5:59 PM)


chinagringo


Apr 30, 2010, 6:11 PM

Post #5 of 44 (8824 views)

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Re: [Zorba] Requirements for opening a bank acccount in Mexico ?

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I can just see declaring and explaining to Homeland Security Customs Agents just outside of the border crossing just why you are taking in excess of $10K in cash into Mexico. That has the appearance of a couple of hours going through that drill. Beyond that the tension created by carrying that much money would make for a long trip!

In some areas, sellers have be known to accept a personal check written on a NOB account depending on the circumstances.

I certainly hope that you have a qualified Notario, with impeccable credentials and reputation to handle your transaction.
Regards,
Neil
Albuquerque, NM



Reefhound


Apr 30, 2010, 6:34 PM

Post #6 of 44 (8814 views)

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Re: [chinagringo] Requirements for opening a bank acccount in Mexico ?

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Just curious, what crossings do you pass through U.S. Customs on the way OUT of the U.S.?

Every crossing I've used (just 4) the only place where I'm subjected to a U.S. checkpoint is on the way IN, both at the border and the ~20 mile interior.


Rolly


Apr 30, 2010, 6:39 PM

Post #7 of 44 (8808 views)

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Re: [Reefhound] Requirements for opening a bank acccount in Mexico ?

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When you withdraw a large amount of cash from a bank in the USA, they transaction will be reported to the government by the bank. It happens at the bank, not at the border. When you enter México with more that US$10,000, it must be declared. Do you really want to tell a customs agent that you have a bundle of cash. I sure wouldn't.

Rolly Pirate


chinagringo


Apr 30, 2010, 6:51 PM

Post #8 of 44 (8797 views)

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Re: [Reefhound] Requirements for opening a bank acccount in Mexico ?

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Well Reefhound, at the border crossing in Santa Teresa, NM, Homeland Security Customs has a checkpoint about 50 yards inside the border and one has to stop for questioning before proceeding into the Mexico border station. During our last crossing, it was manned by two males and a very dominant female, who asked all of the questions - purpose of visit to Mexico, weapons questions, cash in excess of $10K, what we did for a living, etc.

While they did not inspect the inside of our vehicle, the two males did walk around it looking through the windows of our van and I would guess that they had the right to inspect the contents but that is just an assumption.
Regards,
Neil
Albuquerque, NM



(This post was edited by chinagringo on Apr 30, 2010, 6:54 PM)


Reefhound


Apr 30, 2010, 7:04 PM

Post #9 of 44 (8787 views)

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Re: [chinagringo] Requirements for opening a bank acccount in Mexico ?

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Good to know. I can verify there are no such checkpoints at Eagle Pass, Columbia, Laredo, or Los Indios.

As for banks, yeah that is true if your transaction exceeds $10k but I have several separate checking accounts (different institutions) with over $10k each that I could take out $9900 each. Or take out $9900 per day for as many days you need to get your needed amount. Maybe the feds could link it all up but it still would be under $10k per transaction. And if you do have a valid reason then so what if they send you a letter asking for more information?


La Isla


Apr 30, 2010, 7:58 PM

Post #10 of 44 (8771 views)

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Re: [Rolly] Requirements for opening a bank acccount in Mexico ?

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In Reply To
From my website at http://rollybrook.com/..._in_mexico.htm#Money

If you want a Mexican bank account, here are some things you will need to do.
1. Choose a bank.
2. Go to the bank to get an application. If your Spanish is not good, take a translator with you.
3. You will need to show your FM3 and some form of proof of residency. This is usually a utility bill in your name at your address or a letter from your landlord. In most (all?) banks you cannot open an account with an FMM.
4. You will be asked for names and addresses of two references. Often the bank will actually contact your references. This is supposed to weed out drug dealers.


When I opened my account with Santander Serfin, the utility bill I used (can't remember which one it was) for my
comprobante de domicilio was not in my name, in fact, none of them are!


Rolly


Apr 30, 2010, 8:03 PM

Post #11 of 44 (8770 views)

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Re: [La Isla] Requirements for opening a bank acccount in Mexico ?

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I have never had a utility bill in my name. It seems that what matters is the address on the bill.

And yes, I need to correct that on my website.

Thanks for the heads up.

Rolly Pirate


La Isla


Apr 30, 2010, 8:15 PM

Post #12 of 44 (8760 views)

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Re: [Rolly] Requirements for opening a bank acccount in Mexico ?

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You're welcome, Rolly! It's the least I can do for all the help you give us (- : .


robt65

May 1, 2010, 5:16 AM

Post #13 of 44 (8720 views)

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Re: [jwander] Requirements for opening a bank acccount in Mexico ?

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Hello jwander,

I did the same thing last year. I had a lot to think about. Direct wire deposits from my SS, my military pension, and one other pension. I was also selling my home in Kentucky and was going to be transferring a large sum of money after the sale. I heard about Bank of America, Scotia Bank and the rest. Maybe good but I wanted more.

I found a Bank in Texas (Inter National Bank), note the spelling, and found they are wholly owned by BANNORTE BANCO. A Mexican Bank. I found that I could have direct, same day transfers of cash sent to my Mexican bank account without any charges, I could (if I chose) have a home loan in Mexico through them, in Texas or Mexico. More than 3000 teller machines in Mexico. Banks in almost every Mexican city.

I opened an account in Texas first. When in Mexico the next time, I opened an account there with only my electric bill, my passport, a receipt with the address of the house I was going to rent until I found my home to buy. The other thing I really like is that when I asked for a Mexican debit card I was able to get one without any problem. With the bank account I was also given a small electronic key faub that changes a number every so many seconds. This number is the one that you will use for your Internet banking in Mexico. Both the Inter National Bank and the Bannorte banco have been very good and I have had not one problem with many transfers of money from the USA to Mexico. This was very handy for me as I did not wish to loose 15% of my social security $ because I did not have an American Account to have it directly wired to. Also the Inter National Bank has always wired my American dollars to my Mexican bank in pesos. That to me was important a I did not loose any $ in fee charges. Now that it is the law that any money coming into Mexico is in Pesos, it is even better than I thought. You can find information of both banks on line. I think that you should not have any problems.

Good Luck and welcome to Mexico.

Robt65


Hound Dog

May 1, 2010, 5:20 AM

Post #14 of 44 (8718 views)

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Re: [La Isla] Requirements for opening a bank acccount in Mexico ?

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You will be asked for names and addresses of two references. Often the bank will actually contact your references. This is supposed to weed out drug dealers.


When they ask for references tell them Jose Johnson and Miguel Joselito Smith both of whom live in whatever town in which your bank is located because the chances they will call your references are nil. We have had two bank accounts in Mexico with highly reputable banks for years and are considered great clients because of our average account balances so remember this - everyone in Mexico lies as a Mexican attorney once told us so you lie well you live well.

Actually, as to that Mexican lawyer, we told him our adversary was lying and his response was (in Spanish), "He lies, you lie." This is the best advice we ever received in this country,


(This post was edited by Hound Dog on May 1, 2010, 7:12 AM)


skier14

May 1, 2010, 5:35 AM

Post #15 of 44 (8711 views)

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Re: [robt65] Requirements for opening a bank acccount in Mexico ?

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I have the same transfer situation between Citibank and Banamex. Free, but no more than $1000US per day.


robt65

May 1, 2010, 5:47 AM

Post #16 of 44 (8706 views)

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Re: [skier14] Requirements for opening a bank acccount in Mexico ?

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Hi skier14,

I was told by a bank manager that for large sums for good reasons they have a certain way to do this and this would not be a problem at all. I sure as heck do not want to be carrying any large sum of money into Mexico through the border. I really think that the local Transito or other disreputable person would know about this in a minute and be waiting at some point along your route.

Robt65


Rolly


May 1, 2010, 7:30 AM

Post #17 of 44 (8682 views)

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Re: [Hound Dog] Requirements for opening a bank account in Mexico ?

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When I opened n account with Banamex, they did indeed contact both of the references I gave.

Rolly Pirate


Rolly


May 1, 2010, 7:35 AM

Post #18 of 44 (8677 views)

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Re: [robt65] Requirements for opening a bank acccount in Mexico ?

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Robert, I'm aware of the Banorte/INB. I am curious about the exchange rate Banorte pays on those transfers from INB.

Here is a link to INB: https://www.inbweb.com/

Rolly Pirate


texican

May 1, 2010, 7:45 AM

Post #19 of 44 (8665 views)

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Re: [jwander] Requirements for opening a bank acccount in Mexico ?

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i am new to mexico also. i opened my account at HSBC in GDL. I only had a tourist visa. i had to have a residence address, show my telemex and electric bill, and passport. i deposited 70,000.00 pesos in cash and there was not problem. once the account was opened i checked about wiring money from my BOA to the new account in mexico. they told me to wait 3 days before wiring the money. i wired it and it was recieved into my account 2 days later.


morgaine7


May 1, 2010, 7:45 AM

Post #20 of 44 (8664 views)

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Re: [robt65] Requirements for opening a bank acccount in Mexico ?

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Quote
This was very handy for me as I did not wish to loose 15% of my social security $ because I did not have an American Account to have it directly wired to.

Not to change the subject, but how would you lose 15% of your SS? I have mine direct deposited into my Mexican account. The exchange rate is good, and there are no fees.

Kate


esperanza

May 1, 2010, 7:46 AM

Post #21 of 44 (8662 views)

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Re: [Rolly] Requirements for opening a bank account in Mexico ?

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When I opened an account with Bancomer in Guadalajara, they did indeed call both of my references. They also required copies of my FM-3 visa. They said that an FM-T tourist card was not acceptable, although they would have accepted an FM-2. Comprobante de domicilio was in my landlord's name and was not a problem.

In order to issue checks for my checking account, they required a visit to my home to ascertain that I did in fact live there. I've never needed to use a check and they have never made the home visit.

Kate, in answer to your question about losing 15% of Social Security payments: this is quite simply not true. The entire amount of anyone's SS payment is deposited directly to his/her Mexican account, if that's how the payee has SS set up.

http://www.mexicocooks.typepad.com









(This post was edited by esperanza on May 1, 2010, 7:48 AM)


skier14

May 1, 2010, 10:13 AM

Post #22 of 44 (8624 views)

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Re: [robt65] Requirements for opening a bank acccount in Mexico ?

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When I opened my account with Lloyds 3 or 4 years ago, I asked about transfering money to Mexico to buy my house. They gave me an account Number at Bank of America in Los Angles to transfer the $$$ that I wanted to transfer. From that account the money went directly into my Lloyds account without additional cost. The only charge was sending money from CITI to BofA.


Hound Dog

May 1, 2010, 10:30 AM

Post #23 of 44 (8615 views)

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Re: [skier14] Requirements for opening a bank acccount in Mexico ?

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When I opened my account with Lloyds 3 or 4 years ago, I asked about transfering money to Mexico to buy my house. They gave me an account Number at Bank of America in Los Angles to transfer the $$$ that I wanted to transfer. From that account the money went directly into my Lloyds account without additional cost. The only charge was sending money from CITI to BofA.

Are you saying that your money went into Lloyd as dollars or pesos?


(This post was edited by Hound Dog on May 1, 2010, 10:32 AM)


robt65

May 1, 2010, 11:45 AM

Post #24 of 44 (8596 views)

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Re: [Rolly] Requirements for opening a bank acccount in Mexico ?

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Hi Rolly,

My experience with the exchange rate is that I have been charged the going rate of the day. Maybe if I make a request to transfer funds late in the day on one day and it is not possible until the next day, and if in that day the rate has changed it will be a little more. I have no problem with the small exchange rate that I have been charged for the service that I receive. I can literally pick up the phone call Inter National Bank and ask to transfer funds when I am away in the UAS for work. Then send them a written fax with that request and in about four hours the money is in the Mexican bank. for me to have that kind of service especially to be able to send my wife in Mexico enough money to have access to with her Debit card is a good thing. Now when they send a wire with the larger sums of money then it costs me the cost of a normal wire from any bank in the USA. So all in all, until anything changes they have my business.

Robt65


robt65

May 1, 2010, 11:55 AM

Post #25 of 44 (8590 views)

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Re: [Reefhound] Requirements for opening a bank acccount in Mexico ?

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Hi reefhound,

I can tgell you for sure that at Matamoros the homeland security as well as both state of Texas and Sherriffs Officers are right as you leave the USA at the entry to the bridge.

Robt65
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