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robt65

May 1, 2010, 12:01 PM

Post #26 of 44 (5213 views)

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Re: [morgaine7] Requirements for opening a bank acccount in Mexico ?

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Hi Morgaine7,

I am surprised! When I called SS to ask, I was told that my SS pension would deduct immediately 15% for wiring directly to an out of the country bank.

Robt65


robt65

May 1, 2010, 12:15 PM

Post #27 of 44 (5206 views)

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

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Esperanza,

Do you think this lady at the SS office that I called was talking about taking my taxable deduction before it was sent to my Mexican bank? . . . . . or . . . . . Maybe the fact that I have been almost all of my life in the USA (as a Canadian by birth) on a permante residence card holder made any difference? Al I know is that I was told I would get my whole check minus 15%. My military pension would not even considefr sending my military pension to Mexico. Maybe it did have something to do with pesos vs USD? I don't know. I just know that I did not like the thought of loosing 15%.

Robt65


morgaine7


May 1, 2010, 12:37 PM

Post #28 of 44 (5202 views)

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

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It may have to do with the fact that you're not a US citizen, but if I were you, I'd check again. I do know that my employer's retirement plan would have taken 30% [!!] withholding if I'd had the payments sent to Mexico. But when I applied for SS (through the Guadalajara office) they told me I'd get the entire amount, and I do. I'm a US citizen, though.

Kate


robt65

May 1, 2010, 12:51 PM

Post #29 of 44 (5197 views)

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Re: [morgaine7] Requirements for opening a bank account in Mexico ?

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I am going to telephone them back. That annoys me that someone would give me that answer from a government office. I mean after all . . .this is not Mexico is it?! (tounge in cheek) but then again . . . . . . .

Robt65


Hound Dog

May 1, 2010, 12:54 PM

Post #30 of 44 (5196 views)

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

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robt65

May 1, 2010, 1:06 PM

Post #31 of 44 (5189 views)

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

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So I am waiting Dawg . . . .where is your astute reply!?


donemry

May 1, 2010, 1:30 PM

Post #32 of 44 (5187 views)

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

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When we bought our house, we deposited the purchase money with an escrow agent in Florida. At the closing, which we did not attend, the Notario and the rest of the particpants were paid their shares from that escrow account. Our real estate agent looked after our interests. It was no hassle at all.


Hound Dog

May 1, 2010, 1:51 PM

Post #33 of 44 (5181 views)

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

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Do you think this lady at the SS office that I called was talking about taking my taxable deduction before it was sent to my Mexican bank? . . . . . or . . . . . Maybe the fact that I have been almost all of my life in the USA (as a Canadian by birth) on a permante residence card holder made any difference? Al I know is that I was told I would get my whole check minus 15%. My military pension would not even considefr sending my military pension to Mexico. Maybe it did have something to do with pesos vs USD? I don't know. I just know that I did not like the thought of loosing 15%.

Robt65
Actually Robt65 here is the fact of the matter.


The law in the "land of the free and the home of the brave" has changed and so this year, affterr 10 years of living down here as retirees, I am U.S. citizen and my wife a French citizen, the United States decide that all of our withdrawals from our IRA accounts which are deposited in a U.S. bank were formerly not subject tyio witholding were subject to the following:

A 10% witholding from my IRA withdrawals.
A 30% witholding from my wifes IRA withdrawals simply because she is a French citizen living outside the United States and even though she has paid her IRS income taxes in the United States for 39 years - first in Alabama and then in California and, for the past ten years, in Mexico.

Those of you still living in the United States please do not brag to us of your freedoms. The Unoited States is populated by spineless morons. The government in that country is criminally incompetent and corrupted. Otherwise, I have no opinion.







Hound Dog

May 1, 2010, 1:57 PM

Post #34 of 44 (5180 views)

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Re: [Rolly] 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.

Well, we just opened a new bank account with Banamex and they contacted no one whose names we supplied. Maybe you look too much like Willie Nelson.

Actually, we just made up the references but we had a whole bunch of money and that always works with Bankers.
who are whores for dollars or pesos. I was one from 1966 to 2001 and am not proud of that.


(This post was edited by Hound Dog on May 1, 2010, 2:04 PM)


Rolly


May 1, 2010, 2:32 PM

Post #35 of 44 (5167 views)

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

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Not Willie Nelson. I'm accused of looking like Jerry Garcia.

Rolly Pirate


skier14

May 1, 2010, 2:47 PM

Post #36 of 44 (5159 views)

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

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I believe the money was changed to peso by Lloyds. I know that when I paid for the house Lloyds had a check from Bancomer made out to the seller in pesos. At other times when I withdrew money I received peso and the online monthly statement reads pesos.


Hound Dog

May 1, 2010, 3:52 PM

Post #37 of 44 (5147 views)

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

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believe the money was changed to peso by Lloyds.

I would therefore guess you may have gotten screwed by Lloyd and Bancomer in all probabilty but I wouldn´t worry about that if I were you since we all have to go through this initiation process. When we bought our Ajijic house in 2001 this was not an issue since we paid in dollars. Nowadays, I always exchange dollars for pesos at my U.S. brokerage house and wire pesos to my Mexican bank account if I am wiring a substantial amount of money.

There was a time when Lloyd had a sort of monopoly with foreigners down here but no more. Be inquisitive and value competition to get the best rate of currency exchange.


chinagringo


May 1, 2010, 5:02 PM

Post #38 of 44 (5128 views)

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

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Dawg:

We too had a Lloyd account but if my memory serves me correctly (without having to go back through records), it was a branch of B of A in San Diego that we sent USD to. At that point in time, we had one of their MXP "investment accounts", so I am assuming the conversion was to MXP's.

However in '06, we were selling our house to someone from the U.S. and were willing to accept checks drawn on a U.S. bank. At that time, there was some strong speculation that the MXP might go through a devaluation for reasons that I cannot remember. We opened a USD account at Lloyd to deposit the proceeds even though it certainly did not offer anywhere near the returns being projected for MXP investment accounts.

By the way, the original Lloyd account was opened with FMT's and none of the requirements for Letters of Reference.
Regards,
Neil
Albuquerque, NM



careyeroslib

May 2, 2010, 6:08 AM

Post #39 of 44 (5083 views)

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

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We regularly transfer money from Canada to our Lloyd (now it's Actinver-Lloyd) Account. We wire transfer US funds from Canada to the Lloyd Account in the Bank of America in San Diego (they also have a process for transferring Canadian funds, but we prefer to transfer US dollars because it seems faster). The transfer form then says 'For further deposit to: (our account information). Our Lloyd account is a peso account, so they change it to pesos. If we wanted to deposit US dollars, we would have to have a US dollar account at Lloyd (and the wire transfer info is a bit different).

There is no cost, beyond a small charge to convert to pesos (just an administrative fee of a few pesos), but otherwise the only cost is the wire transfer cost. There is also no limit that I know of.

This works very well. If I fill out the form in the morning in my Canadian bank, the money shows up online in my Lloyd account by that same afternoon. It's almost instantaneous. The only thing that has changed over the years (we've been doing this almost ten years) is that they now require an actual street address for the bank to which you are transferring funds in addition to the ABA, Swift Code, etc. For example, our branch is in Puerto Vallarta.


Zorba

May 2, 2010, 6:34 AM

Post #40 of 44 (5071 views)

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

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What is the advantage of the Lloyd's account? Why dont you just transfer from you Canadian account directly to your Mexican account? Is there a link to this Lloyd's service?


Hound Dog

May 2, 2010, 7:50 AM

Post #41 of 44 (5059 views)

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

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Let´s briefly talk about this for newbies soon to move here. When we moved here in 2001, we opened accounts at Lloyd and what was then called Multivalores. We no longer maintain accounts at either place for reasons of our own but now have a savings account at Bancomer in Ajijic and a checking/savings account with personal checks at Banamex in San Cristóbal de Las Casas. We find it preferable to have bank accounts in both cities in which we maintain residences and you, dear newbie, may also find that a good idea once you understand what Dawg calls "Mexicothink". Live and learn I say.

When we first moved here way back when, we felt no need for a checking account as personal checks are not widely useful down here but we started using checks when the Mexican government started taxing cash deposits in excess of $15,000 Pesos because of widespread tax avoidance in this primarily cash driven economy. Banamex has a good, no-cost account option if you maintain a minimum balance of $20,000 Pesos but where you open your account is your decision.

Now, as to wiring fund to your Mexican bank from you bank account in the United States. Here is Dawg´s advice from having lived here for 10 years. Have an account at a reputable institution in the United States that understands international banking and won´t freak because you live here. Open that account before you move here and that is very important. We use Charles Schwab and its servicing commerial bank, PNC, out of Philadelphia. Why Philadelpha for two people who have spent their adult lives on the Alabama and Northern California coasts? Because that is Schwab´s bank. Forget Podunk Bank and ole Billy Bob banker up there in Hooterville. You want a banker who understands where you live and why you live here but you also want a financial institution that deals in international finance including daily currency exchange transactions on a large scale and which can piggyback your miniscule currency exchange on their far larger currency exchange activities and, thus, command a much better exchange rate which they can partially pass on to you.

Always, and I repeat; always exchange dollars for Mexican Pesos in the United States if you can and then wire the pesos to your bank account here in Mexico. Never wire dollars to your Mexican bank to be exchanged for pesos here by them. It took me years to figure this out. Take my word for it.


(This post was edited by Hound Dog on May 2, 2010, 7:53 AM)


careyeroslib

May 2, 2010, 9:28 AM

Post #42 of 44 (5029 views)

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

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We deal with Lloyd (Actinver Lloyd) because we've never had any problem with them and we can always phone them and get a real person on the phone. We then transfer money from them to a normal Mexican bank while in Mexico for day-to-day banking. We've also never had any problem transferring US dollars to them to be converted to pesos either (not to question or in any way disparage anyone else's experience, but we have our own extensive experience: several transfers per year for at least 8 years). We always get a good rate, and have never had even one single screw-up (knock-on wood).

We may try HSBC in future(wire transfer), just haven't yet. In Mexico, I find, there are enough problems with getting things done, so that changing a system that ain't broke (i.e., has worked for us and continues to work for us) isn't a top priority at this time.


gpkgto

May 2, 2010, 9:46 AM

Post #43 of 44 (5024 views)

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

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You didn't ask, but something else to consider--you need a notario that you trust just to make sure the real estate you are buying has a valid escritura (deed), that it is not part of an ejido, that the seller is the person he/she claims to be, that you are not involved in a traspaso transfer, and many other items. Hopefully your Spanish is good.


Zorba

May 2, 2010, 11:09 AM

Post #44 of 44 (5004 views)

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

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Im gonna try HSBC as well. They have international transfers via internet. Faxing can be a hassle at times for me.
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