Forums > General > Living, Working, Retiring

skier14

Jul 9, 2010, 9:37 AM

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Banking

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I am interested in having my retirement money direct deposited from NOB an account in Mexico. Has anybody on this forum done this?

morgaine7

Jul 9, 2010, 9:52 AM

Post #2 of 7 (3145 views)

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Re: [skier14] Banking

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I have my US social security payments direct deposited to my account in Mexico. Good exchange rate, no withholding or fees. But if you mean another type of account (employer plan, IRA, etc.), check with the provider. For some types of funds, there's mandatory 30% Federal tax withholding if the payments are sent to a non-US bank. Ouch!!

Kate

La Isla

Jul 9, 2010, 9:58 AM

Post #3 of 7 (3137 views)

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Re: [skier14] Banking

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This may not be what you want to do, but here is my suggestion: I have my US Social Security pension direct-deposited into my Bank of American account in the US. I can withdraw funds in pesos from any Santander or Scotiabank ATM at an excellent exchange rate without any fees or commissions to pay.

Rolly

Jul 9, 2010, 10:02 AM

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Re: [skier14] Banking

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Most banks will accept only three kinds of deposits: US Social Security, bank transfers, and cash (now very limited).

If your retirement account can make a bank-to-bank transfer, you can get your money deposited. I tried it but got bogged down in the paperwork and gave up. I'm happy using an ATM.

Rolly Pirate

esperanza

Jul 9, 2010, 10:57 AM

Post #5 of 7 (3114 views)

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Re: [skier14] Banking

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My pension and Social Security from the States are both direct deposited to my bank in the USA. I use the ATM to make withdrawals as needed--it's Bank of America and Santander or Scotia, so there are no fees involved at all. It just seemed easier to leave things the way they were rather than go through the hoops of moving the direct deposits. Remember Murphy's Law: if something can go wrong, it will.

http://www.mexicocooks.typepad.com

skier14

Jul 11, 2010, 6:43 PM

Post #6 of 7 (2932 views)

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Re: [skier14] Banking

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If anyone is interested I found BANAMEX/USA on the web. Located in Los Angeles. Gives info and contact phone numbers in USA and Mexico. They accept collect calls.

Rolly

Jul 11, 2010, 7:26 PM

Post #7 of 7 (2922 views)

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Re: [skier14] Banking

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I use Banamex USA. Their ATM card works at Banamex in México with no fees. Their exchange rate, however, is less than what Bank of America pays via Scotiabank and Santander. If you have an account with Banamex, you can make transfers up to US$5,000 per day online. If you need to make a larger transfer, you must call. The transfers are free, but the exchange rate is even lower than with their ATM card. Their ATM card is just an ATM; it's not a debit card. The whole thing is not a very good deal. BofA is better.

Rolly Pirate