Jan 24, 2012, 10:03 AM
Post #7 of 7
First off, Mazbook was talking about XE.com not Monex.
Second, Monex has always only had my Mexican address and there has not been a problem. Most of their customers are Mexican as well and they certainly are not pretending to live elsewhere. It may be that you need to buy the pesos from them if transferring funds from the US to Mexico. The way they make their money is on the vig, the point difference between what they pay for pesos or dollars and what they charge. It's not much but they are a large company and I'm sure they do well.
I have had a dollar account with them in the past, I transferred dollars to that account from the US and it remained in dollars until I requested part of it exchanged for pesos. It's one way to keep a bit of balance in the exchange rate if you don't need the money right away. The interest rate was good compared to banks in the US. I now only have a peso account and it also pays reasonable interest. You can have a type of stock account with the money invested in the Mexican Bolsa, there are many types of accounts available. You do have to have a verified local address and visa for some of them and there are minimum balance rules as well but I'm not sure of the regulations.
As with most businesses in Mexico, a lot depends on who you deal with and the rapport you have with your account manager. There are some who prefer the people at one place over another. I think the best advice is to stay with one of the large companies like Monex or Intercambio, have your attorney review the contracts if you intend to invest a large amount in an account there, and ask friends for recommendations in your area. If you just want to transfer money for the purchase or renovation of a house for instance, either will work.
Jonna - Mérida, Yucatán