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Mexicanbill

May 26, 2015, 7:25 PM

Post #1 of 16 (6758 views)

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USA Social Security and Mexico

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I have been told that when someone moves to live in Mexico full time, they must inform the social security office of their new address. We have been here a couple of months but will be back in the states in July or August to sell the home up there. IF it is a requirement I will change it then. The bank I have my s/s check deposited in is in the states so I was wondering why they need the Mexican address?
Chef William aka MexicanBill



fugawibill

May 26, 2015, 10:08 PM

Post #2 of 16 (6731 views)

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Re: [Mexicanbill] USA Social Security and Mexico

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Was told the same thing, and now receive the statements in Mexico. Haven't been back up North for four years, but also will be closing out the house, car, etc., in July and August. Will then have the SS checks deposited in my Bancomere account, which I opened up yesterday. Once they are being deposited, I'll just write a personal check to close my checking and savings at B of A. Finally, no more 3% foreign transaction fees!!!


DigYourself

May 27, 2015, 3:38 AM

Post #3 of 16 (6714 views)

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Re: [Mexicanbill] USA Social Security and Mexico

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If it helps - there is a social security office located inside the US Embassy in Mexico City. Nice helpful folks.


Gringal

May 27, 2015, 8:30 AM

Post #4 of 16 (6668 views)

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Re: [cuerna1] USA Social Security and Mexico

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We were able to take care of changing our SS deposit and recording our home address in Mexico by telephone and email with the office in Guadalajara. Our deposits go directly into an account at our local Mexican bank. Before that, we had an account in a U.S. bank that terminated most of their Mexico residents' accounts.

SS will not accept a Texas mailbox as an "address". They are on to us. lol.


DigYourself

May 27, 2015, 8:40 AM

Post #5 of 16 (6662 views)

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Re: [Gringal] USA Social Security and Mexico

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Looks like there are three places in Mexico you can visit / talk with.

http://www.ssa.gov/...gn/foreign.htm#Macau


DigYourself

May 27, 2015, 9:01 AM

Post #6 of 16 (6654 views)

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Re: [Gringal] USA Social Security and Mexico

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Out of curiosity - what sort of exchange rate do you get having the SS check deposited in you Mexican bank ? Someone has to exchange dollars for pesos.

Also - we now have a totally legit account with Charles Schwab (in the US) and they know only our real Mexican address. We have not filed for SS yet but when we do I would suspect the checks could go to Schwab as dollars.


Gringal

May 27, 2015, 10:35 AM

Post #7 of 16 (6638 views)

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Re: [cuerna1] USA Social Security and Mexico

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Cuerna:
You get the "sell" rate: the highest, and no little fees. A good deal.

Can you open a new Schwab account with a Mexican residence address?


mcm

May 27, 2015, 10:49 AM

Post #8 of 16 (6621 views)

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Re: [Mexicanbill] USA Social Security and Mexico

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You're supposed to inform SS of any address change. If you permanently reside out of the country, SS will send a form to your out-of-country address every year -- you MUST COMPLETE THIS FORM TO CONTINUE RECEIVING BENEFITS (it just confirms that you are still alive!). If you are a Mexican resident, you'll deal with the folks at the Federal Benefits Unit (FBU) at the US Embassy in Mexico City -- they are very helpful, and can take care of most things via phone and e-mail (change of deposit, etc.).

All that said, if you are still spending significant time in the US and have an address there that you use for banking, filing taxes, etc., then it's really up to you whether you inform SS of moving to Mexico (in my opinion).


mcm

May 27, 2015, 10:51 AM

Post #9 of 16 (6620 views)

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Re: [cuerna1] USA Social Security and Mexico

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As Gringal said, the exchange rate is the best daily rate as of the day of deposit, and it's a good deal. It sometimes takes a day or two longer to receive the deposit in the Mexican bank (my SS deposit) than in a US bank account (my husband's SS deposit). We bank at Scotiabank in Mexico.


DigYourself

May 27, 2015, 11:06 AM

Post #10 of 16 (6618 views)

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Re: [Gringal] USA Social Security and Mexico

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Whose sell rate ? At this moment the USD/MXN spot rate is 15.3358 (from Yahoo finance). What would your exchange rate be if you were to move your ss check today ?

Yes as a Mexican resident/US citizen you can open a Schwab International account. They are being very careful and you will get thoroughly vetted. I had to give them an old resume etc. But Schwab has been very friendly. The rep visits Mexico every two months or so. He said Mexico is one of 10 or so countries that Schwab really wants to service. They have a rather low minimum balance - which I can't recall.

Since we have an account at Banamex the girl we work with was pushing us to open a Citi US account. Also with our Mexican address, We met with the guy. They vetted us over 3-4 months. I had to account for all our lifetime savings, all the real estate we ever owned etc. Citi has a rather high minimum deposit and they charge a lot more in fees/commissions. We passed their tests but have not yet completed the process.


fugawibill

May 27, 2015, 11:07 AM

Post #11 of 16 (6617 views)

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Re: [Gringal] USA Social Security and Mexico

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Two years ago they were accepting dollars at the "buy rate", which was almost identical to the foreign conversion rate applied by US banks on ATM withdrawals. A personal check deposit will not be credited for 10 days, but also at the buy rate. Bancomre put on a program for Friends of Mexico here in Mazatlán, and appear to be eager for Gringo deposits. They are also actively pursuing time deposits, with rates in the 3% range. If you want a credit card, they are giving away free pots and pans.


rvgringo

May 27, 2015, 11:26 AM

Post #12 of 16 (6608 views)

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Re: [fugawibill] USA Social Security and Mexico

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We first retired to our RV in 1998, a motor home, and then to Mexico in 2001. While traveling the USA and Canada in the RV, we used a mail forwarding service in Florida, Florida plates, voting, etc.
After moving to Mexico, we used mail forwarding services locally, with Laredo, TX, address for the next 13 years.
We maintained our US bank account and used the forwarding service address.
Never needed a Mexican bank at all, and could choose to use an ATM when the exchange was in our favor. Our bank refunded ATM fees.
Life was simple. Social Security and retirement was directly deposited to our US account and we did all banking online. We did have the bank raise our daily ATM limits, and that was very convenient, reducing trips for cash. Never did write any more checks and if one was received, we just scan it into our US account, then tear it up.


mcm

May 28, 2015, 10:48 AM

Post #13 of 16 (6502 views)

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Re: [cuerna1] USA Social Security and Mexico

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The rate that I receive for direct deposit of US Social Security benefits at Scotiabank appears to be the midmarket rate (spot rate) at the time the deposit is received -- at least, as far as I can tell, since the rate varies during the day.

On a related issue, I also use a Bank of America Travel Rewards CREDIT card for some purchases here in Mexico, and receive the same good rate (the mid market rate), with NO FOREIGN TRANSACTION FEE. I check the rate at XE, and the charge appears on by Bank of America online access showing the same rate (or within a few cents).


DigYourself

May 28, 2015, 11:59 AM

Post #14 of 16 (6486 views)

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Re: [mcm] USA Social Security and Mexico

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I'll have to look at exchange transactions at ScotiaBank vs HSBC or Banamex. I believe I had at one point and came up with the solution of wiring Pesos to Mexico from the US. But I suppose things could change over time. The one thing I really don't need is another Mexican Bank. There is enough IRS paperwork already.

On the topic of the BofA Travel card - thank you very much for that info. We have a regular Gold Visa card from them which was free, does have a foreign transaction fee and collects no rewards. I called them and they are sending the travel cards to replace our current cards. The new cards will be better in that there is no foreign transaction fee and we will gain points - which really won't accumulate since we really only charge Netflix on it at the moment.

I did the math and the 'Premium' HSBC MasterCard from the US - which I was only using for large'ish purchases here in Mexico when the dollar/peso was over 15:1 charges no foreign transaction fees but does hit us with a 2% exchange fee.

And finally - here is a link to the Visa website where you can see the actual exchange rate they conduct business at - at any given moment. It looks like a better deal than MasterCard - which surprises me a little

http://usa.visa.com/...-rate-calculator.jsp

Thanks again for the tip of the travel card.


TedZar

May 28, 2015, 1:56 PM

Post #15 of 16 (6474 views)

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Re: [Mexicanbill] USA Social Security and Mexico

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The OP wrote: I was wondering why they need the Mexican address?

I am not sure that they require a Mexican address.

I used one for a while but my mail to Mexico was so unreliable I called the Soc Sec office and changed it to my California address which gets couriered here. They had no problem with that. I was getting my "Fill this out and return it right away or lose your benefits" letter about 3-4 months AFTER they mailed it!

You might find them quite reasonable if you call them and explain the issue. I did.



Mexicanbill

May 28, 2015, 5:20 PM

Post #16 of 16 (6446 views)

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Re: [TedZar] USA Social Security and Mexico

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Thanks to everyone for all the good information here. I think that for a while anyway I will use my daughters address in Clute, Tx. That's where I'll head when I need to visit the VA and that's where we will store some of our personal belongings for a while.
Chef William aka MexicanBill
 
 
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