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skier14

Jul 2, 2015, 7:41 PM

Post #1 of 19 (10114 views)

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BanamexUSA

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I would like to know if anyone has had any recent experiences in using a US bank for direct deposit of pension money NOT Social Security and withdrawing funds in Mexico. I live in Mexico, but have been returning to California every few months for VA Medical treatment for the last 4 years. I have had a BanamexUSA account and a Banamex account for years, but just received my kiss off letter via DHL tonight. Fortunately they have given me until Sept. 1st to find other banking services.

La Isla


Jul 2, 2015, 7:49 PM

Post #2 of 19 (10109 views)

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Re: [skier14] BanamexUSA

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Since 2010 I have had private pension monthly payments made to my Bank of America account and have been able to withdraw these funds from Santander ATMs in Mexico. There is now a 3% service charge levied on any withdrawals I make, but otherwise the process has been problem-free.

chicois8

Jul 2, 2015, 7:54 PM

Post #3 of 19 (10107 views)

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Re: [skier14] BanamexUSA

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I have had a BanamexUSA account since 2007, no problems,no letters, deposit monies through CitiBank which owns Banamex and Banamex USA.
you could open a Citi account and use Banamex ATMs in Mexico...
Ocanahua, Jalisco
San Mateo, California

Anonimo

Jul 4, 2015, 1:40 AM

Post #4 of 19 (10015 views)

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Re: [chicois8] BanamexUSA

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I looked on the Citibank site, and learned that to open an account online, you have to have a U.S. Address and a state driver's license or other state ID. That eliminates Citibank as a possibility for those of us who live in Mexico full time and who may have cut ties with the U.S.



Saludos,
Anonimo

DigYourself

Jul 4, 2015, 3:45 AM

Post #5 of 19 (10006 views)

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Re: [Anonimo] BanamexUSA

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Actually Citi has two international accounts for US citizens residing in Mexico but the minimum balance requirements are rather steep and the fees are no great deal. In addition you will be subjected to an intense vetting process which includes; employment/salary history, real-estate dealings, inheritances etc.

Schwab also has an international account for US citizens residing in Mexico. The balance requirements are lower as are the fees. You will be vetted there as well but they seem to be genuinely interested in new clients.

skier14

Jul 4, 2015, 8:02 AM

Post #6 of 19 (9974 views)

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Re: [La Isla] BanamexUSA

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I currently have a Citi account and even tho I don't like the ATM charges it may be the one I use. Thanks to all for your info.

DigYourself

Jul 4, 2015, 8:19 AM

Post #7 of 19 (9965 views)

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Re: [skier14] BanamexUSA

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I'm not trying to sell you on Schwab but I'd rather see you keep some of your money rather than giving it to Citi.

"No ATM fees anywhere
Use your Schwab Visa debit card at any ATM in the world, and Schwab will refund the fees. No minimum balance required. Other fees may apply. Please see below for details.

Money Transfers
Move money via international wire transfer or Schwab's Foreign Currency Wire Transfer Service, featuring competitive exchange rates with no transaction fees and deposits in a variety of currencies. A $25 service fee will be charged for outgoing wire transfers."

http://international.schwab.com/...ts/brokerage_account

jreboll

Jul 4, 2015, 8:56 AM

Post #8 of 19 (9951 views)

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Re: [cuerna1] BanamexUSA

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If I sold my property in Mexico would a Schwab account be a good way to transfer my money to US?

chinagringo


Jul 4, 2015, 8:59 AM

Post #9 of 19 (9950 views)

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Re: [jreboll] BanamexUSA

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Are you planning to report the proceeds from the sale to the IRS?
Regards,
Neil
Albuquerque, NM


chicois8

Jul 4, 2015, 9:14 AM

Post #10 of 19 (9943 views)

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Re: [Anonimo] BanamexUSA

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In Reply To
I looked on the Citibank site, and learned that to open an account online, you have to have a U.S. Address and a state driver's license or other state ID. That eliminates Citibank as a possibility for those of us who live in Mexico full time and who may have cut ties with the U.S.

Well Anonimo I guess it was a good idea I have not cut ALL ties with the USA.
Also have the Schwab Account so none of my ATM withdrawals are all fee free
Ocanahua, Jalisco
San Mateo, California

DigYourself

Jul 4, 2015, 9:26 AM

Post #11 of 19 (9941 views)

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Re: [jreboll] BanamexUSA

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You should give them a call. Do you want to move pesos or dollars to the US ? I believe Schwab has the same exchange rate (and it is very competitive) regardless of the size of the transaction. I'm not sure you can hold pesos in the Schwab account. I do know that Fidelity does allow me to hold both pesos and dollars in the same account. They have a laddered 'fee' (off spot) based on the size of the transaction. When we purchased our house in Mexico (before opening the Schwab account) I purchased pesos at Fidelity and wired pesos to Mexico (no wire fees/transfer fees on either side).

panama john

Jul 4, 2015, 10:06 AM

Post #12 of 19 (9931 views)

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Re: [chinagringo] BanamexUSA

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EXCELLENT POINT..........

jreboll

Jul 4, 2015, 10:09 AM

Post #13 of 19 (9927 views)

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Re: [chinagringo] BanamexUSA

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It is an inherited property. I do not think there are any taxes due

Teo

Jul 4, 2015, 12:20 PM

Post #14 of 19 (9905 views)

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Re: [skier14] BanamexUSA

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Since you mentioned the VA, you may qualify for membership in USAA. They offer a wide range of services from checking and savings to insurance coverages, all at very favorable rates. It's a solid financial company built to serve current and former military members and their families.

We like in particular the ability to withdraw funds from checking/savings from any ATM worldwide and all ATM fees are reimbursed.

YucaLandia


Jul 4, 2015, 1:34 PM

Post #15 of 19 (9890 views)

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Re: [jreboll] BanamexUSA

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In Reply To
[chinagringo]
Are you planning to report the proceeds from the sale to the IRS?


In Reply To
It is an inherited property. I do not think there are any taxes due

It would be helpful for people who pose legal challenges, to cite some references - rather than implying that other posters are breaking the law of either the USA or Mexico.

A quick snapshot of the 23 year old 1992 Mexico-USA Tax Convention reminds us of some important broad principles in just the first paragraphs:

"ARTICLE 1
General Scope
1. This Convention shall apply to persons who are residents of one or both of the Contracting States, (United States of America and Mexico), except as otherwise provided in the Convention.

2. The Convention shall not restrict in any manner any exclusion, exemption, deduction, credit, or other allowance now or hereafter accorded:
a) by the laws of either Contracting State;
or
b) by any other agreement between the Contracting States. "

In plain language, this means that since Mexican tax law does not tax inheritances or inherited properties, this exclusion/exemption in Mexican law is honored by US law, for US citizens inheriting property in Mexico. **


reference w/links to the US and Mexican tax codes:
~ Just what taxes are owed by US Citizens earning income in Mexico?

.
.
**As we are neither tax experts nor professionals in Mexican tax law, US tax law, nor international conventions, we simply reference existing sources, like the US-Mexico 1993 Tax Convention: http://www.irs.gov/pub/irs-trty/mexico.pdf

We'd love to see references that chinagringo et al have that offer different legal perspectives on this.

Happy Trails,
steve
-
Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by YucaLandia on Jul 4, 2015, 1:37 PM)

chinagringo


Jul 4, 2015, 1:41 PM

Post #16 of 19 (9884 views)

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Re: [YucaLandia] BanamexUSA

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TO: OH Great Arrogant One

My question was simply food for thought and did not imply that anyone was doing anything wrong!
Regards,
Neil
Albuquerque, NM


YucaLandia


Jul 4, 2015, 1:49 PM

Post #17 of 19 (9880 views)

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Re: [chinagringo] BanamexUSA

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TO: OH Great Arrogant One

My question was simply food for thought and did not imply that anyone was doing anything wrong!


Sticking with facts and references, rather than personal attacks that drag down the Forums and discourage participation, we could note that if the American who inherits the property, then sells it, in that case, taxes are generally owed in Mexico and also possibly owed to the IRS.

As always, talk with the Notario / Notarķa who handles the real estate transactions to find out what taxes they plan to assess/withhold from the proceeds. If you don't like their answer(s), talk with a competent Mexican tax attorney or tax accountant.

e.g. Mexico's 2% Acquisition Tax applies in both cases, for each property transfer.

Happy Trails,
steve
-
Read-on MacDuff
E-visit at http://yucalandia.com

(This post was edited by YucaLandia on Jul 4, 2015, 2:05 PM)

chinagringo


Jul 4, 2015, 1:54 PM

Post #18 of 19 (9876 views)

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Re: [YucaLandia] BanamexUSA

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Who said:
"It would be helpful for people who pose legal challenges, to cite some references - rather than implying that other posters are breaking the law of either the USA or Mexico."
Regards,
Neil
Albuquerque, NM


skier14

Jul 4, 2015, 3:41 PM

Post #19 of 19 (9860 views)

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Re: [cuerna1] BanamexUSA

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I assume Schawb requires an investment.
 
 
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