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Lilmsmaggie


Feb 29, 2016, 7:32 PM

Post #1 of 10 (11870 views)

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Taking forever but getting closer

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I had to sell my house much sooner than planned. I'm currently leasing an apartment here in Northern California but still working on moving to Puerto Vallarta within 12-18 mos.

Will probably move to Arizona in December of this year before going to PV. Reason: Need to establish a physical address/residency (other than California) for banking purposes.

Question #1:

I'm considering opening a Fidelity Cash Management Account (CMA) and could use some feedback from those that have this type of an account. It doesn't have to be with Fidelity.

I have a niece in PV that also has accounts with Fidelity but not a CMA. She tells me that she cannot access her funds to pay her living expenses in PV if she moves her money to a CMA.

Not sure why exactly. I assumed she could use the CMA's Debit/ATM feature for most expenses. She opened an account with Intercam instead.

Question #2:

Anyone have an account with Intercam and does it meet you needs in terms of depositing and gaining access to your funds, paying for living expenses in Mexico, etc.

Anyway, back to a CMA -- is there a downside of having such an account for living expenses in Mexico?

Thx in advance.
Dwain (aka Lilmsmaggie)



hunteradvisor


Mar 1, 2016, 8:40 AM

Post #2 of 10 (11811 views)

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Re: [Lilmsmaggie] Taking forever but getting closer

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I really like Intercam in PV. Pedro at the office out toward the airport is great! I am able to write a personal check from my US dollar account each month to fund expenses here in pesos.
Isabel
www.RanchoSolyMar.com


Lilmsmaggie


Mar 1, 2016, 10:05 AM

Post #3 of 10 (11796 views)

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Re: [hunteradvisor] Taking forever but getting closer

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Hi Isabel,

Thanks for the feedback. I'll have to check out Rancho Sol y Mar when I'm down in PV.


Dwain
Dwain (aka Lilmsmaggie)


Azuledos


Mar 3, 2016, 7:37 AM

Post #4 of 10 (11695 views)

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Re: [Lilmsmaggie] Taking forever but getting closer

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We've used our CMA accounts wth Fidelity, living here in Veracruz, wth complete success. No poblems accessing funds from ATMs at Banamex branches using the Fidelity debit card, and all ATM charges are rebated on our monthly statements. No monthly bank service fees either. Nice thing is that you can get a consolidated statement from Fidelity which shows the CMA balance, plus any investments/IRAs you may have with them, so as to provide one statement to prove one's financial standing for INM.

================================
Veracruz has to be the best kept secret in Mexico.
http://etepetzin.blogspot.com -&- http://azuledos.blogspot.com


Lilmsmaggie


Mar 4, 2016, 11:21 AM

Post #5 of 10 (11603 views)

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Re: [Azuledos] Taking forever but getting closer

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Excellente! Azuledos


I'm wondering how a combination of Fidelity's CMA paired with an Intercam account would work.


Good stuff -- keep it coming.
Dwain (aka Lilmsmaggie)


hunteradvisor


Mar 5, 2016, 6:19 AM

Post #6 of 10 (11533 views)

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Re: [Lilmsmaggie] Taking forever but getting closer

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I would bring plenty of paper checks from your Fidelity account, I know it seems old fashioned, but this has been the easiest, fastest, most cost effective method of funding my account at Intercam.
Isabel
www.RanchoSolyMar.com


Lilmsmaggie


Mar 5, 2016, 5:31 PM

Post #7 of 10 (11494 views)

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Re: [hunteradvisor] Taking forever but getting closer

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Isabel,

No checks. I can't remember the last time I wrote a check.

Why checks? What about an EFT?
Dwain (aka Lilmsmaggie)


hunteradvisor


Mar 5, 2016, 6:06 PM

Post #8 of 10 (11489 views)

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Re: [Lilmsmaggie] Taking forever but getting closer

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The fees and the hassle of the EFT were not worth it for me. When the rate is good I let Pedro know I will drop a check by and he locks it in for me, no fee. I agree, I had not written a check in a decade, but then it just was a whole lot easier. If you plan ahead, I am sure Fidelity can give you checks, in face I have them for my Fidelity acct also.
Isabel
www.RanchoSolyMar.com


twballard

Mar 17, 2016, 2:20 PM

Post #9 of 10 (11262 views)

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Re: [hunteradvisor] Taking forever but getting closer

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When considering how to get your money to Mexico, it is important to compare methods with regard to the net number of pesos you will receive. Sometimes the "no transaction fee" exchange is actually more expensive than a method which requires a payment of a fee. Some transfer systems charge variable fees depending on the amount of the transfer and others have a flat fee. A flat fee means that larger conversions are more cost-effective than smaller ones. Sometimes you might think that not having to pay a fee to convert your dollars is saving you a lot of money but actually the exchange rate being used is working against you.

I don't have any experience with Intercam, so I don't know if you get a good rate or a mediocre rate when you get a fee-free conversion of dollars to pesos by writing a check. It certainly is convenient, but if you don't get a good rate of exchange, it might not be the best way.

Personally, I use Wells Fargo's Express Send service to transfer money to one of my banks in Mexico (you can also transfer to certain banks where you don't have an account, and just go in and pick up your money). Wells Fargo charges anywhere from zero to perhaps $7 per transaction depending on how much you have on deposit with them. The transfers are setup online. With online banking and internet access, you can do this from Mexico. Transfers this way are very fast. With regard to transfers to Bancomer, they seem to be instantaneous. With Santander, the money is available the next day. Compass Bank has a similar service with no fees, but they make up for that by giving you a less advantageous rate of exchange. I have investigated other money transfer services and some are better than others...you can do an online search for "money transfer services" and check them out.

Just using your ATM-Debit card from a U.S. Bank may work very well for you. Some banks (like Schwab Bank) will reimburse foreign ATM fees and also have no foreign transaction fee.

And finally, paying by credit card will often get you a good exchange rate. More and more businesses in Mexico accept credit cards, even American Express. Use a card with no foreign transaction fee. And with online banking and BillPay services, it is easy to pay the credit card bill.


hunteradvisor


Mar 17, 2016, 8:52 PM

Post #10 of 10 (11229 views)

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Re: [twballard] Taking forever but getting closer

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I always check Xoom and XE Trade for rates before I make a decision. Intercam has been equal or better with rates without even including the fees charged by the first two companies.
Isabel
www.RanchoSolyMar.com
 
 
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