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kmetzger


Mar 31, 2016, 6:55 AM

Post #1 of 18 (10013 views)

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Tax refund checks to Mexico

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My IRS tax refunds used to be deposited to my US Banamex account, but that was before Banamex cancelled my account because of FATCA rules. I never received my refund from the IRS last year (about $150) and am wondering if they even sends checks to foreign addresses. Does anyone know how to contact them to find out how to get my refund for last year and the one coming up?



joaquinx


Mar 31, 2016, 7:52 AM

Post #2 of 18 (9996 views)

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Re: [kmetzger] Tax refund checks to Mexico

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My IRS tax refunds used to be deposited to my US Banamex account, but that was before Banamex cancelled my account because of FATCA rules. I never received my refund from the IRS last year (about $150) and am wondering if they even sends checks to foreign addresses. Does anyone know how to contact them to find out how to get my refund for last year and the one coming up?


They do send checks to foreign addresses, however, they are hard to cash, at least in my location.

US Banamex didn't cancel you account because of FATCA, but for money laundering charges against the banks. Aside from that, they closed many of their location. Does US Banamex even exist today?
_______
My desire to be well-informed is currently at odds with my desire to remain sane.


skier14

Mar 31, 2016, 3:08 PM

Post #3 of 18 (9956 views)

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Re: [joaquinx] Tax refund checks to Mexico

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Banamex is kaput.


Aaron+

Mar 31, 2016, 3:46 PM

Post #4 of 18 (9952 views)

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Re: [kmetzger] Tax refund checks to Mexico

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Have Internet? For refund status, go to http://www.taxpayeradvocate.irs.gov/...ost-or-stolen-refund for guidance.

Banamex is still very much alive in Mexico. It is Banamex USA that shut down.

The Banco de Mexico (aaka Banxico), Mexico's Federal Reserve, recently opened up a new inter-bank facility, SPID, enabling national banks (in Mexico) to exchange dollars amongst each other. See;
http://www.banxico.org.mx/...pantes-del-spid.html

I freely admit I could be misreading the impetus behind SPID. Certainly not mentioned in any of the Mexican press accounts I read -- the US Treasury has been putting the squeeze on many Mexican banks and their US correspondents such that some banks, such as Banorte, have had some correspondent bank relationships severed by the US banks. SPID allows for inter-bank dollar accounts, and, I heard, may even be open to corporations working with US dollar transfers.


skier14

Apr 1, 2016, 6:52 AM

Post #5 of 18 (9898 views)

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Re: [Aaron+] Tax refund checks to Mexico

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I meant Banamex USA.


kmetzger


Apr 2, 2016, 3:06 PM

Post #6 of 18 (9829 views)

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Re: [Aaron+] Tax refund checks to Mexico

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Thank you very much, Aaron, for the link for tracking refunds.


RuralPuebla

Apr 7, 2016, 11:38 AM

Post #7 of 18 (9704 views)

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Re: [kmetzger] Tax refund checks to Mexico

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I had an account when Banamex USA was California Commerce Bank. It took me a month to get my money from Banamex USA. Always something I didn't do, and they never told me I had to do it until I called up to see why another week had passed and no money transferred to my other bank. We got it done the last day, last week, March 31. The next day they were only going to be doing clean-up work.

I had not been happy with Banamex USA.Their ATM card did not work on Banamex Mexico, so I had to use HSBC or some other Atm machine.

There are other international banks. IBC, International Bank of Commerce, headquarters in Laredo, and branches all over southern Texas, can handle most international issues, including ATM though there is a stiff fee for ATM. I am told Chase gives better international ATM service. I will be finding out in the near future.

If someone does use IBC, be sure to get their funds transfer number for IRS refunds. They tell you to use the routing number on your checks. False! That is called ABA number and is used for checks and deposits. IBC for Federal wire transfers uses a Fedwire Funds Transfer Number. You get it by calling IBC and ask the operator for the wire transfer number, or the refund transfer crashes.


skier14

Apr 7, 2016, 12:23 PM

Post #8 of 18 (9697 views)

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Re: [RuralPuebla] Tax refund checks to Mexico

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Chase charges $5 per transaction at an ATM. I don't know the exchange rate, but to withdraw 10000 pesos it usually take abot $575-600 dollars from my account.


Aaron+

Apr 9, 2016, 10:16 AM

Post #9 of 18 (9647 views)

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Re: [RuralPuebla] Tax refund checks to Mexico

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The following site is said to offer all the fed wire routing codes for Texas banks: http://www.gregthatcher.com/FedWire/State/TX Please note that there are two listing for IBC, depending on the branch.

Am a bit puzzled by why you need the fedwire number. I got my IRS refund direct to my bank using the ABA code and acct number, and I believe such transactions use the ACH method. The IRS return form does NOT ask for a fedwire account number, It asks for the ABA and account numbers.

Also, for international banks, do not forget the Inter National Bank, also based (like IBC) in S.Texas. It is wholly owned by the major Mexican bank Banorte.


Aaron+

Apr 9, 2016, 10:19 AM

Post #10 of 18 (9646 views)

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Re: [skier14] Tax refund checks to Mexico

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Errr... you are kidding? Simply divide the peso amount you request or receive, say 10,000, by the USD amount you are charged. Presto--the actual exchange rate on your transaction. I believe ATM charges show up separately as service fees (depending perhaps on the bank).


skier14

Apr 9, 2016, 1:16 PM

Post #11 of 18 (9631 views)

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Re: [Aaron+] Tax refund checks to Mexico

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My Chase also includes an item ADJ last time it was 17.01. There is also a not a Chase bank ATM fee of $5. So what is the actual exchange rate of a 10,000 peso withdrawal ($583.94)? The bank uses this: SBC Mex Nu Peso 10,000.00 x 0.05650456 (EXCH RTE) + 17.01 (Exch Rte Adj


Aaron+

Apr 9, 2016, 6:22 PM

Post #12 of 18 (9610 views)

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Re: [skier14] Tax refund checks to Mexico

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My understanding is that the actual peso:USD exchange rate is calculated as I indicated.

The rest of your question should be addressed, I believe, to Chase, such as to the meaning of the adjustment.


RuralPuebla

Apr 10, 2016, 4:27 PM

Post #13 of 18 (9555 views)

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Re: [kmetzger] Tax refund checks to Mexico

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I can see I am doing something wrong. I typed a response with a quote and only the quote appears.

One cannot generalize from another bank to IBC, period. Most banks you can wire transfer using the ABA number. On IBC, you cannot. And, yes, I am sure. Even FDIC people insist the ABA number will work but it does not. The Fedwire number will work.

We went through this by phone for over a week.

Also, FDIC informed me that their computer screen calls it an ABA number, but it is not.

The IBC bank where my account is locates at 1 S Broadway in McAllen. ABA LOOKUP gives an ABA number (I think it's 114917623 but am not going to take time to look it up again) which is the same as printed on the checks. But, wire transfers from IrS and FDIC will not make it at all. Fedwire number is 114902528 and that works.

For those who think I am disclosing dangerous financial information, both of these numbers are open to the Internet via look-up screens.


at7mbe


Apr 27, 2016, 9:52 AM

Post #14 of 18 (9309 views)

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Re: [kmetzger] Tax refund checks to Mexico

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DO NOT have the IRS send a check to Mexico. The envelope is simply too obvious, and it will never arrive. A friend specified her $2,000 refund was to be deposited in her US bank, but she used her Mexican address on her return. The IRS mailed a check to her in Mexico. It was stolen and cashed. She eventually got the IRS to agree to replace it. She again specified the US bank to deposit it in, and AGAIN they mailed it to Mexico, and AGAIN it was stolen and cashed. After two years of frustration, they finally did deposit it into her bank, but you decide if you would want something of obvious value making its way to you by MexPost.
-- Mark


joaquinx


Apr 28, 2016, 4:36 AM

Post #15 of 18 (9271 views)

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Re: [at7mbe] Tax refund checks to Mexico

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DO NOT have the IRS send a check to Mexico. The envelope is simply too obvious, and it will never arrive.


A few years ago I received two US treasury checks from the VA. Same check and envelope as IRS refund checks. It wasn't that they didn't arrive, it was that I couldn't cash them. I endorsed them, stuck them in an envelope and sent them to my US banks as a deposit.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.


hunteradvisor


Apr 29, 2016, 6:38 AM

Post #16 of 18 (9179 views)

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Re: [kmetzger] Tax refund checks to Mexico

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Our IRS refund was mailed to Puerto Vallarta, it was stolen and cashed. It took 2 years to straighten it out and get a new check.
Isabel
www.RanchoSolyMar.com


at7mbe


Apr 29, 2016, 6:54 AM

Post #17 of 18 (9175 views)

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Re: [hunteradvisor] Tax refund checks to Mexico

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Wow. Two confirmed stories of stolen IRS checks, plus years of hassle getting it replaced. It convinces me that free-standing check envelopes through MexPost are not a great idea.

I have received small (non-IRS) checks in with my regular mail, all contained in a US Priority Mail envelope with a green custom form saying Documentos. No problem so far, and easy to deposit because my US bank has an app to photograph and electronically deposit a paper check. But generally it's something I want to avoid.

-- Mark


joaquinx


Apr 29, 2016, 9:17 AM

Post #18 of 18 (9155 views)

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Re: [at7mbe] Tax refund checks to Mexico

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Wow. Two confirmed stories of stolen IRS checks, plus years of hassle getting it replaced. It convinces me that free-standing check envelopes through MexPost are not a great idea.


This thread might also underline that checks are passe. Since there are so many other ways of transferring funds with less risk, use them. Those two checks I mentioned above are the only checks that I have seen in the last 15 years. Also that fact that writing a check in Mexico without funds to back it up is not an "oopsie", but a crime.
_______
My desire to be well-informed is currently at odds with my desire to remain sane.
 
 
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