Forums > Areas > Jalisco's Lake Chapala Region

king1522

Jun 13, 2004, 6:07 PM

Post #1 of 23 (2282 views)

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Does anyone use Citibank/Banamex

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I have just figured out that Citibank owns Banamex. It seems to me that if one opened a checking account in the U.S.with Citibank, he could then transfer funds to the Banamex branch in Chapala. Also, wouldn't ATM transactions be simpler?? Please respond if you have any revelant information.
Thanks
Don

Life is like a roll of toilet paper. The more paper that
is rolled off, the faster it goes.

Georgia

Jun 14, 2004, 8:23 AM

Post #2 of 23 (2223 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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We have a Citibank account, but are told that there is not a "direct link" between Citibank and Banamex. While there is a fee for transfer of funds from one to the other, I believe they are nominal fees - not the $35 -45 some banks charge. We haven't tried it yet. I know this doesn't answer your question, but there does seem to be an advantage. What Citibank will do - and also Bank of America - is give you a Visa debit card which does not charge a fee for ATM withdrawals. Oddly, a regular ATM card will result in a fee when used. Makes no sense to me, but that's how it is.

king1522

Jun 14, 2004, 10:23 AM

Post #3 of 23 (2201 views)

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Re: [Georgia] Does anyone use Citibank/Banamex

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Thanks Georigia. That's interesting. I am currently using Wells Fargo and my debit card is Visa. I wonder if ATM transactions will be free of fees with it also. I would like to stay with Wells Fargo.
Don

Life is like a roll of toilet paper. The more paper that
is rolled off, the faster it goes.

RickS

Jun 14, 2004, 10:51 AM

Post #4 of 23 (2193 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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I have a Wells Fargo debit card that I used getting pesos at Lakeside ATMs last year and, while not charged a local fee, I was charged a ($2, as I recall) fee from my US bank each time I got pesos from an ATM (anywhere).

I have seen posts like Georgia's saying that some institutions do not charge this fee (California Commerce when getting cash from a Banamex ATM; Bank of America and/or Charter One Bank using "any" ATM in Mexico). The California Commerce/Banamex association does allow "seniors" to do as you suggested.... transfer funds from an account with them in the US to Banamex in Chapala without incurring any fees (or in my case, cash a California Commerce Bank check in Chapala; just required an 'officer' at Chapala to OK the transaction - which sometimes meant waiting 10-15 minutes for the officer and then getting in the teller line for the cash).

elcoqui

Jun 14, 2004, 1:09 PM

Post #5 of 23 (2175 views)

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Re: Citibank/Banamex vs Bank of America/Serfin

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I dont know the details on CitiBank/Banamex but Bank of America will allow you to use an ATM/checkcard at Serfin ATMs at no charge. Bank of America owns just under 25% of Serfin. Bank of America also just bought Fleet and I would imagine that they would waive the charges at Serfin ATMs for Fleet cards too.

juan david

Jun 15, 2004, 6:48 AM

Post #6 of 23 (2123 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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We like to keep enough money here to cover any emergency that might crop up, so we developed a different approach. We transfer 3 times a year from our Canadian broker directly into Multi Valores(could have been Lloyds). We earn about 5% while it's invested. MV electronically transfers a set ammount to our Banamex account each month at no charge. We use the Banamex debit card at no charge and we can write checks as required. When our MV account gets low, we just top it up.
" let sleeping dogs lie"

king1522

Jun 15, 2004, 10:18 AM

Post #7 of 23 (2090 views)

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Re: [ian] Does anyone use Citibank/Banamex

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That sounds like a good approach ian. Can all this be done electronically over the Internet and does Multi Valores have a website?
Thanks
Don

Life is like a roll of toilet paper. The more paper that
is rolled off, the faster it goes.

lmaxine

Jun 15, 2004, 11:13 AM

Post #8 of 23 (2081 views)

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Re: [RickS] Does anyone use Citibank/Banamex

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The California Commerce bank atm card can be used at ANY Mexican atm for withdrawal of pesos for no charge. I use Banamex, Bancomer, Serfin, etc.-whichever is handiest wherever I am in Mexico.
"He upon whose heart the dust of Mexico has lain will find no peace in any other land." Malcolm Lowry

gypsypat

Jun 16, 2004, 8:25 AM

Post #9 of 23 (2015 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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By the way Don, Banamex is owned by California Commerce; not Citibank.
Pat.
Patricia Valenti
"Let's Go Shopping"
(master's degree in
shopping & lunch)

RickS

Jun 16, 2004, 9:29 AM

Post #10 of 23 (2004 views)

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Re: [gypsypat] Does anyone use Citibank/Banamex

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Actually Pat, I think it is the other way around (see below) ..... CCB is an 'arm' of Banamex and both are a Citigroup holding.

California Commerce Bank provides full banking services for companies and individuals that do business in Mexico and the United States. As part of Citigroup, California Commerce Bank is the U.S. banking arm of Banco Nacional de Mexico (Banamex), Mexico's premier bank. For corporate and individual customers alike, California Commerce Bank is the gateway to and from the Mexican financial markets.

gbatrucks

Jun 16, 2004, 10:33 AM

Post #11 of 23 (1993 views)

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Re: [RickS] Does anyone use Citibank/Banamex

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And yesterday the Feds approved a merger between Citigroup & BankOne....So don't be surprised if things get worse!

Trucks
"The trouble with life is there's no background music."

Bubba

Jun 16, 2004, 1:36 PM

Post #12 of 23 (1978 views)

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Re: [gbatrucks] Does anyone use Citibank/Banamex

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Rick is right and the seeming service offered by CCB is a huge ripoff. The return they offer on their savings account is a joke.

RE:

No ATM charges.
Lousy interest rates.
Gullible clientes.

If, every time you use your ATM for "free" instead of paying them $1.00USD and you have no concept of the value of your money sitting in that bank earning them interest, then you are a sucker and the epitome of P.T. Barnum's fool from which money will be extracted.

I was a banker for almost 40 years. You folks are our sheep. Thanks for the wool.

Bubba the Banker

gypsypat

Jun 16, 2004, 3:05 PM

Post #13 of 23 (1956 views)

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Re: [RickS] Does anyone use Citibank/Banamex

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Rick,
And why should this have been any different than everything else I've opened my mouth about this week? Just ain't my day, week, month, or even year! Sorry if I have caused any confusion.
Back to just reading........
Pat.

juan david

Jun 16, 2004, 3:26 PM

Post #14 of 23 (1951 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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Our broker(or any broker) needs a signature direction to transfer money one time, or on a regular basis to a particular account. After that it is all electronic.
" let sleeping dogs lie"

juan david

Jun 16, 2004, 3:32 PM

Post #15 of 23 (1947 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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Not sure but multivalores.com.mx would be my bet. If you need their manager's email in Ajijic I can send it to you privately. The funds we park our money in are bank and government debt and are accessible daily, bi-weekly or monthly.
" let sleeping dogs lie"

gbatrucks

Jun 17, 2004, 8:51 AM

Post #16 of 23 (1879 views)

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Re: [Bubba] Does anyone use Citibank/Banamex

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So Bubba Banker, what do you recommend? I know this has been addressed before, but most of us are still fuzzy on the subject.

Trucks
"The trouble with life is there's no background music."

mkdutch

Jun 17, 2004, 12:39 PM

Post #17 of 23 (1851 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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We are one of the ones who use the California Commerce/Banamex Connection. We have funds at a brokerage in the US. We have our brokerage account set up to allow electronic transfer of funds to Cal Com Bank. When we need cash in Ajijic, we transfer from the brokerage to CCB, using the internet, which takes only one business day, if you make the request before 4pm eastern. Then we go to an ATM, Banamex or other, and withdraw $3000 pesos per day, with no fees. Meanwhile, the bulk of our assets/cash are at the brokerage in the US. Their money market rates aren't much better than CCB, but we can invest in treasuries or cds or other low risk investments until the money is needed in Mexico. If we have a large purchase or project, we make daily withdrawals at the atm, and store the money at Lloyds until needed.

Kay

JimOfMex

Jun 28, 2004, 7:50 AM

Post #18 of 23 (1692 views)

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Re: [mkdutch] Does anyone use Citibank/Banamex

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Hi, In less than a week, I will be living in Ajijic. I'm in Missouri visiting family after selling my house in Boston. I'm psyched, but left confused by this thread. I was going to open a CCB account TODAY ... then I ran into this thread. My funds are handled by a fee-only investment advisor. They are 'physically' located in Schwab accounts. Until this moment, I intended for funds to be delivered regularly to CCB so that I could withdraw them in Ajijic. I'm left wondering if Bank of America is a better option? Despite my confusion, this is a very useful thread. I'd be particularly interested in a spicy reply from Bubba!

RickS

Jun 28, 2004, 10:44 AM

Post #19 of 23 (1669 views)

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Re: [JimOfMex] Does anyone use Citibank/Banamex

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Unless I'm missing something here, Jim (you are basically in transit and will be in Ajijic in less than a week),it may be 'too late' to easily open a CCB account. My experience with them was that there is first the phone conversations requesting an account, then paperwork to sign and this is done via snail mail. Then after they get the signed paperwork, they will want to send you some checks and an ATM card via mail (if you request it, which you should). Had this been done while you had a Boston address it would have taken weeks (did for me in Colorado), but now with the Mexican mail involved it could take 'months'.

Uncle Jack

Jun 28, 2004, 10:50 AM

Post #20 of 23 (1667 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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Just look up and you will see "Search Post". Go there and type in Citibank, Banamex and you will find a lot of information.

uj

JimOfMex

Jun 28, 2004, 12:06 PM

Post #21 of 23 (1655 views)

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Re: [Uncle Jack] Does anyone use Citibank/Banamex

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Thanks for the info. I am staying in Missouri at my mother's house for one more week, then off to Ajijic. I will try to start the CCB process from here. I used my Direct Federal Credit Union bank card while I was in Ajijic during March of this year. I can do that until the CCB account is established. I'm sure there are fees, but I was unable to figure out what they are. The ATM did reveal them to me and the exchange rate further fogged the issue. Still, it will not bankrupt me to do it for awhile. I will search on Citibank, Banamex as suggested.

king1522

Jun 28, 2004, 12:17 PM

Post #22 of 23 (1652 views)

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Re: [Uncle Jack] Does anyone use Citibank/Banamex

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I called the Citibank customer service regarding transfering money to Banamex. Their reply was "who and what is Banamex??". After I explained, they informed me there was nothing in place for direct transfers. However, they said for a "small fee" of ten bucks, they would be more than happy to transfer funds for me. As of now, I intend to stick to Wells Fargo. Maybe CCB later.
Don

Life is like a roll of toilet paper. The more paper that
is rolled off, the faster it goes.

mkdutch

Jun 28, 2004, 4:14 PM

Post #23 of 23 (1625 views)

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Re: [king1522] Does anyone use Citibank/Banamex

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I don't have a Banamex account, but on my CCB website, there is a link to a place where you can transfer funds from CCB to a Banamex account. I believe they said the two accounts had to be established under the same name. They even show the exchange rate you will get when making the transfer.

We also have a checking account in the us with another bank, and they charge us 2.50 or 3.00 US everytime we withdraw from an ATM here in Ajijijc. That is the main reason we keep our CCB account.

Kay