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Bubba

Jun 1, 2006, 10:58 AM

Post #1 of 26 (3485 views)

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Bancomer in Ajijic

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I want to say something nice about BBVA Bancomer on tha Ajijic Plaza. Their manager, Daniel Arturo Amezquita Padilla was just incredibly helpful to me when I needed to wire a large sum of pesos from Schwab International in the U.S. to our account here. This was a complicated transaction as we are buying a property in remote Chiapas and needed those funds to be available for our purchase of a cashiers´check at the Bancomer branch down there. Sr. Amezquita could not have been more helpful or accommodatiing - an unusual attribute in many Mexican banks. The transfer of a large sum of Mexican Pesos from Schwab to Bancomer took just two businesss days and was a feeless transfer at an excellent exchange rate (thanks to Schwab). The last time I transferred money in a fairly large amount, I wired the money from the U.S. to Lloyd though its Mexican correspondent bank and the wire transfer took an entire week and then only occurred because I was in their face. I was also treated rudely for having transferred pesos from the U.S. vs. dollars. I might add that I have a substantial account at Lloyd so am not being frivolous here.

I will be opening some investment accounts at Bancomer in Ajijic next week and commend these people to you. You can call Sr. Amnezquita at 766 2303. He speaks good English although he is shy about it.

By the way, Bancomer will pay your utility bills at no charge if you keep a small minimum balance in a savings account there. Lloyd will charge you $6.9 Pesos per bill paid plus a periodic " administration¨fee I think they charge to pay for that "free" coffee.

I was a bank branch manager for many years and will tell you that these people at Bancomer are good.

(This post was edited by Bubba on Jun 1, 2006, 11:05 AM)

Bubba

Jun 1, 2006, 11:51 AM

Post #2 of 26 (3457 views)

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Re: [Bubba] Bancomer in Ajijic

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A short follow up on Bancomer´s service in the Bubba Family real estate close in, well, OK, San Cristobal de las Casas. My wife was there without her debit card which is a Mexican no-no, The San Cristobal branch in coordination with the Ajijic branch just issued her a new debit card and a cashier´s check for a substantial number of pesos issued with funds in our account in Ajijic.and all bank personnel both here in Ajijic and in San Cristobal could not have been nicer. I cannot tell you how difficult this transaction would have been had we dealt with a certain local financial institution in Ajijic.

These people went the extra step for us and next week we will be moving our investment accounts there . I kid you not.

I never expected this level of service in Mexico and our accounts at Bancomer were insignificant although they won´t be in the future.

arbon

Jun 1, 2006, 12:18 PM

Post #3 of 26 (3450 views)

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Re: [Bubba] Bancomer in Ajijic

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I too was very impressed what a Mexican friends bank manager could do to help me in Jalisco.

Move thousands of dollars in less than 5 minutes, that would have taken me at least 3 days.

But at the same time I also realized how easy the same process could be used by someone to help them selves.
~~~~~~~~~~~~~~~~~~~~~~~

Bubba

Jun 1, 2006, 1:01 PM

Post #4 of 26 (3439 views)

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Re: [arbon] Bancomer in Ajijic

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Now, yáll realize, of course, that I am among the few around here who speak both the Arbonesian and Alexian dialects so I have decided to translate for the rest of you.

Arbon is trying to tell us, in a dialect, not normally translatable literally in the Bushian Period, that there are crooked bankers out there. This is the same delimma faced by translators of Navajo in which there is no word for "I" or, if you prefer ¨"Me" or if you are from Mississippi, "Me´úns" as opposed to "Yalls´´úns".. But I digress.

Arbon is a cynical man or "thing" and cynicism is also not translatable into Tsotsil. The closest thing to "cynicism" in that language is "white boy hanging from tree". Anthropoligists have yet to discern the connection between those two concepts but they are working on it with $45,000,000 USD in grants and thank God for that.

(This post was edited by Bubba on Jun 1, 2006, 1:04 PM)

Gringal

Jun 1, 2006, 1:38 PM

Post #5 of 26 (3429 views)

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Re: [Bubba] Bancomer in Ajijic

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Well, nevermind the translation. Crooks are. Everywhere. Even in banks. Surprise.

It's refreshing to hear of a good banking experience. And rare.

Question: Is Bancomer the Mexican cousin of B of A? If you have your SS check deposited in B of A, do they have a transfer arrangement with Bancomer similar to that of CCB/Citibank? Fees?

Are those with no actual U.S. residence still allowed to open accounts in U.S. banks?

I've heard a rumor that the SSA will now allow expats' check to be direct deposited into Mexican Banks. True?

...and this is what you get for admitting to one and all that you were a BANKER.
Bad as being a doctor or lawyer at a cocktail party, eh?

(This post was edited by Gringal on Jun 1, 2006, 1:42 PM)

Rolly

Jun 1, 2006, 2:10 PM

Post #6 of 26 (3421 views)

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Re: [Gringal] Bancomer in Ajijic

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Is Bancomer the Mexican cousin of B of A? No, BofA is in bed with Serfin. They do not have a transfer arrangement, but you can use your BofA card free at Serfin.

Are those with no actual U.S. residence still allowed to open accounts in U.S. banks? I don't think so. Others have reported on MXC that it cannot be done.

I've heard a rumor that the SSA will now allow expats' check to be direct deposited into Mexican Banks. True? Yes, the policy started at the beginning of 2005. I have heard that the paperwork to do it is a mess. I have not checked into myself.

Rolly Pirate

Gringal

Jun 1, 2006, 2:18 PM

Post #7 of 26 (3415 views)

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Re: [Rolly] Bancomer in Ajijic

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Thanks for the info. Sounds like more trouble than it's worth to direct deposit in Mexico. And who knows? One might regret it later. Of course, I'm a bit inclined to sew coins in my coat.

What is "paranoia"? Two matching noias. Ulp. 'Bye.

viajita

Jun 1, 2006, 3:32 PM

Post #8 of 26 (3403 views)

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Re: [Bubba] Bancomer in Ajijic

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Tell us about the property you bought in Chiapas, please. It's always interesting to learn about new things.

esperanza

Jun 1, 2006, 4:18 PM

Post #9 of 26 (3394 views)

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Re: [Rolly] Bancomer in Ajijic

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In Reply To

Are those with no actual U.S. residence still allowed to open accounts in U.S. banks? I don't think so. Others have reported on MXC that it cannot be done.

Approximately a month ago I opened an account with Wells Fargo Bank in the USA. I used two forms of identification:
(1) my Mexican driver's license, which carries an incorrect address; (2) my US passport, which carries no address. The only physical address I gave to bank personnel was my Guadalajara address.

http://www.mexicocooks.typepad.com

bournemouth

Jun 1, 2006, 5:40 PM

Post #10 of 26 (3378 views)

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Re: [Bubba] Bancomer in Ajijic

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Bubba - what would be really appropriate here would be if you send Daniel's superiors a note telling them how helpful he has been. Telling us in one thing, and yes, I agree, he is very helpful - I'm told he is a 100% improvement over the last manager - but telling his superiors will help him.

Bubba

Jun 1, 2006, 8:03 PM

Post #11 of 26 (3347 views)

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Re: [bournemouth] Bancomer in Ajijic

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Believe me, bournemouth, when I get through with thanking Daniel and singing his praises, his career will, be on a flyer.

His service was light years better than the jerks at Lloyd.

Until next week, my average balances at Lloyd were:

$400,000 Pesos

My average balances at Bancomer were $4,000 Pesos.

We´ll be reversing that I guarantee you.

(This post was edited by Bubba on Jun 1, 2006, 8:45 PM)

Bubba

Jun 1, 2006, 10:32 PM

Post #12 of 26 (3314 views)

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Re: [viajita] Bancomer in Ajijic

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Viajita:

I´ll tell you about it after it closes.

Tell me what you think of Chiapas.

Seriously.

To many it´s the dark side of the moon but then that is Bubba´s home base.

To Bubba it is the most beautiful part of North America and sits on its edge.

I´ll bet you that if .my sorry ass survives long enough to get there, that´s where they´ll bury the Bubba.

(This post was edited by Bubba on Jun 1, 2006, 10:34 PM)

bournemouth

Jun 2, 2006, 6:43 AM

Post #13 of 26 (3282 views)

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Re: [Bubba] Bancomer in Ajijic

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Just regular praise will be enough - too much and the powers that be will transfer him somewhere else and things will be back to normal.

However, the manager of our account in Sonora was similarly helpful so maybe it will become a Bancomer trait - let's hope so.

Bubba

Jun 2, 2006, 7:45 AM

Post #14 of 26 (3273 views)

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Re: [bournemouth] Bancomer in Ajijic

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That´s good to hear, Bournemouth. The manager in San Cristobal also could not have been nicer. My wife had set up this closing with the notary and the sellers who lived in another town and that cashier´s check just had to be there.

I was so inpressed with Daniel´s customer service orientation that, when my wife returns to Ajijic, we will be meeting with him to explore Bancomer´s bag of investment products and I promise you our Mexican investments will be on the move. To each his own so this is a reflection of Daniel´s skills not of the other institutions attitude. We all have to´decide what is right for us.

When we meet with Daniel, I will get his direct supervisors name and send him/her a letter in Spanish praising his excellent service. To me Bancomer´s management has been prescient in realizing Ajijic is a gold mine of soon-to-be-arriving baby boomers (I love mixed metaphores) and upgrading its customer service personnel. Unfortunately, you are right about one thing and that is that the Peter Principle is the supreme bank planning tool. As soon as I praise the guy, he´s off to DF but if that´s his reward for reponsive service, more power to him.

(This post was edited by Bubba on Jun 2, 2006, 7:48 AM)

Bubba

Jun 2, 2006, 8:00 AM

Post #15 of 26 (3268 views)

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Re: [Bubba] Bancomer in Ajijic

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By the way, in Chiapas, when I referred to Bancomer as Bancomere. they were on the floor. I inquired as to what was so funny seeing as how sensitive a creature I am and they told me that, in Spanish, Bancomere literally means (phonetically) "they are eating". Apparently this is very funny in Chiapas. Those of you inclined to move your business there will wish to call it BancOmer thank you very much. It´s hard to fill out a new signature card while laughing.

Bubba

Jun 21, 2006, 1:54 PM

Post #16 of 26 (3105 views)

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Re: [Bubba] Bancomer in Ajijic

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I am going to add a caveat to my above remarks regarding Bancomer and, while theses remarks are not a reflection on Bancomer here in Ajijic which has been very helpful to me, I recommend that all of you read the thread Bank Fraud in Mexico under the Living, Working and Retiring in Mexico Forum. Based on information in that thread posted by Rolly, I highly recommend that one not put any more money in any Mexican bank than one´s basic small working capital needs. I am very serious about this. You have no protections here and should keep most of your cash in the United States if you are an American. In the back of my mind I suspected this but guess I have lived here too long and been lulled into a false sense of security. No more!

Because I am used to the protections provided the conumer in the U.S., I am guilty of wearing rose colored glasses.

Take Rolly´s post with the utmost seriousness. When I read it I had an epiphany. I firmly believe that, if you ever have a problem in a Mexican bank such as having suffered as a result of having been defaruded, you will be screwed.

song_of_joy

Jun 21, 2006, 8:46 PM

Post #17 of 26 (3045 views)

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Re: [Bubba] Bancomer in Ajijic

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I'm usually very optimistic regarding Mexico.

However I'll never forget when Mother's savings were "nationalized" at the end of the Lopez Portillo administration (although on a personal and social level, I quite liked the presidential family). The dollars were repaid at a tiny, tiny "official" rate of exchange, wiping out more than one zero.

Very few people saw it coming. Financial pundits were flabbergasted. We simple blondes were wiped out. (Decimated? Perhaps. It means "reduced by a factor of 10.")

Do heed Rolly and Bubba's advice. Keep the funds you can't afford to lose in the U.S. or Canada.

VSOP

Jun 22, 2006, 8:27 PM

Post #18 of 26 (2962 views)

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Re: [song_of_joy] Bancomer in Ajijic

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This reminds me of a lady who I worked with in SF in the '70's. She and her father and mother owned a house in Ajijic. Apparently, by law then, (possibly for home ownership or for visa status) one had to keep so much money in a Mexican bank, which she did. There was a devaluation of the peso and she lost a substantial portion of her life savings. She was then in her 50's, so it was not an easy sum to recoup. The mother had sworn never to leave Ajijic, but as soon as she died and was buried there, the father and my friend sold the house and returned to the Pacific Northwest, fearing further economic loss. Maybe they should have hung on to the house!

No hay rosas sin espinas . . .

Marta R

Aug 4, 2006, 1:22 PM

Post #19 of 26 (2759 views)

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Re: [Bubba] Bancomer in Ajijic

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So, does Bancomer have a relationship with any US bank (or did I miss it in the posts)?

Marta

esperanza

Aug 4, 2006, 9:41 PM

Post #20 of 26 (2718 views)

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Re: [Marta R] Bancomer in Ajijic

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Wells Fargo. Look here: https://www.wellsfargo.com/...ico?_requestid=24894

It's not the same sort of arrangement that the other banks have with one another, but it would certainly work just fine.

http://www.mexicocooks.typepad.com

Bubba

Aug 5, 2006, 8:49 AM

Post #21 of 26 (2684 views)

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Re: [Marta R] Bancomer in Ajijic

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Marta:

All major Mexican banks and investment houses will have correspondent banking relationships with a U.S. bank and banks in other countries. That simply means that the banks maintain accounts and relationships with each other. For instance, in a normal wire transfer from your U.S. bank to the Lloyd investment house, your U.S. bank would send a U.S. Dollar domestic wire to Lloyd´s U.S. bank account in the U.S. which happens to be Bank of America in San Diego. Then, those U.S. Dollars are converted to Pesos which are then credited to your account. You can bet that banks and investment houses both take advantage of this situation and you will pay with a lesser exchange rate. There is a way around this I have discussed elsewhere.

There is a lot of talk on these forums about how folks down here maintain accounts at local banks with relationships allowing them to transfer funds internationally for free. This is a joke the banks play on gullible people. So, the U.S. bank tells the consumer, we transfer funds to XYZ Bank in Mexico without charge and then they screw you on the exchange rate. My favorite is that California bank with joint ownership with a Mexican bank that all these expats brag about. Their deposit products, when I checked, were well below market in their returns so here they transferring funds for "free" and giving their customers the shaft when paying for their deposits. Although I can´t say that particular bank is doing this, they can get you on both the deposit interest rate and exchange rate and, at least on the exchange rate, you´ll never know you are being screwed.

If you think banks are giving away services then I have a bridge to sell you.

(This post was edited by Bubba on Aug 5, 2006, 8:52 AM)

Gringal

Aug 5, 2006, 10:00 AM

Post #22 of 26 (2670 views)

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Re: [Bubba] Bancomer in Ajijic

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You're absolutely right - nothing is free. It's our job to get the best of the lousy deals.

And apropos of nothing except the nature of deception, I saw a headline yesterday that announced that AOL was going to "free" a bunch of workers. So that's what happened?

Marta R

Aug 5, 2006, 10:53 AM

Post #23 of 26 (2658 views)

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Re: [Bubba] Bancomer in Ajijic

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Thanks, Bubba - I know I can trust you for good banking information. My money stays with ING until I need it, so I just need a way to keep an eye on the Mexican account while I'm still in the States.

Marta

Bubba

Aug 5, 2006, 2:30 PM

Post #24 of 26 (2633 views)

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Re: [Marta R] Bancomer in Ajijic

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Marta:

If that´s the ING internet account or internet sweep account you have you are probably getting an excellent rate of return on your fully liquid money market account upon which you can write the rare check you need to write. Don´t let go of that account because they won´t open another for you if you only have a Mexican address.

We keep our U.S. funds in Schwab and they are great. Through our home computer over a cup of coffee, we invest in short term CDs now returning in excess of 5.0% and when we transfer money down here we buy pesos at a very favorable rate through Schwab and transfer pesos down here rather than dollars. The local bank hates that because they make no money on the funds transfers but there is nothing they can do about it.

Always remember that ecerything is a trade off. We pay $1.00USD per ATM transaction down here but nothing else. Since we usually draw down $5,000 Pesos at a crack, the cost of that is miniscule. Schwab would open us an account with no ATM feel whatsoever but pay us less interest on free funds in the account. Therefore, we elected to keep the account as is. Always seek the best product. In banking things are often not as they seem.

RickS

Aug 5, 2006, 5:23 PM

Post #25 of 26 (2615 views)

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Re: [esperanza] Bancomer in Ajijic

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Thanks Esperanza for that website. Wells Fargo is my bank (because they bought out my local bank years ago) and I wondered if they had any kind of program that would facilitate my getting funds in Mexico if I had to do so.

This is a remittance program but I guess it could be used for other purposes. The $5 fee is not unreasonable. But the catch is that, as Bubba points out, one should watch out for a bank that comes bearing good tidings.

The current exchange rate (actually for yesterday since it is the weekend) is 10.942 . The Wells Fargo exchange rate for this program, also for yesterday, was 10.763 and they advertise "competitive exchange rates". That's a difference of .179, so if I had 'wired' $1000 to myself yesterday it would have cost me the $5 US fee plus 179 pesos in an exchange rate 'hit', or about $16US. So the transaction would have really cost me $21 for $1000 transferred (or $59 if I had wanted $3000!, their maximum).

This program is probably good for what it was set up to do, facilitate remittances from the US to Mexico, but it does bear a cost that is not 'advertised'.... indeed they say they have 'competitive exchange rates', but they didn't say competitive with whom?

(This post was edited by RickS on Aug 5, 2006, 5:26 PM)

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