I just read something funny on another website. A Canadian who is moving to Mexico and planning to close her accounts in Canada so that she can't be declared a resident is afraid to put her money in the Mexican banks so she's going to open a bank account in the USA instead. As an American, all I can say about that "bright idea" is good luck.
you said:>>It is my understanding that the only way to open a bank account in the U.S.A. these days is in person. So, she can do it if she's there.
Unfortunately there is another requirement: A residential address in the United States. If one has a relative there and can use that address, or retains a residential address of his/her own, then no problem. For example when I last opened a new bank account in the USA the bank would not accept my business mail address but they did accept my voter's registration card. They would not accept my word that I had a residential address because I was not listed in the telephone directory. (unlisted number) and I didn't have my tax papers with me. They will not accept a postal box either.
You can open accounts online or over the phone. You must provide proof that you are a resident of the US. Such proof is, for example, a drivers license. It certainly is easier to do it in person, but you still must provide proof of residence. I opened an account at Ally Bank online a few months ago when their CD rates were high(they no longer are). I live in IL and didn't have to go to Philly to open the account.
It is my understanding that the only way to open a bank account in the U.S.A. these days is in person. So, she can do it if she's there.
A couple of years ago, just before I moved back to Mexico, I opened an account with Bank of America on-line. It was very easy to do, but, of course, I was in the States then and had a US address.
I still have two bank accounts in the U.S. which I opened over 5 years ago before moving to Mexico and before Homeland Security decided we needed NEW regulations. I am hanging on to both of them for dear life, of course. The last time I tried to change a mailing address on one of them to my new Texas P.O. Box from the old Texas P. O. Box, the bank 800 number informed me that I would need to "drop by" the nearest branch to do it. je je. After jumping through hoops, I managed to get it changed, but the conversation with my old branch manager was a comedy routine. "You're calling from WHERE???" Since I was calling from a Vonage phone number in the same area code as the bank branch.......the confusion was understandable.
I'm sure there must be some kind of good reason for all this......but then again...........
It always amazes me that people are afraid to put their money in Mexican Banks. The banks here are in general stronger than banks in the U.S. Their investment accounts pay higher returns, in most cases. Online banking is available and works fine. And although most people will try to tell you your money is not insured (rumor central) .... Insurance has existed for normal individual bank accounts since 1999.
I was not trying to say their are no downsides. Yes, in general if you only have a reletively small amount of money, in a standard checking account here in mexico, your fees are going to be greater than that of U.S. banks. Also there are fees attached to most if not all internet transactions. Unfortunatly here in mexico, the general rule of thumb is, the smaller the account size, the more the fees. No that does not make sence, but thats the way it is.
When I was a resident of the US I opened a bank account in a New York bank. I am still having an account there, but with my Mexican address. No problem.
I recall this being discussed on a banking thread some time ago.....but the fees you are or aren't charged at an ATM depend on the bank you're using.
There are U.S. banks which are "linked" to Mexican banks so that funds can be transferred by telephone to the Mexican bank. There is no ATM fee when you are using one of that bank's machines.
In this economy, the ideas of "safety" and "bank" are somewhat ephemeral. One hopes for the best.
You can open a Banamex USA account through their parent company, Citibank. They have offices in DF, but I opened my account over the phone. I now can make withdrawals from the Banamex USA account from any Banamex ATM totally free of fees and I can link the USA account to a Mexican account at Banamex for transfers from the US to Mexico (not the other way around, though). I did have to fax tham a copy of my US passport and you have to be over 55 or so--unfortunately I qualified for this part easily. I am saving about over US$50 per month in fees that I was paying to Wachovia/Wells Fargo.
Note the keyword in the previous post. "US Passport". American citizens and US permanent residents can open bank accounts in the USA. Canadians who do not have US residency cannot.
gpkisner, amigo, you should check the low exchange rates Banamex pays on transfers and ATM withdrawals. You may not be saving as much as you think. Bank of America pay much better exchange rates.
Both Santander and ScotiaBank are linked with BofA.
I opened an account with Bank of America to arrange for direct deposit of my US Social Security pension checks. I enjoy very good exchange rates when I withdraw money in pesos from the Santander branch near my apartment.
Prior to 1999 US Social Security would not allow direct deposits to a Mexican bank. Now, however, things have changed and if you direct deposit, the Mexican bank is not allowed to charge you any fees for the conversion in accordance with the agreement between Social Security and Mexico. No doubt it's also the reason for individual Mexican accounts being insured when previously they were not because I really can't see Social Security agreeing to direct deposit if the deposits would not be safe. Everyone, whether they direct deposit or not can thank the US Social Security Adm. for making sure their money is safe in Mexico.
"I opened an account with Bank of America to arrange for direct deposit of my US Social Security pension checks. I enjoy very good exchange rates when I withdraw money in pesos from the Santander branch near my apartment."
Are there any fees assessed by Santander or BofA? The Citibank/Banamex acount has no fees and Banamex in Mexico charges no ATM fee for withdrawals from that account. I get the exchange rate slightlyhigher than posted at Banamex on the day of the withdrawal.
Mexican bank accounts have been protected for several years. This has nothing to do with US Social Security or binational agreements. Bank accounts are protected up to about 1.7 million pesos (2009 figure) via El Instituto para la Protección al Ahorro Bancario (IPAB). See IPAB's webpage for more information.
"I opened an account with Bank of America to arrange for direct deposit of my US Social Security pension checks. I enjoy very good exchange rates when I withdraw money in pesos from the Santander branch near my apartment."
Are there any fees assessed by Santander or BofA? The Citibank/Banamex acount has no fees and Banamex in Mexico charges no ATM fee for withdrawals from that account. I get the exchange rate slightlyhigher than posted at Banamex on the day of the withdrawal.
Nope, I pay no fees to withdraw money from my BOA account using either Santander or Scotiabank.
I see the question as: Can a person who lives permanently in Mexico and has no U.S. address (even a relative) open a U.S. bank account now in the U.S. remotely, by mail or telephone, under the present regulations? If you can't, then there is not much use in comparing rates or fees among banks. We're kind of stuck with what we have.
Many of those responding, including me, opened our accounts while we were still living in the U.S. and before the latest spate of Homeland Security regulations.
"No Fees" should apply at any Mexican bank is receiving direct deposit from US Social Security and it doesn't matter which bank you are associated with in the USA because the US bank does not have to be directly linked to the Mexican bank. As long as it's an SS check deposited by the US Treasury, the Mexican banks must comply with the agreement. Also, it is the US Federal Reserve Bank which determines the exchange rate for SS deposits and not the Mexican Central Bank.
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