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Esteban

Jan 20, 2004, 7:23 PM

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Banking problems anyone?

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David Eidell while travelling somewhere on mainline Mexico says this: "Recently on the mainland side, all banks and that means everybody refuse to cash either dollars or travelers cheques" Anyone else seeing this problem pop up? Not here in Mazatlan but I'm just curious if things are changing.

Thanks

jennifer rose

Jan 20, 2004, 7:42 PM

Post #2 of 17 (1655 views)

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Re: [Esteban] Banking problems anyone?

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I find that very, very hard to believe. Especially the part about "all banks and that means everybody." I cashed a personal check only last week here in Morelia.

And refusing to cashing dollars? Hello? Has the press been keeping this a secret?

Don

Jan 20, 2004, 7:42 PM

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Re: [Esteban] Banking problems anyone?

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Here in my town in Jalisco, traveler's checks present a problem, but can be cashed. Dollars are no problem to cash.

PeggyS

Jan 20, 2004, 11:02 PM

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Re: [Esteban] Banking problems anyone?

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We'll never take Travelers Checks again. No one would cash them (we had both American Express and Cook's, just to see) and you're much smarter to just use your ATM card. (Their excuse was that there had been too many excellent forgeries of the Travelers checks) But another word of caution, use only the machines where you swipe your card, never use one where you insert it - you may never see it again. Happened to me, I just wasn't as quick as the machine thought I should be, so it ate my card. And then my bank in Florida refused to mail me a duplicate, because it "doesn't mail cards to foreign countries". So get your duplicates before you leave home.

nicky2

Jan 21, 2004, 7:47 AM

Post #5 of 17 (1602 views)

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Re: [PeggyS] Banking problems anyone?

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If you are talking about American Experss traveler's checks, I can tell you that can be a problem even here in Mexico City. The same goes with their credit cards in many establishments. The problem revolves around slow reimbursements by American Express to these establishments. Even using a corporate card can cause problems.

Sometimes the ATM eats your card anyway, even if you do push the right buttons. This is part of scam to get your card before you report it lost. Banorte is good for having the swipe machines along with several Scotiabank machines.

TomG

Jan 21, 2004, 8:19 AM

Post #6 of 17 (1590 views)

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Re: [Esteban] Banking problems anyone?

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I don't have any bucks and have never tried to cash any in Oaxaca, but I see signs around he zocalo that give cash dollar exchange rates for tourists - they are pathetic rates.

Carron

Jan 21, 2004, 8:32 AM

Post #7 of 17 (1586 views)

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Re: [PeggyS] Banking problems anyone?

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When we originally moved to Mexico we still used (or tried to) the small bank we had always used in Houston. The first thing to go was on-line access to our accounts. The reason was that the bank computer realized we were dialing in from a foreign number and cancelled our service. Then the bank was bought out by a larger one and, without any notification to us, cancelled our bank cards. LIkewise, we couldn't use the ATMs here so we had to borrow enough money to make a trip back to Texas to receive and validate new cards. They had actually mailed them to our old address, (which we had specifically advised them not to do) and the cards were "lost", so we had to wait in Houston for two weeks until new ones could be processed and validated. The issuing card company, a totally different entity from our bank, refused to mail cards to a foreign country. Oh, the hassle and the expense!

Another problem was trying to reach a "real" person at the US bank from Mexico. As you all may have found out, 800 numbers aren't free and I am sure TelMex profitted greatly from our banking woes.

We then transferred our money to Santander (now also Serfin) in 1999 and have been very happy with both the service and the interest rates. Now that my husband works part-time back in Texas, he cashes his checks there and brings the dollars down to Mexico. We find which local bank or casa de cambio is offering the day's best exchange rate, then deposit the pesos in our Santander account.

The only problem we have had is that eBay will not honor transactions on a Master Card from a foreign bank. Go figure. So we got a US Master Card for Internet transactions and only maintain a minimum amount of dollars in the account.

We have not dealt with trying to get Social Security checks deposited directly into our Santander account, but that is coming up in just a few months. Will keep everyone posted on how that does or does not work out!

alex .

Jan 21, 2004, 10:18 AM

Post #8 of 17 (1565 views)

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Re: [Esteban] I know that Tijuana is a special case

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but dollars are the preferred currency. Even our mortgage company insisted on payment in US dollars.
Alex

Esteban

Jan 21, 2004, 11:00 AM

Post #9 of 17 (1555 views)

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Re: [alex .] I know that Tijuana is a special case

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When I pay my fideicomiso, they want US DOLLARS, cash or check (I use Wells Fargo). Like I said, in Mazatlan, there is no problem and never has been a problem with US Cash. You can even cash US checks at a special "casa de cambios" and if you have a bank account with BBV they'll take a US check allowing a few weeks for clearing.

ms mac

Jan 21, 2004, 11:18 AM

Post #10 of 17 (1548 views)

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Re: [Esteban] I know that Tijuana is a special case

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We used American Express Travelers Checks and cashed them at the bank in Mazatlan when we were there in June and never had a problem. Hope that's still the case. We procrastinated about getting an ATM card and won't get one in time to use it.
ms mac

Carol Schmidt

Jan 21, 2004, 12:18 PM

Post #11 of 17 (1535 views)

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Re: preference for US $

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Our rent in SMA goes up or down based on whether we are asked to pay in US check or pesos. Right now we have to pay by US check. If the exchange rate goes back we'll be asked to use pesos again. Makes sense.

Carol Schmidt

TomG

Jan 21, 2004, 3:09 PM

Post #12 of 17 (1501 views)

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Re: [Carol Schmidt] preference for US $

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That's a creative arrangement. I assume the owner is a petty currency trader, with only one client. If he had any gutts he would roll up his pant legs and wade into the deep water on the Chicago exchanges. Then he could see how he would do if he wasn't shooting fish in a barrel by trading after the fact.

Judy in Ags

Jan 22, 2004, 8:00 PM

Post #13 of 17 (1429 views)

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Re: [PeggyS] Banking problems anyone?

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My husband uses 2 ATM cards that have to be inserted almost every day and he's never had a problem. His only problem is that especially on Mondays the bank may not be prepared and he may get his money in 50 peso bills or something.

johanson

Jan 23, 2004, 6:46 PM

Post #14 of 17 (1372 views)

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Re: [Esteban] Banking problems anyone?

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Over the last several days I checked both at Lloyds and at a money exchange house. Everything was operating normally for both US and Canadian dollars and travelers checks.

jrice

Jan 29, 2004, 7:27 PM

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Re: [Judy in Ags] Banking problems anyone?

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Agreed: I've never had problems inserting cards and I've done it regularly for many years now. You can, however, find swipe machines here and there.

I actually tend to treasure the machines that give you 50 peso notes -- at least a lot more than those that give you 500 peso notes, which are common. There's nothing quite so interesting as trying to pay somebody with a bill that is about four or five day's salary and asking them to make change.

Judy in Ags

Jan 30, 2004, 7:14 AM

Post #16 of 17 (1259 views)

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Re: [jrice] Banking problems anyone?

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We're building a house and with our California Commerce account can withdraw only 3000 pesos each day. It's on each card, though, so it's not bad. We have the opposite problem in the denomination of bills. A couple times John met up with a machine that would give him only 2000 pesos and all in 50's. The normal is to get the 3000 in all 200's with 4 50's, I believe, which is fine. We've never been given any 500's. That would be pretty tricky trying to spend those in many places!

Rolly

Jan 30, 2004, 8:22 AM

Post #17 of 17 (1241 views)

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Re: [Judy in Ags] Banking problems anyone?

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Judy, if you open an account with Banamex, you can withdraw $4,000 from their ATM or you can take your card inside to a caja and withdraw any amount you wish. You can transfer funds from CCB to Banamex via the internet. That's how I have done all my building.

Rolly Pirate

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