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ximenrobt

Apr 10, 2009, 4:50 PM

Post #1 of 6 (3382 views)

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More Advice on Retiring to Mexico & Getting Married to a Mexican National

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Hello again . . I am full of questions tonight and no real good answers! (smiling)
I am a Canadian Citizen living and working (my own business) in the USA. I plan to keep my business going in the USA. To do that I would have to come back once every six months to keep my business going and also more importantly keep my USA Green Card valid.

I am now on Social Security Retirement and receive a monthly check. I also receive my monthly Disabled American Veteran's pension and another retirement amounting to about $3800.00 per month.

My question is what is the best way for me to receive my monthly benefits so I can use that money in Mexico. Would it be best to have these checks on a direct deposit in my bank and have my friend send me this money by wire transfer to a Mexican Bank? Remember I am going to have a visa (retirement). I do not know if this retirement visa is a FM2 or a FM3 visa or none of those.

Can I get a bank account in Mexico on a retirement visa? Or I could just have my friend draw these funds out of my bank and have him wire the funds to me by bank wire or by Western Union.

What suggestions might everyone have? Thanks for your help.
Robert
A. Robert T.

bournemouth

Apr 10, 2009, 5:07 PM

Post #2 of 6 (3376 views)

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Re: [ximenrobt] More Advice on Retiring to Mexico & Getting Married to a Mexican National

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Robert - the simplest way of getting money from your bank account in the US is with ATM cards. Make sure you have a decent limit on the card and ask the bank for an extra one, just in case one gets swallowed by a machine - it happens. Have more than one bank account in the US with online privileges that allow you to move money around and that also gives you more than one account from which to draw cash.

If the area in which you eventually settle has any investment houses like Multiva, Intercam, Lloyds etc - you can make arrangements with them to cash checks from your US account. Bancomer will allow you to open an account with them on only an FMT (tourist card) but there is no real need to have a Mexican account. Leave your pensions etc. on direct deposit with your current banks.

ximenrobt

Apr 10, 2009, 5:29 PM

Post #3 of 6 (3366 views)

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Re: [bournemouth] More Advice on Retiring to Mexico & Getting Married to a Mexican National

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Thanks for the answer. I have not thought about the ATM cards, but I have heard some horror stories about fees and problems in using them in Mexico. I think I will pass on that one. I think I am going to take your advise on leaving my direct deposits and just have my friend wire money to me. The total cost is only $15 USD and that beats ATM charges and Bank Wire Fees.

Thanks a lot.

Robert
A. Robert T.

bournemouth

Apr 10, 2009, 6:06 PM

Post #4 of 6 (3358 views)

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Re: [ximenrobt] More Advice on Retiring to Mexico & Getting Married to a Mexican National

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My remaining suggestion would be to look for a bank that gives you fee free ATM transactions - we have one with Compass Bank - and often credit unions provide this service too. Maybe your current bank has an account that does this. Check with them.

We have been using ATM cards in Mexico since the early 90's with few problems - it's not all horror stories.

yucatandreamer

Apr 10, 2009, 8:40 PM

Post #5 of 6 (3332 views)

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Re: [bournemouth] More Advice on Retiring to Mexico & Getting Married to a Mexican National

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I bank with Scotiabank in Canada and Scotiabank in Mexico. I pay no ATM fees and can take out $1000.00 Canadian per day and $3000.00 per week. I have never had a problem and have even used this system to pay for construction work on my home. Sure beats transfer fees and trusting friends and relatives to be there at the other end when you need some cash.

La Isla

Apr 10, 2009, 8:46 PM

Post #6 of 6 (3331 views)

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Re: [ximenrobt] More Advice on Retiring to Mexico & Getting Married to a Mexican National

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There's no need to have your friend wire your money to you in Mexico. When I retired in the US a couple of years ago, I had my Social Security pension checks direct deposited to a Bank of America account that I was able to open (while still in the States) on-line. When I moved to Mexico a few months later, thanks to banking information I'd received from the helpful folks at Mexconnect, I was able to withdraw money in pesos from either of two banks that have many branches here, Scotiabank or Santander Serfin. I always got an excellent exchange rate and paid no service charges at all!