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miguelblanco1

Aug 16, 2003, 5:57 PM

Post #1 of 11 (792 views)

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What bank can one trust in Guadalajara?

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Before I get slammed for being a gringo who doesn't trust Mexicans or Mexican banks, let me say that my wife is Mexican and she was ripped off by her bank, as were 2 of her sisters at another bank. It seems that a lot of unexpected "fees" seem to be charged for nothing in particular. Also a friend of mine is married to a Tapatia woman and he opened an account in Guad. and he also had money just "disappear" from his account. So I can only base my fear of Mexican banks on those I know who have had experience with them!

So having clarified that, I ask this question:

What bank can you trust in Guadalajara? And especially, what bank might be good to set up an account with, if you wanted to be able to transfer money the cheapest way possible between the U.S. and Guadaljara?

And as long as I'm on the subject, has anyone here experienced this "disappearance" of money at a Mexican bank? I have NEVER had money "disappear" at a U.S. bank! The fees for bounced checks are outrageous, but I haven't had that problem for many years.

mkdutch

Aug 17, 2003, 4:45 AM

Post #2 of 11 (774 views)

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Re: [miguelblanco1] What bank can one trust in Guadalajara?

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There may be an alternative arrangement that would take into account your concerns...one that is used by a number of expats for different reasons.

That is to set up (assuming you are 55+ years old) an Amigos account at California Commerce Bank in the EUA. CCB is part of the Cities/Banamex conglomerate, and funds can be easily transferred back and forth between them. Holding most of your funds in CCB will afford exchange rate protection/security, as well as give you an ATM card option that works well lakeside.

You have the option of also opening a Banamex account with checking priviledges, etc. (Having an established CCB account first should make that easy). And, if Banamex plays the fee game you described, it would be easy to simply close that account and keep the CCB one open. Buena Suerte! Dutch

miguelblanco1

Aug 17, 2003, 3:43 PM

Post #3 of 11 (746 views)

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Re: [mkdutch] What bank can one trust in Guadalajara?

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Thanks for the reply but I'm not 55 yet, so am still looking for an a good bank in Guad.. I read some of the other threads re using a bank here, using their online banking and an ATM card. That could work, but I still think the ATM fees can be rather high.

How do people here on this forum, who live in Mexico, but have US Dollars, generally handle their money? I would definitely not want to put my money in a Mexican bank - not only due to trust issues, but also due to the possible devaluation.

jennifer rose

Aug 17, 2003, 3:55 PM

Post #4 of 11 (742 views)

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Re: [miguelblanco1] What bank can one trust in Guadalajara?

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I've been very pleased with both Banorte and Scotiabank. At Scotiabank, I simply deposit a dollar check (even a second-party check), and it's credited to my account in 8 days.

gpk

Aug 17, 2003, 5:47 PM

Post #5 of 11 (729 views)

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Re: [miguelblanco1] What bank can one trust in Guadalajara?

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There was an article in our local Mexican paper this week that banks in Mexico (just like in the US) have turned to fees as a major source of income. I forget if it referred to income or profits, but it said fees now account for 40% of income (or was it profits?) up from 17%. The main fees on my Scotiabank account come from using a non-Scotiabank ATM. The fees on my BITAL account come from breathing (i.e. out of thin air).

Marlene

Aug 17, 2003, 9:33 PM

Post #6 of 11 (713 views)

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Re: [miguelblanco1] What bank can one trust in Guadalajara?

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Good to hear the positive feedback on Scotia and Banorte. I have lived here for 3 years and continue to bank in Canada for the most part, using ATM's and the internet. (Cyber-banking, if you will) I have had Banamex imposed on me through various places of employment, but did find the fees mysterious and could never figure them out. (Policy was to open a Banamex account to deposit pay cheques) There seems to be some mystery fees that accompany those accounts and they aren't necessarily that small. I may check out Scotia bank which has roots in Canada and take the plunge.

johanson

Aug 17, 2003, 10:23 PM

Post #7 of 11 (705 views)

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Re: [Mazatleca] What bank can one trust in Guadalajara?

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Not one person has mentioned Lloyds. Although technically not a bank, I am able to transfer my funds there easily through B of A. Lloyd's has a B of A account in San Diego. Lloyd's will issue me cash or my clients checks or cash. They seem to provide many of the same services a bank does and are very popular with the English speaking community. I know they have offices in many of the major cities of Mexico to include PV, Guadalajara, Chapala, and Ajijic in Jalisco.

FeelinGroovy

Aug 18, 2003, 8:37 AM

Post #8 of 11 (668 views)

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Re: [johanson] What bank can one trust in Guadalajara?

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I've heard Lloyds mentioned before but still not sure what it is ... if not a bank. Please clarify for those of us who are not familiar with it.

Thanks,
Libby

miguelblanco1

Aug 19, 2003, 1:10 PM

Post #9 of 11 (595 views)

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Re: [jennifer rose] What bank can one trust in Guadalajara?

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Thanks for the feedback. I'll consider these when the time comes.

What fees ARE there, then, with Banorte in Scotia Bank? How much per month? How much per ATM transaction? Etc...

jennifer rose

Aug 19, 2003, 2:07 PM

Post #10 of 11 (586 views)

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Re: [miguelblanco1] What bank can one trust in Guadalajara?

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Why don't you take a look at each institution's website? Each offers a menu of banking
plans.

http://www.scotiabank.com/
http://www.banorte.com.mx

johanson

Aug 19, 2003, 2:59 PM

Post #11 of 11 (576 views)

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Re: [Libby] What bank can one trust in Guadalajara?

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Here is what the website www.lloyd.com.mx says about Lloyd. Lloyd is very popular with the English speaking community lakeside. They are located throughout Mexico and should not be confused with the Bank of the same name.

Is a Mexican corporation authorized on June 22, 1988 by the Mexican Banking and Securities Commission to act as a Mexican Mutual Funds Management Company.

At present, Operadora de Fondos Lloyd S.A. is Mexico's largest Mutual Fund Manager, both in number of accounts as in number of foreign investment clients.

Operadora manages 8 different investment funds: