Banking

So after reading all this I suppose one could forgo the middle man and simply have their Portfolio Manager deposit their monthly allowance from their investments directly into a Mexican bank account. This way one would have Mexican checks and a Mexican debit card which would eliminate ATM fees and make replacing a lost or defective card a breeze.

Yes, you can do that.

The downside to my example is that if you want to travel to other countries you would be changing pesos into the other currency? Would that be a problem or make no difference?

Pesos are not worth much in other countries (at least the ones I've traveled to). If you take pesos to the US you don't get much for them and it can be very difficult to exchange them there. So you want to have a "universal currency" available for travel - like US dollars. Although if we don't get the debt under control they won't be worth much after awhile. There are many investment houses down here - Actinver, Multiva, and others where you can have US dollar accounts along with peso accounts (not sure if you can have Canadian dollar accounts but maybe possible). That way if you are traveling you can get US dollars, and if you are buying something here pesos.

If your investment firm in Canada does a wire transfer into Mexico, check and see what the fees are for d0ing that. My investment firm in the US charged $35 USD per transfer last time I checked. If it's a large amount, not too bad, but if it is frequent small amounts that can add up and you are better off with an ATM card.

I suspect my financial company will transfer my money on a monthly basis to where ever I want for free however I like your idea about holding the funds in US or Canadian within a Mexican bank/investment house.

Does anyone else know more about this?

I use HSBC and have had nothing but wonderful things to say about them. I don't have a problem with poor service. I don't ever go in that they don't come up and speak and give me a kiss on the cheek. Maybe you have to try a little harder to develop your banking relationship David.

Here are the websites for several investment banks that have offices lakeside - that I am familiar with:

Multiva - bank and investment house: http://www.bancomultiva.com.mx/wps/wcm/connect/migracionwps5.1/Grupo+Financiero+Multiva/Home/Directorio/

Intercam: http://www.intercam.com.mx/index_personas.htm

Actinver: http://www.actinver.com/Actinver.htm

Bancomer - most lakesiders are using the "Preferred Customer" unit on the libramiento: http://www.bancomer.com/

I can get you phone numbers and a person to talk to at Actinver and Multiva if you are interested. It's possible they have international toll free numbers - I can ask.

elgringo wrote:I use HSBC and have had nothing but wonderful things to say about them. I don't have a problem with poor service. I don't ever go in that they don't come up and speak and give me a kiss on the cheek. Maybe you have to try a little harder to develop your banking relationship David.

I have an excellent banking relationship thank you, with Banco MultiVa. I'm the customer, the bank needs to behave accordingly. HSBC did not, although that was over 3 years ago.

I took David's and Simpsca's advice. I stayed away from HSBC and opened an ebank account with Bank of America while still having a US address to use Bank of Santender ATM.
Also, will follow Julie's advice and hope to invest with Multiva.
Thanks everyone and hope to arrive Lakeside on July 1 !!!!

Great time of year to come. It gets cool here in July at least at night.

To avoid fees use the ATM on Hidalgo in Chapala or on the main street of Jocotopec. I haven't tried the Scotia ATM yet to see if they charge fees. My B of A rep said "sometimes" Scotia waves the fees.

Have a safe trip down.

We have both an investment Acct. and a chequing Acct with Multiv. We have no poblem at all transfering funds from the investment acct to the chequing. We have used there debit card in Peru, England, Egypt, Jorden, the US abd Canada with no problem. We have also given them cheques drawn on Cdn. banks with no problem.

Thanks Simpsca. I am now in Louisiana working my way down.

Regarding banking, B of A only guarantees free ATM reciprocity with one bank per country and for Mexico, Bank of Santender is the one listed. So, if Scotia works , that would be a bonus.

Also. Marty thanks for the good info on Mulitva.

No fees at Scotia ATM with BOA account...same as Santandar

Yep, both banks. Santander "officially" and Scotia because it is the BoA corresponding bank in Canada. That seems to carryover to México. In my town, I only use Scotia because Santander does not do a good job of maintaining their ATM -- many malfunctions.

I tried the Scotia ATM the other day and I couldn't get it to give me any money - it did say 00 fee.

You can draw up to 6000 pesos, single transaction @ farmacia GDL and Soriano.

Newbie here. This forum has lots of valuable advice but I have one question which I haven't been able to find an answer for in the forums.

I'm a Canadian planning to move to Lakeside after our house in Toronto closes...probably the end of November. I intend to keep my investment accounts and a chequing account with a major Canadian bank.
I’m trying to find the best (cheapest) way of transferring money say monthly from the Canadian chequing account to an account I would open in Chapala/Ajijic.
My own bank (Royal) and Scotia bank suggest the only method is “wire transfers” at $40 to $50 bucks a pop. There must be a better way to transfer $4,000. monthly to Chapala. What would I do for something major like a house purchase of several hundred thousand dollars? Any recommendations would be most appreciated?

Can't wait to get there!!!!

Forget a local bank account. You can live comfortably without it. Scotiabank has branches all over México where you can ATM money as you need it. Most of us live on ATMs. ATMs usually give better exchange rates than banks.

I agree with Rolly. For your routine expenses simply use your ATM card to access your fund NOB. Be sure to tell your bank you'll be in Mexico "for awhile" so that your card isn't blocked. Also, ensure that your account is set for the maximum daily withdrawal, usually $500. BTW, your ATM card will give you the best exchange rate. For a real estate transaction you can wire transfer the funds. It costs a little but is safe for moving large sums. Most Lakeside realtors have bank accounts in the US to hold deposits and to recieve payment.

I keep 2 years living expenses in Pesos invested in something similar to a Money Market account at MultiVa, an Investment firm. I use that account to hedge the currency market. Sometimes I get Dollars from NOB, but when the exchange rate is less favorable I use the Pesos I have here. A few weeks ago the exchange rate was about 11.5 Pesos to the $US, today it's almost 13. Today I'll use $US, but a few weeks ago I was using the Pesos I bought at a better rate.

Thanks Roly and David

I'll trot down to a Scotia bank branch and apply for a chequing account and debit card. I assume I can make ABM withdrawals with no fees if I use a Scotia terminal Lakeside

Yes.

So the rich man speaks

SOLO, I draw 6000 pesos @ sorianos daily

So, $180,00 per month. Who's the rich man?

David wrote:So, $180,00 per month. Who's the rich man?

If “Jim W.” didn’t miss-speak, I would say hands-down, he wins.

Parker wrote:

David wrote:So, $180,00 per month. Who's the rich man?

If “Jim W.” didn’t miss-speak, I would say hands-down, he wins.

I mis spoke....I can DRAW 6000 pesos per transaction @ Soriano on the HSBC ATM......Wednesday exchange rate was $473.25 US. The down side of ATM in Mexico.....My bank in USA credits me for ATM charges 10 per month....I have yet to find an ATM in Mexico that shows transaction charge....as they adjust withdrawal/exchange rate, rather than show a separate line item charge.