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Quick banking question

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Post by Mainecoons Thu Jan 06, 2011 8:19 am

Is Compass Bank U.S. the bank here that is directly affiliated with Bancomer or Banamex such that one can use a Compass ATM card to get money down there without all those transfer and ATM fees?

We have a Compass branch about a mile from where I'm sitting. If this is the case, we're going to hustle over there and set up an account.

Thanks.
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Post by lunateak Thu Jan 06, 2011 8:37 am

Have you thought to call Compass Bank and ask them?
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Post by gringal Thu Jan 06, 2011 9:17 am

Mainecoons wrote:Is Compass Bank U.S. the bank here that is directly affiliated with Bancomer or Banamex such that one can use a Compass ATM card to get money down there without all those transfer and ATM fees?

We have a Compass branch about a mile from where I'm sitting. If this is the case, we're going to hustle over there and set up an account.

Thanks.
'
Quick answer: Our bank is Banamex USA and is associated with Banamex in Mexico. You might want to call or email them to find the nearest branch or way to open an account from where you are.

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Post by simpsca Thu Jan 06, 2011 9:22 am

I understand that Banamex is affiliated with Citibank in the US. A friend uses Citibank and says that he gets a better exchange rate in Mexico with them. I'm not sure about Bancomer but I heard they are affiliated with Wellsfargo.
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Post by Rolly Thu Jan 06, 2011 9:51 am

Banamex USA, which used to be called California Commerce Bank, has only one office. It's in the Century City complex in Los Angeles. The transfer rate from Banamex USA to an account in Banamex México really sucks.

There is another US bank owned by a Mexican bank that offers free ATM, check cashing and check depositing bi-directionally, that is you can move dollars from the USA to pesos in México and pesos from México to dollars in the USA. The banks are Inter National Bank (INB) in Texas and Banorte in México. Look here: http://www.inbweb.com/ An account with INB can be opened through Banorte. I was told by a representative at Banorte that when one opens an account with Banorte, one can also opt for an account with Inter National Bank without going there and without the need for a USA address. I have not tried it, so I can't verify that it really works that way.

If ATM access is all you need, there are other options.

Bank of America has arrangements with two banks in México where you can use a BofA card with no fee -- Scotiabank and Santrader-Serfin. Their exchange rate is excellent.

HSBC is a part owner of Bitel Bank in México, so you can use your HSBC card at Bitel without paying a foreign fee. HSBC also has its own branches in México.


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Post by Intercasa Thu Jan 06, 2011 10:36 am

B of A is the best, all the rest are BS.
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Post by Mainecoons Thu Jan 06, 2011 11:21 am

HSBC started charging 3 percent which is why we closed our account there. Originally it was correct that if you had an HSBC U.S. account you could go to the HSBC in Chapala and get a great rate with no fees.

Checking on Citibank now.

As for Bank of America, we haven't gotten good answers from them. There are actually two fees involved, one for the international transfer and one for using the ATM. Together, with Wells Fargo, they add up to about one percent. We're hoping to do better than that.

Spencer, what kind of a deal do you have with Bank of America?

Compass is a no go. They charge 3 percent transfer fee.



Last edited by Mainecoons on Thu Jan 06, 2011 11:33 am; edited 1 time in total
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Post by simpsca Thu Jan 06, 2011 11:32 am

I checked on B of A fees and this is what it says:

ATM - Non-Bank of America (outside the U.S.)
Withdrawals, transfers and balance inquiries from a Bank of America ATM outside the U.S.
By using a non-Bank of America ATM, you may be charged (by the ATM operator or any associated network) an additional fee for each transaction, including a balance inquiry even if you do not withdraw cash.
A non-Bank of America ATM does not prominently display the Bank of America logo.
$5 each

Important Information
The non-Bank of America ATM fees do not apply at some ATMs located outside the United States. You will not pay a transaction fee when you use ATMs of our Global Alliance partner banks in the following countries:
Barclays (United Kingdom)
BNP Paribas (France)
China Construction Bank (China)
Deutsche Bank (Germany)
Santander Serfin (Mexico)
Scotiabank (Canada)
Westpac (Australia and New Zealand)
Non-participating banks may charge additional fees.

You can check it out on line at: https://www.bankofamerica.com/deposits/index.action?body=feehub#ServiceFees3110284395287002
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Post by Mainecoons Thu Jan 06, 2011 11:35 am

OK, I don't know where there might be a Santander ATM but the ATM next to the storage place at the end of the libremiento is Scotiabank.
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Post by martygraw Thu Jan 06, 2011 11:40 am

MC. there is a Santander ATM in Jocotepec.
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Post by simpsca Thu Jan 06, 2011 11:48 am

Where is the Santander ATM in Joco?

Thanks
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Post by mrum Thu Jan 06, 2011 11:51 am

Where is the Scotiabank in the area?
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Post by Mainecoons Thu Jan 06, 2011 12:07 pm

That ATM there next to the storage facility, at the end of the libremiento, is ScotiaBank. That's the one I'm familiar with.

The word I'm getting on another board is that Bank of America is the way to go on this.
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Post by martygraw Thu Jan 06, 2011 12:15 pm

The Santander ATM in Jocotepec is located at the 2nd light as you enter town.
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Post by Intercasa Thu Jan 06, 2011 12:24 pm

I used to have a Citibank account but the exchange rate wasn't the same as B of A, I'd withdraw $6,000 pesos from B of A and my Citi account and B of A was a far better deal, also you can take from any Santander or Scotia ATM with no fees and a very good exchange rate, many banks might not charge fees but their exchange rates are bogus.
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Post by Jim W Thu Jan 06, 2011 5:31 pm

Intercasa wrote:I used to have a Citibank account but the exchange rate wasn't the same as B of A, I'd withdraw $6,000 pesos from B of A and my Citi account and B of A was a far better deal, also you can take from any Santander or Scotia ATM with no fees and a very good exchange rate, many banks might not charge fees but their exchange rates are bogus.
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Post by simpsca Thu Jan 06, 2011 6:32 pm

I just used the Santander in Chapala - I have a B of A account and for the first time in ages I was able to get more than 3,000 pesos out of the ATM and $0 ATM fee! Yeah!
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Post by Rolly Thu Jan 06, 2011 7:24 pm

All it takes is phone call to raise your daily limit.
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Post by simpsca Thu Jan 06, 2011 7:30 pm

Rolly wrote:All it takes is phone call to raise your daily limit.

I have no daily limit, but the local banks are limiting how much you can take out per day to make money on the ATM fees.
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Post by David Thu Jan 06, 2011 7:42 pm

Your bank has a daily limit on withdrawals. All banks do, so that no one can clean out your account.
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Post by Rolly Thu Jan 06, 2011 8:16 pm

simpsca wrote:[quote="I have no daily limit, but the local banks are limiting how much you can take out per day to make money on the ATM fees.

Your home bank sets the daily limit on your ATM card and may charge fees for use at other banks. Your home bank also sets the exchange rate..
The local bank that owns the ATM charges a very small fee for each translation.
The local bank does not set your daily withdrawal limit nor the exchange rate, although some do have a per transaction limit -- usually $5,000 pesos.
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Post by Mainecoons Sun Jan 16, 2011 6:57 am

Thanks everyone for the help here. We opened a B of A account in Texas before we came back.
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