Mail and Banking for new residents

Banks here hold funds of many businesses in the 7 digit category of USD, such a real estate companies with escrow funds, and I have never heard of a problem of lost funds by the big established banks.
Fear of Mexican banks is blown way out of proportion.

Funds lost? Maybe not but retained without cause and not respecting people with a Notary Power of Attorney, taking weeks or months to answer, belittling clients, lying to them about investment returns, selling products they have no training on to earn commission or not be fired. Making people turn in piles of paperwork to get their money out and then saying oops wrong papers, constant changeover of staff, blatant lies. Signing you up for BS insurance policies, not crediting you money when your ATM card was cloned at their ATM at the branch, allowing a crook to cash a forged check with an obviously false signature (name spelled wrong and crammed at the end as they ran out of room to sign).

I have 2 present cases where banks are jerking around my clients, one where the co account holder wants her 3,000,00 pesos and the bank is stonewalling has been for months, the other where we presented a power of attorney and they ignored it and needed the 2,000,000 to pay for medical care. The banks hope you die to keep your money, how else can you explain unclear policies, failing to sign for papers when you drop off written requests, etc. They make it very, very difficult.

I have an account at a Mexican bank as I need one to pay taxes and was lied to. With Mexican banks there is too much funny business and policies or sticking it to the customer and making them sue. Dont ask who is happy with their bank, ask who had a problem and had it resolved, therein lies the real truth.

You have been forewarned.

All of what you say may be true, Intercasa, but here's the problem:
Once you are found to be living permanently in Mexico and have been booted off any U.S. bank that knows about it, you are stuck with finding a place to have your SS checks automatically deposited.  (This is the ONLY way SS allows you to get your money, for years now.)  Now what:  You can't open a U.S. account at present at any bank I know of (never mind the one that takes only military) without a U.S. address. P.O. boxes don't work any longer. They "know".  Some of us do not have another person's address to use (and expect them to handle our mail),  so what, exactly, does an expat do, other than using a Mexican bank for this purpose?  I'd really like to know, having spent many hours looking for a solution.

I'm not trusting enough to buy "investments" through a Mexican bank. I'm speaking strictly of a place to get my SS checks deposited and be able to use an ATM card for getting cash out. My major funds are in a U.S ancient investment house with a flawless reputation.   Any advice is welcome.

We lived in Mexico for 10 years. Never had a problem having our SS checks direct deposited to our Credit Union in Las Vegas. We used the ATM machines for cash. Has something changed? Keep it simple in case in the future you choose to relocate back NOB.

sampati wrote:We lived in Mexico for 10 years.  Never had a problem having our SS checks direct deposited to our Credit Union in Las Vegas.  We used the ATM machines for cash.  Has something changed?  Keep it simple in case in the future you choose to relocate back NOB.

What year did this arrangement end? Many of the banking changes have happened within the last few years, especially those relating to banks refusing to continue serving long terms customers who live in Mexico.
Nearly everyone would prefer to "keep it simple", don't you think?

We maintained our US banking and used ATMs in Mexico from 2001 through October, 2014, when we moved back to the USA. All banking was done online and we did maintain a Laredo address through a local mail service in Chapala; first MBE, then Sol y Luna. Never a problem. We did not use Mexican banks at all, unless someone wired us funds via Western Union and we picked up the pesos at a local bank to pay local bills for friends who were away.

Simpati and RV: With all due respect, the fact that neither of you had any problems while living in Mexico does not address the issue that many of us have had who were dumped by our U.S. banks once they decided they no longer wanted to maintain the accounts of those of us who live in Mexico, and who have no access to a verifiable U.S. address.

I was asking a serious question, and the comments from those who have had smooth sailing aren't the answers.

I would very much appreciate answers from those who have had the same problem and solved it without using a Mexican bank for direct deposit, who have no verifiable U.S. address and are not connected with the military.  Thanks.

Im not sure what to say except to cross that bridge when the time is right and not place large amounts in a Mexican institution right off the bat if you have other options.

I appreciate your dilema. My response was general, and advice to newcomers to maintain their banking in the USA or Canada.
In your case, it seems that you only have two choices:
1.  Use a Mexican bank and have your SS deposited there. However, many entities will not send retirement funds there directly.
2.  Make a temporary move to a Texas border town, rent in a senior RV resort that has rental units, get a license there and open a bank account or two. Then, change the mailing address to a Laredo mailing service address at your convenience. (We did that and changed mailing services a couple of times). It might still work.

It's just a matter of time before all these institutions are linked with immigration and they will be advised once you are out of the country after so many months. Address or no address they will deem you a non resident and cut you off. They are starting to do this with the Canadian Provincial Medical Services for those that try to "fool the system" with an address in Canada. I imagine the banks in the US won't be far behind.

CanuckBob wrote:It's just a matter of time before all these institutions are linked with immigration and they will be advised once you are out of the country after so many months. Address or no address they will deem you a non resident and cut you off. They are starting to do this with the Canadian Provincial Medical Services for those that try to "fool the system" with an address in Canada. I imagine the banks in the US won't be far behind.

The banks are galloping quickly.  Friends of ours who are the solidest of citizens, like us, just got "the letter" from their U.S. bank, to their shock and sorrow.  They are scrambling.  Like us, their official address was a tiny dwelling in a Texas mail box.

Since no sensible person should put a large sum in a Mexican uninsured account, here's what we did, for what it's worth:

When we got the letter, we had about 6 weeks to change our SS direct deposit.  Since we couldn't open a new U.S. bank account, we first opened a checking account at the local Actinver bank.  (No other type of investment account.)  Then, we contacted the SS office in Guadalajara and persuaded the clerk to handle our change of address to where we really live in Mexico, by email. (Otherwise, you need to go to Guadalajara early and WAIT. )  Four pages of information are required, which include to which bank you want your money direct deposited.  We then went to Actinver and they filled out the form to accept the deposit and sent it to SS.

Result:  Got our next checks on time, and all we have to do is go to the bank window, fill out a slip and we are handed pesos.
Been doing this over a year.  We are careful to keep the balance in the bank low.  We've received our money in the account promptly and had no problems, so far.  Hopefully, the bank won't fold.
(We already had an account at Banamex Mexico, but were understandably pizzed at Banamex USA, so didn't use them.)

Other solution suggestions are welcome.

Hello All,

Oh my goodness...   this talk has become extremely interesting and valuable!  Thank you for sharing the details!  I had no idea an American with a long standing bank acount, could have their account shut down if living abroad.  And the very idea that one must have a US address to open a new bank account in the US makes me feel like we all have less freedoms than we've been led to think we do!  

So am I right to understand that eventually the US will make it impossible for us to receive our social security checks if we choose to enjoy living elsewhere?

Back in my 20's I was a commuting flight attendant.  I lived in California and worked out of the Memphis, Tennessee base for what was at the time Republic and then Northwest Airlines.  For a good while, a bunch of the commuters, both flight attendants and pilots shared an apartment near the airport (kind of like the TV show with John Goodman:  Alpha House).  So I am thinking...   who all wants to share a place in Tucson???  Or Laredo???   It could work...   sort of like a timeshare, but just a cheap little 2 bedroom apartment split several ways....   have a few simple house rules, and then we can help each other with bringing back supplies, etc.   Am I putting the horse before the cart?  LOL...   jajajaja  (I loved seeing Canuck Bob's version of ha ha ha the other day)!!!

MyrnaMinkoff wrote:Hello All,

Oh my goodness...   this talk has become extremely interesting and valuable!  Thank you for sharing the details!  I had no idea an American with a long standing bank acount, could have their account shut down if living abroad.  And the very idea that one must have a US address to open a new bank account in the US makes me feel like we all have less freedoms than we've been led to think we do!  

So am I right to understand that eventually the US will make it impossible for us to receive our social security checks if we choose to enjoy living elsewhere?

Back in my 20's I was a commuting flight attendant.  I lived in California and worked out of the Memphis, Tennessee base for what was at the time Republic and then Northwest Airlines.  For a good while, a bunch of the commuters, both flight attendants and pilots shared an apartment near the airport (kind of like the TV show with John Goodman:  Alpha House).  So I am thinking...   who all wants to share a place in Tucson???  Or Laredo???   It could work...   sort of like a timeshare, but just a cheap little 2 bedroom apartment split several ways....   have a few simple house rules, and then we can help each other with bringing back supplies, etc.   Am I putting the horse before the cart?  LOL...   jajajaja  (I loved seeing Canuck Bob's version of ha ha ha the other day)!!!

Relax, Myrna. I have heard no inkling that our SS checks will be withheld if we live abroad. We earned those benefits; we are owed them, and I doubt there is any thought of withholding them.

Some folks here have one foot in the U. S. and the other in Mexico, ready to flee "home" for any reason. Others are "home" right here and intend to stay for the long haul. I hope you find a good life here among the happy expats.

The bureaucratic glitches are just something to deal with, and as I pointed out in my previous post, CAN be dealt with.
So.......no worries. Come on down. Ignore the panic spreaders.

Ahhh!!! I can breathe again! Thanks Gringal !!! I am really ready for my new life at Lakeside!!!

Oh, but I'm all out of smileys!!! Can we import our own smilies into our messages??

;-)))

MyrnaMinkoff wrote:Ahhh!!!   I can breathe again!  Thanks Gringal !!!   I am really ready for my new life at Lakeside!!!

Oh, but I'm all out of smileys!!!   Can we import our own smilies into our messages??

;-)))

Good to hear, and welcome!

I just moved here from Oregon and my bank First Tech Credit Union had no issues with me keeping my savings account with them and using my ATM card down here. I did keep a US address for my banking communications because I felt it is faster for me to get that mail that way and safer. Fortunately I have a dear friend that is letting me use her address, however my bank knows that I live in Mexico. I don't have any problems with my banking or so far with fidelity Investments accounts. They will not reimburse me for atm fees nor would Schaub that many recommend on here. When I called Schaub sorry if misspelling it, they said they don't reimburse for ATM fees either if you are not actually living in the US. Now maybe some folks withhold the fact that they are living in Mexico, but it won't take any type of banking firm to eventually catch up to the fact that all the withdraws are happening in Mexico if they review it per chance. So it's a risk to not tell the bank the truth in my opinion.

our banking address for scotiabank accounts in canada is our postal[mailing] address here in chapala. we get new credit cards/atm cards sent here among other things. this is our address and our bank doesn't care that it's in mexico for any reason. when we travel out of mexico we tell them. we can even phone our own branch using vonage if we need to instead of the main scotia #. we have always received our mail-no problema. life can be so easy and simple if you let it be so.

Until such time that the Canadian banks follow suit with some of the US banks. That being one must be a resident of said country to have a bank account. I certainly wouldnt recommend for anyone to give up an address in their home country if they can avoid doing so. This one may catch up with you senor pedro.

Lets hope not........

I'd like to get un-confused about the Schwab accounts.  Others have said they like that they get reimbursed for any ATM fees.  I'm looking into the International checking account and would be giving them my Mexican address with a mailing address for statements, etc., as a P.O. box in Laredo, TX.  From the material I've been getting, it looks like we would get reimbursed for ATM fees.  PaMarie posted that one wouldn't, if we lived outside of the U.S.

Anyone who has this kind of account:  please offer information.  

CanuckBob wrote:Until such time that the Canadian banks follow suit with some of the US banks. That being one must be a resident of said country to have a bank account. I certainly wouldnt recommend for anyone to give up an address in their home country if they can avoid doing so. This one may catch up with you senor pedro.

Lets hope not........

9 years and counting. as a ferner ya can't do it but since we did our due diligence before we moved it is what it is

I talked with them and told them I lived most of the time in MX and they said, "no problem." I maintain a US address and a US bank account.

I too have them. Also maintain a US address. They know I spend a lot of time in Mexico.
No problems works very well. I concur with CBob don't give up address in home country.

We maintain a US checking acocunt (Chase), US investment accounts (Schwab and Fidelity) and a local Bancomer checking account.

I am very happy with our Bancomer account here - it automatically pays my CFE and Telmex bills which otherwise could be a major pain when out of country.
When I need cash (pesos), I can get up to 7500 pesos from the ATM; if I want more cash, I go to a teller. I don't have any checks, just a debit card. I deposit US funds into Bancomer with a check drawn on my US bank -- takes 2 weeks to clear, and if the check is for $5k USD or more, I get a better exchange rate.

Wire transfers also work well and are credited immediately (unlike Actinver, where you have to get someone to personally go look for your transfer and put it into your account; remind me that I have to get around to closing our Actinver account) -- but there are fees for both sending and receiving a wire transfer, so why bother?

We don't get our SS direct deposited to Bancomer as I don't want to go through the annual hassle of filling out a form for SS to know that I am still alive.

We tried to get my husband's pension direct-deposited to Bancomer, but the bank issuing the pension refuses to direct deposit into any bank outside of the US. Go figure.

We've used HandyMail mail forwarding and local Texas address for years now and are happy with their services. All of our US-based bank, investment and credit card accounts have the HandyMail Laredo address as our mailing address and there have been no problems with that. Altho I worry a little when it comes to receiving a new credit card - no basis for this, I'm just a worry wart.

juanrey wrote:I too have them. Also maintain a US address. They know I spend a lot of time in Mexico.
No problems works very well.   I concur with CBob don't give up address in home country.

Uh....I moved to Mexico over ten years ago. Since I sold the property in the U.S., I sort of had to "give up" the address.

My question about the fees was in the hopes that some other person on here admits that they live in Mexico and are dealing with Schwab. Anyone out there?

I can tell you the Schwab rep I spoke to when I was looking into banking through an investment firm they told me if you live in Mexico for more than 6 months no matter if you go back to visit in the States for a week or month, or own property there but truly don't live at that address, they will not reimburse ATM fees charged for use in Mexico. If you tell them that you are a permanent resident in Mexico, and only go back to the US to visit family or friends they will not reimburse you for ATM fees charged here. If you established an account before moving here, and just tell them you will be traveling in Mexico throughout the year and then move here and keep a US address through a relative or friend or if you own property in the states but don't tell them this when you set up your account you can pull it off as I don't believe they are monitoring all their investment clients. But in my case I was researching ways to handle my funds upon moving and living here permanently. I'm by far no expert on the subject but both Fidelity and Schwab said they would not reimburse me for ATM fees and they in fact charge a percentage for International fees when you withdraw funds from an ATM here. Its 1%.

Thank you. I guess that's that.
Hope you're feeling better soon.