Banking
+23
mrum
hueco_negro
larryc
DaveP
Parker
SunFan
Jim W
mikey1953
martygraw
elgringo
johninajijic
Intercasa
CheenaGringo
GBATRUCKS
Hensley
ferret
simpsca
David
hound dog
CanuckBob
Solovino
Rolly
jschl453
27 posters
Page 5 of 5
Page 5 of 5 • 1, 2, 3, 4, 5
Re: Banking
mrum wrote:Is there any way around that tax on deposits over 15,000 Peso's per month? That isn't a whole lot to live on. If you plan on a budget of $2500-$3000CDN per month you are way over that amount. And if you transfer a bulk sum like some have to hold for currency fluctuations or emergencies that 3% could hurt.
I believe you may be confused; the limitations are on “cash” deposits, not bank transfers. If I’m wrong someone will surely help us out.
Parker- Share Holder
- Posts : 1566
Join date : 2011-05-12
Re: Banking
It is only on cash deposits and that is why many have accounts at 2 or 3 different banks!
Intercasa- Share Holder
- Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit
Re: Banking
Intercasa wrote:It is only on cash deposits and that is why many have accounts at 2 or 3 different banks!
I believe the original thought was to slow down drug money laundering and those that weren’t paying the IVA tax. I believe most Mexicans, “No way in Hell” believe their government works for them. (JohninAjijic, their probably 30 years ahead of the US in this logic.)
Parker- Share Holder
- Posts : 1566
Join date : 2011-05-12
Humor : WDWA none
Re: Banking
So transfers aren't taxed? That makes things easier. Still getting used to how literal Mexican regulations are. In the US or Canada they would be treated the same. Thanks for clearing that up
mrum- Share Holder
- Posts : 121
Join date : 2010-04-14
Age : 70
Location : Collingwood, Ontario in the summer, anywhere else in the winter
Humor : John Candy, George Carlin, MacKenzie Brothers
Re: Banking
BUT Mexico likes to copy laws and write them poorly. For example in the US they want to regulate cash entering or leaving the country exceeding $10,000USD. Mexico wrote their law copying the US law but here in Mexico a personal check made out to someone and sent in the mail or Fedex will be seized as it needs to be reported even though it isn't cash or a bearer instrument!
Intercasa- Share Holder
- Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit
Re: Banking
Intercasa wrote:..- here in Mexico a personal check made out to someone and sent in the mail or Fedex will be seized as it needs to be reported even though it isn't cash or a bearer instrument!
This comment makes no sense to me. I have lived in Mexico for eleven years and occasionally write personal checks made payable to various people or business entities but, frankly, these checks are rarely mailed since a more common way of paying here in Mexico is to make interbank cash transfers from our bank accounts to those of the payees which we have never found in the least bit complicated. Are you saying that checks made payable to various payees are subject to confiscation if mailed in the postal system? I doubt that. ¨Please explain yourself.
hound dog- Bad Dawg
- Posts : 2067
Join date : 2010-04-06
Re: Banking
I meant sending checks internationally. They wrote the Mexican law poorly, in the US and much of the world there are limits and you must declare entering or leaving with more than $10,000 cash or in bearer instruments and Mexico considers personal checks made out to a party the equivalent of cash.
Intercasa- Share Holder
- Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit
Re: Banking
I'm not sure who sets what limits, but I regularly use the ScotiaBank ATM near Dominos to withdraw from my (Canadian) President's Choice Financial bank account. I think my daily limit - set by PCF is $800 (Cdn). I withdraw 10,000 pesos and the total fee is $3.00 to PCF and 29 pesos to Scotia bank.ferret wrote:Simpsca...I believe your withdrawal limits from ATM's are set by your own banking institution. The local ATM's may set their limit at 3,000 pesos but what they really mean is that for each 3,000 peso withdrawal they are going to charge you XX for a service fee. I have used my own card in back to back to back transactions to get 9,000 pesos out of a machine in less than five minutes. Yes it cost me $9.00 Canadian dollars to do it but it was an emergency...they're simply making you pay for the convenience and I was happy to do so.
You can phone your bank to find out what your pre-arranged limit is and you should be able to change it to suit your personal life style
Bill Phillips- Share Holder
- Posts : 501
Join date : 2010-04-17
Age : 80
Location : Trent Lakes Ont. in the summer - Chula Vista in the winter
Re: Banking
Before comimg down Lakeside my wife and I each made arrangements with Bank of Nova Scotia for a $1,000 CDN daily limit and a $2,500 CDN weekly limit. No charges using any Scotia ABM anywhere in Mexico.
We're of course very cautious in protecting the bank cards from theft.
SunFan
We're of course very cautious in protecting the bank cards from theft.
SunFan
SunFan- Share Holder
- Posts : 1334
Join date : 2011-09-11
Age : 77
Location : San Antonio Tlayacapan - Upper Chula Vista
Humor : None....no I'm joking.
Re: Banking
How many ScotiaBank machines have you found?
David- Share Holder
- Posts : 5003
Join date : 2010-04-05
Location : Ajijic
Humor : Good
Re: Banking
You might also want to consider opening an account with InterCam. you can cash personnal checks up to $4000.00 USD. They will give you back pesos, or a check in pesos. Their exchange rate today 12.35 pesos per $.
Jim W- Share Holder
- Posts : 5152
Join date : 2010-04-24
Age : 76
Location : Chapala
Humor : Whenever I need it!
Wells Fargo
We have $1500 usd daily limit using express send thru Wells Fargo and doing by 3PM and have it the next day at HSBC where we have an account. Works great!
SunsetKid- Share Holder
- Posts : 184
Join date : 2011-07-21
Location : Ajijic
Humor : Bill Maher/Chevy Chase/Life in general
Re: Banking
If you have Mexican bank account, my understanding is you can't deposit more than 15,000 pesos cash per month without paying tax
Jim W- Share Holder
- Posts : 5152
Join date : 2010-04-24
Age : 76
Location : Chapala
Humor : Whenever I need it!
Re: Banking
Yes, 3% tax on all cash amounts over $15,000 pesos each calendar month.
Intercasa- Share Holder
- Posts : 3006
Join date : 2010-04-05
Age : 54
Location : Chapala / Zapopan
Humor : Barbed wit
Re: Banking
Jim W wrote:You might also want to consider opening an account with InterCam. you can cash personnal checks up to $4000.00 USD. They will give you back pesos, or a check in pesos. Their exchange rate today 12.35 pesos per $.
So where is InterCam located physically - do they have a email of website?
brercottage385- Senior member
- Posts : 51
Join date : 2012-05-05
Re: Banking
Between the Prisa store and the OXXO in Ajijic.
David- Share Holder
- Posts : 5003
Join date : 2010-04-05
Location : Ajijic
Humor : Good
Re: Banking
simpsca wrote:I mentioned Bank of America. I have an account in the US - you need a US address to open the account and you can open it on line - you don't need to go into a branch. You can withdraw your money from the US bank account without ATM fees at the Santander ATMs in Jocotopec and Chapala. You can have an "online" account free - no statements, you get them on line. And you can order checks if you want those.
Most ATMs charge a fee here in Mexico for foreign bank cards of from $1.50 to $3 US per transaction and they limit your withdrawal to $3,000 pesos (about $270 US). With a B of A card and a Santander ATM, no ATM fee -gives you a better exchange rate for your US dollars.
The only BOA trick is to keep at least 1500USD in your checking account to avoid fees. It use to be 800USD. This Santander
deal described above is the same as the Scocia Bank Deal. Scocia Bank is a Canadian Bank and Santander is a Spanish
bank but keep an eye on them as I believe BOA has sold there shares in Santander and the deal may go away. If you talk
to the BOA folks in the USA they have no idea about the Scocia Bank deal or the Santander Deal at most branches. Been
doing it for three years and not a fee or bad rate yet. Don't underestimate how much this saves for a fulltimer without a
mexican bank.
Z
Zedinmexico- Share Holder
- Posts : 5604
Join date : 2011-10-28
Location : On the hill in Ajijic
Humor : Red Dwarf, Marx Brothers, SCTV
Re: Banking
David wrote:How many ScotiaBank machines have you found?
ScotiaBank ATM next to Dominos and Walmart in Ajijic.
ScociaBank Branch in Mega foods next to new Costco in Guad.
All I need.
Z
Zedinmexico- Share Holder
- Posts : 5604
Join date : 2011-10-28
Location : On the hill in Ajijic
Humor : Red Dwarf, Marx Brothers, SCTV
Page 5 of 5 • 1, 2, 3, 4, 5
Page 5 of 5
Permissions in this forum:
You cannot reply to topics in this forum
|
|