Re: Banking

by Parker Thu Feb 09, 2012 10:44 pm

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.

by Intercasa Thu Feb 09, 2012 10:58 pm

It is only on cash deposits and that is why many have accounts at 2 or 3 different banks!

by Parker Fri Feb 10, 2012 12:13 am

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.)

by mrum Fri Feb 10, 2012 8:28 am

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

by Intercasa Fri Feb 10, 2012 8:54 am

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!

by hound dog Wed Feb 15, 2012 5:36 pm

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.

by Intercasa Wed Feb 15, 2012 8:35 pm

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.

by Bill Phillips Wed Feb 15, 2012 8:39 pm

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

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.

by SunFan Thu Feb 16, 2012 11:08 am

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

by David Thu Feb 16, 2012 9:25 pm

How many ScotiaBank machines have you found?

by Jim W Fri Feb 17, 2012 1:12 pm

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 $.

by SunsetKid Thu Feb 23, 2012 10:24 am

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!

by Jim W Thu Feb 23, 2012 7:52 pm

If you have Mexican bank account, my understanding is you can't deposit more than 15,000 pesos cash per month without paying tax

by Intercasa Fri Feb 24, 2012 3:09 pm

Yes, 3% tax on all cash amounts over $15,000 pesos each calendar month.

by brercottage385 Sat May 19, 2012 3:30 pm

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?

by David Sat May 19, 2012 3:34 pm

Between the Prisa store and the OXXO in Ajijic.

by Zedinmexico Mon Jun 11, 2012 2:48 pm

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

by Zedinmexico Mon Jun 11, 2012 2:50 pm

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

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