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BANKING QUESTION

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slainte39
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Post by gringal Mon Dec 28, 2020 9:02 am

A U.S. friend is retiring to Mexico next year when she is eligible for full SS retirement benefits. Which U.S./Mexico connected bank with a Chapala location would be recommended for direct deposit of the checks and convenient walking access to withdraw money? She won't be driving a car and plans to live in downtown Chapala.

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Post by dcampbell757 Mon Dec 28, 2020 9:37 am

BBVA Bancomer. We have had our checks direct deposited there for 10 years. No problems at all.

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Post by ComputerGuy Mon Dec 28, 2020 10:08 am

Mine stays in my Canadian bank. I use the Scotiabank machine for withdrawals. No service charges other than the exchange rate, of course. I also do not make a lot of withdrawals.
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Post by Carry Bean Mon Dec 28, 2020 10:31 am

I too have my SS direct deposited into Bancomer with no issues for 10 years. I applied for SS from here as a matter of fact. I do have investment accounts in the US and a checking account in the US Virgin Islands from which I pay CC bills, etc. That system has worked well for me. The Bancomer account is my Mexican living expenses only.

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Post by helohfe Mon Dec 28, 2020 2:20 pm

Have it deposited in her USA bank, get the bank sponsored credit card (Visa, Master Card, American Express) and a ATM card from her bank..No real need for a Mexican bank.

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Post by slainte39 Mon Dec 28, 2020 5:57 pm

Direct deposit to BBVA (Bancomer) is without a doubt the best choice for her in Chapala. Get away from having to use ATM machines to access your funds from the US and ever changing daily exchange rates unless she plans to frequently be going to the US. No real need for a US bank.

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Post by RickS Mon Dec 28, 2020 9:26 pm

slainte39 wrote:   SNIP......... No real need for a US bank.

At least for the SS deposits which is what this Post is all about. As for the rest of her financial assets I'm not so sure.
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Post by slainte39 Mon Dec 28, 2020 9:49 pm

RickS wrote:
slainte39 wrote:   SNIP......... No real need for a US bank.

At least for the SS deposits which is what this Post is all about. As for the rest of her financial assets I'm not so sure.

Exactly!!  As that is what she will probably be living on and spending here.

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Post by gringal Tue Dec 29, 2020 9:32 am

For myself, the only reason to have a U.S. banking institution is that I do have substantial enough savings to want a sense of "security" about them. They have always known my Mexican address. (I don't wish to burden my relatives/friends with dealing with my mail. I'm the one who decided to move here)
For the person who is the subject of this post, it's a matter of day to day expenses, avoiding fees and being able to walk to her bank to take care of business. Personally, I have my SS check deposited in a local Mexican bank and go there to withdraw money. I don't keep enough funds there to worry about losing them and above all: No fees.
I'm sure my friend won't have the financial means to make frequent visits to the U.S., so that's not a consideration.

Thanks for all your input. I appreciate it and will pass the best on.

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Post by Jubilacion Thu Jan 14, 2021 11:54 am

Keep that SSA payment on deposit in the US. We use Charles Schwab Bank and their debit cards
have NO international transaction fees and ALL the ATM fees are refunded each and every month.
We've been very pleased. Winner, winner chicken dinner!

cheers

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Post by gringal Thu Jan 14, 2021 1:20 pm

As I understand it, a person must have a substancial amount of money in Charles Schwab's institution in order to enjoy banking there. The person I'm referring to wouldn't be eligible if that's true. So?

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Post by slainte39 Thu Jan 14, 2021 5:53 pm

Also, banks here always have the cash, ATM´s not so certain. One exchange rate per month (the highest) to plan your budget, whereas, different rates every time you withdraw from a US bank. And no concern about refunds if you have to use your Mexican bank´s ATM. No hassle about ATM´s giving you dual exchange rate options where you could get ripped off as some people did that didn´t catch onto scam.
To me, it´s a "no brainer".........

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Post by Intercasa Thu Jan 14, 2021 7:19 pm

The US Consulate has a deal with the Bank of Mexico so if your pension isnt huge then having it sent to a Mexican bank may be a good option considering if you have sent to a US bank and lose your ATM card then you may be waiting to be able to have funds.

I know this is available but can any of you chime in on the exchange rate when sent directly to Mexico? Obviously one benefit is no ATM fees and business days you can go to a branch to withdraw in the vent you do not have your card.
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Post by dcampbell757 Fri Jan 15, 2021 5:08 am

The last deposit of SS was 19.85 on 12/31.

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Post by Zedinmexico Fri Jan 15, 2021 8:00 am

One of my friends whose SS goes to a Mexican bank was declared dead by the US government for no reason. She had to go to the Consulate in Guad to fix the situation.  I also believe that in normal times of no virus one gets a letter once a year asking if one is still alive.  For the second reason we have SS go to US banks and use money transfer services to move it to BBVA (Bancomer).  The friend who was declared dead had it happen to her two times.  It seems to me life is easier if my SS goes to US bank as I would rather not interact with the US government. We do have addresses in both USA and Mexico.

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Post by Jubilacion Fri Jan 15, 2021 8:13 am

gringal wrote:As I understand it, a person must have a substancial amount of money in Charles Schwab's institution in order to enjoy banking there.  The person I'm referring to wouldn't be eligible if that's true.  So?

No, actually you do not. It's a $100 minimum balance in the Chales Schwab Account and no fees!
You need to have a Brokerage Account to open and fund the Bank, but no balance was required
and we have none. It was very simple. We don't use the Brokerage Account only the Bank Account.

Very Happy

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