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Intercam Bank questions

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ferret
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Post by Muzzly Sat Aug 27, 2022 7:57 pm

I would like to open an account at Intercam but first I need to know if the deposits are guaranteed, and if so up to what value?
Any information or experiences you would like to share about the local Intercam would be appreciated. I would be using it to transfer money from Canada to Ajijic and then depositing it into a CD type of investment, as well as using it for everyday banking.

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Post by ferret Sat Aug 27, 2022 8:13 pm

I am very happy with Intercam. I am also Canadian and I opened an account there with a good old fashioned cheque written on my Canadian account. I did it for two reasons... 1) I wanted to buy a new car and the hassle of wiring the funds to a dealership made my head spin and 2) I now have another debit card to use if something happens to my Canadian one.
I set up the account at the new Intercam Branch located at the last set of lights as you go west out of Ajijic... easier parking.
Alexandra opened the account for me but nearly all account executives speak English and can answer any questions that you have.
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Post by SunshineyDay Sat Aug 27, 2022 10:21 pm

Ditto for Alejandra!

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Post by ferret Sat Aug 27, 2022 10:25 pm

Thanks for the correction on the spelling of her name! Appreciated!
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Post by CanuckBob Sun Aug 28, 2022 8:15 am

Here is an article that may answer some of your questions.

https://www.mexperience.com/how-safe-is-your-cash-in-mexico/

Personally, I wouldn't put any money in a Mexican bank that I couldn't afford to lose.

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Post by BisbeeGal Sun Aug 28, 2022 10:06 am

Here is my experience from interviewing an Intercam rep about opening an account and feeding it from my US account.

Got all the info on logistics to open an account, simple straightforward.

I had just used Intercam's ATM machine so I knew the exchange rate I got at that moment.  I asked the rep what rate I would get (at that same moment) if I had transferred funds from my US account.  

It was a full peso less per dollar.  

When I asked why, the answer was, that's the rate we use for transfers.  Period.  When I pressed further, the answer was, if I wanted a better rate I should open an account at a Mexican BANK as they would give me a better rate (kudos for the rep's honesty!).

I followed up with an email when I asked this exact q:
If I open an account with Intercam today it would cost us $400 USD to transfer 8,000 USD to you via my bank/credit union versus withdrawing funds at your ATM via my Schwab no-ATM fee debit card.  Is that correct.  Answer: Correct.

I have managed to own and remodel 2 homes here, buy a new car here, and pay for a number of hospitalizations and surgeries locally, without needing a MX bank account, MX debit card or MX credit card.  

If at some point I feel I need a MX financial institution I will use a MX Bank, per Intercam's suggestion.
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Post by Plan B Sun Aug 28, 2022 10:53 am

CanuckBob wrote:Here is an article that may answer some of your questions.

https://www.mexperience.com/how-safe-is-your-cash-in-mexico/

Personally, I wouldn't put any money in a Mexican bank that I couldn't afford to lose.

10 countries with the safest offshore banks in 2021
https://nomadcapitalist.com/finance/offshore/top-10-safest-countries-to-bank-offshore/?fbclid=IwAR0WAAvG-cE3YYiNCNqVML40rK27N4eXYjLdkK_XQ8f2q6qOGU24aTmzsqw
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