i would love to end my relatioship with Bancomer

I would love to terminate my relationship with Bancomer, but I will not completely do so because I have my utility bills automatically paid by this bank. Recently I wrote a 12,000 peso check to a local merchant. Bancomer would not cash it. The bank said I would have to inform them if I wanted to have subsequent checks cashed
Some 2 weeks before this I asked Bancomer how large a check could I write from my Canadian bank and deposit into my account. In previous years I would often deposiit my personal check for $3000 cdn. Bancomer now would only accept an amount of $500 or less. Now i realize I could transfer money by other means, but I think a better arrangement for me would be for me to start using the services of Intercam. My discussion with them seems to me that they would welcome my business.

This may or may not help........most Canadian banks offer free online wire transfers now. I have a Scotia account in Canada and regularly transfer funds from that account to my Bancomer account with ease. You may want to investigate this versus writing checks.

the bigger issue was not having my check accepted.

BBVA in early December informed its customers by email that cheques would need to be pre-authorized by the customer for negotiation from December 10.  Yes, it's a royal pain but they claim it will cut down on fraud. ¿quién sabe?

Te recordamos que a partir del 10 de diciembre de 2022 todos los cheques de tu cuenta terminación xxxxxx estarán más protegidos.
alerta
La protección te ayudará a tener mayor control y  más seguridad en tus cheques. Conoce más en bbva.mx.
Cuando esta protección se active será necesario que liberes todos los cheques que emitiste previos a esta activación y no hayan sido cobrados.
Si quieres desactivar la protección, puedes hacerlo en cualquier sucursal BBVA.

CanuckBob wrote:This may or may not help........most Canadian banks offer free online wire transfers now. I have a Scotia account in Canada and regularly transfer funds from that account to my Bancomer account with ease. You may want to investigate this versus writing checks.

What kind of exchange rate do you get? I've been using Wise and usually end up with about 0.2 pesos less than what's posted on xe. For example, if xe says 14.5 pesos per dollar, I get 14.3 transferring $30,000 pesos at a time.

CanuckBob wrote:This may or may not help........most Canadian banks offer free online wire transfers now. I have a Scotia account in Canada and regularly transfer funds from that account to my Bancomer account with ease. You may want to investigate this versus writing checks.

Thanks for that info, Bob. I use Scotia in Canada and Bancomer here, too. You said "free wire transfer"- is it actually a wire transfer or an electronic funds transfer? Does it get transferred in Canadian dollars and Bancomer converts it, or does Scotia do the currency conversion? I ask because when some friends whose house here I was looking after sent me a wire transfer in dollars, because they couldn't figure out how to use xe or other currency exchange sites, Bancomer charged me 200 pesos, or it might have been $300, it was years ago, as a currency conversion charge, on top of their not so good exchange rate. So they made money on the conversion, and then added more for the service.

Frijole, the exchange rate is whatever Scotia's rate is at that specific moment.

Mudgirl, it actually costs $1.00 CAD for the transfer and I believe has a $100.00 CAD minimum. It is a wire transfer. Scotia converts it. It is very easy to use. You just need the Clabe #, account holder name, etc. Once it has been set up it retains all the info for the next time.

Cool, thx Bob. I've seldom needed to do a larger transfer than what I can withdraw at the Scotiabank ATM without any fees since I was having my house built 16 years ago, but it sounds easier than using xe. I'd have to compare the exchange rates, though. Does Scotia show you the exchange rate they are using before you actually make the transfer?

I just checked TD's Global Transfer. A few minutes ago XE was offering 14.37 pesos per dollar, no other charge, TD was offering less than 14 pesos per dollar to send to a bank account with a fee of more than $8, limit of CAD$999. No surprise there.

mudgirl wrote:Cool, thx Bob. I've seldom needed to do a larger transfer than what I can withdraw at the Scotiabank ATM without any fees since I was having my house built 16 years ago, but it sounds easier than using xe. I'd have to compare the exchange rates, though. Does Scotia show you the exchange rate they are using before you actually make the transfer?

Not exactly but you can do your own calculation. They show you how many pesos you will get for X amount of CAD. I just went in and did a mock transfer. The exchange rate was 14.04. The fee is actually $1.99 CAD not $1.00 CAD as I previously posted.

Thanks. As I recall, xe doesn't show the actual exchange rate either, you have to calculate yourself.

For XE I always get what they say.

Thanks for screenshot- it's been so long since I did a trade I couldn't remember if they showed the avtual rate. But you only get that screen after you are doing simulate a trade, right? It would be quicker if these sites showed you the rate without having to input anything but the currencies you are trading, for quick comparison between sites.

gatosigi wrote:For XE I always get what they say.

There's no fee? Wise gives me the exchange rate I see on xe at the moment, but after the fees I end up getting about .2 less than the xe rate. So, according to your screen shot, I'd get around 14.17 per CAD when I transfer 30,000 pesos.

Transfer rates comparison site..
Monito

Frijoles: that's right, no fee. I pay $1 to TD to send the money to XE (CAD$3,000 limit) but I think you can do some other kind of transfer without charge. The amount shown in pesos by XE is exactly what arrives in my Mexican account.

gatosigi wrote:Frijoles:  that's right, no fee. I pay $1 to TD to send the money to XE (CAD$3,000 limit) but I think you can do some other kind of transfer without charge. The amount shown in pesos by XE is exactly what arrives in my Mexican account.

Will have to look into this. Thanks.