Expat Advice: Financial Issues in Torreon, Mexico

What is the name of the city or town that you are reporting on?

Torreon

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

No -- we kept our US accounts but did add a Mexican bank account with Banamex. We have part of my husband's pay deposited in our US account and part deposited in our Banamex account in pesos. That way we can pay our local bills using a local bank and also can have a debit card for that account and can avoid the fees for using our US bankcards in Mexican ATMs.

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Traveling Mailbox

Traveling Mailbox serves thousands of travelers, expats, digital nomads, businesses, individuals and others in over 47 Countries by scanning their postal mail so they can view it online anywhere in the world. They provide customer service 7 days a week so if you need assistance, it is just a phone call away. Traveling Mailbox works with Evernote, Bill.com and Dropbox. And, there are Traveling Mailbox apps available for iOS and Android devices.
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Click connect to have our partner contact you via e-mail and/or phone.

What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Maintain connections with your US bank at home for paying bills based in the US -- make sure you can do all of that online. It makes things SO much easier!

Get a Mexican account and use that for paying any bills based in Mexico or for obtaining cash. If you can't have your company deposit part or all of your pay into your Mexican account, find out how to do a transfer (and how much it costs) and do them on a regular basis.

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

Our financial advisor in the US does an excellent job of staying in touch with us and helping us to manage our investments from a distance.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Having a long-term relationship with a financial advisor PRIOR to moving abroad. If you are anticipating becoming an expat, get an advisor NOW... don't wait until you are in a foreign location and then searching for someone. Make sure you and your advisor share issues and concerns by phone and/or in person if you are able to travel back. We try to meet with our advisor at least once a year when we return to the US.

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

My husband's company provides tax preparation services for us. In all reality, I'm not sure what they are paid to do as I spend days and days filling out electronic questionnaires and forms. Just this year, they asked for some very lengthy detailed information and before I undertook research, I asked if they REALLY needed the info. Turns out they didn't!! I have been VERY disappointed with this service.

What advice could you offer others about doing your taxes as an expat?

If your company or organization does not provide tax preparation for you, don't assume you can do it on your own! Expat taxes can be VERY complicated. If you are confused by questions asked by a tax preparation agency, make sure you ask your own questions! Fill out customer satisfaction surveys and make certain that you communicate your needs or concerns with your company.