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banking in mexico

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davelynne
  3/4/2015 16:56 EST

we are thinking of moving to PV in a couple years, do i just keep my canadian banking, or is it advisable to open an account in PV, in order to get cash....

NOK2mex
  3/4/2015 18:53 EST

I've been in PV for 18 months. I thought about opening an account but have not. I only use ATM's in banks. They will give you 7K pesos at a whack. Have been getting good rates at HSBC. Actually get the best rates at the major stores like Costco, Soriana and others with my debit card. They give you a great rate because you are spending your money there.

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dungeondevil
  3/4/2015 19:06 EST

If you plan on living there on a full time basis, I’d suggest a local account for paying:
Telex, Electrical bill, water, taxes, and others where there are monthly or semi monthly payments. You can go to the office every month, pay and enjoy the outing, but you'll eventually go the other route.
I can recommend CiBanko.. My experience is having a money exchange debit my overseas account and convert then forward same via SWIFT to my Mexican account. Or CiBanko will do same for within 7 pesos per transfer. Developing a rapport in a new country is wise and a local bank gives you that benefit, + a local credit card.
If you are going to be in Mexico for less than 7 months of the year, forget the above.

joaquinx
  3/5/2015 08:32 EST

I keep my US bank debit card at home and rarely use it. I don't want access to my main account open to fraud. I transfer money to my Mexican bank account via xoom.com and use my Mexican bank debit card for everything. Internet purchases are done via PayPay - US credit card for US purchases and Mexican debit card for Mexican purchases.

dungeondevil
  3/5/2015 08:39 EST

Yes, joaquinx. You are 100% correct. "don't leave home without your U.S. Canadian, U.K. Australian Debit card etc., but don't use it @ Mexican ATM's or Big box stores. If you don't and your out of Mexico banking officer at the branch has not been tuned into where you are, you'll get hit.

joaquinx
  3/5/2015 08:44 EST

I will only recommend using your debit card at ATM's inside supermarkets where they get heavy use, especially on the 1st and 15th of the month. ATM's inside banks are also safe but NOT standalone ATM's in malls or small misc. stores.

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CoffeeSnob
  3/5/2015 08:46 EST

Are there any residency requirements for opening a Mexican bank account.

CoffeeSnob
  3/5/2015 08:46 EST

Are there any residency requirements for opening a Mexican bank account.

joaquinx
  3/5/2015 08:50 EST

Most banks want you to have a Residencia Temporal, however, there are a few that will do it on an FMM (Tourist Permit). You will need a utility bill to verify that the address is real. Your name doesn't have to be on the bill. That and a passport and, of course, a deposit.

CoffeeSnob
  3/5/2015 09:04 EST

Thank you. That will work for me.

CoffeeSnob
  3/5/2015 09:04 EST

Thank you. That will work for me.

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dungeondevil
  3/5/2015 09:21 EST

Read this:
http://www.mexconnect.com/forums/Areas_C2/Jaliscos_Lake_Chapala_Region_F3/WARNING!!!_USING_ATM_MACHINES_IN_AJIJIC_P155185
While this article is 5 years old the problem still exists. ScotiaBank, Ajijic, ATM located just east of the Wal Mart was hacked in the Fall of 2013. The ATM you use MUST have at least a local Bank logo on it. From my point of view I only use ATM’s at bank branches. You may have to wait in line, but smile and think of the possible consequences if you don’t.

CoffeeSnob
  3/5/2015 09:40 EST

Thanks dd, much appreciate that link.

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