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Bank account

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lynnechartier
  5/28/2016 12:14 EST

Does anyone know if a non- resident can get an account at a Mexican bank? We have a house in Mexico but use only for vacations right now. I would like to be able to send money to an account in Mexico and avoid all the ATM and foreign transaction fees when we go down.

joaquinx
  5/28/2016 19:51 EST

Generally, banks require either a Residencia Temporal (RT) or a Permanente (RP) to open an account, however, there are some banks that will open one on a FMM. These you just have to tour the banks in your area and ask.

If you own a house there, shouldn't you qualify for, at least, at RT visa?

Bank to bank wire is more expensive that ATM withdraws even with the fees as the rates are poor. Xoom(dot)com is cheaper and much faster, yet not as cheap as the ATM.

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lynnechartier
  5/28/2016 20:20 EST

We probably can qualify for a permanent visa. But as far as money transfer, we use ACH transfers through XE Trade. There are no transfer fees up to just under $10,000 transfers.

Cozumeldeb
  5/28/2016 21:58 EST

Use zoom, PayPal company..hear it is cheap. We have Charles Schwab bank acct, all fees refunded end of each month.

Cozumeldeb
  5/28/2016 23:37 EST

Discounts vary by state, capital gains help when selling property..might want to check it out.

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