Brazil16
9/21/2016 16:54 EST
If you have a Bank of American account you can now use Scotia bank ATM in Mexico. The only fee will be currency exchange 3% no other fees. I was just on the phone with Bank of America and they just made this deal.
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RVGRINGO
9/21/2016 19:13 EST
3% is a big chunk of change. If you look harder, you may find 1%, or less, especially if you are eligible for a bank like USAA. Bof A is not doing you any favors.
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Welcome Home MexicoConnectWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
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Welcome Home MexicoWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
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DonMax
9/22/2016 00:31 EST
I have been using State Farm Bank, Fidelity, and Charles Schwab in Mexico and other foreign countries. The ATM fees are reimbursed. The exchange rate is published in the Visa USA Exchange Rates site and is usually much better than "la casa de cambio".
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JohnPS
9/22/2016 09:23 EST
There are banks and credit cards that use Visa's exchange rate and do not add on any foreign transaction fees. If you're being charged 3%, go find another bank.
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Brazil16
9/22/2016 20:13 EST
Thanks to everyone who gave me suggestion of a Bank. I just went to Charles Schwab Bank. After all the group telling me what they been using. I have open a Schwab account. The ATM no charges and no currency percent for exchange. You can use any bank ATM and those charges will be paid back. Thank to everyone
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JohnPS
9/22/2016 21:31 EST
Remember with Schwab, if you live outside the United States, they will not let you open or maintain a Schwab Bank account. They will make you use a Schwab International brokerage account (even if you do not invest in securities). Works pretty much the same in that you get an atm/Visa debit card with no fees, and you get rebates for any atm fees charged by another financial institution.
Schwab made us close our Schwab Bank account and open an International account, which was somewhat of a headache, and that restricted access to our funds for about a week.
If you have a PMB or other nonresidential address in the U.S., Schwab and Etrade are both able figure out that It is not a residential address, even if you omit the letters "PMB" on your request for change of address.. If you open a new account, they ask for a utility bill to prove where you live.
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Welcome Home MexicoConnectWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
Click connect to have our partner contact you via e-mail and/or phone.
Welcome Home MexicoWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
Connect Click connect to have our partner contact you via e-mail and/or phone.
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Brazil16
9/22/2016 23:55 EST
Thanks John for the information. Right now I own a house in Nevada and do pay utilities bills. In future maybe living out of the US. What other thing did you want from you for the International account.
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DonMax
9/23/2016 00:13 EST
I also wanted to know how Schwab handles a conversion from a regular account to an international account. So I talked to Schwab today. I was told that I would need to submit a request through a secure message with my foreign address. The international account team will review a request and convert it accordingly. My Schwab checking ATM card still remains the same and can be used anywhere.
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JohnPS
9/23/2016 07:55 EST
They closed our Schwab Bank checking account and converted our Schwab One brokerage account to a Schwab International account. The Schwab Bamk ATM/debit card was cancelled, and we had to wait for a card and new checks on the International account.
If you have a Schwab One account, the International account keeps the same number after the conversion, but the Schwab Bank account number and its ATM card are no longer valid. I don't know if a Schwab One ATM card still works after the conversion, because we never had one.
As I recall, Schwab required an application form, a copy of our passports, and a utility bill to prove our residential address, which is in Mexico. It took them a couple of weeks to review the information. I think the Dodd Frank's Act or something requires then to check us out to make we are not terrorists or drug traffickers or something.
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Parlino27
9/23/2016 13:21 EST
Big deal BOA charges your 3% on whatever amount you take out. I have a BOA account and transfer money into a credit union which charges no % and then use ATM.s which charge 30 pesos fee. Guess what 1.50 is a lot cheaper than 3%.
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lynnechartier
9/23/2016 13:24 EST
Agreed. We have credit union accounts and the highest one charges 2%. The other two charge 1%. AMEX has no transaction fees. And we just got a notice that our Alaska VIsa (through Citibank I believe) dropped transaction fees. So 3% is way out of line.
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Welcome Home MexicoConnectWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
Click connect to have our partner contact you via e-mail and/or phone.
Welcome Home MexicoWelcome Home Mexico occupies a niche in the market as a successful relocation and real estate firm helping expats moving to Mexico! As seen on CBS news, PBS, in the L.A. Times and more, we are one of the leading companies in this field. Welcome Home Mexico offers a wide range of services, multi-lingual knowledgeable brokers with experience, efficient and professional service.
Connect Click connect to have our partner contact you via e-mail and/or phone.
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Brazil16
9/23/2016 13:54 EST
Now I will have two debit cards. I thought about this. My biggest fear is loosing or having my debit card stolen when in another country. With the two card and both are connected to my checking. It now give me a backup. Charles Schwab will be my first choice no fee they paid you back for the ATM fee . You can use most any ATM
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JohnPS
9/23/2016 14:49 EST
Pagliano - Some financial institutions like Schwab for example even reimburse you for the 30 pesos. However, ATM fees at Mexican banks are pretty cheap. My ATM fee is usually 14.5 pesos, pretty affordable if you're taking out a few thousand pesos. ATM fees are much worse in the States when you don't use your own bank.
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Brazil16
9/23/2016 15:04 EST
I glad to see in Mexico the ATM fee are cheap. I also live in Brazil and the ATM fee are more expensive. Example the most you can take out is 1000 real per day. It about $310 dollars. My experience the ATM at the Malls are alway stock with money. The Banks you never know if you can even get 1000. The fee at the Mall ATM machine fee $12.00 then the Bank fee $5.00 and the 3% currency exchange fee. $9.30 total fee $26.30 over time for example 10 time with drawing $263.00 dollars. That why I going with Charles Schwab.
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Plumeau1
9/23/2016 16:51 EST
I use my Scotia account in Canada, since I am over 60 years of age, the $3.95 fee is waved monthly so no fees in Canada, In Ajijic I use the ATM machine beside Domino Pizza, not far from Walmart, when in Guadalajara I can use any branches ATM, no fees what so ever.
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bluewater1
9/27/2016 19:57 EST
For Charles Schwab are you talking about a mutual fund money market account that you can have a debit card with? Or something else?
We'll be spending winters there in a year or so, and I plan to open a bank account there that accepts wires from our US bank. As a member they give you a slightly better conversion rate, is there a better way to do this if you are a visitor but own a residence there?
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Brazil16
9/27/2016 20:27 EST
Charles Schwab has a checking account and Bank. The investment fund they are attach to sweep into each other. When you open a account it first goes into a investment account then a day or so later they setup a checking account.
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Cozumeldeb
9/28/2016 08:32 EST
Charles Schwab has their own bank, and all foreign transaction fees are refunded at the end of each month..We live in Cozumel and I know a lot of people use x00m.com there as well (this was recently purchased by paypal, so don't know if changes will come, believe is is $4 for each transaction..go to site, plug in your country, state and city and will give you a list of locations where you can pick up your money. Our MX lawyer told us long ago not to open MX bank acct, and we never have, because laws change as administrations do..Trump wins we are moving to MX full time.
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Cozumeldeb
9/28/2016 08:45 EST
That was xoom.com..
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joaquinx
9/28/2016 10:28 EST
>>Our MX lawyer told us long ago not to open MX bank acct, and we never have, because laws change as administrations do.
I've had a Mexican bank account for year and often make xoom.com transfers to it. Any particular reason not to open an account?
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AlPavarotti
9/28/2016 11:00 EST
To say that laws change every time there is a new administration is something I heard before. And in my opinion is not true. Nevertheless I wouldn't open an account in Mexico because I don't see the need for. Nowadays you can easily get cash from an ATM from your bank acct in the US. And set it up to get alert messages every time you do a transaction. I always call my bank before I go on a trip. And that makes it easy to withdraw money or to charge something to my credit card. I use a separate bank with an account with enough funds just for the trip just in case my debit card gets lost or copied at an ATM..
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joaquinx
9/28/2016 11:18 EST
What do I use my Mexican debit card for? I bought a car after I transferred funds from my US bank. When the funds made it to the bank, I transferred them to the auto dealers account. Did the same with the remaining monthly payments. Somehow I feel that it a bit unsafe to withdraw thousands of pesos from an atm with people watching my every move. I buy my groceries and medications with my debit card. Buy items over the internet and MercadoLibre with it. I usually keep the balance low, but with the fall of the peso, it has a decent balance.
I have a debit card with a US bank, but never use it in Mexico. There is no way I want that card cloned giving someone access to a large amount of funds. I have a US credit card that I use for travel and purchases over the internet from stores in the US. It has a low cap that after I receive the goods or services, I transfer funds from my US account and pay it off.
So when I leave the house the only access that I have to funds is the Mexican debit card and never the US debit nor credit card.
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RVGRINGO
9/28/2016 12:50 EST
That 3% is highway robbery. Find another bank and eliminate those fees.
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MexJuan1
9/28/2016 12:58 EST
CASH IS KING! it's very simple. I use my Debit Card to retrieve my monthly Social Security Income from my bank in the U. S. at a bank in Mexico where I get the best exchange rate. I budget that cash, in pesos for the month and do it all over again month to month. I NEVER use my card, debit or credit for anything because there's always a chance of theft. And I NEVER use an ATM.
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Brazil16
9/28/2016 13:25 EST
You are right so I have move to Charles Schwab Bank account free no fees for Debit Card withdraws. You can use any ATM and they will pay you back the fees from the ATM for using it. The only thing I could not find out is the currency conversion fee. Charles Schwab does not charge for currency conversion but the ATM may not give you exact exchange rate. Charles Schwab does not rebate this different. I am not sure if anyone know would be interested if there is different from ATMs .
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JohnPS
9/28/2016 15:14 EST
Schwab told me that their exchange rate is provided by Visa, so it is the same rate you would get with any Visa card that does not tack on a foreign transaction fee. Schwab claims to use the same exchange rate for both ATM withdrawals and purchases. I suppose a bank could possibly intervene and charge their own exchange rate, but I've never seen any evidence of that. The rate we have gotten (when I have bothered to check it) have always appeared reasonable and fair.
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