Expat Exchange
Free MembershipSign In

Mexico Expat Forum

Banking in Mexico

New Topic Newest First
Vince
  5/18/2004 12:39 EST

There are three main banks in Mexico; however, ALL Mexican banks are stable, and they are ALL insured by the Mexican government against bank failure.

Every gringo I talked to was unhappy with Bancor and Bankamex, the two largest banks. Because of their excessive fees, only a few had accounts with either one, and they were unhappy with them.

Lloyd's received high marks from everyone. Unlike the first two, Lloyd's has no branches in the US. They were happy to open a peso account for me. They do have fees, however. I chose a 30-day money market account, currently paying about 4.5%. Monthly fees are about $1 (regardless of the size of the account) and withdrawals and deposits cost about 85 cents, with no limit on how many you can make. The 10,000 peso minimum was about $850, and they were happy to accept a US check.

There are lower limits on their one-day accounts, but a lower interest rate. Other accounts have higher minimums and/or less liquidity, but they pay higher interest.

Remember that your accounts are insured in pesos, not dollars. Most Americans regard the dollar as being more stable than the peso, so they only keep a portion of their cash in pesos.

Protecting yourself by keeping some money in a foreign naion's local currency is not the same as currency speculation. If the peso should lose 10% of its value, prices will rise, but probably not 10%. If the peso rises in value, and/or the dollar declines at the same time, your American dollar will buy less pesos, and this can hurt retirees on a fixed income.

Everyone recommends that you keep your US bank account. You must open peso accounts in person with Bancor and Bankamex. Lloyd's lets you do it by mail, which could take over a month; you must mail them photographs of your ID, etc.

Are you ready for humor? Lloyd's gives you an ID card, and you can use their restrooms if you have an account.

Vince

mexicomike
  9/9/2004 14:02 EST

Good information, Vince. Thanks for posting. "Mexico" Mike.

William Russell
William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

William RussellWilliam Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

Living in Mexico GuideLiving in Mexico Guide

Our Living in Mexico Guide is an introduction to everything about the basics for moving to Mexico: best places to live, cost of living, pros and cons, healthcare and insurance, and more.

Mexico Forum Mexico Forum
Join our Mexico forum to meet other expats and talk about living in Mexico.

Contribute to Mexico Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Mexico.

Best Places to Live in Mexico Best Places to Live in Mexico

If you're thinking about living in Mexico, here are the 15 Best Places to Live in Mexico in 2023.

Healthcare in MexicoHealthcare in Mexico

If you're moving to Mexico or an expat living in Mexico, understanding the Mexican healthcare system is essential. We offer an overview of the public and private healthcare systems in Mexico, health insurance for expats in Mexico, hospitals and prescription drugs.

Cost of Living in MexicoCost of Living in Mexico

Expats offer insight into the cost of living in Mexico.

Moving to MexicoMoving to Mexico Guide

Expats in Mexico share important tips for people preparing to move to Mexico. From banking in Mexico to finding a safe city, read these 8 tips before moving to Mexico.

Real Estate in MexicoReal Estate in Mexico

Real estate listings in popular cities and towns in Mexico.

Pros Cons of Living in MexicoPros & Cons of Living in Mexico

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Mexico.

Retiring in MexicoRetiring in Mexico

Advice for people retiring in Mexico.

Visa and Residency MexicoMexico Visa & Residency Guide

If you plan to move to Mexico, you'll need to understand the process involved and the order in which requirements need to satisfied. Here is an excellent primer on what you'll need to do regardless of the amount of time you plan to spend in Mexico.

10 Tips for Living in Mexico10 Tips for Living in Mexico

If you've recently arrived in Mexico, here are 10 tips for digital nomads living in Mexico.

William Russell
William Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

William RussellWilliam Russell

Get a quote for international health insurance from our partner, William Russell.
Get Quote

Contribute to Mexico Network Contribute
Help others in Mexico by answering questions about the challenges and adventures of living in Mexico.

Universal Tax Professionals
Universal Tax Professionals

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal