Expat Exchange
Free MembershipSign In

Mexico Expat Forum

Closing a Mexican Bank Account

New Topic Newest First
Wallvestor
  7/30/2018 12:05 EST

We were in La Paz earlier this year and opened a bank account with just my tourist visa and the builder who was going to build us a house. We decided not to build or move to Mexico. So, I called the bank to close the account and move my money, but they won't let me unless I'm there in person! I added the builder with rights to the account, for withdrawals while building, but they won't let him close if for me either. If I take out all the money, I will accrue monthly fees that will go against me..... Does anyone have connections at Santander or any other solution in closing a bank account?

novato1953
  7/30/2018 12:24 EST

You'll know better next time. If I needed the money quickly this time, I'd draw it down to an insignificant balance by ACH transfer to some other account I control; otherwise, I expect I'd chalk it up to experience and wait for my next trip to Mexico to close out the account in person.

William RussellWilliam Russell
Get Quote

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William RussellWilliam Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
Get Quote

NA
  7/30/2018 12:25 EST

There is no other way to close the account. Just leave the minimum balance so they don’t charge you the monthly fee and close it as soon as you can. After a certain period, the bank will take the money out of the account and place it in a general account if there is no activity. If you don’t take your money then, after a certain period it will no longer be your money. Close it as soon as you can.

YellowTail
  7/30/2018 14:26 EST

Just last week I closed a Mexican brokerage account by providing a letter request and the original 'contract'. The brokerage sent me a pre-paid UPS label for return.

We use a VPN and I see too much US content :-) but nearly every day I see ads for Santander Bank in the US ! Now I'm sure that is a very different company than Santander Mexico - but perhaps you can come across a nice person at a US branch to give you a hand...

Wallvestor
  8/2/2018 11:19 EST

Well, I tried calling the Santander in the US., but got nowhere. They claim to not be associated with banking in Mexico. Although I would like to take out all 4,000 pesos, if I do, they will charge me a monthly fee. If it remains unpaid, I have no idea what would happen.... I just don't want the US IRS knocking on my door one day 10 years from now about this. I'm not intending of ever being in La Paz again.

NA
  8/2/2018 12:20 EST

I wonder if this will work. I just remembered that when I opened my account at Scotiabank in Mazatlán, I gave my sister power of attorney to just open the account. This was done at the Mexican Consulate. I assume this can be done also to close an account. The bank can tell you exactly what wording to use on the document so the person you designate can close the account. It cost me about $120 USD. Expensive, but you will have peace of mind if you can do it.

William RussellWilliam Russell
Get Quote

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William RussellWilliam Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
Get Quote

novato1953
  8/2/2018 12:34 EST

Since you've got less than $200US at stake in this, I suppose unleashing a strike team of mercenary former special operators to just go get the money for you would simply be out of the question -- unless, of course, you've got the weapons already on hand. Otherwise, I'd likely send a request from my US bank account to my Mexican bank account asking that, say, $195US of the $200 balance be transferred to that US account forthwith.

RVGRINGO
  8/2/2018 16:56 EST

If you have a checkbook or ATM card on that account, simply use them to deplete the funds. Then do not communicate further with that bank, abandon the account. It will all end OK.

JaimeC
  8/7/2018 11:48 EST

Heads up with HSBC Mexico. I wanted to close my account. They said I had to do it where I opened it, a 5 hour bus ride away! Also I can't renew my debit card. I can no longer log in, as I didn't log in for some time, as I have a CD there that automatically renews and no need to login. Can't change anything online either. Gonna email the b**tards to see if that helps. Oh, I can still transfer pesos in, but not out!

JaimeC
  8/7/2018 11:48 EST

Heads up with HSBC Mexico. I wanted to close my account. They said I had to do it where I opened it, a 5 hour bus ride away! Also I can't renew my debit card. I can no longer log in, as I didn't log in for some time, as I have a CD there that automatically renews and no need to login. Can't change anything online either. Gonna email the b**tards to see if that helps. Oh, I can still transfer pesos in, but not out!

YellowTail
  8/7/2018 12:02 EST

We opened our HSBC Mexico Checking Account in Florida :-) After getting our green cards from INM we opened savings/investment accounts as well.

We are actually rather happy with HSBC Mexico - mostly because we have an acct rep who is very helpful. In Mexico - you really need to use things such as credit cards etc every so often or they do close it down, I think your debit card will renew its life simply by using the card to check your balance.

William RussellWilliam Russell
Get Quote

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.

William RussellWilliam Russell

William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
Get Quote

topmexico
  9/24/2018 19:16 EST

I just helped a friend with this, the Bank executive suggested I would withdraw or spend the balance, and after a few months, the account will be closed automatically, if the builder doesn´t take out the money you will lose it either way.

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