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Closing a Mexican Bank Account

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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?

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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.

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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.

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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...

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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.

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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.

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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.

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RVGRINGO

From: Mexico
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.

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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!

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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!

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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.

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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.

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