holeman61
8/6/2019 12:48 EST
Hello my friends (mis amigos)! We are on the four year track (hoping sooner than that) to move to Mexico. We are trying to stay well ahead of the game (i.e. Online City and State research, following Vlogs, talking to friends etc.). We'd rather spend more time researching ahead of time than running around like the proverbial 'chicken with our heads cut off' in the final year of planning. We've got trips planned to scout out the areas we are interested in which leads me to my question. 1. If you use a credit card from a US company which do you use and how widely accepted is the card? 2. Fees associated with foreign transactions? 3. Using your CC to pay bills in Mexico or cash advancing against your card; or getting a credit card in Mexico?
These are some of the questions but I'm sure there are others and if you have additional insight we would appreciate it.
Again, we are just trying to stay ahead of the game/move.
Have a good day!
Joel & Keri
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cedelune
8/6/2019 18:14 EST
Suggest you open accounts at Charles Schwab and/or Capital One since they reimburse ATM and foreign exchange fees. Do it while you have a U.S. address and maintain a U.S. billing address once you leave. Personally, I use my debit card to withdraw cash from ATMs to pay for most things, but haven't had trouble using US credit cards for things as needed. Also, either arrange to have your mailing address in the US/Canada be someone 100% reliable to open, review and forward mail you absolutely need to have in Mexico, or choose a good mail forwarding service that will scan your mail so they only need to forward a few necessary things.
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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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RVGRINGO
8/7/2019 09:59 EST
Use a debit card to get cash from ATMs, which you will find easily at banks and larger stores, etc. Credit card use should be avoided, as skimming is common. We just did not use them in Mexico, except for large appliance purchases in places like Home Depot, etc. Never let one out of your sight; even for a moment! Most smaller places wont take them anyway, and there is often an 'upcharge' of about 5% for using one.
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Cozumeldeb
8/9/2019 16:33 EST
Good advice Cedelune..We use Schwab too. We bought in 2001, our notary told us to never open Mexico bank account..never did. No problems ever.
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dmexx
8/10/2019 16:27 EST
10 ago 19 Hello Joel and Keri,
As others have suggested, using your US debit card for cash advances in pesos works very well. Most US banks no longer charge foreign transaction fees, so you should have no problems in locating such a bank or card you can use without fees in Mexico. You will, however, make your withdrawals at a Mexican bank and they may change fees (which some US banks will reimburse), and you will obtain a better rate of exchange using your US card than the Mexican bank would give you. So, your US debit card is your means to cash.
I don’t like carrying more than $2000 to $3000 pesos in cash on me. So, I use my US credit cards to make most purchases in Mexico. That is at supermarkets, gas stations, restaurants, to pay utilities, bars and hotels.
I think as tourists you can do the same. Just make sure your card is always in sight. For instance, insist the waiter bring the machine to your table to record the charge. I usually have them add 10% as a tip to the charge to minimize use of cash.
In twenty years in Mexico, I have had my US credit card cloned three times. This may be no worse than in elsewhere in the world, but keep your wits and keep the cash you carry to a minimum of $2000 to $3000 pesos.
You ask about Mexican Credit cards. You shouldn’t need one for just visiting the country. Should you decide to become permanent residents, you may want to open a Mexican Bank account and hence get a Mexican credit card, but only as a last resort as fees and services in Mexican banks aren’t the best. Also, you have to make sure you maintain a bank balance of less than $10,000 USD to avoid reporting complications with the IRS.
However, as Mexico has moved into the digital age, the need for a Mexican credit card has become more necessary. I find online purchases in pesos from Mexican merchants, including Amazon.com.mx, Home Depot.com.mx, Palacio de Hierro.com.mx, Liverpool.com.mx only works if you have a Mexican credit card. You can make purchases with your US credit cards in the stores, but not online. Why buy online? Better prices.
To summarize, I don’t think you need to make any changes to your debit/credit cards to visit Mexico on recon trips. Just make sure they are foreign transaction free. Avoid carrying more than $3,000 pesos in cash. Later, on after you are well-settled in you can explore a Mexican bank and credit card. I find Actinver and Banorte good choices. Actinver offers more personalized service, but is expensive. I tolerate it, because of the service.
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