July 15, 2014
Cashing US checks at Mexican banks, transferring money into Mexico, and avoiding big ATM fees has definitely become more difficult since the US Govt’s July 1 FATCA new rule additions. Some banks and financial institutions are now saying there are additional new US govt. rule changes coming in August, which has left some bank’s check cashing and transfer policies in limbo until they deal the with rule changes and figure out their costs and consequences, but there are still many good options. This post attempts to summarize the current common options for moving money from the USA to Mexico.
Since some bank’s policies are temporarily in flux, and others are on hold, we’re waiting until any August rule changes to finally settle in, creating new long-term bank policies, before we write a full summary article on what’s available, but here’s a snapshot of people’s first-hand reports of their July 2014 experiences with their banks.
ATMs are still a good option for getting cash out in Mexico (see details below). Readers should note that there have been sporadic problems with ATMs being modified by thieves installing skimmers, so here’s a link to an article on stopping this kind of information theft at ATMs – see about halfway down: https://yucalandia.com/answers-to-common-questions/banking-currency-exchanges-using-credit-cards-atms-in-mexico/
Wells Fargo’s Express Send service is still wiring money from the USA to Mexico. Account holders can send up to $1,500 U.S. per day to certain Mexican banks for $5 USD. One poster described using BBVA Bancomer here to receive the wire. They said there is no charge for receiving if you have an account which can be opened with a $2,000 pesos min. balance/no fee. This process takes 2 days.
In no particular order: Bancomer is still cashing foreign checks for account holders. Intercam currently accepts personal checks from the USA, but some branches are saying they will stop cashing them in August. Actinver is saying they will no longer deposit checks from the USA. Merrill Lynch transfers money for free, if you have enough on deposit with them. Citibank US accounts can transfer $$ for free to MEXICAN Banamex accounts (– but who knows how long that will last… as Banamex goes through regulatory scrutiny and prosecutions: where the Banamex-USA has closed most accounts of US citizens living in Mexico). We can open an HSBC bank account in the US or Canada, and one in Mexico, and then link the accounts and make free transfers between accounts between countries if we deposit enough. The HSBC transferred money appears instantly. XE.com does exchanges from US accounts and transfers within 4 days, but you have to open the XE account from the USA. Capital One 360 debit card has no fees and allows free withdrawals at Banorte ATMs – up to $3,000 pesos a day. Monex still has its fans where you can wire money from any US bank to Monex, and then withdraw funds from Monex Mexico offices. Also note that the information I listed here has eccentric twists like: one way to get around Capital One 360/Banorte’s $3,000 peso a day withdrawal, MultiVa allows withdrawals up to $10,000 pesos a day for about $2 -$3 in fees. Also note that if you have a MultiVa account, then you can currently deposit US checks here in Mexico with them.
**** Be aware that if you start pulling lots of cash from Mexican ATMS, and then making cash deposits to a Mexican account, it creates an electronic “paper” trail that Hacienda/SAT tracks. The good lawyer Spencer McMullen reports that Hacienda then requires the expats (or Mexicans) “to explain why the deposits are not income”. Hacienda/SAT only gives us a short time frame to explain why its not income, or we face taxes, fines and penalties. ****
More news updates next month, when the next round of changes shakes out,
steve
****
Disclaimer: Note that all of this information is for educational and entertainment purposes only, it is not meant as financial advice. Please see a competent professional for all important tax and investment questions, and contact your financial institution to find out their current policies.
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Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
Read-on MacDuff…
Surviving Yucatan 
We used xoom once last year to move money from up north. They charge a flat rate of $5.00usd, and we were able to pick it up at a local bank, but had to wait in line, as it doesn’t go directly into our account. Other than that, it was easy, if you don’t object to dealing with Walmart operation: https://www.xoom.com/mexico/send-money
Before leaving Merida, we went to US Consulate, where we filled out a form to have social security checks deposited directly into a local bank, without any handling fees whatsoever. The consulate then forwards the paperwork to US Embassy in Mexico City, where the process is completed – which hasn’t yet happened, but we’re still expectant. The process was begun in early April.
UPDATE : Don’t do direct deposit into a Mexican bank with a social security check! It was a horrendous experience with US gov’t. (Don’t ask.)
BBVA has just removed ALL English capable reps from their Cabo locations…making an already difficult situation even more so…including limiting HOA association PERMITTED access to funding for expenses…
Can anyone explain why Mexico banks are using Fatca as the excuse for no longer CASHING US checks?? The law appears to have been drafted and be concerned with the REPORTING of earned income outside the US. If a Mexican bank was, in the past, willing to cash a US check (even if you did not have an account with them), what is it within the Fatca regulations that the Mexican banks are now using to refuse to cash checks?
Hi Charles,
I suspect it is a part of the FFI FATCA rules. Some Mexican financial institutions seem to be choosing to “not dance” to the tune called by Washington bureaucrats. With the ever-increasing US govt. requirements for more and more documentation and intrusions into personal matters, who knows where or when it ends. If a bank chooses to do the extra work to meet 2014’s FATCA requirements, there is no assurance that the US bureaucrats will not dream up new schemes in 2015, 2016, and 2017… I don’t see where or how the US Treasury is responsible to anyone – so they seem to be able to do what they want, regardless of the consequences to the rest of us. The worldwide US expat community is so small, we likely have no standing in Washington to make changes.
steve
Steve
Thanx for your input…..but I’m still not sure that you’ve addressed the “issue.” I’m certainly not looking to try to change the US Treasury….I’m just trying to figure out why the Mexican banks appear to be totally misinterpreting the FATCA regs. I live part time in San Miguel, and all of the banks here have informed their clients that they are no longer cashing US checks. The real issue is: why? They appear to be using the “because of your government” excuse, but their logic or rationale is severely flawed. The FATCA regulations specifically deal with the reporting of foreign earned income, especially $$ earned as interest through banking institutions. There is NOTHING in the regs about cashing or depositing checks from the US. I can understand a Mexican bank not wanting to go thru the enormous amount of work required to track and report accounts which are generating interest in Mexico. I have such an account, and there is no indication that the bank will be closing my account, which means they WILL be dealing with the documentation required to track and report any interest I earn—they just won’t cash US checks anymore, and there is nothing in the FATCA regs (that I have been able to find) about limitations or record keeping by the Mexican banks for cashing checks. The ONLY thing FATCA wants is a record of earned interest, based on the threshholds the US government has established on foreign investments: 50K of investments if you live in the US; 200K if your residency is outside the US (if single), 400K if married. So I’m struggling to find SOMETHING to present to my bank here that clearly argues that their decision to KEEP my account, but not CASH CHECKS makes no sense…… But then, it IS Mexico !! Are the banks where you’re located still accepting US checks?
Hi Chuck,
Have you read the US govt’s requirements for FFI’s?
The US Treasury requirements and substantial penalties per transaction for FFIs charged with tracking the actual residency status of their clients, or be forced to withhold 30%, are enough to make Mexican banks simply avoid the hassles and big penalties by choosing not to play.
There are plenty of times when things are just unexplicable in Mexico, but this clearly is one time when the US govt. bureaucrats are demanding more than businesses want to comply with – with nasty US govt penalties that make the risks of assisting US citizen customers just not worth the $10,000 IRS penalty per mistake and a penalty up to $50,000 for continued mistakes far far bigger than the $1 or $2 they might make for processing your check.
Facts and published regs say: Blame the IRS…
steve
For context, here’s a short summary of IRS requirements for FFIs:
“Reporting by Foreign Financial Institutions
FATCA will also require foreign financial institutions (“FFIs”) to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. To properly comply with these new reporting requirements, an FFI will have to enter into a special agreement with the IRS by June 30, 2013. Under this agreement a “participating” FFI will be obligated to:
(1) undertake certain identification and due diligence procedures with respect to its accountholders;
(2) report annually to the IRS on its accountholders who are U.S. persons or foreign entities with substantial U.S. ownership; and
(3) withhold and pay over to the IRS 30-percent of any payments of U.S. source income, as well as gross proceeds from the sale of securities that generate U.S. source income, made to (a) non-participating FFIs, (b) individual accountholders failing to provide sufficient information to determine whether or not they are a U.S. person, or (c) foreign entity accountholders failing to provide sufficient information about the identity of its substantial U.S. owners.”
steve
Many banks were caught up in the money laundering crackdown. Whether or not they were involved, many are opting out of cashing checks as they could be suspicious transactions.
Expats may have little sway, Steve, but change will come.
Presently I’m reading a very focused examination of financial history, authored by Thom Hartmann, titled THE CRASH OF 2016: The Plot to Destroy America, and what we can do about it, linked here: http://tinyurl.com/qe9zg3k . It describes how we got where we are, and points out that a thriving middle class is an historical rarity, despised by the ultra-wealthy. They are doing everything possible to bring back serfdom, as they seem to feel that the middle got too powerful. This book is worth considering for anyone’s reading list.
Guys, I’ve just learned that my social security check again has not been directly deposited into Bancomer in Merida. I will attempt to learn from SS why this pathway is not yet open, having been arranged back in April. (I’m still up north, and don’t want to attempt contacting Bancomer yet.) Clearly, there is no “interest” issue, as this is retirement money. But perhaps Bancomer has established a blanket refusal, and I wouldn’t blame them.
At Intercam Bank we will receive checks drawn on US Bank checks until August 13, 2014.
We will continue cashing checks drawn on other countries.
However, as a part of our mission, we always care and try to provide the best alternative for our foreign customers.
Therefore, the great new is that early August, we will be offering in branch debiting to your US Credit or Debit card to access cash or for making deposits to a checking account in your name at Intercam.
This is a very easy and safe way to bring money down to Mexico, and avoid any risk of card cloning or identity theft. Also, you will still receive the same friendly service from your personal account executive.
You always have the alternative to send Intercam a wire to our Bank of New York account and get a much better exchange rate. Talk to your account officer on this regard.
We give you easy access to your money in your Intercam Account with our branch tellers or through our debit cards that can be used at all ATMs.
Our debit cards can also be used at any commercial establishments that accept Visa cards.
Your also have the option to keep the money in USD in an Investment fund account with us, if you should prefer not to have it In a Mexican peso checking account.
• We have 75 branches Nationwide.
• With your bank account you have online banking and check book.
Other services we provide are: Insurance, brokerage, savings accounts, Bank CDs which are paying an excellent interest rates up to 5%.
For further information, please visit our website: http://www.intercam.com.mx or feel free to contact us at: contacto@intercam.com.mx
Hi Algis,
If you are a US citizen, and don’t have Mexican citizenship, then you are under their thumb – unless you vote and get the US govt. to respond to the needs of all its citizens – versus catering to the wealthy and big business. We encourage people to vote their best interests this November – to end the $250 billion of annual US govt. welfare paid directly to US big corporations – and to end the $350 billion a year of tax-loopholes given to the rich => e.g. Romney and other $100+ million rich folk only pay 14% income taxes, while the rest of us pay 27% federal taxes. GE, Apple, Exxon-Mobil have made over $75 billion in profits the last 10 years, paid no taxes, and received over $7 billion in payouts/rebates/welfare from the US govt.
These huge imbalances and irrational tax pursuit of ordinary citizens are reasons why some Americans choose RPs as a path to Naturalized Citizenship in Mexico, since Mexican citizens can start bank accounts, buy properties, etc without the US govt. tracking them. Me? I say we should vote the rascals out this fall – Boehner, Cruz, Nancy, Harry … all of ’em.
Keep the few who consistently vote for rational reasonable taxing: Warren and Sanders…
Happy Trails, steve
EXACTLY! This is why I’m leaving! Voting counts but the trouble is the ‘younger’ voters. Many of them are still believing the current (government’s) position that all the tax credits for big companies creates jobs, blah, blah, blah, and etc.And since the freebies are passed out by the government, they do not want to ‘bit the hand that feeds them’.
What ever happened to hard work? Being responsible for your own… (fill in the blank)?
It is now always someone else’s fault or what can you do for me?
I have had enough!
Has anyone looked at or is using Schwab debit cards? Supposed to be fee free as long as you follow the published procedure in the U.S.
Deposit money into some investment account then transfer to a low paying savings account. Then to get out you simply go to a ATM and withdraw. Schwab then refunds all fees imposed back to your account.
Any comments on this would be appreciated!
Thanks, Kirk
Hi Kirk,
People on other web boards report that the Schwab system works fine (as you describe) – as long as you have a US address and set up the account while in the USA.
steve
Hi Steve,
Thanks for the confirming info! Any links about any issues or problems others may of had?
Kirk
Kirk,
The information reported above includes the most recent reports from Americans living across Mexico – as culled from expat webforums across Mexico.
steve
Hi Phil,
Hilarious!
Just what does your rant have to do with “How to Move Money from the USA to Mexico” ?
Your analysis of my political beliefs are even more poorly placed, than your posting your personal fantasies in the comments of a technical article on “How to Move Money from the USA to Mexico“.
Enjoy the day,
get out of the cave and have some fun in the sun,
steve
HOORAY !!!
The only “brain washed” person is the one who wrote this diatribe….
Essentially portraying EVERYONE who disagrees with his political position is “A COMMUNIST”…
That’s exactly what the national socialist party (nazi party) called those that opposed them….
Our country is in deep trouble with ‘lock in step’ political operatives beguiling the great unwashed into agreeing with their AGENDA…..
Hello Steve,
In my first post I said “interest rate” when I meant to say Corporate Income Tax Rate. I said that on this topic because it seemed like you are ranting on this subject with your BS OBAMA type class warfare comments and while you were encouraging people to vote for your class warfare agenda.. It is no wonder the DUMBOcrats got blown out in the midterm election, people are fed up with those class warfare lies and other total BS just designed to get votes. Such as; If the republicans win they are going to feed your babies to the alligators and take away your welfare checks.
As far as US Corporate tax rate and the whole US Tax system goes, it it too high already. When excessive,the government takes our freedoms away one small piece at a time. Yes there are loopholes such as if you or a corporation looses money in various ways you/they can reduce the taxes owed. Some of these so called loopholes may even be good but probably many are bad and need reformed. The whole tax code is a mess and appears to be getting worse no matter which party has been in power.
So the following shows the actual US Corporate Rate. THE USA could make our companies more competitive by lowering the marginal tax rates. It would also help greatly help our economy if the tax code would allow companies such as APPLE who have billions of dollars in profit that they earned overseas to repatriate the money to the USA and bring it back TAX FREE. That money or most of it would circulate in the US economy rather that sitting in some foreign bank or investment. By the way,
http://www.dailymail.co.uk/news/article-2131225/Record-number-American-citizens-renouncing-citizenship-avoid-paying-taxes.html
http://www.quora.com/Economic-Policy/What-countries-besides-the-U-S-tax-their-non-resident-citizens-on-their-worldwide-income
the answer: The United States is practically the only country in the world to tax nonresident citizens (and corporations) on their global income. I’ll try to get a complete list of countries: I understand it also includes Libya, and North Korea; and possibly Eritrea and the Philippines. NOTE THIS INCLUDES CORPORATIONS as they are considered citizens for this taxation purpose.
Reporters and lawmakers who criticize U.S. companies for “avoiding” taxes on their foreign earnings need to be more careful with their language and acknowledge that our worldwide tax system requires U.S. firms to pay taxes twice on their foreign profits—once to the host country and a second time to the IRS—before they try to reinvest those profits back home. Any discussion about reforming the corporate tax code must keep these facts in mind.
August 20, 2014
By Kyle Pomerleau
FISCAL FACT No. 436: Corporate Income Tax Rates around the World, 2014 (DOWNLOAD)
Raw data: World Corporate Tax Rates and GDP, 1993-2014
Key Findings
The United States has the third highest general top marginal corporate income tax rate in the world at 39.1 percent, exceeded only by Chad and the United Arab Emirates.
The worldwide average top corporate income tax rate is 22.6 percent (30.6 percent weighted by GDP).
By region, Europe has the lowest average corporate tax rate at 18.6 percent (26.3 percent weighted by GDP); Africa has the highest average tax rate at 29.1 percent.
Larger, more industrialized countries tend to have higher corporate income tax rates than developing countries.
The worldwide (simple) average top corporate tax rate has declined over the past decade from 29.5 percent to 22.6 percent.
Every region in the world has seen a decline in their average corporate tax rate in the past decade.
ref:http://taxfoundation.org/article/corporate-income-tax-rates-around-world-2014
do a search, there are many other examples such as
http://www.kpmg.com/global/en/services/tax/tax-tools-and-resources/pages/corporate-tax-rates-table.aspx
United States
40 40 40 40 40 40 40 40 40 − Hide
The corporate income tax rate is approximately 40%. The marginal federal corporate income tax rate on the highest income bracket of corporations (currently above USD 18,333,333) is 35%. State and local governments may also impose income taxes ranging from 0% to 12%, the top marginal rates averaging approximately 7.5%. A corporation may deduct its state and local income tax expense when computing its federal taxable income, generally resulting in a net effective rate of approximately 40%. The effective rate may vary significantly depending on the locality in which a corporation conducts business. The United States also has a parallel alternative minimum tax (AMT) system, which is generally characterized by a lower tax rate (20%) but a broader tax base.
Hey Phil,
Check facts … trust reality.
Skip the the BS pumped out by Koch Bros. and Washington politicians.
BS about hypothetical or theoretical business tax rates are not important.
You have to look at what taxes US companies actually pay: a national average of 3%.
1 in 4 American big companies pay NO TAXES – as shown by the world’s 2 biggest companies, Apple and GE.
again … Facts and Reality … trump faux news,
steve
Hi Phil,
Instead of posting personal rants in the Comments of technical articles:
You could choose facts over Right Wing Conservative fairy tales:
Read the history of Mercantilism, and the problems of when Big Government gets into bed with Big Business, as happened during the Robber Baron periods from 1865-1905 and 1980-2014.
Remember how Teddy Roosevelt – a real Republican – and a real Capitalist – busted up the corrupt faux-Republican Mercantilists systems: Big Business paid off Congress to pass corrupt legislation that built the Rockefeller, Vanderbilt, JP Morgan et al’s personal fortunes at the expense of the people who actually work – just like the rise of today’s billionaires since Reagan’s failed “trickle down” policies.
We have not had good Capitalism since Reagan changed the Tax Codes and investment rules to create “trickle down”, where big companies like Apple and GE pay nothing – $0 in taxes, and the wealthy Americans pay just 14% tax rates as the rest of us – who work for a living – pay 27% income tax rates.
The fortunes of today’s rich come from corrupt Mercantilist policies.
The staggering US debt comes from corrupt Mercantilist policies.
Mercantilism is not Capitalism…
Enjoy,
steve
Hi Phil,
Apple USA has openly laundered their US profits through a small Nevada company for years – to pay little or no taxes, depending on the year.
Apple launders their European profits through an Irish holding company and through a secret deal in Luxembourg, to similarly dodge taxes overseas.
This is old news – nothing new – business-as-usual, blessed for years by the House Republicans.
Forbes and other reputable sources have reported it for years: http://www.forbes.com/sites/leesheppard/2013/05/28/how-does-apple-avoid-taxes/
Re Published Tax Rules: The Washington and Wall Street BS artists continue to bamboozle the US public into believing their rhetoric – rather than looking at what really happens.
Which is important? The printed rules of the arcane IRS tax code, or the relatively small checks that US Big Businesses actually write at tax-time?
The theoretical tax rates are not important, when big companies pay an average of just 3% effective rates.
Sidelight: By BS’ing that I must be quoting Communist dictator “Hugo Chavez“, you really do show how much of reality you are missing.
Tap into some news sources that report reality –
… skip the faux news of opinion pieces that are falsely presented as “facts”,
steve
As far as other big US companies, Reuters reported a tax analysis that:
“… looked at 288 profitable Fortune 500 companies and said that 26 of them – including Boeing Co (BA.N), General Electric Co (GE.N) and Verizon Communications Inc (VZ.N) – paid no federal income tax in the five-year period” of 2008 – 2012.
But then again, Reuters and Forbes may not be part of the materials approved for reading by radical Far Right.
Really, to get legitimate pertinent facts, you generally have to go outside big US news media (5 big companies owned by billionaires), and instead read or watch German news, British news, and even French news (like 24/7).
Unfortunately, the Republican party has been taken over by billionaire-oriented radical right wingers who do not believe in balanced budgets nor in fair taxation.
You should also drop the fantasies that I am a leftie:
You have to go back to the pre-Goldwater days of Eisenhower and Dirksen to find my Republican party – people with the integrity to support Civil Rights and balanced budgets – as I am not a Democrat.
Just how many Federal budgets have your leaders and your ideologies balanced?
steve
Sounds a bit like “let them eat cake” comment by a highly Rich French Lady…
And recall what it got her…
‘Class Warfare” is your convenient discription of the disparity, clearly evident in our country, mostly due to
Placing the cost of TWO unsuccessful wars on the Shoulders of the people…
Beware of the same fate befalling those who have condoned this atrocity..
Hi Phil,
It’s clear that you have your mind made-up and firmly-closed.
Is there any irony that these so-called “patriots” refuse to own the $18.2 Trillion wasted .. over the past 30 years … on their failed policies of … “tax cuts for the wealthy” … “corporate welfare” for big American companies … and failed Iraq & Afghanistan foreign invasions?
Does anyone else recognize that 30 years of radical Conservative policies solely account for ALL of current US Federal debt ?
There is NO DOUBT that Conservative Bush/Cheney “reforms” of investment regulation rules caused the biggest economic disaster in 80 years.
Why don’t Conservatives own their responsibility for the $7 Trillion in losses from the Fiscal Crisis that they caused?
Why do they continue to block solutions that would
balance our budget?
If Conservatives like Phil … made a little effort, like Googling Apple pays no taxes, you’d find that there’s a big report just this week showing that Apple is one of the countries who has secretly used Luxembourg as a tax-haven, processing their European revenues through special tax loopholes to avoid paying legitimate taxes, around the world.
Why do Conservatives, radical Right Wingers, and Tea Partiers
continue to defend and admire these huge companies that refuse to pull their own weight?
Why support gigantic companies who do NOT SUPPORT the countries they operate in – as they gleefully use for free … the things the rest of us pay for.
It really is baffling how the radicals enjoy masquerading that they care about their countries, as they blame everything on Obama, rather than considering actual solutions.
Why not work at fixing the problems?
Why deflect all their attention to one individual, Obama, while ignoring the bleeding of $Trillions of cash that has bankrupted our government since the “Conservative” Reagan “reforms” of the 1980’s?
$8 Trillion in lost taxes, dodged by American rich people since Reagan’s & Bush/Cheney’s tax “reforms”.
$5 Trillion spent on failed invasions of Iraq and Afghanistan.
$5.2 Trillion in Government welfare checks of US Taxpayer $$ paid out to big American businesses since 1993
… as “subsidies” and other corporate welfare.
When will Conservatives and Right Wing radicals wake up… to the $18.2 TRILLION of waste and fraud caused by the “reforms”, failed policies, and wars of Bush/Reagan/Cheney ?
Is there any irony that these so-called “patriots” refuse to own the $18.2 Trillion wasted on their policies?
This $18.2 Trillion of waste & fraud does not include the $7 Trillion of our $$ losses in the last Fiscal Crisis – an economic disaster caused by failed Conservative Bush/Cheney regulatory “reforms”.
Does anyone else recognize that 30 years of radical Conservative policies solely account for ALL of current US Federal debt ?
Why do they block solutions that would
balance our budget?
Phil is a perfect example:
He seems rational,
Phil can describe the smallest details of American tax law
– while ignoring the big-picture of how the loophole’s effects have bankrupted our country,
as Phil and all the other “Phil’s” in the USA continue to blame others
– totally denying any responsibility.
pitiful … and sad,
because the answers … and the solutions …
are right in front of us,
steve
Re Phil’s imaginings that big companies pay their share of taxes – and accusations that anyone who disagrees must be a Communist, or is quoting Communists:
Consider this Bloomberg News opinion piece that describes the official Tax Dodging (cheating) by 340 major companies.
http://www.bloombergview.com/articles/2014-11-09/jeanclaude-juncker-needs-to-go
Our governments have been corrupted by oceans of money “donated” as campaign contributions, which have bribed our leaders to sell-us-out to big companies.
It’s time for the rest of us ordinary people to stop supporting the cheaters and tax-dodgers.
Time to stop supporting the politicians who created these deals,
steve
Phil and his cohorts cannot see that the populace is on the verge…Either for or against..
The ‘status quo’ that they think is ‘manageable’ is in reality …not…
Once the gates of disdain and disorder of the populace opens,
There no longer will be return to their status quo….
Hope that you are right.
The current malaise (depression) of Blacks voting at just 12% rates, Latinos voting at just 8%, and young people voting at just 13% in key states, show that many people have just given up – and accept the current messes of declining incomes … and declining quality of life … for the rest of us.
The misguided-but-motivated and energetic efforts of “true believers” of the radical Right will continue to dominate the process, unless the rest of us change.
Even in the 2012 elections, Republicans only got 42% of the national vote, but their nationwide gerrymandered false districting allowed then to effectively steal 54% of the House of Representative seats.
If the independents in the middle continue to give-up and not vote, this radical Right’s disproportionate representation will continue as it did in 2012, giving (stealing) the radical Right an extra 29% more seats than American voters ever approved.
These trends are not good for the USA,
and they are far from what the Founding Fathers wrote in the Constitution
requiring that the Federal Government take actions to ensure “the general welfare of the US”,
~ not the explosion of great wealth & power for a small 2% of wealthy Americans manipulating government regulations & laws to benefit themselves.
Due to billionaires buying politicians, and the radical Right gerrymandering elections, the US no longer has representative government.
Some really selfish & corrupt individuals have hijacked the process, masquerading under banners of “liberty”.
The current wealth & power concentrated in a corrupt entrenched oligachy … was exactly what the Founding Fathers and real patriots fought against,
steve
Help the drug dealers at the border tried to kill me and I have never done drugs. They stole over 2 million from a Merida bank and I can id the suspect. Plus one named ************* admitted to killing 12 of those Mexican students that were on the news. They want me dead. Help! I had a bankcard recently at the same bank where I and others were robbed. last transaction on my bankcard. Evergreen, MT
Hi Jennifer,
Did you know that your IP address corresponds to a notorious spamming server?
steve
Hey Steve, how about asking folks to review and refresh the info in your 2014 article? Was a solid piece then, but situations change.
Sure…
What items jumped out for you as needing updates?
Anyone else have suggestions for updated info ?
steve
Here’s an update n Capital One 360, you can withdraw up to your individual account limit (mine is $1,000 US) with no fee except that charged by the bank in Merida. HSBC allows you to take $15,000 MXN at a time from the ATMs in the branches in Paseo Montejo. I have never experienced any difficulties withdrawing money and the fee is $33MXN regardless of the amount of the withdrawal. Capital One credit card charges no international transaction fees
Good points.
Sidelight: We pay our Capitol One off in full, early, every month to avoid any fees.
Taking cash advances on a credit card automatically triggers the contract terms where the Credit Card company can start charging interest and fees on the oldest balances on our account, and the only way to stop those interest & fee charges (that start on the day of the cash withdrawal) is to pay the bill in full, paying enough extra $$ to cover all interest & fees that accrue while the payment is in the mail. For that reason, we’ve had to make the payment over the phone with the CC company – authorizing a small overpayment to cover all interest that is added each day until the CC company logs/books the payment.
😦
??
Maybe Christine has a Capitol One Debit card – with no ATM cash withdrawal interest or fees?
😉
Happy Trails,
steve
I use various Credit Unions. Some ATMs have less fees but the Exchange Rate is not as good. On average it is the same (excepting some ATMs that charge more than “normal” fees)
check the bottom line
Update: Scotiabank has started giving a terrible exchange rate…
Good point Steve, yes I have a Capitol One 360 bank account, easy to open on the internet, although you do need a USA address. That’s what I use to withdraw from ATMs, and I use my credit card at supermarkets etc. Those charges don’t incur interest, I pay the balance due on the statement each month; however I may have spent spent more than that in pending charges, so I often get additional interest free days. I highly recommend the Capitol One 360 account, no fees for having the account, no fees to transfer money to other bank accounts. The only drawback is that they do not support international wire transfers. If I need to initiate one I just transfer money to my BOA account and transfer through them. If you have an account you can also make a payment anytime online to avoid the necessity of a phone call.
Is anyone experiencing BoA card rejection at a Scotiabank ATM
The past two weeks Sep 2017, I have attempted, with my Bank of America debit card, to withdraw pesos from various Scotiabank ATMs in the Campeche, Campeche area. The card is immediately rejected on complete insertion with the comment in Spanish saying “The card is not acceptable” The pin screen does not appear. A screen briefly appears showing the acceptable cards. They appear to be banks within MX and other financial institutions I do not recognize. Scotiabank is listed on BoA webpage as being its affiliate in MX. That meant I only paid the 3% foreign transaction fee to BoA.
I talked to a BoA rep in the US. She tried to say it was the individual atm that was at fault; I should talk to Scotia. I explained that it was system wide and either BoA was unaware of the change or BoA was aware of the change and chose not to notify account holders. BoA sent emails notifying account holders when the switch was made from Santander to Scotia.
Is anyone experiencing BoA card rejection at a Scotiabank ATM
Update 13 Sep 2017: I went to the main branch
of Scotiabank in Campeche with the intent of determing why the BoA card rejection at the ATM. Just to ascertain the problem still existed, if I had to demonstrate to a bank representative, I tried the card before contacting a bank rep. My BoA debit card functioned flawlessly. Pesos were dispensed with no ATM fees indicated. I will try some other Scotiabank ATM’s in Campeche. I would still like to know if any one had difficulties withdrawing funds using a BoA card
Hmm… this thread is a little old. I use bridge21 for bank-to-bank transfers from the US to Mexico. They often have the best rates (more pesos for the dollar) than transferwise, xoom etc… They also have awesome customer service.
HI JammyCat,
I found this online, apprently from Bridge 21, saying they use BITCOIN to do their transfers. Jus’sayin’ there may be some risk. ~eric.
FOUND : https://blog.bridge21.io
bridge21 Send money from your US bank account to any bank account in Mexico. The banking systems of the world are incompatible, so we use bitcoin to connect them instead of banks.
Bitcoins ??
The lifeblood of narco traffickers and criminals ?
*grin*
Bitcoins have been proven unsafe, averaging $1.3 billion per quarter in proven fraud losses. 😉
plus another $9 million a day average losses in Bitcoin scams …
??
https://www.investopedia.com/news/beware-9m-are-lost-each-day-crypto-scams/
I’ve been watching TRANSFERwise, and know a few people who have used it, speaking highly of it as a cost-saving way to move funds. But the problem often is on the receiving end — as we no longer have a Mexican bank.
Here’s a link to a report on TRANSFERwise, from CNBC : https://www.cnbc.com/2019/09/18/transferwise-earnings-2019-fintech-firm-posts-third-year-of-profit.html
Two very financially astute friends of ours here use & like Transferwise very much.
Hi there. I live in San Miguel oh, and my dad just FedEx to me my first stimulus check, the Trump check, and I thought I was going to be able to cash it through PayPal app but it’s not letting me because I’m in Mexico and it doesn’t work even through a VPN. Are there any ways I can cash a check, a government stimulus check, here in Mexico without having to go to the Border to open a bank account?
You can try to open a MX bank account if you are a Residente Temporal or Residente Permanente. See if they will accept the check. Suggest HSBC (They have high fees and awful exchange rates); Citibanamex.
1. Return check to US and deposit into your US bank account. Withdraw in pesos using your debit card at a MX atm.
2. Return check to US to your father. Have him deposit into his account. (This may be difficult. Banks are reluctant to cash /deposit US gov’t 3d party checks even if endorsed.) Have that person send funds ((MXP) via money transfer. If there is a Walmart near you can pick up there.
3. Hold on to check until you re enter the US.
Hope this helps. I’m sure you will get some additional suggestions
2. If you do not have US bank account