Stop Guesswork Different Banks Different Tipos de Cambios

Finally arrived in Zihuatenejo today, went to Comercial and used the ATM's.

HSBC actually has a screen that shows the exchange rate and you have to accept or decline it. It offered 17.82, but I could have taken out 15,000.

Neither the Santander or the Bancomer stated the exchange rate, so I took 6,000 from each, and including the fees, the rate from Santander was 18.92 and from Bancomer 18.9
Obviously, the convenience of getting 15,000p out at at a time isn't worth the exchange rate!

That sounds about right.

Chris, thanks for the information on Banorte. Think we'll probably go with them!

Talleyho: I think you are speaking of Jennifer. She was the moderator for years. She was from Chicago and was the editor of a law journal. We stayed at her house once. The Dogs were quite tame. It was her Mother's house and was complete with an elevator. Nexconnect gave up on the annual fee. The forum owner was a Canadian. He was trying to sell the forum a few years ago. They had the most interesting articles.

Moisheh

Here is a list of those nasty hidden bank charges from a very popular northern Mexican bank, Banorte:

Banorte
No minimum balance required
1000 pesos to open an account
$3 (u.s.) monthly account charge
ATM withdrawal fees:
Banorte or other bank ATM no charge
Withdrawal from ATM in the U.S. $3 (u.s.)
Bank transfer via internet $0.25 (u.s.)
Additional account statement mailed $2.25 (u.s.)
Token (USB) for internet banking $3.50 one time fee (u.s.)

Companies, government offices, teachers, just about anyone who is a registered worker receives their salary via bank deposit. My salary from the small schools I work in, is paid via bank transfer to my bank account.

All IMSS pensions (any Mexican who worked and paid taxes receives a pension from IMSS with a maximum of 40,000 pesos per month) all pensioners receive their pension via bank transfer and use a debit card to pay for items or to withdraw money.

I've been following MexConnect for years, back when it was a woman in an old purple Cadillac with a doberman. Have to admit that we gave it up when they wanted us to become members. Obviously, it's time to check it out again.

It's been a long 8 hours from Tepic to Patzcuaro.

Talleyho: Have you joined Mexconnect? Although it has lost some of it's glow one can still learn a lot. There is also this forum: http://www.expatforum.com/expats/mexico-expat-forum-expats-living-mexico/

Moisheh

Great information! As permanent residents who are moving down permanently now, you have answered a number of questions and encouraged us to do this right. I'll Private Message you for more information.

You must be living in some strange place. As I said, I pay all our utilities, insurance, cable, etc. via on line banking with Banorte. For all Mexicans who are registered as persona fisica, you have to pay for all deductible expenses with a debit or credit card. All gasoline, groceries, incidentals, meals, taxis (Uber) are all paid via debit and credit card. On all our rv trips, gasoline has been paid with debit cards. I rarely carry over 200 pesos in cash.

I think you need to keep in mind that your experience is personal and has taken place in a very small and as you stated remote place in Mexico. That doesn't represent Mexico for most Mexicans.

I pay no commission on any of my purchases. There have been a few instances and I refuse to make the purchase.

Again, your experience is very limited and if you had not stated this in this last post, most people who are rvers, or new to rving in Mexico, may think your experience is a representation of all of Mexico.

We invest a lot of our income in Mexican banks. They pay much better than the .85% our U.S. credit union pays and that is after inflation. My Afore (similar to a 401k) pays 6.9%. If you'd like I can provide bank statements that show little to no charges for any of our Mexican bank accounts.

The only place I could imagine paying cash would be for a shoe shine, a couple of tacos, nothing else. Even our gardener gets paid via a bank transfer between accounts and we live in the country. So when we are out of town on extended road trips, we just make a transfer via internet from one Banorte account to another.

Let's set the record straight and put it out there for people to see. As I stated and I will say again, this applies to those who are temporary and permanent residents which over the last few years, several or many who read this forum have become. Current information and facts are what count.

I am currently in a convention in Leon but will post the factual information that I have regarding the above.

My posts are based on my own experiences as well as neighbor's. When we first came to Mexico I was not fully retired. My wife would be here all winter and I frequently returned to Canada. Being a businessman I immediately opened up a bank account as a safe haven for cash. Big mistake. No ATM's. When she needed money had to drive 30 miles to the bank. Line up outside for withdrawals. At noon they closed the withdrawal wickets until the next day1 We left about 1000 pesos in the account at the end of the season. peso was around 4 to the dollar. When we returned in the fall it was half gone. They charged a fee if the account got too low!! She also had a CETES account. It renewed every month but you had to come on the last day and stand in line to renew! Worst bank I have ever seen! I do know people that tried to open accounts but were told to get an FM3. As for plastic : You would starve in Kino if you only had plastic! Neither the CFE nor the municipality will take foreign credit cards to pay online. We have been in the Guad market and they would take plastic for expensive items. BUT only if you paid a 5% fee. Contractors in HMO do the same. I asked why and the explanation was that the banks charge merchants horrendous commissions. Regardless if one has a US or Canadian CC the home bank charges a foreign exchange fee. There are a few that forego that fee: Amazon and Charles Schwabb come to mind.I do not pay any ATM fees imposed my bank. Just the 20 +pesos to use the ATM.

Moisheh

qtla9111 wrote:

moisheh wrote:
I cannot think of worse advice than for an RV'r to open a bank account in Mexico. Mexican distrust the banks for very good reasons. Some banks will not open accounts for anyone with just an FMM. In the small villages they do not accept plastic. We cannot pay our water bill or taxes with plastic. Most of the small restaurants here do not take plastic. Some will take CC's but charge a fee. How would an RV'r get the cash into a bank account. They do not take foreign checks. Cash is king! The banks are almost thieves! If you LIVE in MEXICO and get a Mexican salary then a bank account is a good idea.

Moisheh

I wasn't referring to rvers. I said a temporary or permanent resident. Social Security checks can be direct deposited to a Mexican account. What person would pay ATM fees and then carry around large amounts of cash to pay bills when they could open a Mexican account.

The recent edits are removing the essences of many posts. Maybe if I change the wording.

I am curious where you obtain your information. Many of the things you have posted appear to be inaccurate in some ways or may possibly be hearsay. By chance, would you happen to have any information you could refer me to that back up your comments?