Banking in Mexico - Two Resources:

1. California Commerce bank in Los Angeles
is an affiliate of a major mexican bank.
They have a "Amistad" (friendship) account
intended for american retirees that live
in Mexico. You direct deposit in dollars
and use ATMs in pesos (at a favorable
exchange rate) throughout Mexico.
(800) 222-1234 (USA)

2. Fondos LLoyd - offices in several mexican
cities including Tijuana - across the
street from the border bus loading zone.
Offers several mutual funds, etc. Has a
good reputation. (English Spoken)

Sr. Pauncho...do you have any idea of what kind of interests Mex Banks are paying on checking, saving, and CD accts? Also, are they federally insured and to what amount? Thanks.

Would you really put your money in a Mexican bank? I don't know their particular laws, but they are a third world country with a corrupt (for the most part) government. I wouldn't do it. Remember in "Blow" when Johnny Depp lost all his millions because it was in a foreign bank and the government was overthrown?

-Superman-

SB: There is no insurance (FDIC is American only) on deposits in non US banks. US branches of foreign banks are registered as US banks and are insured. Any banking network that uses PLUS; Cirrus or NYCE will allow withdrawals at their ATM.

"Any banking network that uses PLUS; Cirrus or NYCE will allow withdrawals at their ATM."


Yes and you pay significant fees to do so. Presumably Central Commerce Bank has a better deal or they wouldn't have a special plan.

The biggest risk that I am aware of for funds in "Fondos LLoyd" is that deposits are in pesos, and, occasionally, Mexico has been known to - abruptly - devalue the peso two-to-one or so. However, funds deposited just after a devaluation might do quite well. Not counting devaluation, the interest rates are sometimes quite favorable. I would note that, to a person undergoing divorce or bankruptcy, that the prospect of merely losing half looks better than losing it all. LLoyds in NOT within ready reach of US courts (possible, but so involved it ain't gonna happen - you're not gonna' tell you estranged wife that you have money in Mexico. Just tell you spent it all on mexican hookers - that is why she's divorcing you, right ?) Of course you would report your earnings to the IRS. (I go on record suggesting that for legal reasons.)

Funds that are not "within the reach of courts" sensitive - if I was looking at interest rates - I would invest in shares of (U.S.) REITs (Real-Estate-Investment-Trusts) that pay high interest rates (approaching 10% at times). A different kind of risk.

Pauncho

Some of the high volume chicas have others put their $$$ in american banks..That should tell you something.

If you trust the "others". I realize that the mexican culture is based on "trust" relationships. But they still screw each other over.

try banamex, you can open both a peso account (w/master card depit card) and a dollar account. They are now owned by citi bank, that should also tell you something...

Swadi, you mean to tell me that these chicas actually trust someone in another country to deposit their hard earned money in someone else’s name? I find that hard to believe

Not so hard to believe. Quite often chicas use the bano, leaving their purse, etc., on the bed. When I tell them to be more cautious, they respond that usually they are, but we\ith me.... (I must look either honest, stupid, or lame). I would never steal from a chica, even if she shorted me on services, but I sense an opportunity for the unethical. Nothing I said here should be construed to mean that you can trust a chica...

Pauncho

Some of you are worried that you will lose your money. It COULD happen, but is unlikely. In the late 1970's, Mexican banks offered dollar accounts that paid HUGE interest premiums over american accounts, with the added inducement that the interest was not taxed. Many Americans invested large sums. After the peso crisis of 1982 (caused, no doubt, by free trade as some moron on the threaded board would have us believe) the Govt. converted these accounts to Pesos, at the official rate. People involved lost something on the order of 75% of their investments.
That will not happen to anyone here, for the simple fact that no one should put LARGE sums in Mexico. There is no interest benefit. My dollar account at Serfin pays less than my checking account in an American Credit Union. My peso account pays a pathetic ammount. So, I keep only enough to maintain liquidity. Any mongers on this board will probably be doing the same thing. Have a few hundred bucks available to spend on hookers. So, if you keep a relatively low balance, you cannot get fucked out of more than a relatively small ammount of money.
As mentioned I DO NOT anticipate a repeat of 1982. If you have a peso account, your biggest fear is a devaluation, but even then, say you have 1000 dollars in the account, and the peso goes to 20 to one, you lose 500. Big deal.

Oh, the humanity...

Have some of you people GONE MAD?

Quit the panic scene, and start acting like REAL AMERICANS, and keep your money in a REAL BANK.

Better yet, wait until about late Wednesday afternoon(EDT), when all the other panic suckers have lost everything, and then INVEST IN AMERICA, thru the NYSE or NASDAQ... Take it from Diego - you CAN'T LOSE, and you'll be acting like a REAL AMERICAN, and INVESTING IN AMERICA.

When it comes to business and investing - I'd take America ANY DAY OF THE WEEK, over Mexico.

Investing in Mexico is a sucker bet.

Diego read the above posts. No one is panicking, they are trying to make it easier to have quick access to cash for easier mongering. Besides, if we were REAL AMERICANS, we should all go to Nevada and fuck REAL AMERICAN WHORES.

I tried to open a bank account in TJ but they said that you had to be a mexican citizen to do it.

I know that the atms work just fine connected to my stateside accounts, but for other reasons, I wanted to open a strictly mexican account.

Do you guys who have mexican bank accounts also have dual citizenship perhaps? I went to Banamex and Bancomer without success.

SERFIN opens accounts for foreigners, as long as you have an american passport.

banamex will open an account with a ID (CA OK) and proof of either TJ residency or residency within 20 km of the border. go to their web site fore more info banamex dot com

Diego, relax these are just hooker accounts...

Actually, with the money I'm saving because I can't bear the border wait (circa U$ 600/mo.), I'm now sending it to Ameritrade and buying stocks. I bought 25 shares of Cisco System today.

Pauncho

I have this wild idea. I noticed advice (for pedestrian/taxi-using mongers) somewhere about:
Leaving your ATM card at home
Taking a Calif. ID card (in lieu of you CDL) to Tijuana
etc.
How 'bout getting a Cailf. ID, erasing the magnetic info off the back, and recording your ATM card info on it.
In one card: Your legally required ID, AND, an ATM card that doesn't look like one (in case the cops want to escort you to the ATM machine...).
Take the "nearly empty wallet" and the one card and leave the rest at home. When nobody's looking, use it to get money....
Does anybody know how to do this ?

That is a good idea. I wonder if it can be done. It also fucks up any cops in the US who want to easily run your information.

I've got a driver's license for that.

Oh yeah, A preliminary response from the editor of Q & A column of "NUTS & VOLTS" (an electronics hobbyist magazine) (Wow ! Que rapido !) notes that the necessary equipment sells for about U$500.00 - OUCH !

I have a Peso account and a dollar account with Bancomer BBVA. I am a US citizen with an FM3( Legal Resident), but my understanding is that you can open an account with just a passport.

I also have an account with Bank America on the US side.

Unless you have a really good reason to bank in Mexico, I say do not do it. dealing with Mexican Banks is a pain in the ass.

I opened a joint account with my novia for her to use to transfer money back home. One branch of Banamex asked me for an FM3 (which I don't have) and wouldn't open an account without it. A different branch of the same bank never even asked for it. Maybe because almost all the info on the account is in her name and I am only listed as apoderado (empowered).

Gentlemen:

Please remember that Mexico screws with bank accounts about every 10 or 15 years, for the purpose of stealing everyone's money. We are overdue for another round, look for the "hit" in 2006, but it could come sooner.

In 1976, the peso was significantly devalued. Americans with dollar accounts were OK, but most people were getting high interest off peso accounts, and that's where the pain was generated.

In 1982, the peso was again devalued, and all dollar accounts were immediately converted to pesos, which basically wiped them out.

In all cases the Powers That Be shorted the peso to make a fortune off currency prices.

Explorer,

You'll also not that we're coming up on the due date for another revolution. Looks like the two may be related.

"La Independencia" - 1810
"La Revolucion" - 1910
"La __________" - 2010?

Dem Gnomes

Explorer,

Devaluation may come sooner than you think. especially if the instability in the US market continues. Mexican banks are not only unstable, they are shitty to deal with. I would not have a peso account if it were not for the fact that for internationl tax purposes a portion of my income is paid in pesos in Mexico via direct deposit. The bulk on my money( not much) is safey deposited in US financial institutions.

Batster,

What the hell are you doing?

See my off-topic thread...

Gnomes,

Say What? I am pretty slow, so you have to spell it out. What exactly are you asking me.

Batster

Gnome's thread over in Off Topic is about him wanting to find a new job in a monger friendly country.Hope that unconfuses you somewhat.

Putanero

I still have my dollar-denominated account at California Commerce Bank, but they have changed their name - they are now "Citibank Banamex". This is a FDIC protected bank account in Los Angeles.

I have had this account for years. Very low currency exchange fees.

NEVER a problem.

The only currency risk I experience is after I draw pesos out of the machine and they are in my pocket.