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There is also a mexican bank called "Financiera para el Bienestar". This bank is dual available for people living in both Mexico and in USA with mexican citizenship. They have branches in Mexico and they also have a website and a mobile app. Individuals can manage both cards (one in USD, another in Pesos MXN) using the same app. I have a video in spanish on my channel where I talk about this.
Hey guys! Great info. We also use A Schwab account for travel in Mexico because they refund all fees. One thing I don’t think you mentioned was when using the Schwab card (or any debit card) at an ATM in Mexico, it’s important to decline the banks rate and accept the rate the Schwab card will pay. Schwab exchanges at the actual market rate whereas the bank rate in Mexico will be a few pesos less. Example Santander in CDMX offered 17.4 pesos to USD, declined and got Schwab’s rate 20.25 pesos to USD.
@@EatBailaTravel I second this. Charles Schwab account allows a free checking account with a brokerage (no minimums etc for both) and I have used it extensively when I go to MEX given the no fees to use debit card at locations and pulling money from ATMs. BBVA is the perfect pairing for it too. BBVA has the least fees and the best ease of transfers! You can open up BBVA accounts online too as US Citizens/Mex Citizens (this one is new!!)
I have a Charles Schwab account and live here in Veracruz Veracruz (Bad Mistake) Mexico. PLEASE tell me how to do the decline as you are correct Santander takes over more than a pesos from the current rate and it hurts my account. Will it allow one to continue on with transaction? Please inform me what and how I do this! Thank you very much this is great information added on top.
@@lobosolo3215 yes, you will get a screen that tells you the exchange rate, on the lower left corner will be the button that says Decline. You press decline and the atm completes the transaction at Schwabs rate. You can check your Schwab account to see what your actual rate was. And it will be better than the banks rate. I just got home from Querétaro last night. I did notice the BBVA atm did not offer to decline the rate, and I had to use their rate and it was around 17.50. But Santander, Banorte, HSBC and Citibanmex atms offer to decline rate.
Everybody's got different reasons to open an account, I opened an account to send a percentage of my check from my job to the Mexican account so when I go to Mexico I know I have money there the great part is it compounds cuz I'm not touching it all the time and I don't have to use dollars when I go over to Mexico.👍
What bank are you using? This is the same reason I’m looking to open up an account in Mexico. I would like to be able to manage my money from the US so i don’t have to physically be in Mexico to move it around.
Kinda digging the vibe of both of you, probably one of the best videos regarding info, energy & production quality from other channels that do travel stuff in Mexico.
I use First Republic Bank. Similar to Schwab, they reimburse all fees worldwide - both ATM and purchases. Mobile app is easy and they have U.S. branches should you decide to go in person.
Glad to know we are not alone on this information. I traveled to Mexico and found it necessary to have a bank account, but it was so difficult. Citizenship is not enough
Hi Erick! Yea we feel like that sometimes which is why we want to upload more videos to be a resource for other Mexicans Americans who would like to transition to Mexico.
We have dual citizenship and we have the “INE” ( identification card) We plan to keep our bank and P.O. Box in the states but want to gave a bank in Mexico . So what do they ask for?
Oh man, I (Stephen) love a hammock nap! This video's going to be really helpful to any US/Mexico dual citizens. Not something we'll be doing anytime soon, but we wouldn't miss one of your vids anyway! 😊
Just the info I was looking for!! First time seen you're channel and I truly appreciate the great info you've provided us with!!🙌 Most videos I've found are for ppl with tourist visa or temp/perm Mexican residents, but needed info on dual citizenship. Thank you guys!! May Life continue Blessing you both greatly with everything that makes you HAPPY!!!🙌💫🥳🎉 Btw... My boyfriend recently found out about Puerto Escondido and his very interested in visiting soon! I'll check out your channel for any vids you might have on PE! 🙂
Oh my gosh we love Puerto Escondido and have a whole series of them from the multiple times we’ve been 😊 we have tons of recommendations so I think you’ll enjoy them. I’m so glad to hear this info is helpful to you and that you like our channel! If you haven’t already we’d love if you subscribed to join us on the adventures and grow the EBT community!
Regarding the phone and app. actually it would be a good idea to keep the number in case there is a need for MFA, the bank would send you a txt messege.
Hola! Great video, thank you for the information! Is there anyway you guys can do a video on the best ways to build credit in Mexico from scratch? Gracias.
Buenos días, I have a Charles Schwab account here in the USA. When I use my debit card anywhere in the world I’m reimbursed any transaction fees by Charles Schwab. Bonito día… 🇲🇽
Buenos días! 🙂 we use Charles Schwab too! Love it. We still like to have a local bank account for easy and fee-free electronic transfers to locals. We pay for a lot of things like that too
Have you guys checked out Banco del Bienestar? We are planning to move México next year and I found this account offered by the government to help migrantes transfer money to their family members in México, giving you the best exchange rate and no transaction fees. And you can open the account on line.
hola buenas, I’ve been trying to open a bank account in mexico for some time now as a mexican citizen but i’ve been asked for my social security number by multiple banks.. is this necessary for opening a bank account? I don’t understand why a mexican bank would need my american social security number. I’d prefer to keep my US and Mexico dealings separate if possible.
I just opened a bank account last week and so did my aunt in Mexico. We both have dual citizenship. We were never asked for our social security numbers. Just our INE and Mexican Passports. Hope that helps.
Unfortunately, if you have a bank account in Mexico and are from the USA, you still have to declare it to the IRS due to FATCA (Foreign Account Tax Compliance Act)
@@princesagamero the Mexican and US govt, Treasury and SAT have a reciprocity to report a US citizen, US legal resident, Mexican citizens when they have accounts, signed agreement by Obama and Calderon in 2010. They will know based on social security passport dual citizenship, address, voting ID, job, source of income,etc
Unfortunately this has also been my experience. With the exception of Italy, I have never seen so long and slow moving lines as there are at Mexican banks, even if you just want to get money from an ATM there will be a huge line. And yes, choose wisely where you open it, because for any major changes, they want you to go back to that branch. This is a typical Mexican hassle which also happens at government offices. It seems, wherever your file has been created, it always will be, no matter where you move.
I’m on week 1 of trying to open an account with BBVA. 😩 Have to go back again cuz the banker had no idea what accounts would support transfers. Can you tell me which specific account type did you get? Checking? Savings?
They opened your account as a “foreigner” because as a US citizen they have to report your account and how much money you have in it to the US. FATCA reporting requirement. It has nothing to do with you being a Mexican national as well. So long as you are an American national you will keep having this issue come up.
@@EatBailaTravel to add to this, make sure you report your account when you file taxes in America or the irs will come after you. I think it's called a FBAR form
no we didn't sorry. As a dual national, it's not really worth getting a driver's license. Driver's licenses are only valid for 2 years so it's time consuming and expensive. You can just use your US driver's license. It's better to use your INE as official national ID.
It’s an online bank account (also offers IRAs and investing accounts) that reimburses atm fees from ALL atm withdrawals anywhere in the world. They’ll mail you your debit card once you’ve funded your account and you can use it anywhere with no foreign transaction fees.
yes, as EBT says, wherever you travel in the world and use an ATM, if that ATM charges a fee - and they ALL do anymore - C. Schwab will refund that fee to you, and, Schwab doesn't charge you a fee, so it's fee-free ATM withdrawals. There are many TH-cam videos on doing international ATM withdrawals..general consensus is that Schwab and Wise can be useful for people with international lives 😊
In my INE it shows I am an extranjero, even though I have a dual citizenship. Now the bank says I have to open my account as a foreigner. How did you fix it to open an account as a Mexican citizen? Thank you !
How do you pay taxes in both countries? Do you all still pay for social security and Medicare taxes? I saw that you can apply for foreign earned income exclusion
I’m planning to moving back but I’m confused on how to report taxes and how much we will be taxed for social security. Especially if you are working in Mexico you don’t earn much so it doesn’t make sense to me why pay the USA taxes on social se unity if you are not actively living there.
one of us has had a US based remote job earning a US dollar salary and pretty soon I (jenny) will start a job in Mexico City earning in pesos while Kevin continues his remote US based job
Very good info!! Great checklist I’ll give my husband when setting up the account. One question: I’ve heard that Mexico doesn’t have joint accounts- is this true? If so, would you have any issues with funds getting transferred in using your spouses name? I.e. if you have a local income but want the money to go into your spouses account.
Oh we have money transfers between banks unlike the USA that uses checks and can’t transfer money to other banks which you have to use apps to do that and pay them for that!
Great information video I just found. I live in Veracruz Veracruz Mexico (bad choice for white anglo American/ anyone of light skinned) > I want to ask as I am not sure you mentioned it. As a tourist on FMM for the last 12 months I have NEVER been able to open any bank account and each bank says I need to be a temporary residence or permanent residence or a citizen. I live here, have a home here and all but I have been turned down by Azteca Bank and others for lack of residency. So please let others know or maybe this is the case in this racist hating area. I am sorry my opinion from 12 months of living. People here only like the money otherwise one is outcast or treat as lowest caste. I invested over 50,000 US dollars in this house as I was told it is nice here..... I beg to difference. Great video, great information
ah that's got to be so frustrating. Have you tried BBVA? we were able to open bank accounts, but we are Mexican citizens (by heritage), however they marked our account as being owned by foreigners because we were born in the USA. So odd to me.
Great video as always…. Any way I might be able to open an account for BBVA online??? Saludos desde tu Chicago…. Cold days I’m sure y’all don’t miss this lol
I don’t think so.. not for a Mexican account at least. And omg please stay warm it’s ridiculously cold in Chicago lately! We’d be lying if we said we missed it 😅🥶
@@EatBailaTravel I figured, I was just trying to se if it was possible so I can start saving some money in Mexico. Oh yes it has Been very cold lately. Thank you both for your videos I’m hoping to move to Mexico in 10 years just need to convince my wife. I hope you guys can make a video about safety in Mexico since Thats my wife’s biggest fear…. Saludos y se bañan lol
How long does it take to get the INE? I was born in Mexico but am now a US citizen but don’t have anything but my Mexican birth certificate how should I go about it and now I also have a different last name for to marriage
You guys are sooo helpful!!! Hi I have a question. I have dual citizenship and I’m buying a house. I originally was going to do a wire transfer through Citibank on my phone. I see the rate is really low. I opened cup a bank activity here at Multiva Bank and they told me I could wire USD to their bank and it would become received as USD here since I can send it as USD. Then they will transfer to Scotiabank at their rate which would be a higher rate than Citibank . My question is have you heard of anything like this before? And would you happen to know what the limit in USD would be to transfer ?
Hm I haven’t heard of Multiva bank before but we’ve used Wise for large transfers and find that there rate is usually better than the banks so I would look into that and compare it to what Multiva is offering you. And no, I don’t know what the limit is or if there is one, sorry
the fee depends on your sending bank. Your bank won't always give you the actual market exchange rate (they take their cut but so does everyone). We've found the best rate to be with Transfer Wise even though their fees are higher, the rates are better.
No sorry don’t have a video on that specifically. We hope to establish credit as Mexican citizens so we just want to make sure our accounts reflect that.
@@EatBailaTravel No, I mean is establishing credit in Mexico as a citizen different from establishing credit in Mexico as a temporary/permanent resident?
There are so many fees at foreign atms, conversion fees, withdrawal fees, etc. Are there any fees fees schwab does not refund? When i used their acct overseas, they refunded fees all at once at the end of month. So, could not figure out how much fees were refund for each individual transaction.
@@EatBailaTravel the reason why I say that, is just got my INE today and I’m looking to get my bank account soon. I’m doing the research, came across your video. When going through the process of getting my INE I had to give so much information it almost seems redundant to give a passport and an INE. I’m almost positive not every Mexican in Mexico has a passport and yet have bank accounts.
@@migueltapia1472 When I tried to open an account with BBVA, only the INE was required. If you don ´ t have one, then they need the passport and some type of school identification.
I have a question for the both of you on opening a bank account in Mexico. I have dual citizenship just like you folks. I can open a bank account without going to Mexico from California. I don’t have a resident, drive license or voting card in Mexico. Can a lawyer in Mexico given power of attorney do this or any other way or method?
Hi, I’m planning on moving to Mexico in about a year. But was wanting to open a bank account before I actually move. I have a question about providing a bill as documentation. Does the bill have to have your name on it. My dad lives in Mexico and I could always ask him for a bill, but it waited have his name on it.
You can support us here! Buy us a coffee www.buymeacoffee.com/eatbailatravel and join us over on Patreon! www.patreon.com/eatbailatravel UN ABRAZO We appreciate you!
There is also a mexican bank called "Financiera para el Bienestar". This bank is dual available for people living in both Mexico and in USA with mexican citizenship. They have branches in Mexico and they also have a website and a mobile app. Individuals can manage both cards (one in USD, another in Pesos MXN) using the same app. I have a video in spanish on my channel where I talk about this.
I wouldn't recommend anything to do with 'Bienestar'
Hey guys! Great info. We also use A Schwab account for travel in Mexico because they refund all fees. One thing I don’t think you mentioned was when using the Schwab card (or any debit card) at an ATM in Mexico, it’s important to decline the banks rate and accept the rate the Schwab card will pay. Schwab exchanges at the actual market rate whereas the bank rate in Mexico will be a few pesos less. Example Santander in CDMX offered 17.4 pesos to USD, declined and got Schwab’s rate 20.25 pesos to USD.
This is a great tip! Thank you for sharing!
@@EatBailaTravel I second this. Charles Schwab account allows a free checking account with a brokerage (no minimums etc for both) and I have used it extensively when I go to MEX given the no fees to use debit card at locations and pulling money from ATMs. BBVA is the perfect pairing for it too. BBVA has the least fees and the best ease of transfers! You can open up BBVA accounts online too as US Citizens/Mex Citizens (this one is new!!)
I have a Charles Schwab account and live here in Veracruz Veracruz (Bad Mistake) Mexico. PLEASE tell me how to do the decline as you are correct Santander takes over more than a pesos from the current rate and it hurts my account. Will it allow one to continue on with transaction? Please inform me what and how I do this! Thank you very much this is great information added on top.
@@lobosolo3215 yes, you will get a screen that tells you the exchange rate, on the lower left corner will be the button that says Decline. You press decline and the atm completes the transaction at Schwabs rate. You can check your Schwab account to see what your actual rate was. And it will be better than the banks rate. I just got home from Querétaro last night. I did notice the BBVA atm did not offer to decline the rate, and I had to use their rate and it was around 17.50. But Santander, Banorte, HSBC and Citibanmex atms offer to decline rate.
How are you doing
Everybody's got different reasons to open an account, I opened an account to send a percentage of my check from my job to the Mexican account so when I go to Mexico I know I have money there the great part is it compounds cuz I'm not touching it all the time and I don't have to use dollars when I go over to Mexico.👍
This is a great reason thank you for sharing this. We might just do this with another account to have as savings
Same reason I’m looking into it. How’d you do this? Thanks
What bank are you using? This is the same reason I’m looking to open up an account in Mexico. I would like to be able to manage my money from the US so i don’t have to physically be in Mexico to move it around.
Kinda digging the vibe of both of you, probably one of the best videos regarding info, energy & production quality from other channels that do travel stuff in Mexico.
Appreciate the compliment! 🙏🏽 😊
Very helpful, thank you guys. A dual Citizenship is the way to go. 😊
We agree! 😊
We are back !
Full supporting from us ,hope your day is wonderful
thank you for the support! Saludos amigos!
I plan on moving to GDL in spring and this content couldn't have come at a better time. Gracias 😍🤩🤘
👏🏼👏🏼 awesome!
I use First Republic Bank. Similar to Schwab, they reimburse all fees worldwide - both ATM and purchases. Mobile app is easy and they have U.S. branches should you decide to go in person.
Awesome thank you for the suggestion we appreciate it. We will look into it
Glad to know we are not alone on this information. I traveled to Mexico and found it necessary to have a bank account, but it was so difficult. Citizenship is not enough
Hi Erick! Yea we feel like that sometimes which is why we want to upload more videos to be a resource for other Mexicans Americans who would like to transition to Mexico.
Yes, we just retired and we are getting ready to find a spot in Mexico
We have dual citizenship and we have the “INE” ( identification card)
We plan to keep our bank and P.O. Box in the states but want to gave a bank in Mexico . So what do they ask for?
Oh man, I (Stephen) love a hammock nap! This video's going to be really helpful to any US/Mexico dual citizens. Not something we'll be doing anytime soon, but we wouldn't miss one of your vids anyway! 😊
y'all are the best 🥲 ❤
Just the info I was looking for!! First time seen you're channel and I truly appreciate the great info you've provided us with!!🙌 Most videos I've found are for ppl with tourist visa or temp/perm Mexican residents, but needed info on dual citizenship. Thank you guys!! May Life continue Blessing you both greatly with everything that makes you HAPPY!!!🙌💫🥳🎉 Btw... My boyfriend recently found out about Puerto Escondido and his very interested in visiting soon! I'll check out your channel for any vids you might have on PE! 🙂
Oh my gosh we love Puerto Escondido and have a whole series of them from the multiple times we’ve been 😊 we have tons of recommendations so I think you’ll enjoy them. I’m so glad to hear this info is helpful to you and that you like our channel! If you haven’t already we’d love if you subscribed to join us on the adventures and grow the EBT community!
Thank you again!! Great info!!!
Our pleasure! Have a great day ☺️
Nice video 🎉
Gracias!
👏🏽 You two are always presenting valuable information. Mil gracias!!🤩
Thank you! It is our pleasure to help others avoid the the same headaches we have been through. Saludos!
Never go to a bank in Mexico on a Monday or Tuesday, or a 15 or 30 of the month. Wednesdays are the best to go to the bank (not 15th or 30th)
Great advice!
Why?
Thank you both for all the awesome info
Thanks for your comment, Lizda!
Regarding the phone and app. actually it would be a good idea to keep the number in case there is a need for MFA, the bank would send you a txt messege.
Yup
Thank you so much for the excellent information!
You are very welcome!
Fantastic video.
Thank you very much!
Hola! Great video, thank you for the information! Is there anyway you guys can do a video on the best ways to build credit in Mexico from scratch? Gracias.
We are actualy working on that now.
@@EatBailaTravel thanks.
Buenos días, I have a Charles Schwab account here in the USA. When I use my debit card anywhere in the world I’m reimbursed any transaction fees by Charles Schwab. Bonito día… 🇲🇽
Buenos días! 🙂 we use Charles Schwab too! Love it. We still like to have a local bank account for easy and fee-free electronic transfers to locals. We pay for a lot of things like that too
Great video idea man. Very helpful.
Glad it was helpful! Thanks for commenting
Very helpful video! Gracias. Love your videos. 🌵
Hola Hortensia, glad you enjoy our videos 😊 thanks for leaving a comment!
Have you guys checked out Banco del Bienestar?
We are planning to move México next year and I found this account offered by the government to help migrantes transfer money to their family members in México, giving you the best exchange rate and no transaction fees. And you can open the account on line.
We have not heard of this bank, thank you for mentioning we will look into it. It sounds very beneficial and helpful.
hola buenas, I’ve been trying to open a bank account in mexico for some time now as a mexican citizen but i’ve been asked for my social security number by multiple banks.. is this necessary for opening a bank account? I don’t understand why a mexican bank would need my american social security number. I’d prefer to keep my US and Mexico dealings separate if possible.
I just opened a bank account last week and so did my aunt in Mexico. We both have dual citizenship. We were never asked for our social security numbers. Just our INE and Mexican Passports. Hope that helps.
@@user-zp1dx2rf4c thank you!
Can you please make the video of getting a driver’s license.
We definitely will! Stay tuned, we have exciting video ideas and might start a new channel for these kind of videos.
what about taxes? Since know you are getting money in your mexico bank account you may need do some clarifications with the SAT
Pay taxes in both countries of course.
Great vid! Super helpful ! Any tips how i can open a bank account from the states?
As far as we know you can’t but worth the research
INTERCAM BANCO IS YOUR BEST CHOICE, ALL AGENTS SPEAK ENGLISH BEST CUSTOMER SERVICES!
Thank you for the suggestion we will definitely look into it.
Are there transfer fees moving funds from say a US bank to BBVA?
That might depend on your USA bank, BBVA, doesn’t charge foreign fees to receive but your USA bank will charge you to make transfer.
by now, you've likely looked into Wise..
So is there a way to open a bank account in Mexico and manage it from the USA?
Unfortunately not that we know of.
I have an ine but it list my usa address do I need to change..?
Really? We just got ours but we have to pick it up in Mexico.
Why not choose a bank that is in both countries like Citibank?
We did actually look into that! Citibank in the US is not the same as CITIBANAMEX in Mexico, unfortunately.
@@EatBailaTravel I've seen Santander in USA. Maybe their app sucks?
Does the proof of address have to be same as on your license or INE? Does the proof of address have to be in your name?
Proof of address does not have to be in your name. I don’t think it has to be the e same on your license/INE but I could be wrong on this one.
Unfortunately, if you have a bank account in Mexico and are from the USA, you still have to declare it to the IRS due to FATCA (Foreign Account Tax Compliance Act)
Thanks for the suggestion!
The IRS won’t care if your total assets abroad are less than $50,000 USD. www.irs.gov/businesses/corporations/fatca-information-for-individuals
@@princesagamero the Mexican and US govt, Treasury and SAT have a reciprocity to report a US citizen, US legal resident, Mexican citizens when they have accounts, signed agreement by Obama and Calderon in 2010. They will know based on social security passport dual citizenship, address, voting ID, job, source of income,etc
Do you know if this is the same for Canada?
@@Bridgingspirit as long as you are a us citizen or us resident legal alien
Unfortunately this has also been my experience. With the exception of Italy, I have never seen so long and slow moving lines as there are at Mexican banks, even if you just want to get money from an ATM there will be a huge line. And yes, choose wisely where you open it, because for any major changes, they want you to go back to that branch. This is a typical Mexican hassle which also happens at government offices. It seems, wherever your file has been created, it always will be, no matter where you move.
why though?? 😅 I wish it made sense!
I’m on week 1 of trying to open an account with BBVA. 😩
Have to go back again cuz the banker had no idea what accounts would support transfers. Can you tell me which specific account type did you get? Checking? Savings?
oh no sorry to hear that :/ we opened a checking account, be sure you let them know you'd like to be able to make transferencias
They opened your account as a “foreigner” because as a US citizen they have to report your account and how much money you have in it to the US. FATCA reporting requirement. It has nothing to do with you being a Mexican national as well. So long as you are an American national you will keep having this issue come up.
ahhh that makes so much sense. Thanks for clarifying!
@@EatBailaTravel to add to this, make sure you report your account when you file taxes in America or the irs will come after you. I think it's called a FBAR form
@@iTuber012 I think that's only if the balance goes over 10k in USD equivalence
@@Taldanmusthat is correct
@@iTuber012yes if the aggregate amount in the account is $10,000 or more at any point in the year
Did you guys ever make a video on getting your drivers license in Mexico as a dual national?
no we didn't sorry. As a dual national, it's not really worth getting a driver's license. Driver's licenses are only valid for 2 years so it's time consuming and expensive. You can just use your US driver's license. It's better to use your INE as official national ID.
Can you please elaborate about Charles Schwab ? What is it? I tried to google it and I didn’t understand what the hype is about
It’s an online bank account (also offers IRAs and investing accounts) that reimburses atm fees from ALL atm withdrawals anywhere in the world. They’ll mail you your debit card once you’ve funded your account and you can use it anywhere with no foreign transaction fees.
yes, as EBT says, wherever you travel in the world and use an ATM, if that ATM charges a fee - and they ALL do anymore - C. Schwab will refund that fee to you, and, Schwab doesn't charge you a fee, so it's fee-free ATM withdrawals. There are many TH-cam videos on doing international ATM withdrawals..general consensus is that Schwab and Wise can be useful for people with international lives 😊
In my INE it shows I am an extranjero, even though I have a dual citizenship. Now the bank says I have to open my account as a foreigner. How did you fix it to open an account as a Mexican citizen? Thank you !
How do you pay taxes in both countries? Do you all still pay for social security and Medicare taxes? I saw that you can apply for foreign earned income exclusion
I’m planning to moving back but I’m confused on how to report taxes and how much we will be taxed for social security. Especially if you are working in Mexico you don’t earn much so it doesn’t make sense to me why pay the USA taxes on social se unity if you are not actively living there.
@@klgs28 one reason might be so that when you're older, it would be to your advantage to have more paid on SS taxes
So how do you guys make your money. You guys both work in Mexico?
one of us has had a US based remote job earning a US dollar salary and pretty soon I (jenny) will start a job in Mexico City earning in pesos while Kevin continues his remote US based job
I think it's better to use Wise global multi-currency account - less fees and easier than local bank accounts!
I’m familiar with Wise as a transfer tool, but I didn’t realize they do checking accounts too 😯
@@EatBailaTravel yes it's very good and a debit card with no foreign fees!
Very good info!! Great checklist I’ll give my husband when setting up the account. One question: I’ve heard that Mexico doesn’t have joint accounts- is this true? If so, would you have any issues with funds getting transferred in using your spouses name? I.e. if you have a local income but want the money to go into your spouses account.
There are no joint accounts in BBVA we haven’t asked for others but we haven’t heard of joint accounts. Any bank you were specially looking into?
@@EatBailaTravel we were considering BBVA so your video was a goldmine of info!! :)
Oh we have money transfers between banks unlike the USA that uses checks and can’t transfer money to other banks which you have to use apps to do that and pay them for that!
I think using the bank is way easier than Mexico.
-Kevin
Great information video I just found. I live in Veracruz Veracruz Mexico (bad choice for white anglo American/ anyone of light skinned) > I want to ask as I am not sure you mentioned it. As a tourist on FMM for the last 12 months I have NEVER been able to open any bank account and each bank says I need to be a temporary residence or permanent residence or a citizen. I live here, have a home here and all but I have been turned down by Azteca Bank and others for lack of residency. So please let others know or maybe this is the case in this racist hating area. I am sorry my opinion from 12 months of living. People here only like the money otherwise one is outcast or treat as lowest caste. I invested over 50,000 US dollars in this house as I was told it is nice here..... I beg to difference. Great video, great information
ah that's got to be so frustrating. Have you tried BBVA? we were able to open bank accounts, but we are Mexican citizens (by heritage), however they marked our account as being owned by foreigners because we were born in the USA. So odd to me.
Great video as always…. Any way I might be able to open an account for BBVA online??? Saludos desde tu Chicago…. Cold days I’m sure y’all don’t miss this lol
I don’t think so.. not for a Mexican account at least. And omg please stay warm it’s ridiculously cold in Chicago lately! We’d be lying if we said we missed it 😅🥶
@@EatBailaTravel I figured, I was just trying to se if it was possible so I can start saving some money in Mexico. Oh yes it has Been very cold lately. Thank you both for your videos I’m hoping to move to Mexico in 10 years just need to convince my wife. I hope you guys can make a video about safety in Mexico since Thats my wife’s biggest fear…. Saludos y se bañan lol
How do you get and INE??? How long does it take ??
Do you guys know how to send money to Mexico from the USA to a love one with cash?
Western union
Send money to Electra or Coppel too
@@EatBailaTravel and what info do we need
I believe just their name, phone number, and the exact address of the western union/ Elektra/ Coppel they’ll be going to pick the money up at.
@@EatBailaTravel probably at a bank or that place where they get money in Mexico
How long does it take to get the INE? I was born in Mexico but am now a US citizen but don’t have anything but my Mexican birth certificate how should I go about it and now I also have a different last name for to marriage
You guys are sooo helpful!!! Hi I have a question. I have dual citizenship and I’m buying a house. I originally was going to do a wire transfer through Citibank on my phone. I see the rate is really low. I opened cup a bank activity here at Multiva Bank and they told me I could wire USD to their bank and it would become received as USD here since I can send it as USD. Then they will transfer to Scotiabank at their rate which would be a higher rate than Citibank . My question is have you heard of anything like this before? And would you happen to know what the limit in USD would be to transfer ?
Hm I haven’t heard of Multiva bank before but we’ve used Wise for large transfers and find that there rate is usually better than the banks so I would look into that and compare it to what Multiva is offering you. And no, I don’t know what the limit is or if there is one, sorry
If I move to Mexico and work in the United States do I get double taxed
To be honest we don't know yet but we would think so
I just found out no u dont
@@oscaravila3398 cool!
Thank you!
You can also just use a credit card instead of a debit card and get no foreign transaction fees
we do! but having a debit card is still important for withdrawing cash. A lot of informal commerce in Mexico only accepts cash.
@@EatBailaTravel ahhh i see do yo use an app or anythiung for foreign exchange?
I'm looking to buy property in the future in Mexico, I'm a dual citizen. What's the Maximum you can transfer? Is there a fee??
the fee depends on your sending bank. Your bank won't always give you the actual market exchange rate (they take their cut but so does everyone). We've found the best rate to be with Transfer Wise even though their fees are higher, the rates are better.
I'm not clear on why it matters that they open your bank account as a "foreigner." Do you have a video that explains that?
No sorry don’t have a video on that specifically. We hope to establish credit as Mexican citizens so we just want to make sure our accounts reflect that.
@@EatBailaTravel I'm just wondering if it really makes a difference.
Not really, I guess, unless you plan to establish credit as a Mexican citizen?
@@EatBailaTravel No, I mean is establishing credit in Mexico as a citizen different from establishing credit in Mexico as a temporary/permanent resident?
Are you able to have a joint account or does it have to be individual account?
Great question they only allow individual accounts
Question, i was born in Mexico but live in the state of NY.With that said can I open a bank account in Mexico with my usa address_.?
Hmm not to my knowledge. It’s our understanding that you need a Mexican address to open a bank account in Mexico.
I would contact the Mexican consulate in NY for opening a Bank Acct. at Banco del Bienestar on line or at the consulate.
@FFGITH yea actually they might work! You’ll just need to provide a proof of address like an electric bill. It doesn’t even have to be in your name
There are so many fees at foreign atms, conversion fees, withdrawal fees, etc. Are there any fees fees schwab does not refund?
When i used their acct overseas, they refunded fees all at once at the end of month. So, could not figure out how much fees were refund for each individual transaction.
Not to my knowledge. My understanding is that they refund ALL atm fees and don’t charge any fees themselves
which esim did you find that supports texts and provides a mexican cell number?
Telcel works well
Why would you need a Mexican passport and an INE to get an account?
Rules 🤷🏽♂️
@@EatBailaTravel the reason why I say that, is just got my INE today and I’m looking to get my bank account soon. I’m doing the research, came across your video. When going through the process of getting my INE I had to give so much information it almost seems redundant to give a passport and an INE. I’m almost positive not every Mexican in Mexico has a passport and yet have bank accounts.
@@migueltapia1472 When I tried to open an account with BBVA, only the INE was required. If you don ´ t have one, then they need the passport and some type of school identification.
@@gamoneda03 thank you! i just got my INE and a bank account already. I jumped through the hoops of fire already.
We can’t to go back to Puerto Escondido. Live there so we can visit. Lol
😁😁😁soon!!
Omg y’all are clutch as fuck 🔥 I’m moving to Jalisco and I was wondering how I was gonna do this 😅
hahaha love this comment! Thanks fam, Saludos!
I have a question for the both of you on opening a bank account in Mexico. I have dual citizenship just like you folks. I can open a bank account without going to Mexico from California. I don’t have a resident, drive license or voting card in Mexico. Can a lawyer in Mexico given power of attorney do this or any other way or method?
Hi Antonio, thanks for reaching out. We honestly do not know but each bank has different policies and you might be able to do that with another bank.
You can but you have to report it to the IRS under FATCA Foreign Account Tax Compliance Act
Hi, I’m planning on moving to Mexico in about a year. But was wanting to open a bank account before I actually move. I have a question about providing a bill as documentation. Does the bill have to have your name on it. My dad lives in Mexico and I could always ask him for a bill, but it waited have his name on it.
bill doesn't have to be in your name :)
@@EatBailaTravel Thanks..😊👍
Where’s the video on how to get a Mexican drivers license? lol