5 Banking Tips in Mexico that Will SAVE You Money and TIME
ฝัง
- เผยแพร่เมื่อ 4 พ.ค. 2024
- FREE Living in Mexico Guide bit.ly/3Ut1LH5
What you need to know about opening a bank account in Mexico bit.ly/4doLmfw
Ready to move to Mexico? Check out the COMPLETE Mexico Relocation Guide
bit.ly/3Qu4G1l
Thanks for watching!
If you'd rather read this information check out this blog post
-What you need to know about opening a bank account in Mexico bit.ly/4doLmfw
Other free resources
-FREE Living in Mexico Guide bit.ly/3Ut1LH5
-Ready to move to Mexico? Check out the COMPLETE Mexico Relocation Guide
bit.ly/3Qu4G1l
Get a Charles Schwab card in the US by opening a no-minimum account. They reimburse all ATM fees including what the local bank charges.
Yeap- we normally recommend this also. Howe Dr many clients accounts have been closed when Schwab finds out they are not living on the USA
@@MexicoRelocationGuide interesting, 🤔 i’m curious to know what’s their criteria to close, and how do they find out a US person is not living in the USA? i have been holding the Schwab debit card and use it for many years when visiting abroad, recent years more days travel / long stay out of US than in the US, and I no longer have a US home but I use a mailbox for all US financial letters, will Schwab close my account?
Nobody would be such stupid to tell Schwab to update to a foreign address, right?
@@2ndlife-ql1hc Not sure how they flag those accounts but we have heard from a few people that they had their accounts closed because they were not living in the USA
@@MexicoRelocationGuide could probably because they filed tax with a foreign address? or if they updated some credit card address to foreign? everything to IRS or to credit score would become public to banks to access;
for me at least I come back US for every year at least a month during tax season (Feb ~ April) and file tax from a US address only, to every financial institutions never tell a foreign address
For Canadians, a Tangerine account (electronic bank owned by Scotiabank) is a good option. No fees of Tangerine's end whichever bank's ATM you use, and no fees at all when using a Scotiabank ATM. CAVEAT with Tangerine: it doesn't allow for international money transfers, so having an account with a major Canadian bank is a must in order to transfer money to a Mexican account (in my case, CIBC to Santander).
On ATM fees: I agree that BBVA is to be avoided, and HSBC is just as bad if not worse.
Bonus bonus tip: never withdraw pesos in multiples of 500, because the atm will likely only give you 500 peso notes, and as you say, many small businesses don’t want to make change with a $500
I didn’t realize you had the option.
@@tandanielle3875 most atm’s will allow you to withdraw in multiples of 100
I used 2 different banks’ ATM, Citibanamex and Santander, it seems both ATM are smart enough always give me a mixed of different large and small bills, e.g. if withdraw 4000 pesos, it might give me 6 x 500 pesos and others in 200, 100, and sometimes it includes 2 x 50 pesos.
That's why I always withdraw 800 or 900 pesos. I am sure to get a few 100 or 200 bills.
As always, great information!
On opening a bank account. I used my first Airbnb's landlady's electricity bill. Not always necessary to have the bill in your name provided the address of residence/apartment is the same.
True- not all banks require the bill be in your name. Some do.
I live in Guatemala and have used Remitly many times with ease.
Also, you cannot use damaged bills in Mexico. If someone asks you to make change for them, inspect for damage on the bill the are wanting changed.
Maybe it varies by location, I've used ripped bills in PV.
totally depends on the retailer 😉
Legally they can’t deny a damaged bill, unless is ripped in half, but if it’s only a damaged corner or ink on the bill they can’t deny it. You can use tape if you feel it’s better.
The big ATM tip. If you get a screen asking if you accept or decline the exchange rate... decline it. I have never saved less than $20 on this maneuver with a max savings of $65. The fee charged to use the ATM is not the important fee. It's the exchange rate. My last withdrawal was for 15,000 pesos. The exchange rate screen said my cost was ,$1,206 CAD to buy the 15,000 pesos. I declined. I finished the transaction and sat down in the bank, went into my Canadian bank account on my phone and I had been charged was posted already at $1,184 .. that's a $22 savings. This is at an HSBC ATM in Mexico. Try it you will like it. !!!
My Wise card comes in very handy when traveling abroad.
What is this card and how do u get one?
Very timely and valuable information. Thanks Mariana. One question: Which is the most reliable wire transfer companies to make a money transfer from US to Mexico?
I use wise.com 😀
the QrooPaul, another big youtuber recommends DolarApp, which charges a fixed $3 amount for any money move to Mexico and moves back to US, so it could save a lot if transfer some larger US dollar amount; and there are a few other Mexico finance app options, hope @MexicoRelocationGuide may have a chance to checkout and make some more in-depth review?
the QrooPaul, another big youtuber recommends DolarApp, which charges a fixed $3 amount for any money move to Mexico and moves back to US, so it could save a lot if transfer some larger US dollar amount; and there are a few other Mexico finance app options, hope
the QrooPaul, another big youtuber recommends DolarApp, which charges a small fixed (xx) amount for any money move to Mexico and moves back to US, so it could save a lot if transfer some larger US dollar amount; and there are a few other Mexico finance app options, hope; hope @MexicoRelocationGuide may have a chance to checkout and make some more in-depth review?
@@MexicoRelocationGuide the ytb bot keeps auto-deleting my comments ?!
Could you please share the information about of interest rate on CD account in different Banks in Mexico? Thank you
You can find more info on Cetes here www.cetesdirecto.com/sites/portal/inicio
❤❤❤❤❤❤❤
Apple 🍎 Pay in Mexico???
Very important information but waaay too fast. Was hard to absorb!
I wrote down all the same tips on this post which I pinned on the comment- What you need to know about opening a bank account in Mexico bit.ly/4doLmfw
TH-cam allows you to control the speed of the video. If pausing frequently (and perhaps using the
I read
somewhere that you can't keep more than $9000 in a Mexican bank account or US will audit me, Is this true? I will be living in Merida full time, I will keep a bank in the US but wanted to know if I can keep larger amount in my MXN bank?
You can keep as much money as you'd like in a foreign bank account. However, if you have more than $10k in a foreign bank account you need to report it to the U.S. through a form called the FBAR www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
this doesn't mean you'll immediately get audited.
Thank you for the clarification!😊
Wish u spoke slower and a bit more clearly- Ty ♥️
the link in the comments gives you all of this in writing
Why should you not accept the bank conversion at the ATM?
because the ATM’s conversion almost always give you an unfavorable rate, much worse than your own bank.
e.g. at current exchange rate of 1 USD :17 Pesos, the ATM conversion might be using 1 USD : 15 pesos, can charge you 1 US dollar for every 15 Pesos you withdraw
Ok. Thanks
So I should withdraw in U.S. Dollars and then go to one of those money exchanges to get a better rate?
@@marih3286no, when you decline the atm conversion, the machine will still give you pesos, but at a better rate..more!
they pretend to offer a service of doing the conversion, but you should let them send the transaction on to YOUR bank, by declining the atm machine conversion..your bank should convert at a more favorable rate..you'll get pesos in any case, just MORE by declining the atm conversion 😊
No- we recommend withdrawing money from a local ATM and when asked if you want to accept the ATMs conversion rate decline. Instead, your bank will convert the currency for you and is always a better rate
Could you please talk slowly? It difficult understand you.
Check out all the tips on this blog post if it's easier to read them :) What you need to know about opening a bank account in Mexico bit.ly/4doLmfw
terrible video,,,,,, she talks WAY to fast, sounds like the disclaimers at the end of an advertising
we left the written version in the description if you’d prefer reading it