Banking in Mexico

janlandry · 09-26-2009

My husband & I will be returning to Playa for the winter months and we have been told we could not open an account in Mexico without owning property. Anyone know about this?

As snowbirds from Canada we can't seem to find the answer to this question, and we don't like to carry travellers cheques as they are hard to get negotiated. We enjoy this site for good information.Thanks in advance

Babaloo · 09-26-2009

Not true.
But ATMs are easy
No need for travelers checks

roni · 09-26-2009

Many banks require you to have a visa other than the tourist visa - and FM-3 for example. While I have read a few reports over the years of people who were able to open a bank account with a tourist visa, those have been few and far between. Stories of people being told they could not open an account with a tourist visa far outnumber those.

There are people who live in Mexico full time without a Mexican bank account. I agree with Babs, ATM cards used at bank-based ATMs are fine. Mexico is much more a cash society than Canada, and I suspect you will be using cash for most of your transactions in Mexico, even though credit cards are becoming more common and many people use them for major shopping at places like Wal-Mart and Mega. You should have little problem using your north of the border credit cards there - just let your bank and credit card issuers know that you are going to be in Mexico.

snappysammy · 09-26-2009

it has become very easy for anyone to open an account down here
they even give me interest on my checking acct
but, as baba says, atms are really easy

outdated info, roni

syl · 09-26-2009

this is areverse situation question. If you were in mexico and needed to send money to the states what would be the easiest way? someone owes me money

Jorge de la Rana · 09-26-2009

bancomer or BBVA lets you open a bank account with a tourist visa if you can provide a proof of residence so if you have friends here or your renting a place ask to have a water bill or electric and you shouldn't have a problem ... good luck !

roni · 09-26-2009

Quote:

Originally Posted by snappysammy

it has become very easy for anyone to open an account down here
they even give me interest on my checking acct
but, as baba says, atms are really easy

outdated info, roni

Current information from Merida

Maybe not in Playa

Do you live there on a tourist visa?

snappysammy · 09-26-2009

Quote:

Originally Posted by syl

this is areverse situation question. If you were in mexico and needed to send money to the states what would be the easiest way? someone owes me money

i have always used monex
they have served me well
plaza antigua in playacar

i have also transferred money thru online banking
it takes a little setting up, but avoids most of the fees

snappysammy · 09-26-2009

Quote:

Originally Posted by roni

Current information from Merida

Maybe not in Playa

Do you live there on a tourist visa?

last i looked this site was called "playa-info??"
yes, fm-t

it is easier right now, and cheaper
it will soon become easier and cheaper to go fm-3, so i will do that

Quote:

Originally Posted by Jorge de la Rana

bancomer or BBVA lets you open a bank account with a tourist visa if you can provide a proof of residence so if you have friends here or your renting a place ask to have a water bill or electric and you shouldn't have a problem ... good luck !

and the bill needn't be in your own name
they like having your money in their bank
amazing it took them so long to figure this out

syl · 09-26-2009

Quote:

Originally Posted by snappysammy

i have always used monex
they have served me well
plaza antigua in playacar

i have also transferred money thru online banking
it takes a little setting up, but avoids most of the fees

the people are in mexico city...can they just wire money to my cking acct here?

snappysammy · 09-26-2009

Quote:

Originally Posted by syl

the people are in mexico city...can they just wire money to my cking acct here?

monex is in mexico city as well
wire transfers and mexico have not been a good combination for me
and they are pricey

syl · 09-26-2009

Quote:

Originally Posted by snappysammy

monex is in mexico city as well
wire transfers and mexico have not been a good combination for me
and they are pricey

so how would they send it thru monex?

ken · 09-26-2009

Its true that ATMs are popping up in playa all over the place...every year more and more, and I use them all the time but its worth knowing that if you access a foreign account and there is a messup with the machine you will need to wait till you get back home to clear it up.
About 12 months ago I went to an ATM on 30th to withdraw 7000 pesos from my canadian account. The machine made that whirling noise that I love so much but did not open and then shut down....no problem says I, and off to another machine I went where i was greeted with Balance unavailable or words to that effect.
The bank that "sponsored" the machine was zero help, and after some online research i found that this would be true anywhere...such issues must be cleared up by your home branch.
eventually it was sorted and the money returned to my account but I am definately wary now.

snappysammy · 09-26-2009

Quote:

Originally Posted by syl

so how would they send it thru monex?

get your acct info (numbers at the bottom of the check) and bring the money to the office
easy peasy

syl · 09-26-2009

Quote:

Originally Posted by snappysammy

get your acct info (numbers at the bottom of the check) and bring the money to the office
easy peasy

sorry for being an airhead...

i would give them my cking acct # and probably the bank routing # and they would take the $$ to monex with that info...that easy peasy...thanks! now hopefully they will have my money and send it to me

09-26-2009	#1 (permalink)
janlandry way into it Join Date: Nov 2008 Location: Innisfil Ont, Canada/ & PDC Posts: 160	Banking in Mexico My husband & I will be returning to Playa for the winter months and we have been told we could not open an account in Mexico without owning property. Anyone know about this? As snowbirds from Canada we can't seem to find the answer to this question, and we don't like to carry travellers cheques as they are hard to get negotiated. We enjoy this site for good information.Thanks in advance

09-26-2009	#13 (permalink)
ken Vidiot Savant Merchant Join Date: Apr 2004 Location: playa Posts: 169	ATM problem Its true that ATMs are popping up in playa all over the place...every year more and more, and I use them all the time but its worth knowing that if you access a foreign account and there is a messup with the machine you will need to wait till you get back home to clear it up. About 12 months ago I went to an ATM on 30th to withdraw 7000 pesos from my canadian account. The machine made that whirling noise that I love so much but did not open and then shut down....no problem says I, and off to another machine I went where i was greeted with Balance unavailable or words to that effect. The bank that "sponsored" the machine was zero help, and after some online research i found that this would be true anywhere...such issues must be cleared up by your home branch. eventually it was sorted and the money returned to my account but I am definately wary now.

09-26-2009	#2 (permalink)
Babaloo añejo Join Date: Apr 2004 Location: Playa del Carmen Posts: 22,438	Not true. But ATMs are easy No need for travelers checks

09-26-2009	#3 (permalink)
roni añejo Join Date: Feb 2003 Location: Oregon Posts: 59,636	Many banks require you to have a visa other than the tourist visa - and FM-3 for example. While I have read a few reports over the years of people who were able to open a bank account with a tourist visa, those have been few and far between. Stories of people being told they could not open an account with a tourist visa far outnumber those. There are people who live in Mexico full time without a Mexican bank account. I agree with Babs, ATM cards used at bank-based ATMs are fine. Mexico is much more a cash society than Canada, and I suspect you will be using cash for most of your transactions in Mexico, even though credit cards are becoming more common and many people use them for major shopping at places like Wal-Mart and Mega. You should have little problem using your north of the border credit cards there - just let your bank and credit card issuers know that you are going to be in Mexico.

09-26-2009	#4 (permalink)
snappysammy añejo Join Date: Jul 2009 Posts: 12,271	it has become very easy for anyone to open an account down here they even give me interest on my checking acct but, as baba says, atms are really easy outdated info, roni

09-26-2009	#5 (permalink)
syl añejo Join Date: Aug 2006 Location: santa ynez Posts: 7,380	this is areverse situation question. If you were in mexico and needed to send money to the states what would be the easiest way? someone owes me money

09-26-2009	#6 (permalink)
Jorge de la Rana way into it Merchant Join Date: Feb 2007 Location: playa del carmen Posts: 180	bancomer or BBVA lets you open a bank account with a tourist visa if you can provide a proof of residence so if you have friends here or your renting a place ask to have a water bill or electric and you shouldn't have a problem ... good luck !

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