Banking and transfering money

[Isla Verde]

Originally Posted by RVGRINGO

Maybe, but you don't have the option to use whatever ATM is convenient. There are also many other advantages, besides banking, with USAA.

That's not been a problem for me since one block from where I live, there is a major street with branches of almost all the banks in Mexico. That's one advantage of living in Mexico City!

[makaloco]

Don't these US banks require a US residence address? That was my problem a few years ago when I looked into opening a new account there. Something about a "Know Your Customer" law or act. So I kept the bank account I'd had since 1973, went to Plan B, and now am glad I did, but the situation may have changed since then.

[Isla Verde]

Originally Posted by makaloco

Don't these US banks require a US residence address? That was my problem a few years ago when I looked into opening a new account there. Something about a "Know Your Customer" law or act. So I kept the bank account I'd had since 1973, went to Plan B, and now am glad I did, but the situation may have changed since then.

When I opened my BOA account, I was still in the States and staying with my parents, so I used their address. Since you can open an account online, if I'd already been in Mexico, I still could have used their address to open the account.

[surfrider]

Originally Posted by makaloco

Before requesting direct deposit, contact the company that issues your checks. Depending on the type of funds, there may be up to 30% mandatory Federal withholding if the payments are deposited outside the US. This applies to my employer's retirement plan, for example, but not to my Social Security.

I used to do wire transfers a few times a year, but they became too costly ($40 USD on the US end and about $20 on the Mexico end for each one.) Now I write US personal checks for deposit into my bank account in Mexico. It's free, and the exchange rate is calculated at the time of deposit rather than the time the check clears, so you have some control. It does requires a little advance planning, because it normally takes a week to ten days for the check to clear.

Now that makes logical sense. Good idea. I am going to do that from now on. Thanks.

[pazenel]

Originally Posted by RVGRINGO

Maybe, but you don't have the option to use whatever ATM is convenient. There are also many other advantages, besides banking, with USAA.

But, do you have to be a veteran?

[RVGRINGO]

Not for the banking, but for some of their other services, there are requirements. You can find the details at USAA.com

[pazenel]

Originally Posted by RVGRINGO

Not for the banking, but for some of their other services, there are requirements. You can find the details at USAA.com

Thank you, gringuito.

[Isla Verde]

Originally Posted by pazenel

Thank you, gringuito.

Pazenel, I didn't realize that you and RVGRINGO were on such intimate terms !

[RVGRINGO]

How forward of him! Perhaps castigation is in order.

[Isla Verde]

Originally Posted by RVGRINGO

How forward of him! Perhaps castigation is in order.

What did you have in mind?