New member

[Steve Hazzard]

Hola! This is my first forum posting. I would like to relocate to the Cuidad of Cuernavaca, Mexico which is about 60km south of Mexico City. I will be receiving about $US900 per month from Social Security Retirement benefits. I am aware that I can receive my Social Security payment by Electric Funds Transfer in Mexico. I am also aware that there is a $US1500 per month income minimum to maintain a resident alien visa. How flexible is this minimum income requirement? I can not afford to acquire property in Mexico in order to reduce the minimum income requirement. What about health care and health insurance? I am an insulin dependent diabetic. I have an amiga in Cuernavaca that is helping me with some relocation info, but I can't have too much information! Thanks! (Muchas gracias!)

[sparks]

The income requirement is more like $1250 and INS is not flexible. The way around that is to have 2 bank accounts (in the US) that you can access via the Internet. Just transfer $400+/- every month from one to the other and back again. PayPal is another option for transfering money and they do have a Debit card you can use in ATM's - they also pay 5%+ interest

I would forget the Mexican bank until sometime in the future. Just use ATM's from US banks. Try to find banks (or Credit Union) that charge little or nothing for international withdrawals

[synthia]

The problem will be that you won't be eligible for the retirement visa, and thus won't be eligible for the national health insurance. From what I've read, the health insurance excludes the long term illnesses caused by diabetes, without grandfathering. Thus something like a heart attack or stroke would not be covered, as that would be considered a result of diabetes.

You could qualify for a retirement visa in Panama, as the requirement is $500 per month.

And welcome to the forum!

[Steve Hazzard]

Originally Posted by sparks

The income requirement is more like $1250 and INS is not flexible. The way around that is to have 2 bank accounts (in the US) that you can access via the Internet. Just transfer $400+/- every month from one to the other and back again. PayPal is another option for transfering money and they do have a Debit card you can use in ATM's - they also pay 5%+ interest

I would forget the Mexican bank until sometime in the future. Just use ATM's from US banks. Try to find banks (or Credit Union) that charge little or nothing for international withdrawals

I have checked with the Social Security Administration and was told that I could deposit my SS payment directly into a Mexican bank and withdraw the payment in $US or MXN pesos. Were would I get the better exchange rate; from a US bank ATM or directly from a Mexican Bank?

[Steve Hazzard]

Originally Posted by synthia

The problem will be that you won't be eligible for the retirement visa, and thus won't be eligible for the national health insurance. From what I've read, the health insurance excludes the long term illnesses caused by diabetes, without grandfathering. Thus something like a heart attack or stroke would not be covered, as that would be considered a result of diabetes.

You could qualify for a retirement visa in Panama, as the requirement is $500 per month.

And welcome to the forum!

Thank you for your welcome to the forum! I hope to learn more each time I visit the forum!

I do not wish to relocate to Panama; I have made a decision to relocate to Mexico; I expect to accomplish this relocation in mid to late 2009 or early in 2010. I will not be eligible for Social Security Retirement benefits until October of 2008 when I will be 62 years of age. With the direction of politics in Washington D.C. and the need for Billions of $$$ in funding for the Iraq War, I'm not waiting around until age 65 to be eligible for Medicare!

Why am I not eligible for a retirement visa? Is there a minimum age requirement? Referencing health care, do I roll the dice with Medicare in 2011 or take my chances in Mexico? I believe that Presidente Calderon is going to make major changes to the health care system in the next couple of years. The US has the most expensive health care in the world, yet we rank #13 on the list of countries as to the effectiveness of their respective health care systems. I am working to improve my health and reduce the overall impact of my diabetes.

[sparks]

The age requirement is 55 for retirement and you would qualify with monthly transfers from a second account. Personally I would not try the money shuffling between a Mexican and US bank. Remember you have to transfer both ways each month unless you have a large savings account that doesn't need to be replenished.

The standard minimum on an ATM exchange is 1% ... and it could be that much or more if your checks are deposited directly to a Mexican bank. They don't exchange for free. Additional fees using an ATM will depend on the US bank you use.

IMSS will be available to you but at a premium with a preexisting condition

[Steve Hazzard]

Originally Posted by sparks

The age requirement is 55 for retirement and you would qualify with monthly transfers from a second account. Personally I would not try the money shuffling between a Mexican and US bank. Remember you have to transfer both ways each month unless you have a large savings account that doesn't need to be replenished.

The standard minimum on an ATM exchange is 1% ... and it could be that much or more if your checks are deposited directly to a Mexican bank. They don't exchange for free. Additional fees using an ATM will depend on the US bank you use.

IMSS will be available to you but at a premium with a preexisting condition

I would doubt that I would be fortunate enough to have a large savings account that would not need to be replenished. I'm proceeding on a shoe string budget!

My bank in the US is Citizens Bank which is a multi-state banking operation in the northeast and New England states. Correct me if I'm wrong, but your advice would we to deposit my SS payments in a US bank and then withdraw it from a Mexican ATM? Would I receive $US or MXN pesos? What about the conversion rate?

I'll need to take IMSS at the prevailing rate as my medical condition does not permit going without health insurance. That would be a real role of the dice!

[sparks]

Would I receive $US or MXN pesos? What about the conversion rate?

Mexican pesos of course. Very little need for US$ in Mexico

Most people agree that ATM exchange rates are about the best you can get. There is always a 1% bank fee but who is getting that I'm unsure. Also some US banks will charge from $3-5 for ATM use or international fee. My credit union has no fee.

BTW ... the money transfers would only need to happen in the 3-4 months before applying for or renewing your FM3. INS only wants you to show the previous 3 months income.

[Steve Hazzard]

Originally Posted by sparks

Mexican pesos of course. Very little need for US$ in Mexico

Most people agree that ATM exchange rates are about the best you can get. There is always a 1% bank fee but who is getting that I'm unsure. Also some US banks will charge from $3-5 for ATM use or international fee. My credit union has no fee.

BTW ... the money transfers would only need to happen in the 3-4 months before applying for or renewing your FM3. INS only wants you to show the previous 3 months income.

I will inquire at my bank (Citizens Bank NA) re ATM and bank fees and I will post the info on the forum for other customers of Citizens Bank.

[Intercasa]

B of A has the best exchange rate and no fees so I use them (when I withdraw from a Santander serfin ATM), other banks give you a lousy exchange rate. You could come in on a tourist visa and leave before the 180 days is up, visit the us and then come back. That may be one way around things.