Mexican Bank

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Mexico Expat Forum for Expats Living in Mexico With an area of two million square kilometers, Mexico is the fifth largest country in the Americas and has a larger population of US and Canadian expats than any other country.

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Mexican Bank


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Old 7th January 2020, 07:35 PM
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Default Mexican Bank

I am a dual US/Mexican citizen. I am saving up to buy a house in Mexico. Since I am a Mexican citizen I don't plan on needing a trust account. I am looking to slowly transfer money into a Mexican bank account for this purpose. Any suggestions? Any particular bank that makes this easier?

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Old 8th January 2020, 10:40 AM
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Not going to offer up bank advice but I would suggest when you do find with whom you wish to bank- check out money transfer services. I send money down using Monivo to find the best rate. It's not always Transferwise who will give the best. Often times this is a much better option than bank to bank. Keep the transactions under 10K as well

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Old 9th January 2020, 03:57 AM
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Me, I'd keep the money in a US bank with FDIC insurance on it rather than use a Mexico bank which I don't believe has that kind of protection.

YMMV
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Old 9th January 2020, 04:06 AM
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Mexico guarantees all bank deposits up to 2,406,702.40 MXN (about $125,000). I only plan on keeping about $50-75k in the bank. Guessing most people on this board are renting or paying through a trust?
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Old 11th January 2020, 01:20 PM
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Quote:
Originally Posted by elderp View Post
Mexico guarantees all bank deposits up to 2,406,702.40 MXN (about $125,000). I only plan on keeping about $50-75k in the bank. Guessing most people on this board are renting or paying through a trust?
Only those looking to purchase in the restricted zone (defined as all land located within 100 kilometres of any national border and within 50 kilometres of any ocean) need a trust. Many of us have purchased property outright further inland.

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