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Old 30th November 2009, 04:10 PM
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Default Money money money money

I would greatly appreciate any input on moving money around. My pension check is electronically deposited to a tiny little US bank with which I am very happy. However, even though I can pay bills from it electronically, I can't pay them in pesos.

What to do? I will be moving to GDL in January and need some on the ground advice as to which bank to pick, how best to minimize fees, etc. I understand Bancomer (BofA) and Bancamex (CitiBank) love expats, but I am sure they also love to fee us.

Thanks.

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Old 30th November 2009, 04:19 PM
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I'll assume that you have debit cards and credit cards issued by your bank in the USA and that you have the ability to bank online, pay US bills using 'Bill Pay', etc. If that is the case, you will have no need for a Mexican bank. Mexico is a cash society and, as such, virtually all bills in Mexico are paid in person, in cash. In fact, there is little or no 'after the fact' billing and electric and phone bills can be paid in many groceries or convenience stores, in cash.
Most expats do open an account in an investment house, such as Actinver, Inverlat, etc., so that they can keep some funds locally for emergency needs for pesos in an amount greater than the daily ATM limit would allow. If making a major purchase, funds can be wired from your bank to the investment house, or directly to you via a bank with a Western Union agency.
It is all pretty simple.

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Old 30th November 2009, 08:26 PM
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Here is what I do:
I have a Citi bank account, they own Banamex, Banamex owns Banamex USA, they have checking and savings account for e-pats that come with an ATM card, I use the card at any Banamex for no fee and correct exchange rate of the day... I can also electronically transfer funds into the USA account....It is very easy to withdrawal cash and pay electric,water or phone bills at their offices or at major supermarkets or pharmacies...

Also Citi has a division for overseas clients where you can open a Banamex account from the USA and when you arrive in Guadalajara you go to the branch and sign the paper work...

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Old 30th November 2009, 08:40 PM
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Thank you very much!


Last edited by RVGRINGO; 30th November 2009 at 08:48 PM. Reason: Quote not needed.
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