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Discussion Starter #1
Hi,

I appreciate any input others might have regarding bank accounts held by U.S. citizens residing in Mexico (Mexican permanent resident visa for past 2 years, but I often spend over a month in the US visiting family; i.e., 40 days in the U.S. as part of three 10 to 15-day visits last year).

Ideally, I'm looking for an accountant here in Mexico City who can handle both my U.S. and Mexico tax returns. I currently work with two accountants, one in each country and would like to streamline the process.

Also, HSBC Mexico recently cancelled my personal account stating lack of documentation. Despite several phone calls and a visit to the branch where I originally opened the account, they are still unable to tell me exactly which documents are missing, or why they waited 2.5 years after I opened the account to mention this "oversight". I suspect the W9 required for FATCA reporting, although the account they closed had just $1,500 MXN in it at the time and I definitely have far less than $10,000 in foreign (my only foreign accounts are in Mexico) accounts both individually and combined at any given point during the year.

Any suggestions would be greatly appreciated! Thank you for your help!
 

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Also, HSBC Mexico recently cancelled my personal account stating lack of documentation. Despite several phone calls and a visit to the branch where I originally opened the account, they are still unable to tell me exactly which documents are missing, or why they waited 2.5 years after I opened the account to mention this "oversight". I suspect the W9 required for FATCA reporting, although the account they closed had just $1,500 MXN in it at the time and I definitely have far less than $10,000 in foreign (my only foreign accounts are in Mexico) accounts both individually and combined at any given point during the year.
This is interesting. I have had a HSBC account for over eight years. FATCA can't be the reason for cancellation as HSBC is compliant in all the branches in all the countries where they have a presence. Perhaps a visit to Profeco will loosen their tongues.
 

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Hi Karla,

I've done my banking in Mexico with Santander for several years and haven't had any problems with them. When I opened my account, I was here on an FM3 and now have a Residente Permanente visa. I've never had more than $15,000 (that's pesos, of course) in the account at one time as I keep most of my money in my Bank of America account.
 

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Discussion Starter #4
Thanks!

Thank you to both joaquinx and Isla Verde!
For your very helpful comments that prompted me to learn more about CONDUSEF, similar to PROFECO but specifically for financial services.

Thanks again!
Karla75
 

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Discussion Starter #5 (Edited)
It appears to have been FATCA-related, which is odd (and honestly I'm still not clear on why they canceled the account rather than simply request the W9?). HSBC Mexico has a FATCA link on their webpage; I downloaded the W9 there. I opened the HSBC account after I had to close a previous Banamex account when they were unable to enter my SSN correctly. Apparently, in 2012 the Banamex system couldn't correctly register SSNs that begin with the particular digit my SSN begins with, so they were using an 8-digit truncated SSN rather than my actual 9-digit SSN *and* they refused to accept a W9. I closed that account and opened one at HSBC with the hopes of rectifying this situation, and I offered my SSN to both the executive that filled out the contract and the manager and they both told me it was unnecessary (in 2013). This most recent problem was apparently due to HSBC deciding to just close the account before sending a request for the "missing" documentation (W9 with my SSN). I hope to have resolved the issue by opening a new account with the W9 in the original paperwork (yesterday). Fingers crossed!

Thanks again
Karla75
 

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Karla, I wish you luck with HSBC, but considering the incompetence they've demonstrated and all the trouble they've caused you, I wonder why you don't tell them "adiós" and open an account with another bank.
 

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Discussion Starter #7
Thanks, Isla Verde!

That is, of course, the next step. No doubt HSBC will come up with some new surprise shortly. Finding a new bank that won't be another disaster is easier to do on my terms, not theirs. As I remember from a few years ago it takes some time for the business account to get approved, etc. I can't be without either the personal or the business account in the meantime as I need to be able to receive my honorarios and businesses pay taxes each month here and it has to be done online (electronic transfer => need an account to do so). Plus, being 0-2 with two bad experiences with two large international banks also operating in the US as well (i.e., they should most definitely know better; the description above includes just one example from each bank, there are many others...), I'm spending some time trying to figure out how to make the best choice possible regarding bank #3, hoping the 3rd time's the charm!

Best,
Karla75
 

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Thanks, Isla Verde!

That is, of course, the next step. No doubt HSBC will come up with some new surprise shortly. Finding a new bank that won't be another disaster is easier to do on my terms, not theirs. As I remember from a few years ago it takes some time for the business account to get approved, etc. I can't be without either the personal or the business account in the meantime as I need to be able to receive my honorarios and businesses pay taxes each month here and it has to be done online (electronic transfer => need an account to do so). Plus, being 0-2 with two bad experiences with two large international banks also operating in the US as well (i.e., they should most definitely know better; the description above includes just one example from each bank, there are many others...), I'm spending some time trying to figure out how to make the best choice possible regarding bank #3, hoping the 3rd time's the charm!

Best,
Karla75
I hope the third time is the charm too!
 

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Tax Prep - Mexico City

Hi,

I appreciate any input others might have regarding bank accounts held by U.S. citizens residing in Mexico (Mexican permanent resident visa for past 2 years, but I often spend over a month in the US visiting family; i.e., 40 days in the U.S. as part of three 10 to 15-day visits last year).

Ideally, I'm looking for an accountant here in Mexico City who can handle both my U.S. and Mexico tax returns. I currently work with two accountants, one in each country and would like to streamline the process.


Any suggestions would be greatly appreciated! Thank you for your help!

IRA Acceptance Agent - Mexico

Elizabeth M. Vargas

Rio Amazonas 82 Int 302,
Col Cuauhtemoc
Mexico DF, Mexico 06500
011 52 55 52 08 31 68

We used her several years ago for some IRS W-7 (ITIN) preparations. If I remember correctly she was an IRS employee in both the USA and Mexico and is very familiar with international taxation. She had one or two employees at the time that were preparing taxes. A quick phone call to her will answer question of Mexico tax prep. She was very knowledgeable about issues and is fluent in both English and Spanish.
 
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