TalkBaja.com » Baja Mexico Forums » Moving to Baja Full/Part Time

As in south of border......

I need to open a bank account so, if you still use US banks, which bank(s) do you use?
I know BofA has banking interests in Mexico but I hate BofA.
I will work with the devil if I have to but I would love to hear the voice of experience.
Gracias!

I agree about BofA I have lived here for 7 yeare and use my american atm card without never having a problen I dont have to worry about exchange rates and deal only in Pesos less confusing to me and the Mexican I am doing buisness with.

Thanks J.P.
I will probably do a BofA thing and maybe one other....USBank is looking alright to me right now, as well for this side of the line but it does seem the former is better for SOB.

I suspect you have plenty of time to decide whether or not to have an account with a bank in Mexico. We do because it was easier when we built our house. However I have friends who live here full time and use ATM's for all their needs her in Mexico.

In the US, if I were seeking to establish a relatiionship I would look first for very well run credit union with an excellent balance sheet or a well run bank with a good balance sheet. I'd stay away from all the biggies they have not cleared their debt, it just "looks" that way and if they are ever forced to mark to market the FDIC could be meaningless.

I've been banking at a US midwest regional bank since the early '70s and just stayed with them. I considered switching to one with a partnership in Mexico, but it was going to be a major hassle because I hadn't lived in the US since 1982. You probably have a lot more options since you're still there.

Here in La Paz I have a peso checking account at Bancomer. Social Security payments are direct-deposited into it, and I use their debit card for local purchases and cash from their ATMs. If I need more, I have it wire-transferred from the US account. IMO, having a local account is very, very convenient.

I've used the US bank card a couple of times in ATMs here, but I prefer not to. There's a fee, you're limited to a certain sum per day, and so on. Also, it's a PITA to replace, as I learned when my wallet was stolen. Replacing the Bancomer card took 10-15 minutes at the branch. I no longer carry my US cards here unless I specifically need them for something.

Thanks to you all.
I will definitely, once we are permanent, have accounts at a Mexican bank. I will look into sound local banks......I recently read an article about that and how to find them so I will do a bit of "googling" manana.
Saludos

I have a foot in a bank in each country....my US account which I've had since the 70's receives my retirement funds since auto-deposits outside the US were not an option with my former employer.

I also have a peso account with Bancomer, where my Social Security is auto-deposited.

I maintained a USD account during construction to maximize my-bang-for-the-buck through the exchange rate. I don't sweat the small stuff on the exchange rate for $5,000 pesos ATM withdrawals from my US account, but when you're dealing with $10-20,000 or more at a pop, it does make a big difference!

I think initially it really helps you to have someone in the US as a focal point....calling US 800 #'s from Mexico is NOT free, getting your mail forwarded is not easy, cheap or timely....so maintaining a permanent US mailing address was the way to go for me. Initially, my sister-in-law was doing things for me on a monthly basis, she's a signer on my bank account & has full power-of-attorney for IRS, medical & former employer. But over time my NOB activity has dwindled down a LOT. It's an imposition for someone in the US to have to take care of things on my behalf....I still use my brother's address as a permanent US mailing address....but that's now pretty much down to IRS & my former employer, so I'm only a PITB during tax time & when a new US bank ATM card is issued.

I'm not sure of the California locations or the cross-border transaction fees, if any, but Bancomer (BBVA) does have a presence in the US....that might be worth your checking into.

I had to read that a few times and I finally got what I was looking for at the end of the 4th paragraph......I must be a bit slow today
That is where I am headed first and then I will do more research on a back up. I haven't used an actual bank for a long time but my credit union isn't all that friendly with my SOB transactions. One hiccup on their part and I am hosed for the duration of my trip.

'K....from here on out, I'll only answer your questions exactly as asked....no more volunteered "bonus" information to clutter up that pretty little red head of yours!!

This is a bit of a detour, but I just saw it posted. Anyone who banks with a regional/smaller US bank might want to link and see if theirs is listed. It's in alphabetical order, won't take a minute to check. The post is self explanatory.

Meet The 171 Banks For Which The Margin Of Failure Is One Thousand Dollars | zero hedge

Originally Posted by dusty

...Meet The 171 Banks For Which The Margin Of Failure Is One Thousand Dollars | zero hedge

Even better: The Freedom Of Information Act dump of Federal Reserve's $15 TRILLION Discount Window...

ODS format
XLS format

Compelled at last to cough it up, they used the oldest Sleazy Lawyer trick in the book: bury the nuggets in a boatload of extraneous data. However, some enterprising individuals have already compiled formats that can be searched, and in that we find...

Washington Mutual, San Diego National Bank for $3 Billion and change...


You get what you pay for, and this guy gets paid a lot for what he does. Thought I remember seeing a freebie he offered for a bit...

Maybe this one?

Crap; ours isn't listed.

Excellent info. Thanks all.

Yikes!! Well, the good news is that my bank is on the "B or better" list but not the "$1,000 margin of failure" list. The bad news is that it could have been the other way around, and I wouldn't have had a clue. Many thanks for the info.

Originally Posted by kate

Yikes!! Well, the good news is that my bank is on the "B or better" list but not the "$1,000 margin of failure" list. The bad news is that it could have been the other way around, and I wouldn't have had a clue. Many thanks for the info.

Yeah, I found that interesting. I think, at this point, I am going to go with California Bank and Trust and then maybe US bank for a back up and also ease of travel. I may even do a Bancomer online account as a backup backup for traveling in Mexico....we'll see. I couldn't, through ignorance most likely, access large banks on that rating list so I wasn't able to see what the ratings were on them. Maybe somebody smart here (M. Cortez) might be able to help in that regard.....
Oh, on edit I will probably toss in a small account at North Island Credit Union but I am not certain.

You have me there, brother.

Probably a pay service on that site, but I think we can infer from the recent past some accurate generalities.

It matters not for the biggest what their true financial situation is. We'll print whatever necessary to keep their doors open.

Whether those same dollars will buy what we need to survive will be the important question.

Please don't reveal too many personal details. Might be better to Private Message anecdotal experience to one another.

A sad reality of the Internet is that while most are decent folk, there are certainly a few who are not.