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

Scotiabank Inverlat
Banamex/Citibank
Bancomer
HSBC
Banco Santander Mexicano
Banorte

I have seen these banks more than others on my travels throughout Mexico although I have seen with the Monterey logo at some points but I can't remember where.
If you are willing to part with the info I would love to know which, if any, you all use and if your experiences have been generally positive as far as simple checking/debit accounts go.

I am inquiring right now with Bancomer..well, not this very second..... about setting up an online account. It appears FM3 payments can be made online and a few other good services.

Anyway, nothing speaks like the voice of experience so if you are willing I'd love to hear it.

I have used Bancomer, Banamex and HSBC. Bancomer is my favorite and your best bet is to hook up with a bank where you can make a local, good inside contact. I have my banker's cell number as well as business number and believe me it can make a huge difference in times of need...

Bancomer for me, too. I've had the basic peso checking account for more than five years with no problems. It comes with a debit/ATM card, and there's a minimum balance of 2,999 pesos. The only fee I pay is 30-some pesos a month for online access.

Presumably you're checking with Bancomer USA (now BBVA Compass, I think)? I don't know what the relationship is between it and the Mexico operation, so be sure to inquire specifically about that. It doesn't necessarily follow that the same account regulations and services will apply in both the US and Mexico.

^ ^ What they both said! ^ ^

Actually, my only complaint is that I have yet to receive a statement delivered to my home address & they refuse to deliver to a P.O. Box since they use a delivery service.....a really BAD one based on my experience....over the past 6-7 years!!!! In the past I've also used BanCrecer, which was taken over by Banorte....I prefer Bancomer's service.

Actually you should opt out of the delivered statements and just go with online. Much more secure and you'll save a tree or two along the way...

Originally Posted by BajaGringo

Actually you should opt out of the delivered statements and just go with online. Much more secure and you'll save a tree or two along the way...

That's a waaaaaaaay long story. I tried that & couldn't get into my account....branch manager could from inside the bank, but I couldn't from home....nor could the 2 Mexican friends who tired it, so I canceled it. A partial NOB hangover I have is a long-held belief that I shouldn't have to pay for online statements in light of the fact that the bank is actually saving $$ & saving trees by providing online statements free of charge. I'd rather not discuss the security side of things since my ISP found a year's worth of my bank statements all rubber-banded together on the beach!

Bancomer. You can also get an ATM debit card for a dollar account. ATM spits pesos and account is debited in dollars at very close to the existing forex rate. Malecon branch has an English speaking gentleman in customer service who is excellent. 5 years, not a single problem.

Food for thought! Thanks, think I'll go eat now....ok, stupid joke.
Actually it seems as if Bancomer is the way to go. I have looked at the BBVA stuff online and I emailed them but it came back undeliverable.
I will explore the BofA connection to them soon.
Homework......

Bancomer's sister bank in the US is JPMorgan Chase. Not a bank I would ever do business with, but so far I don't dtect that my meager relationship with Bancomer is supporting Chase.

Ugh, no way. I 86'd my with relationship with Chase after they took over my meager WAMU account.
They are not great communicators and their service was less than acceptable to me.

Originally Posted by longlegsinlapaz

A partial NOB hangover I have is a long-held belief that I shouldn't have to pay for online statements in light of the fact that the bank is actually saving $$ & saving trees by providing online statements free of charge.

Yeah, but think of what they're spending on software and computer geeks!!

Originally Posted by dusty

Bancomer's sister bank in the US is JPMorgan Chase. Not a bank I would ever do business with, but so far I don't dtect that my meager relationship with Bancomer is supporting Chase.

Interesting....my stateside account was WAMU for 35+ years, now Chase by buyout/takeover or whatever....I wandered in there last month & was told....by a Guadalajara-born customer service guy....that their affiliated Mexican bank is Banorte. When I wrinkled my nose because it's not my bank here & the guy laughed & said that's the same reaction he gets from everyone when he answers that question. But if there's one persons knowledge that I'd trust about financial stuff....it'd be Dusty!

Hey Soulpatch, when you get all your research done from up north looking south....would you please report back & let us know who's sleeping with who now?

Or PM BigWooo & Oladulce....thery're from CA & I know that they researched the hell out of this topic a lot more recently that most of us longer-term residents.

Originally Posted by kate

Yeah, but think of what they're spending on software and computer geeks!!

Funny, but I'd think they'd have to have the same amount of tech support geeks in a paper or paperless environment. OMG!! If I ever get this statement thing resolved, I'll be costing a paper-world person their job!

I will let you know everything I know. Got a thimble?

Maybe Senor Woo and Senora Oladulce will give me a brief skinny on what they have done.

The reason I know about the Bancomer/Chase relationship is from doing wire transfers, my bank would transfer the funds to their account with Chase (their idea so I wouldn't have to pay int'l wire transfer fees). Banorte could have a relationship with Chase too.

When/if you move here, soulpatch, the other consideration will be where you live and where the branches are.
For a country mouse like me parking downtown is a PITA, but Bancomer has a friendly branch in front of Chedraui so Ii can bank and buy butter in one trip and it's easy.

I don't have visit the bank that often, but if I do I don't do it on Monday, Fridays, the 1st or the 15th, lines are not my schitck.

Soulpatch....they finally got their Environmental Impact go-ahead approval, so something tells me it might be quicker to PM them....me thinks they're probably re-prioritizing all activities towards construction rather than hanging out online.

Not having anything other than an FMT/FMM I am pretty certain I would be unable to open an account while in La Paz.
I would be fine doing that if I could. I wonder if having a copy of my property lease would suffice along with any other handy documentation?

As Dusty touched on, it might be smarter to wait until you know what area you're going to wanna live & then go with the bank location most convenient to your casa. There are some things that are handled differently here than you're used to NOB....all branches are not necessarily considered equal for all banking activities. Read that to mean you might go into a branch other than your own for something only to be told that can only be accomplished at your own account branch.

I personally don't see any benefit in your opening a local account a couple years before you hit the ground running here....but maybe others might.

But that said, I'm pretty sure that one (or all) of us accompanying you to one or the other of our Bancomer branches would most likely get that pesky FM3 "rule" waived.....especially if it was all of us! I know it's sometimes enforced....sometimes not!

I recall reading that the FM3 requirement is no longer enforced like it was a few years ago. In 2006, I opened my account while on an FMT, but it took some doing even with a local "connection". One branch turned me down flat. Another (same bank) accepted me ... go figure.

One advantage of opening an account in advance of moving here is if you want to buy property and send money to pay for it and/or pay for construction on it. That was the case for me.

Yes, I can imagine if we all showed up at once the path of least resistance would be for me to end up with an account.
That would almost be worth filming!