Alpha1 Posted June 28, 2014 Report Share Posted June 28, 2014 We have an account at Bancomer & a Scotiabank account in Vancouver. We have been using XE, an on-line currency exchange company for a few years now. We exchange CDN $'s for pesos on-line. No fee & a great exchange rate. We can exchange up to a max. of $10,000 at a time. Generally takes 4 business days. With the Bancomer account, as long as we have at least $2000 pesos in the account at anytime in a calendar month, there are no fees. And then, of course, we have 2 sources to get money from ATM's. Bancomer or Scotia. Love it. "as long as we have at least $2000 pesos"...now raised to $4000... Link to comment Share on other sites More sharing options...
5Jacks Posted June 28, 2014 Report Share Posted June 28, 2014 I use my Capital One 360 debit card with no fees. Banorte ATMs are free, and they are located at Superlake, El Torito and the OXXO in central Ajijic. Maximum withdrawal is $3,000 pesos, but you can use it over and over up to the limit you have set with the bank. Even if you use a different ATM,you are only charged at this end. Capital One does not charge you. CI Banco in Centro Laguna has the lowest ATM fees around. I made the decision to close all Mexican accounts given the recent and impending turmoil. Interested to know what exchange rate you're getting on these ATM withdrawals. Link to comment Share on other sites More sharing options...
vetteforron Posted June 28, 2014 Report Share Posted June 28, 2014 My wife just called Intercam and was told also no more U. S. checks. Many of our residents pay by check. Just another inconvenience for our customers. Link to comment Share on other sites More sharing options...
El Saltos Posted June 28, 2014 Report Share Posted June 28, 2014 Interested to know what exchange rate you're getting on these ATM withdrawals. The exchange rate is determined by YOUR bank, not the ATM. Link to comment Share on other sites More sharing options...
solajijic Posted June 28, 2014 Report Share Posted June 28, 2014 Since we have rarely used the ATMs over the past 8 years this is a process we will have to resort to for a bit. However the increased number of people requiring access to their cash via ATMs is going to result in a lot of ATMs being out of cash quickly. Whether or not the ATM owners up their game in reloading them more frequently this will be a problem. We are going with a checking account at Intercam with a debit card and checks and linking that to our Bill Pay or Transfer Funds function at our NoB bank. Hopefully that will work for a while. Intercam is to have their client only ATM installed and working in August, maybe. It will be inside the building. Link to comment Share on other sites More sharing options...
ichbinsaege Posted June 28, 2014 Report Share Posted June 28, 2014 Another new thing I discovered recently was that Bancomer will no longer let me deposit US dollars into my acct. I have done it in the past up to like $1000 usd a month. I was told you now need to go to banco Azteca or one of the other money exchange places around. Link to comment Share on other sites More sharing options...
lcscats Posted June 28, 2014 Report Share Posted June 28, 2014 Bancomer has not accepted US dollars for quite a little while. Went to Bancomer talked to banker. They know nothing of any new rules. They called Galatic headquarters when all this started and they know nothing of any new law. They told me US checks are just fine. Not sure folks are being told the truth here. Maybe these banks don't WANT to deal with new rules from US and blame Mexico. I googled and could find no new Mexican laws regarding US checks. A couple of others have reported the same lack of info. Does anybody know what these banks are talking about?? So why does Bancomer still take checks if laws have changed?? Link to comment Share on other sites More sharing options...
Floradude Posted June 28, 2014 Report Share Posted June 28, 2014 What type of account at Intercan are people suggesting? I want an account where I can transfer money into from the US and withdraw pesos whenever with least wait. By the way....does anyone know if Intercam is in the U.S.? Interesting development with Bancomer. Need to see how that pays out. Has anyone tried writing a check at Banamex? Link to comment Share on other sites More sharing options...
purplebeads Posted June 28, 2014 Author Report Share Posted June 28, 2014 Use a Bill Pay or even an automatic Bill Pay. Their main office is in New York ..... just "pay a bill" like any other I am confused. I tried to use pay bills at Chase but could not because they required I identify a US state. Link to comment Share on other sites More sharing options...
sparks Posted June 29, 2014 Report Share Posted June 29, 2014 Intercam US http://www.intercam.us/english/about-us.html Grupo Intercam is the boss http://www.intercam.us/english/about-us/grupo-intercam.html Link to comment Share on other sites More sharing options...
Floradude Posted June 29, 2014 Report Share Posted June 29, 2014 Thank you Sparks. Link to comment Share on other sites More sharing options...
5Jacks Posted June 29, 2014 Report Share Posted June 29, 2014 The exchange rate is determined by YOUR bank, not the ATM. Yes, I'm aware of that. I was specifically asking that question to Curmudgeon who uses Capital One 360. Link to comment Share on other sites More sharing options...
sparks Posted June 29, 2014 Report Share Posted June 29, 2014 Would appreciate more info on this bill pay thing...I have used with BOA but not to a foreign account, suggestions? more info ? please! Bill pay with Intercam because they have offices up north and in Mexico. Have an account it's good for all. Bill Pay to any place in Mexico is not going to work Link to comment Share on other sites More sharing options...
sparks Posted June 29, 2014 Report Share Posted June 29, 2014 I am confused. I tried to use pay bills at Chase but could not because they required I identify a US state. Can't Bill Pay to Mexico Link to comment Share on other sites More sharing options...
berkeleyboy Posted June 29, 2014 Report Share Posted June 29, 2014 An approach I use is having my retirement check deposited directly into my US Credit Union. When I want pesos here, I use my Credit Union ATM card and withdraw $5,000 pesos at a time from the Bancomer ATM in Ajijic. I also had a sizeabble wire transfer into my Multivalores account here and transfer funds from there into either Banco Multiva or Bancomer and then use my ATM cards from those two to get pesos from their ATM machines. Bancomer wants me to keep a $4,000 pesos munimum and does not pay any interest. I do not write checks for cash, luckily. Link to comment Share on other sites More sharing options...
Tomas Posted June 29, 2014 Report Share Posted June 29, 2014 Another option is to open an account at Monex, (takes some effort), money can be easily transferred from them to any bank account anywhere in any denomination you desire (peso;s, euro,s, dollars, yen,etc.) they have offices world wide and they can deliver and exchange currencies locally with some advance notice. I know that this is not for everyone but is a handy local alternative to some of the banking issues that are cropping up...MONEX is across the HWY from El Serape... Link to comment Share on other sites More sharing options...
lcscats Posted June 29, 2014 Report Share Posted June 29, 2014 So no one knows if there was a new law in Mexico and if yes what is it??? I still can find nothing. Link to comment Share on other sites More sharing options...
Floradude Posted June 29, 2014 Report Share Posted June 29, 2014 Tomas, The problem is not so much getting money out of Mexico but getting it in. Link to comment Share on other sites More sharing options...
Go Solar Posted June 29, 2014 Report Share Posted June 29, 2014 While I'm not sure a US Check = a Canadian Cheque, yes we even spell it differently, time will tell? In the interim I am going to test out transfers using email money transfers to myself then making a deposit to the appropriate bank in Mexico. A friend had set up their Bancomer Account to receive funds this way. $3,000 C$ Sending Limit here in Canada. The Interac email $ transfer system is great; can only be used in CDN $ between CDN banks that are on the Interac network, fyi. Link to comment Share on other sites More sharing options...
Guest bennie2 Posted June 30, 2014 Report Share Posted June 30, 2014 makes no since. why wouldnt they want you to deposite checks? more $ for the bank. Link to comment Share on other sites More sharing options...
Curmudgeon Posted June 30, 2014 Report Share Posted June 30, 2014 Yes, I'm aware of that. I was specifically asking that question to Curmudgeon who uses Capital One 360. I got 12.93 yesterday Link to comment Share on other sites More sharing options...
Mainecoons Posted June 30, 2014 Report Share Posted June 30, 2014 I got 12.93 yesterday What ATMs are working best for you with Capital One 360 and what amounts are you able to withdraw at a time? Thanks. Link to comment Share on other sites More sharing options...
Intercasa Posted June 30, 2014 Report Share Posted June 30, 2014 Be careful of withdrawing cash at ATMs and depositing it as later Hacienda can send you an invitation to explain why the deposits are not income and give you a short time frame to explain why not or face taxes, fines and penalties. Link to comment Share on other sites More sharing options...
Fred Habacht Posted June 30, 2014 Report Share Posted June 30, 2014 There are three Oxxo's in the Joco area...the best is the one on the Plaza. I can get 3000pesos with each of our Atm cards and then I re-insert each for another 3000 again for each card...there is never an atm charge...last night I received an exchange rate of 12.96. Link to comment Share on other sites More sharing options...
Tomas Posted June 30, 2014 Report Share Posted June 30, 2014 The deposits and/cash withdrawals need to be less than 5000US, (+/-) 6500 pesos or it will potentially trigger a question and answer visit from Hacienda..I have often withdrawn more but over a week or so in order to pay construction workers at the conclusion of their building/remodeling..All this B/S with cashing checks, wire transfer of $$ for the full timers is a major pain in the as-. I am still awaiting a VALID explanation on this blog of what law/laws have triggered this in Mexico, especially the curtailment of depositing a US dollar check into an existing Mexican account. The various financial institutions seem to have misapplied the law or instructions that started all this stupidity. Link to comment Share on other sites More sharing options...
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