gringohombre Posted June 24, 2021 Report Share Posted June 24, 2021 Would like some input on best place to park some funds here safely and gain a little interest. I know that it will not be much since I am am talking about liquidity and not a huge amount of cash. What about a Mexican version of a Money Market account? Any input would be greatly appreciated. Gracias. Quote Link to comment Share on other sites More sharing options...
John Shrall Posted June 24, 2021 Report Share Posted June 24, 2021 Multiva offers some interest bearing accounts that pay 2 or 3%. After receiving a wire I transfer the excess to the account and liquidate funds when needed. As of today a 6 month CEDE (CD) pays 4.5% less the government’s 20% ISR taken at maturity. Buried on their website is a pdf that lists all of of their offerings and recent returns. They are listed under fondos de inversion. Quote Link to comment Share on other sites More sharing options...
Paul Pattee Posted June 24, 2021 Report Share Posted June 24, 2021 You should remember that if you earn money in Mexico you need to get a tax number and pay income tax here. 1 Quote Link to comment Share on other sites More sharing options...
John Shrall Posted June 24, 2021 Report Share Posted June 24, 2021 Banks automatically withhold ISR at the time interest is paid. You only receive the net amount. No special number or tax filing in required. 3 2 Quote Link to comment Share on other sites More sharing options...
daisy2013 Posted June 24, 2021 Report Share Posted June 24, 2021 We took some money out of Intercam because it was not earning much and moved it to Multiva. Wow what a difference Quote Link to comment Share on other sites More sharing options...
Oatsie Posted June 24, 2021 Report Share Posted June 24, 2021 You should consider opening an account with O'ROURKE Investments, located in the lower level of Laguna Mall, between the HSBC & Black Coffee. See the Manager, Cesar RUBIO. He has lots of very satisfied ExPat clients. Phone 376 766 4481. 1 1 Quote Link to comment Share on other sites More sharing options...
happyjillin Posted June 24, 2021 Report Share Posted June 24, 2021 We have a chequeing account with Intercam and get interest minus about 75% of what the feds grab of that interest thanks to AMLO. Amazing that we get interest,because never happen at a Canadian bank on that kind of account. We chose chequeing in order to be able to withdraw any amount. Quote Link to comment Share on other sites More sharing options...
HoneyBee Posted June 24, 2021 Report Share Posted June 24, 2021 I have had an account with Bancomer Banco Patrimonial for about 6 years. I use to have a mix of CETES and Bancomer investment products. Then several years ago I got rid of the Bancomer products and purchased Tesla shares (TSLA.mx). Sold them recently and bought shares of Nikola motors (NKLA.mx) and increased my CETES holding. But the interest currently paid by CETES bonds is much less then the current inflation rate 😒. In other words, your money will lose value over time. (enjoy it while you have it). Quote Link to comment Share on other sites More sharing options...
lakeside7 Posted June 24, 2021 Report Share Posted June 24, 2021 With out any disclosure on the amount of money that you have to deposit any information about the % is inconclusive, go talk with the various instit7 and forth back..you will be the expert, until the next poster Quote Link to comment Share on other sites More sharing options...
Whipstock Posted June 24, 2021 Report Share Posted June 24, 2021 This week at Intercam a CEDE of 100 000 Pesos for 9 months gets you 3.35% I believe the new tax rate was dropped to just below 1% as of Jan 1st. As Per HoneyBee, it is well below the real rate of inflation. I do not know the difference in rates or benefits between a CETE(s) and a CEDE(s). Someone said a CETE is a Federal Government bond, and a CEDE is a bank CD?? If anyone knows, please share on the board. Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted June 24, 2021 Report Share Posted June 24, 2021 CETES are a federal bond. You can buy them direct without commission using the website or the APP. There are many options even a inflation + interest bond https://www.cetesdirecto.com/sites/portal/inicio Quote Link to comment Share on other sites More sharing options...
Yo1 Posted June 25, 2021 Report Share Posted June 25, 2021 My CETES are getting a little over 4%. The rate is listed in the Guad Reporter every week. Quote Link to comment Share on other sites More sharing options...
gringohombre Posted June 25, 2021 Author Report Share Posted June 25, 2021 43 minutes ago, Yo1 said: My CETES are getting a little over 4%. The rate is listed in the Guad Reporter every week. How liquid are these and what are the minimums? Quote Link to comment Share on other sites More sharing options...
Natasha Posted June 25, 2021 Report Share Posted June 25, 2021 No dog in this fight (gracias Ferret) but be aware that the higher yield investments at Multiva are NOT covered by Mexican equivalent of FDIC. I only know this after translating their entire statement one period for a friend..... who was more than shocked at this revelation I cannot say for O'Rourke, Intercam etc, but suspect the same applies. You need to take the time to read ALL the fine print, and ask the hard questions. They apparently were not willing to explain this to her when she asked. 1 Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted June 25, 2021 Report Share Posted June 25, 2021 11 hours ago, gringohombre said: How liquid are these and what are the minimums? All the correct information and different types of CETES available are on the official website. https://www.cetesdirecto.com/sites/portal/inicio Quote Link to comment Share on other sites More sharing options...
wanderer Posted June 25, 2021 Report Share Posted June 25, 2021 i caught intercam charging me a very high fee, .92% on a savings account and then lying and denying it. i proved it to them and they still denied it so i moved to orourke. much better. 1 Quote Link to comment Share on other sites More sharing options...
happyjillin Posted June 25, 2021 Report Share Posted June 25, 2021 1 hour ago, wanderer said: i caught intercam charging me a very high fee, .92% on a savings account and then lying and denying it. i proved it to them and they still denied it so i moved to orourke. much better. Really? And how did you prove it? Quote Link to comment Share on other sites More sharing options...
Mostlylost Posted June 25, 2021 Report Share Posted June 25, 2021 8 minutes ago, happyjillin said: Really? And how did you prove it? Maybe the with their monthly statement and mathematics? Just a guess...... 2 Quote Link to comment Share on other sites More sharing options...
wanderer Posted June 25, 2021 Report Share Posted June 25, 2021 i did the math and found it in their in literature. maybe you should try it. 2 1 Quote Link to comment Share on other sites More sharing options...
happyjillin Posted June 25, 2021 Report Share Posted June 25, 2021 36 minutes ago, wanderer said: i did the math and found it in their in literature. maybe you should try it. I don't need to. I have had a chequing account,not savings. with Intercam for several years and everything is hunky dorry when I go to my account on line once in a while to check my balance or see if I should load 'er up again. In addition my account exec is top notch in all respects. Quote Link to comment Share on other sites More sharing options...
Yo1 Posted June 25, 2021 Report Share Posted June 25, 2021 I was surprised that tax was taken out of my money before the remaining funds were used to buy the CETES. I guess they don't trust anyone in charging tax after the funds make interest. I can take my money out when the rollover occurs once a month. But I roll the whole balance over so I can make interest on my interest. Quote Link to comment Share on other sites More sharing options...
geeser Posted June 25, 2021 Report Share Posted June 25, 2021 On 6/24/2021 at 8:12 AM, John Shrall said: Multiva offers some interest bearing accounts that pay 2 or 3%. After receiving a wire I transfer the excess to the account and liquidate funds when needed. As of today a 6 month CEDE (CD) pays 4.5% less the government’s 20% ISR taken at maturity. Buried on their website is a pdf that lists all of of their offerings and recent returns. They are listed under fondos de inversion. 4.5% yield after 20% tax is only a yield of about 3.6%, still not bad compared to US or Cad bank rates. Of course you also have currency risk. 2 Quote Link to comment Share on other sites More sharing options...
lakeside7 Posted June 25, 2021 Report Share Posted June 25, 2021 32 minutes ago, geeser said: 4.5% yield after 20% tax is only a yield of about 3.6%, still not bad compared to US or Cad bank rates. Of course you also have currency risk. The currency fluctuations are the Elephant in the room. 2 Quote Link to comment Share on other sites More sharing options...
Ferret Posted June 25, 2021 Report Share Posted June 25, 2021 Totally agree with the possibly stampeding elephant scenario. Anyway, it was more fun in 1996 when the interest rate was 42% (forty-two per cent). Quote Link to comment Share on other sites More sharing options...
slainte39 Posted June 25, 2021 Report Share Posted June 25, 2021 7 hours ago, wanderer said: i caught intercam charging me a very high fee, .92% on a savings account and then lying and denying it. i proved it to them and they still denied it so i moved to orourke. much better. Are you saying it was an Intercam fee and not a government imposed ISR regulation with holding? A fee for what? I have had a checking account and cede account with Intercam for years and have never been charged a fee. Unless it is something distinguishable between a national and a foreigner, I can´t imagine what it could be? Other family members, all Mexican, have never been charged a fee either. Quote Link to comment Share on other sites More sharing options...
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