Comments on interest bearing savings accounts here?

[lakeside7]

5 hours ago, Ferret said:

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).

Maybe fun for the foreigners with $$ but the circumstances crushed the MX middle class and who are still feeling the consequences to day..I guess there are winners and loser in every situation, maybe the Canadian dollar was on par with the $$ then..but now it is tough for the Canadians who have to pay what 25/30%? more to buy or rent at Lakeside, compared to the US folks

[Ferret]

For most of my time in Mexico, the Canadian dollar has been 25 to 30% below the U.S. dollar. There was a short time when it was equal but it didn't last long. You win some, you lose some. And we lost big in the crash of 2008.

[traderspoc]

Multiva is the best bank, talk with managers of the top 5 banks and ask what their fees are.  

[RickS]

14 hours ago, Ferret said:

..............You win some, you lose some. And we lost big in the crash of 2008.

Meaning Loonie vs Dollar or real estate holdings? 

[happyjillin]

14 hours ago, lakeside7 said:

Maybe fun for the foreigners with $$ but the circumstances crushed the MX middle class and who are still feeling the consequences to day..I guess there are winners and loser in every situation, maybe the Canadian dollar was on par with the $$ then..but now it is tough for the Canadians who have to pay what 25/30%? more to buy or rent at Lakeside, compared to the US folks

The only consequence for the Mexican middle class is that it has grown immensely  and never been better off financially and I am very happy with my canbuck and what it can do for me here thanks.

pedro kertesz

[Ferret]

Not loonie vs dollar because that usually sucks any way. We were trying to sell our home on the coast. We ended up selling it at half the listed price nearly 3 years later. No buyers and a whole lot of people upside down on their mortgages NOB. If we could have waited it out, it would have eventually recovered but we needed to get closer to the good medical care available in Guadalajara. The stock market recovered eventually as well.

[gringohombre]

Thanks for all the input. Based on what I have read here I am leaning towards Multiva. Also thinking about setting up a Mexican business account. Can I get a few recommendations of bilingual reps there who have the knowhow and honesty. Gracias.

[mexijims1]

Most have covered this already.  First, on taxes, the Mexican Federal Govt gets it share taken directly from your investment, I think monthly.  The tax rate was was almost 1.5% but is lower this year to just below 1 % ( .96%).

Second, some of your higher return funds can be risky.  I remember having a 4 yr bond with Multiva.  However, lost the entire investment when the entity holding the bond went belly up.  They were a premier housing corporation for govt housing and then Nieto decided to change housing policy and as a direct result, they went bankrupt.  So, beware of attractive returns -- they have risks.  

I have had good experience with one year notes with Multiva.  Now, they are getting between 3.5 - 4%, after taxes are taken.  Talk to Juan in the Casa de Bolsa side. 

If you want to do stock market fund type investments, they are available with them, but again come with risk.   

 

[Orygun Duck]

On 6/27/2021 at 3:13 PM, gringohombre said:

Thanks for all the input. Based on what I have read here I am leaning towards Multiva. Also thinking about setting up a Mexican business account. Can I get a few recommendations of bilingual reps there who have the knowhow and honesty. Gracias.

I recommend Monica at Multiva.  We've dealt with her for years now and have been totally satisfied.