dencol Posted July 14, 2021 Report Share Posted July 14, 2021 I have POA to sell a friends house in Ajijic. Where is a good safe institute to put the sales proceeds for a couple of years. TIA Quote Link to comment Share on other sites More sharing options...
EldonNova Posted July 14, 2021 Report Share Posted July 14, 2021 This is not a recommendation, just information as to where you can go to get the best rates. We use Intercam at the moment and are happy with service and rates. Other financial institutions that I have heard have good rates are Multiva Bank and O'Rourke Financial. It is up to you to do your own investigations at the institutions. Quote Link to comment Share on other sites More sharing options...
Natasha Posted July 14, 2021 Report Share Posted July 14, 2021 14 minutes ago, dencol said: I have POA to sell a friends house in Ajijic. Where is a good safe institute to put the sales proceeds for a couple of years. And the friend isn't going to have any input?? Hhmmmmm.... Please remember, the higher yield instruments are not gov't insured and none of these places wants to be really clear and up front with you about that. Quote Link to comment Share on other sites More sharing options...
Bisbee Gal Posted July 14, 2021 Report Share Posted July 14, 2021 Have it wired to their US (or CDN) bank at settlement. FDIC and CDIC are best insurance for safety (OP asked for SAFE, not ROI). 3 Quote Link to comment Share on other sites More sharing options...
daisy2013 Posted July 14, 2021 Report Share Posted July 14, 2021 30 minutes ago, dencol said: I have POA to sell a friends house in Ajijic. Where is a good safe institute to put the sales proceeds for a couple of years. TIA When I had a POA For the sale of a friend’s house, he decided where the funds would be sent. Some in Canada, some in the USA for me, this is after all expenses were paid. I rather that the owner decide where he wants the funds. Quote Link to comment Share on other sites More sharing options...
dencol Posted July 14, 2021 Author Report Share Posted July 14, 2021 My friend here has an Intercam savings and checking account that she just added me too. I just got here into a nursing home and has stage 4 dementia. I am good friends with her family in the States and want to keep the money in the Intercam account. They are beneficaries with Intercam when she passes. Quote Link to comment Share on other sites More sharing options...
daisy2013 Posted July 14, 2021 Report Share Posted July 14, 2021 2 minutes ago, dencol said: My friend here has an Intercam savings and checking account that she just added me too. I just got here into a nursing home and has stage 4 dementia. I am good friends with her family in the States and want to keep the money in the Intercam account. They are beneficaries with Intercam when she passes. Multiva gives better interests Quote Link to comment Share on other sites More sharing options...
barrbower Posted July 15, 2021 Report Share Posted July 15, 2021 I wouldn't put much money in any Mexican bank...but that's just me. Might be a place that does dollar accounts but not sure if it's insured and there has been theft from accounts. If you have a peso account, the rate of exchange could nullify any interest income as peso falls to the dollar. Those insecurities are why they offer to pay more interest here. Most folks leave most of their funds in the US or Canada banks and if you need pesos here use an ATM. Some banks waive ATM fees. Opinions vary widely and so do recommendations on how to handle cash. I'd let the owner decide all of that or get a legal document in addition to POA that removes you from any responsibility if things end badly. Alan Quote Link to comment Share on other sites More sharing options...
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