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What's the Most Modern Local Bank? (2022)


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Eventually we'll want a local bank account, just to have one. It wouldn't carry much of a balance. If there's some bit of business that's easier done there, fine, but that's about it.

I'm pleased with our U.S. banking situation. We make greatest use of our 2-year old Capital One accounts (credit, debit, checking, ordinary savings), but we have accounts and cards at a handful of other U.S. credit unions and banks, as well as Wise (which carries a peso balance -- and uses our San Antonio Tlayacapan address, so its debit card appears to be Mexican usually). Xoom works well for interbank transfers, and PayPal can debit any of the other accounts so can pick up some slack (but carries no balance of its own). We also use Vanguard a lot and Schwab a little.

By "modern" I mean we never visit these institutions in person, because there's no need. Everything's online, and that's the way we like it. IOW, we don't make trips to "the bank" and won't be starting.

Within this outline of requirements, which bank with a Lakeside branch fits best, simply to check the box?

Thanks.

LQ

 

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  • Lou Quillio changed the title to What's the Most Modern Local Bank? (2022)

the best bank with best service, best parking, Multiva Bank, next ajijic hospital mountain

 

just keep 15,000 pesos balance in your monthly  you will be ok

i checked them..  Mutiva is the best.

 

Do your own due diligence and check Multiva out and compare.

 

about 2017 when banks had a problems depositing US checks,  multiva did figured it out and accepting US checks for deposit.

 

VERY LARGE SMART BANK

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I have accounts at both Multiva and BBVA. Each serves a different purpose with Multiva being the bank for investments and inbound wire transfers where BBVA is the commercial bank for ATM withdrawals, credit cards, interbank transfers and bill payer.

Multiva requires a lot of paprwork meaning trips to the office. It’s generally for new fixed income investments. They are also lacking any sort of improvement to their online portal (which never changes) and their phone app (only updated for IOS changes). Many online functions are restricted to banking business hours. You can’t even view an investment account online during the weekend. 

BBVA has been regularly updating the PC portal making informtion easier to access. The app is also regularly updated now supporting Apple Face ID. Multiva’s login for example does not allow you to see what you typed for user name and password leading to many fat finger login errors. Very annoying.

Each institution serves a purpose but BBVA is closer to a US bank like Capital One. I have only been to the BBVA branch to get cash, never having the need to talk to anyone. Not so much for Multiva. 

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I switched from Banamex to Bancomer now rebranded to BBVA many years age. It is the largest bank in Mexico.   Of note there is a preferred customer help line in English that can help you with many problems. BBVA is majority owned by BBVA Spain. The App seems far better to me. Also I know of a few foreign citizens who were able to get credit cards as well.  Mexican credit cards can be very useful for large purchases as many stores will offer months without interest but only on a Mexican credit card. Also BBVA has 2 branches lakeside. 

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40 minutes ago, InChapala1 said:

I tried to open an account at BBVA and they asked for my U.S. social security number. With all these ID theft issues out there, didn't feel comfortable giving out that info and they declined to open an acct for me. Not sure if all banks here ask for SSN.

The banks that agreed to comply with FACTA are required to have your SS number.  The information is available to US government as part of the international money laundering system. If they are not doing that there are financial penalties. 

I would guess that you gave your SS number to a bank in the US when you opened an account.  Were you worried about identity theft there as well?

Non US legal residents who want to open an account in a US bank need to obtain a taxpayer ID if they do not have a SS number.

 

FACTA info https://www.irs.gov/businesses/corporations/foreign-account-tax-compliance-act-fatca 

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16 hours ago, Lou Quillio said:

Eventually we'll want a local bank account, just to have one. It wouldn't carry much of a balance. If there's some bit of business that's easier done there, fine, but that's about it.

I'm pleased with our U.S. banking situation. We make greatest use of our 2-year old Capital One accounts (credit, debit, checking, ordinary savings), but we have accounts and cards at a handful of other U.S. credit unions and banks, as well as Wise (which carries a peso balance -- and uses our San Antonio Tlayacapan address, so its debit card appears to be Mexican usually). Xoom works well for interbank transfers, and PayPal can debit any of the other accounts so can pick up some slack (but carries no balance of its own). We also use Vanguard a lot and Schwab a little.

By "modern" I mean we never visit these institutions in person, because there's no need. Everything's online, and that's the way we like it. IOW, we don't make trips to "the bank" and won't be starting.

Within this outline of requirements, which bank with a Lakeside branch fits best, simply to check the box?

Thanks.

LQ

 

Absolutely amazing or more to the point unbelievable that you want even more banks and things like money sending outfits. 2 banks here,1 Canadian and 1 Mexican and I enjoy going to my bank.Kept firing the ones in Canada that became more and more teller-less. Are you the type of fernner couple I see here in restaurants playing with yer phones instead of [gasp!] talking to each other throughout the whole meal?

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Thanks, all. I'll try BBVA/Bancomer.

20 minutes ago, happyjillin said:

Are you the type of fernner couple I see here

No, we're shallower than that.

We're the type who stay home watching Canadian reality shows on TV, often sporting adult diapers so we won't miss anything.

LQ

 

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I don't see where anyone has addressed LQ's last line..... "......simply to check the box....."     IF he means a safety deposit box, unless things have changed in more recent times, not aware that ANY local bank can fulfill that need.    ?

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2 hours ago, Natasha said:

I don't see where anyone has addressed LQ's last line..... "......simply to check the box....."     IF he means a safety deposit box, unless things have changed in more recent times, not aware that ANY local bank can fulfill that need.    ?

He meant a bank that he does not have to visit to accomplish daily necessities. Doesn't want to visit the bank hence not looking for a safety deposit box.

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We had both BBVA and Banamex and left Banamex. I second John Shralls and Mostlylost ´s posts . I have been banking here for 20 years and I think the "most modern" bank is BBVA. This said each branch has their own personality so get to know the manager or an executive. I was in San Cristobal and my purse was robbed.. BBVA main branch was a real pain to deal with and not helpful at all. I called the branch in Ajijic and recommendd that I go and visit another succursal and the other succursal helped me   .. I had to ave 2 seperate ID and since my purse was stolen I only had one and the main branch would not allow me to go on the applicatin which I needed to do to pay people back in Ajijic. THe other branch matched my finger print to the ones on file and they helped me without a problem.

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On 9/9/2022 at 6:54 PM, Lou Quillio said:

By "modern" I mean we never visit these institutions in person, because there's no need. Everything's online, and that's the way we like it. IOW, we don't make trips to "the bank" and won't be starting.

There is a fairly new bank in the area called BX+. They provide a lot of personal services and I have never had to be inside the bank even to open the account. Call Elizabeth at 376-688-1584. Their office is in front of La Pueblita, but you can arrange for Elizabeth to come to your home to set the account up. You get a debit card and they reimburse up to 5 ATM fees a month at any ATM. They will also deliver up to 30,000 pesos to your home for a fee of 100 pesos. Much better than hanging out at ATMs! Their app is just as good as Bancomer (I have a Bancomer account too).

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46 minutes ago, oasiscloud said:

There is a fairly new bank in the area called BX+. They provide a lot of personal services and I have never had to be inside the bank even to open the account. Call Elizabeth at 376-688-1584. Their office is in front of La Pueblita, but you can arrange for Elizabeth to come to your home to set the account up. You get a debit card and they reimburse up to 5 ATM fees a month at any ATM. They will also deliver up to 30,000 pesos to your home for a fee of 100 pesos. Much better than hanging out at ATMs! Their app is just as good as Bancomer (I have a Bancomer account too).

I would be very cautious. Someone coming to my house to open an account???????   They can take money out of your account to deliver it to you????

Their website does not list an office lakeside. 

There has been a history in Mexico of bank failures of this type of bank. Normally the clients lose most if not all of their money.  The government office CNBV that handles bank failures,  budget was cut by AMLO and they are basically helpless

 

 

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1 minute ago, Mostlylost said:

I would be very cautious. Someone coming to my house to open an account???????   They can take money out of your account to deliver it to you????

Their website does not list an office lakeside. 

There has been a history in Mexico of bank failures of this type of bank. Normally the clients lose most if not all of their money.  The government office CNBV that handles bank failures,  budget was cut by AMLO and they are basically helpless

 

 

Everyone needs to do their own due diligence. I have.

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2 hours ago, oasiscloud said:

There is a fairly new bank in the area called BX+. They provide a lot of personal services

Thanks, but no way. Personalizing what should must be an arms-length relationship is exactly how fraudsters operate. And by an off-brand bank? There aren't enough red flags in the world.

LQ

 

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