Need help in Choosing a Local Bank

[Lexy]

I need suggestions in replacing my long-time Actinver/Ajijic account with another Ajijic bank.

My main bank is in the USA and I plan to keep it active. It's USAA, where my monthly Social Security check goes. USAA serves me well.

However I'd like to continue having a peso account with a Lakeside bank for convenience. English-speaking staff, parking and location matter to me. I live in Mirasol.

If you have a suggestion, post here or with a PM, please.

Lexy

 

[Ferret]

I like the newest Intercam Bank located in the plaza just after the last lights going west out of Ajijic. Friendly, good customer service and the reps all speak English. GOOD parking too. I tried to open an HSBC account in the Laguna Mall simply because it's the closest to me. What a nightmare! You don't have to actually go to the Intercam Bank once the account is open because you can use your Intercam debit card at the HSBC machines. I opened the account and top it up with a simple cheque written on my Canadian account.  Intercam has also simplified checking your account online and they send you an e-mail once a month with clear instructions for accessing your account. It was Pedro (aka Happyjillin) who first peaked my interest in Intercam and I will be forever grateful. fyi, I dumped Actinver in 2014 fed up with our experiences there. Before Actinver bought Lloyds, it was a wonderful establishment. Now? Not so much in my personal experience.

[Seren]

Another vote for Intercam. I have been with them for 8 years, after closing Actinver and Multiva accounts which didn't work very well for me. I still have my Bancomer account - it's OK,  but it's the Intercam one I use most and find superior - they have parking, location convenient for me & English speakers as well. 

[Natasha]

Intercam for sure.  You live closer to the original location, but I prefer the new one too.....    and the staff at the teller's cages as well as the account execs are SUPER excellent.  You cannot do better.  Call me if you like.

[artsnob]

I also suggest Intercam, I use the branch next to Oxxo, Everybody there greets me and my Dog Chicka,by name, i prefer ATM inside, as sometime the kids fool around with the one at LCS

[lakeside7]

If your primary importance is parking, ease of entry and exit, then Actinvet wins hand down. I have had good experiences with Intercam and Multiva, but sadly their parking spaces are limited. Best if you take a drive and see which one you can manage the parking space, or why not take a taxi 

If there is one big complaint about all the banks is their lack of parking period. Who knows maybe one of them will have a drive thru, but don't hold your breath 

[Lexy]

Thanks, Lakeside7. I have no trouble parking at Actinver/Ajijic. Other problems are driving me to close my current account there, after many years.

Thanks to all others for suggesting the newest Intercam. I'm aware of the one with the better parking and I'm heading there ASAP. Sounds good.

Lexy

[traderspoc]

MULTIVA is your best choice, well run one of the bigger banks in Mexico, not small like Actinver or Intercam.

excellent service,  plenty of parking close by.

walk in and talk with the manager, you will be very happy.

 

[artsnob]

I used to be at Actinver and then Multiva, Intercam is more user friendly, and you deposit out of Mexico checks and credit to to account in 4 days, not 30 like the other banks, I left Multiva because they would not take my BOA checks for dpst..go see them both Lexy....

[Floradude]

I have also banked with Intercam for many years. I have my Social Security automatically deposited into my account at the first of the month.  It is an easy way of getting pesos into my account.  It comes in at full value.  Once you get your Debit card you have three Intercam ATM machines in Ajijic that you can use.  The old bank is my favorite because I feel at home there.  I do use the new bank on occasion.  The new bank has more spaces but they are now frequently filled.  Also, with the gridlock traffic making a left turn into the lot is not pleasant.  Anyway, I think Intercam is good choice. 

 

[Natasha]

11 hours ago, traderspoc said:

  ......      not small like Actinver or Intercam.

Do your research sir. From google search:  Intercam is focused on being Mexico´s international bank, serving export and import companies, individual savers, investors and travelers, as well as foreign clients living in Mexico.

As a client, I know they maintain accounts in Canada and U.S. ( and I'm sure other countries) for the sole purpose of facilitating movement  of financial assets between areas.

[OldWEB]

We too were looking for a "local" bank to set up an account and we talked to a fine lady at Intercam (the old branch - mountainside) and she told us we could not use one of those online money transfer sites like Wise or Xe to convert and transfer pesos into the account. She said we could move CDN dollars from our Canadian account into their bank or write out a check from our Canadian bank and deposit it. Then she told us the exchange rate that day was 12.4 which was ONE FULL peso less than I just got from taking cash out of my Canadian bank from the CI Banco ATM earlier (which included the ATM charge).

So 'no thanks' to Intercam for us.

EDIT: FYI That one peso less equates to $700 pesos less for $700CDN taken out!

[Ferret]

My main banking is with the TD Bank in Canada and I happily use my Canadian debit card twice a month. I opened the Intercam account when I was searching for my new car. I wanted the money HERE so I could act immediately on a good deal (at a time when few vehicles were available never mind what I had set my heart on) without the hassle of international wire transfers etc.  and it worked. Now I maintain the account as my "emergency" money. Pete Johanson will tell you that you only move money when the rate is most favourable to you personally. Canadian banks are VERY safe. I like safe.

[Natasha]

2 hours ago, OldWEB said:

....said we could move CDN dollars from our Canadian account into their bank or write out a check from our Canadian bank and deposit it. Then she told us the exchange rate that day was 12.4 ......

Intercam sets their rates for the day (US and CAD) before 9 a.m. and you have the option of saying yes or saying hold it and let me check daily. Many people use that "hold"  option. xe.com gives you daily SPOT rates..... all day long as rates  flux.    oanda.com will show you spot or  various %ages above below, also fluctuating.   

OR let me put this another way.  We hold US and CAD in accounts in Canada. Sometimes it's worth moving in one direction or  other to take advantage of what's happening. HOWEVER.....unlike Intercam,  our bank "floats" with the spot rate constantly. So IF we set up a change in either way, we are offered two minutes  to accept or decline the conversion and proceed.  If it's not to our advantage, I'll check at various times for the rest of that day and can decide--- yay or nay.

IF using Canadian debit card at ATM's, we are subject to that fluctuating rate at the moment our bank makes the conversion upon withdrawal.

[Whipstock]

3 hours ago, OldWEB said:

We too were looking for a "local" bank to set up an account and we talked to a fine lady at Intercam (the old branch - mountainside) and she told us we could not use one of those online money transfer sites like Wise or Xe to convert and transfer pesos into the account. She said we could move CDN dollars from our Canadian account into their bank or write out a check from our Canadian bank and deposit it. Then she told us the exchange rate that day was 12.4 which was ONE FULL peso less than I just got from taking cash out of my Canadian bank from the CI Banco ATM earlier (which included the ATM charge).

So 'no thanks' to Intercam for us.

EDIT: FYI That one peso less equates to $700 pesos less for $700CDN taken out!

I use wise to transfer to intercam on around 6 times a year. You enter a CLABE number into wise in place of a swift number.

[OldWEB]

36 minutes ago, Whipstock said:

I use wise to transfer to intercam on around 6 times a year. You enter a CLABE number into wise in place of a swift number.

What are you transferring, CDN or US $$$s?

[OldWEB]

3 hours ago, Natasha said:

Intercam sets their rates for the day (US and CAD) before 9 a.m. and you have the option of saying yes or saying hold it and let me check daily. Many people use that "hold"  option. xe.com gives you daily SPOT rates..... all day long as rates  flux.    oanda.com will show you spot or  various %ages above below, also fluctuating.  

Your link, monthly chart.

In one MONTH the CDN$/peso rate does not change a full peso as I mentioned on the rate she gave and what I received at another ATM that same day.

Also what we were told is that I cannot use Wise, etc. to convert and deposit pesos into the account, they will make money on their exchange rate when you deposit foreign currency, that is what I got from our little meeting.

[Whipstock]

7 minutes ago, OldWEB said:

What are you transferring, CDN or US $$$s?

I've done it with both. I did have to get the CLABE number from the branch, because they had given me Swift transfer numbers for a Canadian and an American bank. With a CLABE number, Wise can put it directly into your Intercam account.

I like that once done I don't have to check the exchange rates as it's already in Pesos. I just wish I had transfered more when the exchange rates were better.

[Whipstock]

1 minute ago, OldWEB said:

Your link, monthly chart.

In one MONTH the CDN/peso rate does not change a full peso as I mentioned on the rate she gave and what I received at another ATM that same day.

Also what we were told is that I cannot use Wise, etc. to convert and deposit pesos into the account, they will make money on their exchange rate when you deposit foreign currency, that is what I got from our little meeting.

When you use Wise you get the forex rate, then they charge you a (reasonable to me) fee.

[timjwilson]

On 4/14/2023 at 3:12 PM, OldWEB said:

Your link, monthly chart.

In one MONTH the CDN$/peso rate does not change a full peso as I mentioned on the rate she gave and what I received at another ATM that same day.

Also what we were told is that I cannot use Wise, etc. to convert and deposit pesos into the account, they will make money on their exchange rate when you deposit foreign currency, that is what I got from our little meeting.

When I purchased my home, the Santander banker for the real estate company said I could not use XE to transfer the funds. I ignored him and got a much better exchange than he offered. The banks just wish to make the money. XE charges nothing to do a transfer and often gives a better exchange rate than what they post on the public website. As a member, one can make a market order, stipulating a desired exchange rate. When the rate is reached the funds are transferred automatically.Could be the middle of the night. I have transferred to Multiva, BBVA Bancomer, Actinver but have never tried Intercam.

[InChapala1]

Another vote for Intercam. One negative, I'm unable to use their debit card on many online sites, but other than that Intercam has been great. @Ferret Does HSBC's ATM charge you a fee when you use Intercam's debit card?

@timjwilson I didn't realize XE allows users to stipulate an exchange rate for a transfer and does the transfer when the rate is reached. I use Wise and I don't think they have that feature, so I will need to give XE a try. Thanks for the tip.

[Ferret]

Yes, HSBC charges a fee when I use the Intercam Debit Card.

[timjwilson]

31 minutes ago, InChapala1 said:

Another vote for Intercam. One negative, I'm unable to use their debit card on many online sites, but other than that Intercam has been great. @Ferret Does HSBC's ATM charge you a fee when you use Intercam's debit card?

@timjwilson I didn't realize XE allows users to stipulate an exchange rate for a transfer and does the transfer when the rate is reached. I use Wise and I don't think they have that feature, so I will need to give XE a try. Thanks for the tip.

Just be aware to use a Canadian or US or UK - EU address when registering. I believe they closed membership to MXN only, residential addresses. 

[Slingshot]

I  recently inherited my mother's property in Ajijic and would like to open an account with Intercam. I use Intercam for all my exchange needs when I'm visiting. However, I need a bank account that I can manage remotely to pay bills and my gardener.  Is Intercam the best option? 

[John Shrall]

1 hour ago, Slingshot said:

I  recently inherited my mother's property in Ajijic and would like to open an account with Intercam. I use Intercam for all my exchange needs when I'm visiting. However, I need a bank account that I can manage remotely to pay bills and my gardener.  Is Intercam the best option? 

I can't speak to Intercam's capabilities, but BBVA (Bancomer) offers Retire Sin Tarjeta where you can get a code and pin number for a specific amount from a cell phone app or online portal. You then send the info to your employees and they can go to a BBVA ATM and withdraw the funds. I use it all the time for 3 employees at my house in Guayabitos.

Many utilities accept SPEI transfers which are normally used to transfer money from one bank to another but can act like a bill payer if the receiver supports it. I see Totalplay accepts SPEI payments and I know in the past I've paid CFE and Telmex bills from my checking account using their online portal. A Mexican credit card also works very well for recurring payments.