I need some suggestions on the cheapest and easiest way to handle finances while I am living in Mexico.
• I am going to be earning U.S. dollars that I will be depositing into my U.S. bank account (like what I do now while living in the U.S.)
• I am going to be earning pesos in Mexico that will be deposited into a Mexican bank account.
• I will be leaving some money in my U.S. accounts to take care of bills that I will be paying in dollars.
• I will need to transfer the rest of the money to my Mexican bank account for my use there.
Here are the things I am trying to take into consideration:
1) What is the cheapest way to transfer/convert my dollars to pesos? I need to figure out rates for the following: Bank to bank transfers? (Bancomer told me it is a flat rate of $35 per transfer regardless of amount transferred.) Wire transfers with a company like Western Union? Transfer between accounts via paypal? Convert as much as possible at a bank here prior and bring it along as cash??
2) What bank is best to use? Someone recommended bancomer as the only bank that will allow bank accounts to tourists without fm3s, but I don't know if this is accurate. I know HSBC has branches in both the U.S. and Mexico.
3) If I can have both a Mexican and U.S. bank account with HSBC, can I just transfer money between accounts?
4) If I want to have a credit card in case of emergencies, should I just use a U.S. credit card and deal with the international charges or should I/can I get a credit card in Mexico to use there??
If anyone currently has a situation like this and has any feedback I'd greatly appreciate it!!!! I have set up my entire move except for that part of it and I'm getting a little overwhelmed with all of the scenarios and which is best. Thanks so much!!
Banking between the U.S. and Mexico
Welcome on board jmkinsman 
I hope that other members of the site will contribute to your several queries soon.
Enjoy your stay on our community.
HSBC Mexico and HSBC USA are two different banks. They belong to the same banking corporation but are incorporated locally as two different entities. Your US account at HSBC would not be found in the system at a HSBC branch in Mexico or any other country.
HSBC does offer expat banking via their premier account services, which require a substantial deposit. You should inquire at your local HSBC branch for further.
When I lived in Mexico, I had a Banamex account. Banamex is a wholly owned subsidiary of Citigroup. I had a Citibank account in the US and at the time at least, I could easily transfer money from one account to the other. Check now to see if this is still the case with a Citibank rep.
Also, it looks like Banamex USA has 17 branches in the US and that they do not charge transfer fees.
Check this article out:
http://www.elpasotimes.com/news/ci_1720 … st_emailed
Take care.
Why not use your U.S. bank's ATM card and draw pesos out in Mexico? If your bank is Bank of America there is no ATM fee at at least two Mexican banks ATM's.
A Banamex USA account can be opened online and you can transfer dollars to pesos to a Banamex Mexico account. There is no charge for using a Citibank ATM card at Banamex.
You can open a Monex account and transfer dollars to pesos to a Bancomer account.
Most people use their U.S.A. bank's ATM card. Credit unions usually refund ATM charges. Some banks refund a set amount of ATM charges. There are internet banks that give excellent exchange rates and free foreign ATMs.
Good luck.
I would like to open an account in US dollars in a bank in Merida, does anybody have any advice/suggestions?
Soon in Merida wrote:I would like to open an account in US dollars in a bank in Merida, does anybody have any advice/suggestions?
Pretty much all the banks in Mexico allow you to open an account in US dollars.
Can you be a bit more specific? Can you open it with cash dollars, check on a US bank, direct wire from the US...? Do the bank require that you have a specific visa for this service?
Whatever specifics would be most appreciate.
Soon in Merida wrote:Can you be a bit more specific? Can you open it with cash dollars, check on a US bank, direct wire from the US...? Do the bank require that you have a specific visa for this service?
Whatever specifics would be most appreciate.
It's my understanding that you need to present an FM-3 or FM-2 resident visa along with proof of your address. You can't open the account from the US, you must physically go to the bank and open the account. All the same rules apply to all the banks in Mexico. Apparently, you can open an account with an FMM (Tourist card)if you are still within the 180 days validity period of your stay, at least according to this Banamex document:
http://www.google.com/url?sa=t&rct=j&q= … 1J-Q2kaZjg
You can open the account by depositing traveler's checks, US postal money orders (the international ones), cash in Mex. pesos or US dollars or by wire transfer from the US once the account is open.
I hope this helps!!
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