Banking between the U.S. and Mexico

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!!