Thanks so much Paul. I created an update video based on your info (and I'm pinning your comment for others to see.) ua-cam.com/video/8-wAmLed2C0/v-deo.html
I always like to use the Citibanamex machines, because they don't swallow your Card, You just insert it half way. Had my ATM Card swallowed up once in Ireland, and I was there for five days, thankfully I had Credit Cards with me, but don't like to pay the percentage rates for cash withdraws. Thanks for the informative Video
Best of luck! BTW, most expats don't become citizens - they just become permanent residents, which is almost the same as citizenship, but you cannot vote.
@AlmostRetiredinMexico My parents were born in Mexico. Once I move to Mexico, I am going to start the process of getting my citizenship by stopping by the civil registry. ☺️☺️☺️
I got screwed out of $9 by a Santander ATM in Tecate, Baja Norte. They gave me a horrible exchange rate WITHOUT giving me the option to Decline it. I called my bank Charles Schwab and they refunded me the $9.. very happy with them!
I have Charles swabb and the same thing happened.. I called but they and they never said they would take care of the whole amount.Did you demand they remove the charges? thanks
Thanks for a great video mate, I'm travelling to México next year, and to be honest I've been a bit nervous about these things, 🤣🤣🤣 your video was very helpful, thanks again from Australia 👍🏻👍🏻
Apply for a checking account with Santander Bank in the United States, you'll need to have a US address where it can be sent. Once you've obtained the card you can use it at Santander Bank in Mexico with ZERO FEES from either bank. Moreover, if you hit do not accept their rate rate on the final screen, there's a button to the left hand side that says something like"let your bank work out fees"(don't remember exactly) Santander will give you the exact current exchange rate from the dollar to the peso. It's heaven, especially after loosing so much money on the exchange rate, and the fees from both your bank and the ATM. In the interim, I would also try not accepting the rates at the ATM's and hitting the alternative option which is letting your bank settle the exchange. Let me know if that works, I'd imagine it should.
Yes - definitely decline the fees on any ATM if the option is presented. Thanks for the info on Santander. I don't bank with them so it's good to hear from others.
I don't know if you figured it out yet but they also charge you for a receipt! All of those Banks charge an astounding amount of fees! Always go to Caja Bank. Their fee is 17.30 pesos! Also check the exchange rate before you get money out of the ATM and wait until it goes back up to 19 or above pesos to withdraw cash!
A receipt change? What's the fee? I haven't been able to see that fee. Unfortunately Caja Bank doesn't seem to have branches in La Paz (but Inbursa and Banjercito are supposed to also have fees around 17 pesos - I'm going to visit soon to confirm - and to make sure they aren't getting you with an exchange rate issue.) Thanks!
Looking forward to going to Tijuana next week then gonna take first class bus interior in Mexico to visit cities interior of. Mexico since Mexico immigration gave me 180 day tourism visa as us citizen
When you take a small amount at a time like $57, any fees as a percentage will eat you alive. Better to take the daily max withdraw limit, secure your excess funds, and minimize the number of transactions.
Yes and no. I was taking out small amounts just to experiment on multiple ATMs in one weekend (so the exchange rate didn't change between ATMs.) The fees are set not matter how much you take out, but a bad exchange rate will always be bad.
@@AlmostRetiredinMexico I put that there for the benefit of a less experienced traveler. It's easy to be in full tourist mode and just think in the moment. That's how things really start getting expensive!
With XE you can get a better rate by going to "Orders" and create order, it pays out at a higher rate then the posted rate and the rate you want if it's going up
I bank with Banorte, which works well for me. Other expats swear by Intercam Bank, which I think caters more to expats. Just make sure they have branches (surcursales) wherever you plan to live. Also, ATMs are caja automaticas. Corresponsales seem to be places where you can get cash at a business - like an Oxxo. However it's often limited to a very small amount of money. I'm going to interview someone who helps Americans with banking. I'll be sure to ask for her recommendations.
@@AlmostRetiredinMexico from what I understand, and had a friend in Mexico verify this, an american citizen can not open a Bank Account in Mexico unless they have temporary or permanant residency in Mexico. So, for long term tourists that eliminates transfering money to a Mexican bank account.
Did you decline the conversion fee? I always read.... 1. Except the ATM fee 2. Decline the Insurance 3 Decline the Conversion. I know Schawb and Wise debit cards already do the conversion for you, plus Schwab refunds all ATM fees at the end of each month.
Schwab is a great deal. You're right about accepting the ATM fee - you don't have a choice on that. I'm not sure what the insurance is you mention. And always decline the Conversion.
Awesome. I normally use banorte and decline the conversion. Now I'm curious how much I"m paying. Either way, I need to switch to charles swhab I think!
If I were to move to Mexico permanently, would it be better to keep my money in the United States or just open a Mexican checking and savings account and move all my money to Mexico? 🤔🤔🤔
Both. They are both very secure. But currency risk is a problem. Over time, the USD has grown in value compared to the peso. But over the short term, that trend has reversed. So you want to have lots of pesos for when the peso is strong and lots of dollars for when the peso is weak. Then you can choose to use the stronger currency at any point in time.
Thanks for the great videos. Can I ask you. When u transfer from wise to your Mexican bank account what it’s the treatment with the Mexican tax (Sat). The equivalent to irs. Because all bank account are reported to the sat. Thanks
As I understand (and I'm not an expert) SAT does not automatically tax electronic deposits. They are more concerned with cash deposits, but they no longer automatically tax those. I'm guessing it's your responsibility to file the proper tax forms if the transfers are actually income, but if they are just moving money from one of your accounts to another, they are not taxed (my assumption.) One additional thing: the US wants to know if you have over $10,000 in a foreign account at any time. Once again, not automatically taxed, but they want to know about it. I hope that helps
I've never used Western Union. However, looking online, it appears that they hide their fees in a lower exchange rate. Overall, not bad, especially if you're transferring less than $1000. You can use the chart at the bottom of this page for quick comparisons: wise.com/us/blog/western-union-fees
I'm not sure about that side of the country. But I use Banorte and I'm happy with them. Wise is a great tool to move money into any local bank. I also use Actinver as an investment bank, but not for everyday banking. You may check Expat Facebook Groups for recommendations. But beware that some folks don't realize they are getting ripped off by the banks that cater to expats (where they speak English, etc.)
@@pe2062 Sure thing. I'm NOT a fan of Facebook, but the group feature is really nice to have when living in an expat community. I don't really use it for anything else.
Problem is if you choose to decline the rate the procedure is cancelled and the card is returned without completing a withdrawal. Perhaps the banks are trying to stay one step ahead of foreigner transactions?
I don't know what's going on. When I use the ATMs here (Playa Del Carmen) and decline the ATM conversion fee, it still seems to charge me 7-10%. I check the peso to CAD exchange on Google, and it seems like I'm missing 7-10% each time. And I can't imagine my bank charges that much. Any idea what's going on? I feel scammed. Last time I withdrew 3000 pesos for $233.69CAD (which should have gotten me 3292 pesos according to Google). That's 10% without the 40-80 peso fee.
Something doesn't sound right. Google uses the mid-market rate, so you won't get that. I found this website that helps calculate what you should get. It's based on using a Visa ATM card (issued by your bank) and calculates the Visa Currency Exchange Rate plus your bank's foreign fees (which you'll need to research.) You can set the date of your transaction too. Hopefully this helps - it sounds like you need to check in with your bank back in Canada. usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html
I recently got a Wells Fargo account but for some reason everywhere I go here in Mexico City it refuses to accept my Wells Fargo debit card. I can't get any cash. What do you suggest?
@@tonyesqueda9186 You may need to establish a "travel plan" with WF so they recognize you are the owner of the card and making the withdrawals. With that being said WF recently informed me they are no longer requiring "travel plans" to be recorded with them. Suggest you call WF to see why they are denying withdrawals. Been there done that....
@@AlmostRetiredinMexico no nothing i have aunt that is very poor in mexico i need her the debit card in the mail to her . I transfer my money from my bank when ever am able to . She goes to a bank atm and get the best exchange rate and of course ill tell the amount she is only able to withdraw lol
HSBC atm fee 74 peso.
1. Caja Popular atms fee 17 peso.
2. Inbursa atms fee 17 peso.
3. Banjercito Atms fee 18 pesos.
4. Ban Coppell Atms fee 18 pesos.
5. Banco Bansefi Atms fee 12 pesos.
Thanks so much Paul. I created an update video based on your info (and I'm pinning your comment for others to see.) ua-cam.com/video/8-wAmLed2C0/v-deo.html
Banorte: ATM fee 45 Peso
Santander ATM fee with my PayPal debit card: 0 Peso (at the bank)
I think it is not gonna bother me what I pay I need my money from USA so can pay my hotel bills
I pay big fees in USA to use atm outside my own bank
Like I said I can not use my arm cards outside USA so have to do it at international border
Best info I say my friend just get your money inside us border
Or in USA then no worries can exchange dollars at border before going into Mexico.
You are too modest. Your explanations went way beyond those that I have seen anywhere else. Thanks for the info!
Thanks for your kind words!
I always like to use the Citibanamex machines, because they don't swallow your Card, You just insert it half way. Had my ATM Card swallowed up once in Ireland, and I was there for five days, thankfully I had Credit Cards with me, but don't like to pay the percentage rates for cash withdraws. Thanks for the informative Video
Really appreciate this! Currently vacationing in Cozumel and ended up using the Citi ATM (surprised how good they are). Skipping anything HSBC!
I love your videos, they are very informative. Thank you!! I can't wait to move to Mexico and become a Mexican citizen. 👍🏽👍🏽👍🏽
Best of luck! BTW, most expats don't become citizens - they just become permanent residents, which is almost the same as citizenship, but you cannot vote.
@AlmostRetiredinMexico My parents were born in Mexico. Once I move to Mexico, I am going to start the process of getting my citizenship by stopping by the civil registry. ☺️☺️☺️
@@user-rh5zh7uw3s That's perfect!
Going to PV for a month. Sharing with friends who are already there, they go every year. thanks for the speadsheet, Great Video.
You're the man. Extremely underrated video! Thank you!
Thanks for watching!
I got screwed out of $9 by a Santander ATM in Tecate, Baja Norte. They gave me a horrible exchange rate WITHOUT giving me the option to Decline it. I called my bank Charles Schwab and they refunded me the $9.. very happy with them!
Ouch! Exchange rates are great right now, so hopefully even a bad rate was OK. Thanks for sharjng
I have Charles swabb and the same thing happened.. I called but they and they never said they would take care of the whole amount.Did you demand they remove the charges? thanks
@@Davis-q1s sort of. I asked them to Contact Santander and raise hell- they said that'd be time consuming and easiest thing was just remove the fee
Thanks for a great video mate, I'm travelling to México next year, and to be honest I've been a bit nervous about these things, 🤣🤣🤣 your video was very helpful, thanks again from Australia 👍🏻👍🏻
Glad I could help! Enjoy your travels in Mexico!
Apply for a checking account with Santander Bank in the United States, you'll need to have a US address where it can be sent. Once you've obtained the card you can use it at Santander Bank in Mexico with ZERO FEES from either bank. Moreover, if you hit do not accept their rate rate on the final screen, there's a button to the left hand side that says something like"let your bank work out fees"(don't remember exactly) Santander will give you the exact current exchange rate from the dollar to the peso. It's heaven, especially after loosing so much money on the exchange rate, and the fees from both your bank and the ATM.
In the interim, I would also try not accepting the rates at the ATM's and hitting the alternative option which is letting your bank settle the exchange. Let me know if that works, I'd imagine it should.
Yes - definitely decline the fees on any ATM if the option is presented.
Thanks for the info on Santander. I don't bank with them so it's good to hear from others.
Such helpful information Brighton! Thanks for taking the time.
Happy to share!
I agree Charles Schwab is the best!
Yup!
Thank you for doing this! Very helpful.
Glad it was helpful Ignacio
Really good comparisons, thank you for doing this video!
I don't know if you figured it out yet but they also charge you for a receipt! All of those Banks charge an astounding amount of fees! Always go to Caja Bank. Their fee is 17.30 pesos! Also check the exchange rate before you get money out of the ATM and wait until it goes back up to 19 or above pesos to withdraw cash!
A receipt change? What's the fee? I haven't been able to see that fee. Unfortunately Caja Bank doesn't seem to have branches in La Paz (but Inbursa and Banjercito are supposed to also have fees around 17 pesos - I'm going to visit soon to confirm - and to make sure they aren't getting you with an exchange rate issue.) Thanks!
Looking forward to going to Tijuana next week then gonna take first class bus interior in Mexico to visit cities interior of. Mexico since Mexico immigration gave me 180 day tourism visa as us citizen
Thanks for this video -- very helpful!
You're very welcome!
Global ATM Alliance. Scotiabank and Bank of America are partnered, eliminating ALL the ATM fees...but there is a 3% "international transaction fee".
Good to know. I heard there were some “alliances” but I didn’t know they still charged a 3% fee.
Is this 3% fee charged for ATM withdrawals? I thought it applies to credit card transactions
When you take a small amount at a time like $57, any fees as a percentage will eat you alive. Better to take the daily max withdraw limit, secure your excess funds, and minimize the number of transactions.
Yes and no. I was taking out small amounts just to experiment on multiple ATMs in one weekend (so the exchange rate didn't change between ATMs.)
The fees are set not matter how much you take out, but a bad exchange rate will always be bad.
But your point is a good one: don't use ATMs to get small amounts often. Get larger amounts less often!
@@AlmostRetiredinMexico I put that there for the benefit of a less experienced traveler. It's easy to be in full tourist mode and just think in the moment. That's how things really start getting expensive!
Super helpful, thanks!
Glad to share Dorian!
With XE you can get a better rate by going to "Orders" and create order, it pays out at a higher rate then the posted rate and the rate you want if it's going up
Is that only in the app? I don’t see that on their mobile website. But I also don’t have an account…
@@AlmostRetiredinMexico yah you need to log in first
@@AlmostRetiredinMexico It's also way faster if you pay for it with a e-transfer.
@@toonietom Thanks!
Thanks for your always interesting videos, do you have a bank to recommend in Mexico?
I bank with Banorte, which works well for me. Other expats swear by Intercam Bank, which I think caters more to expats. Just make sure they have branches (surcursales) wherever you plan to live. Also, ATMs are caja automaticas. Corresponsales seem to be places where you can get cash at a business - like an Oxxo. However it's often limited to a very small amount of money. I'm going to interview someone who helps Americans with banking. I'll be sure to ask for her recommendations.
@@AlmostRetiredinMexico This will definitely be an interesting interview thank you.
@@AlmostRetiredinMexico from what I understand, and had a friend in Mexico verify this, an american citizen can not open a Bank Account in Mexico unless they have temporary or permanant residency in Mexico. So, for long term tourists that eliminates transfering money to a Mexican bank account.
Did you decline the conversion fee? I always read....
1. Except the ATM fee
2. Decline the Insurance
3 Decline the Conversion.
I know Schawb and Wise debit cards already do the conversion for you, plus Schwab refunds all ATM fees at the end of each month.
Schwab is a great deal.
You're right about accepting the ATM fee - you don't have a choice on that. I'm not sure what the insurance is you mention. And always decline the Conversion.
Awesome. I normally use banorte and decline the conversion. Now I'm curious how much I"m paying. Either way, I need to switch to charles swhab I think!
Schwab seems to be the best bet!
Thanks for the information
Glad to share Arminda!
I want more dinero! - Dane
Yo quiero dinero - Jennifer Lopez ua-cam.com/video/aEM2kOrrNJI/v-deo.html
If I were to move to Mexico permanently, would it be better to keep my money in the United States or just open a Mexican checking and savings account and move all my money to Mexico? 🤔🤔🤔
Both. They are both very secure. But currency risk is a problem. Over time, the USD has grown in value compared to the peso. But over the short term, that trend has reversed. So you want to have lots of pesos for when the peso is strong and lots of dollars for when the peso is weak. Then you can choose to use the stronger currency at any point in time.
@@AlmostRetiredinMexico Thank you!
Thanks for the great videos. Can I ask you. When u transfer from wise to your Mexican bank account what it’s the treatment with the Mexican tax (Sat). The equivalent to irs. Because all bank account are reported to the sat. Thanks
As I understand (and I'm not an expert) SAT does not automatically tax electronic deposits. They are more concerned with cash deposits, but they no longer automatically tax those. I'm guessing it's your responsibility to file the proper tax forms if the transfers are actually income, but if they are just moving money from one of your accounts to another, they are not taxed (my assumption.)
One additional thing: the US wants to know if you have over $10,000 in a foreign account at any time. Once again, not automatically taxed, but they want to know about it.
I hope that helps
@@AlmostRetiredinMexico thanks so much for ur response. I subscribed yesterday to ur channel.
great video. what about western union to yourself?
I've never used Western Union. However, looking online, it appears that they hide their fees in a lower exchange rate. Overall, not bad, especially if you're transferring less than $1000. You can use the chart at the bottom of this page for quick comparisons: wise.com/us/blog/western-union-fees
i like your video👍👍👍
Thank you Cristian!
What local vank to you recommend for Cancun/PDC? I have Wise 😊
I'm not sure about that side of the country. But I use Banorte and I'm happy with them. Wise is a great tool to move money into any local bank. I also use Actinver as an investment bank, but not for everyday banking. You may check Expat Facebook Groups for recommendations. But beware that some folks don't realize they are getting ripped off by the banks that cater to expats (where they speak English, etc.)
TY !! I don't use Facebook, so I will just keep following you for resources if that's ok :)
@@pe2062 Sure thing. I'm NOT a fan of Facebook, but the group feature is really nice to have when living in an expat community. I don't really use it for anything else.
Decline conversion always.
Definitely!
Problem is if you choose to decline the rate the procedure is cancelled and the card is returned without completing a withdrawal. Perhaps the banks are trying to stay one step ahead of foreigner transactions?
Did the Citibank ATM offer to decline the “internal” conversion also?
I've been looking for a Citibank ATM to test this, but I haven't come across one. If I find one, I'll add another comment. Cheers
I don't know what's going on. When I use the ATMs here (Playa Del Carmen) and decline the ATM conversion fee, it still seems to charge me 7-10%. I check the peso to CAD exchange on Google, and it seems like I'm missing 7-10% each time. And I can't imagine my bank charges that much. Any idea what's going on? I feel scammed. Last time I withdrew 3000 pesos for $233.69CAD (which should have gotten me 3292 pesos according to Google). That's 10% without the 40-80 peso fee.
Something doesn't sound right. Google uses the mid-market rate, so you won't get that. I found this website that helps calculate what you should get. It's based on using a Visa ATM card (issued by your bank) and calculates the Visa Currency Exchange Rate plus your bank's foreign fees (which you'll need to research.) You can set the date of your transaction too. Hopefully this helps - it sounds like you need to check in with your bank back in Canada. usa.visa.com/support/consumer/travel-support/exchange-rate-calculator.html
Can you make cash withdrawals using Wise debit card at ATM? I have a Wise MXN peso account
I don't have a Wise debit card, but I can only assume it would work.
I recently got a Wells Fargo account but for some reason everywhere I go here in Mexico City it refuses to accept my Wells Fargo debit card. I can't get any cash. What do you suggest?
Hmmm… I would call Wells Fargo. Maybe they are blocking it because they think it’s fraudulent?
@@AlmostRetiredinMexico I'll try again but so far nobody has answered
@@tonyesqueda9186 You may need to establish a "travel plan" with WF so they recognize you are the owner of the card and making the withdrawals. With that being said WF recently informed me they are no longer requiring "travel plans" to be recorded with them. Suggest you call WF to see why they are denying withdrawals. Been there done that....
Use Charles Schwab debit cards.
Yes - a Schwab account is great when you live overseas.
WesternUnion union ?
It is possible to send Western Union - but I haven’t done it.
I can not use my card only valid in USA my bank one so no worries or no big problems
My bank only says I can use mine inside USA border only.
Really? Interesting. What bank is that?
$74 US dollars fee?
I believe it’s 74 pesos
Dollars hahaha
Charles schwab no fees in mexico nothing
Yes - are there any annual fees or minimum investments?
@@AlmostRetiredinMexico no nothing i have aunt that is very poor in mexico i need her the debit card in the mail to her . I transfer my money from my bank when ever am able to . She goes to a bank atm and get the best exchange rate and of course ill tell the amount she is only able to withdraw lol