This is a question from Robert (USA). Having a Mexican bank account (especially for digital nomads) is a relief because of very low conversion rates. I earn in USD and I only have a Philippine bank account. When I take out cash here in Mexico (with my PH bank card), I get super low rates from the original USD that I transferred! I lost a lot of money from bank fees and bad conversion rates so I hope this won't happen to you. This is a great option for digital nomads, especially those who are staying in Mexico long-term (with a tourist visa). Keep those questions coming and I will make more content from it!
As a Mexican-American who knows a "thing or two about" converting dollars to Mexican Pesos and get the best rates, I must say opening a Mexican Bank is NOT the best way to get the best rates. I would recommend getting the Charles Schwab investor checking account; this will allow you to withdraw money at any Mexican ATM for free and get the current/daily exchange rate. Or my personal favorite for the Capitol One 360 checking account, which has no fees when withdrawing money from any Banorte Bank (nationwide in Mexico) or Allpoint ATMs located at most OXXO's and current/daily exchange rate. The Capital One 360 checking account also comes with Zelle to get money instantly from USA bank accounts. Keep in mind that the Mexican Bank will choose the exchange rate when your dollars or foreign currency is deposited. The best way is to get one of the two USA bank accounts mentioned above then deposit the Mexican Pesos to your Mexican bank account-greetings from California.
Thanks again for a great video. The big advantage on saving on exchange rate fees with a Mexican bank account is that you can take advantage of online app like OFX or Wise app that limit transfer from bank account to bank account with low fees. A suggestion for another video is to compare your personal use those apps. Keep up the good work. ;-)
OK. Next video please tell us how you transfer $ from the States/Philippines to your MX account. What do you have to consider from a conversion rate perspective? How long does it take? Do you still need to carry a lot of cash with you now? What places don't take this - from your experience? How do you pay rent that usually is higher than the daily withdrawal limit? I heard there are a few P2P $ transfer apps but many videos lately say they don't know of any such apps. Are you familiar with any? Thanks for the information. Also, is Intercam the only bank you know of that allows tourists to open accounts? Are there a lot of branches/ATMs?
Hi Trisha! Thanks so much for this!! I'm from Korea and don't have the same opportunities that US citizens do :/ Just curious, where was this bank exactly in Mexico? And have you had no problems ever since?
@@TrishaVelarmino in Intercom Karina is my Bf banker also. He have a house in Bucerias. If we’re in Mexico maybe we can meet up and have some Tequilaaaa lol! Hehehe
Hi, Trisha! Going by their branch/ATM locator, they do not have any services in or even near the places I am looking to settle. (There are none in the whole state of Michoacán, for instance.) I suppose the card would work in any ATM for a fee, and maybe deposits could be made the same way (makes me nervous, though) or through a branch of some affiliated bank. But I for one always feel more comfortable having a bank that I can visit and where I can be recognized as a client. Any advice to give about this? Many thanks for all you do.
Dear Trisha, hope you still check comments on older video’s because I have an important question. As a foreigner in the Philippines I have my personal bank account here. Whats your experience with using your Philippine bank account at atm’s in Mexico? Does it work? Secondly saw you video on opening an account at intercam. From your video I conclude I need a utility bill from my home country? As I have been traveling for a while I have no such thing. In do have my bank statements organized though. Is the home country utility bill an absolute requirement or is there a work around? Hope you will be able to respond. Salamat
How did you obtain a tourist visa from the Philippines? There’s no information online about that that’s clear and no one has any videos on it, but a lot of people want to do this.
If you prefer reading detailed instructions, this video is available in text form on my blog: psimonmyway.com/open-a-bank-account-in-mexico/
This is a question from Robert (USA). Having a Mexican bank account (especially for digital nomads) is a relief because of very low conversion rates. I earn in USD and I only have a Philippine bank account. When I take out cash here in Mexico (with my PH bank card), I get super low rates from the original USD that I transferred! I lost a lot of money from bank fees and bad conversion rates so I hope this won't happen to you. This is a great option for digital nomads, especially those who are staying in Mexico long-term (with a tourist visa).
Keep those questions coming and I will make more content from it!
As a Mexican-American who knows a "thing or two about" converting dollars to Mexican Pesos and get the best rates, I must say opening a Mexican Bank is NOT the best way to get the best rates. I would recommend getting the Charles Schwab investor checking account; this will allow you to withdraw money at any Mexican ATM for free and get the current/daily exchange rate. Or my personal favorite for the Capitol One 360 checking account, which has no fees when withdrawing money from any Banorte Bank (nationwide in Mexico) or Allpoint ATMs located at most OXXO's and current/daily exchange rate. The Capital One 360 checking account also comes with Zelle to get money instantly from USA bank accounts. Keep in mind that the Mexican Bank will choose the exchange rate when your dollars or foreign currency is deposited. The best way is to get one of the two USA bank accounts mentioned above then deposit the Mexican Pesos to your Mexican bank account-greetings from California.
@@antonimendez2279 I think this applies to US people only. Charles Schwab is not available in Canada.
Great info to have! We are arriving in Mexico in a couple weeks for an extended stay so this is very timely!
Job well done! Very informative. Great quality. Minute 2:30 -6:15 ⭐⭐⭐⭐⭐
Thanks again for a great video. The big advantage on saving on exchange rate fees with a Mexican bank account is that you can take advantage of online app like OFX or Wise app that limit transfer from bank account to bank account with low fees. A suggestion for another video is to compare your personal use those apps. Keep up the good work. ;-)
Excellent information for people here on a Tourist Visa.
OK. Next video please tell us how you transfer $ from the States/Philippines to your MX account. What do you have to consider from a conversion rate perspective? How long does it take? Do you still need to carry a lot of cash with you now? What places don't take this - from your experience? How do you pay rent that usually is higher than the daily withdrawal limit? I heard there are a few P2P $ transfer apps but many videos lately say they don't know of any such apps. Are you familiar with any? Thanks for the information. Also, is Intercam the only bank you know of that allows tourists to open accounts? Are there a lot of branches/ATMs?
Hi Trisha! Thanks so much for this!! I'm from Korea and don't have the same opportunities that US citizens do :/ Just curious, where was this bank exactly in Mexico? And have you had no problems ever since?
This is very helpful Trish! Thanks for sharing this! And btw she’s my bf banker also in Mexico! 💕Take Care xoxo
Amazing! Which bank? Thanks for watching, Maysun!
@@TrishaVelarmino in Intercom Karina is my Bf banker also. He have a house in Bucerias. If we’re in Mexico maybe we can meet up and have some Tequilaaaa lol! Hehehe
@@nodestinationcouple7556 Oh really! YOu know her! What a small world!!!
Thank you so much for this video.
Great info! Thanks so much. This will save me a lot of money.
Great video. Very useful information
Thanks for the helpful info! in what city did you open your bank account?
wow great video!
This is super amazing and helpful!
great info, thanks.. but why does the card has no digits numbers on it? this doesnt work with paypal i guess, any idea?
Hi, Trisha! Going by their branch/ATM locator, they do not have any services in or even near the places I am looking to settle. (There are none in the whole state of Michoacán, for instance.) I suppose the card would work in any ATM for a fee, and maybe deposits could be made the same way (makes me nervous, though) or through a branch of some affiliated bank. But I for one always feel more comfortable having a bank that I can visit and where I can be recognized as a client. Any advice to give about this? Many thanks for all you do.
Dear Trisha, hope you still check comments on older video’s because I have an important question. As a foreigner in the Philippines I have my personal bank account here. Whats your experience with using your Philippine bank account at atm’s in Mexico? Does it work?
Secondly saw you video on opening an account at intercam. From your video I conclude I need a utility bill from my home country? As I have been traveling for a while I have no such thing. In do have my bank statements organized though. Is the home country utility bill an absolute requirement or is there a work around? Hope you will be able to respond. Salamat
Whats the minimum amount to have in your intercam account? Is it 1000 or the penalize you?
Amazing info! What city is this in?
Hi I was just wondering can I open an account online to,or do I exactly have to do it at the bank
po is it then possible at 2024 open a bank account in Mexico still as tourist
?
How did you obtain a tourist visa from the Philippines?
There’s no information online about that that’s clear and no one has any videos on it, but a lot of people want to do this.
Will this bank accounts card work as a payment method on Rappi?
Intercam is not a bank. It is an exchange and it's partner is Mellon BNY. Sure it looks like and tries to act like a bank but it is not.
I have Intercam as well - its the only place that would take me. All the others said no. They have one branch in Acapulco.
Galing namn
What city did you open that account in?
Puerto Vallarta
❤️
Thanks for watching, Rachel!
WC po Ms trisha 😍
😍😍😇😇🥰🥰🥰