Sunday, April 30, 2017

MEXICO BANKING

If you are just planning to visit Mexico, order pesos before you get on the plane. If you plan on moving to Mexico, I suggest that you open account with Wells Fargo in the USA. Order pesos from Wells Fargo International 800-626-9430 before you leave the USA. When you arrive in Chapala, open an account at Bancomer in Chapala right near the water fountain. Bancomer is a sister branch of Wells Fargo. Bancomer is #1 bank in Mexico.
When you return to the USA, go to your Wells Fargo branch and request to SIGN a Wells Fargo Express Send Remittance CONTRACT.  800-556-0605. Your account name in the USA "MUST" match your account name at Bancomer "exactly".  (Mary Sue Money/First, Middle, Last) Unless it matches exactly the Express Send will be disabled.  Express Send allows you to transfer funds from your USA Wells Fargo account to Mexico directly into your Bancomer account. You can transfer up to $10,000 per month, at $1,500 per transfer. Each time you transfer there
is only a $5.00 fee.  This is a great advantage because the ATM fee's are excessive for every withdrawl while in Mexico. Research affirms that boarding a plane in the USA with less than $9,900 USA dollars/ converted into pesos, is safe, and okay. It is NOT very EASY to convert USA cash into PESOS once you land in Mexico. It is good advice to order pesos before departing. In 2014 laws changed and cashing a USA check has become an issue at many banking institutions. The USA now demands that all funds leaving the USA be tracked by social security number.

2 comments:

  1. ANOTHER OPTION TRANS FUNDS IS PAYPAL
    1) Set up USA paypay with one email
    With that paypal acct, authorize your Wells Checking
    2) Set up MEX paypal with new email
    Connect Bancomer SAVINGS ATM

    3) GO to USA paypal, click SEND MONEY
    TO family or friend (your Mex acct)
    It takes one day to arrive to Mex paypal
    FEE for 1,000 USA to MEX acct is $5.00

    ***PAYPAL exchange rate is GREAT

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  2. Gracias. I was wondering how the withdrawal of money in Mexico from your PayPal account worked. I rent a casita in Chapala in the summer & sometimes pay my rent in advance through PayPal.

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