Mexico Retirement and Banking; The Advantages of Online Banking

One of the advantages that modernization has presented for Mexico retirement is that of online banking.  This advantage applies equally to managing your bank account back home from Mexico as it does to managing your Mexico bank account from back home when you’re not in Mexico.

The ease that this presents makes buying and owning Mexico real estate to use only part of the year during your retirement more attractive.

For example, if you buy Playa del Carmen real estate, you have the choice between Bancomer, Banorte, Banamex (CitiBank,) Santander, Scotiabank, IXE and several other banks most of which not only have multiple convenient branch locations throughout the city, but all offer safe and modern online banking options.

Online banking for you Mexican bank account allows you to do the following from the U.S. or Canada during the summer, or whenever it is that you spend your time back home:

• Pay bills
• Pay services
• Pay Mexico taxes (if you run a business in Mexico, for example)

Each of these make it possible to continue carry out banking regularly in Mexico while visiting back home.

The most noticeable advantages, however, come from online banking options from your home bank in the U.S. or Canada.  Through the services your home bank offers, you can:

• Transfer money to your Mexican bank count; this is like a wire transfer, but you can do it from the comfort of your home computer, and from Mexico; i.e. you don’t have to go to your home bank personally to make the transfer as you otherwise would.  This makes it much easier to have access to your retirement funds.
• Pay bills back home.
• Check your balance.  Many banks like Bank of America and CitiBank allow you to withdraw funds from your U.S. or Canadian bank account in certain Mexican banks (Scotiabank and Banamex respectively) at no charge (only the official exchange rates.)

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  Especially at the beginning when you are first settling in in Mexico, you won’t have a Mexico bank account yet, but you will need a way to access funds that is safe and not costly.  Being able to check your balance will help you keep up to date of how much they are charging and how much you really have left.

For retirees buying property and moving to Mexico it is highly recommendable to talk to their bank and set up online banking if they have not yet done so.

TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546

“Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely