{"id":3421,"date":"2011-05-05T21:57:51","date_gmt":"2011-05-06T03:57:51","guid":{"rendered":"https:\/\/www.topmexicorealestate.com\/temp-blog\/?p=3421"},"modified":"2017-08-30T11:18:02","modified_gmt":"2017-08-30T16:18:02","slug":"planning-your-mexico-retirement-finances-opening-a-mexican-bank-account","status":"publish","type":"post","link":"https:\/\/www.topmexicorealestate.com\/blog\/2011\/05\/planning-your-mexico-retirement-finances-opening-a-mexican-bank-account\/","title":{"rendered":"Planning Your Mexico Retirement Finances; Opening a Mexican Bank Account"},"content":{"rendered":"

After buying Mexico real estate<\/a>, one of the most important steps in planning your Mexico retirement<\/a> is arranging to have access to your funds from the U.S. while you are in Mexico.\u00c2\u00a0 Since there are numerous ways to access funds while in Mexico, this is usually not a complication, but careful planning will allow you to take advantage of the best exchange rates and avoid high fees.<\/p>\n

While you can have complete access to your funds through credit or debit cards, as well as transfer companies, opening a Mexican bank account will help you manage your money more securely, so you can make direct wire transfers to this account, and also deposit any cash you may receive (e.g. cash debit withdrawals or transfers through companies like Western Union).<\/p>\n

Choosing your bank<\/strong><\/p>\n

\"\"If you choose a Playa del Carmen real estate<\/a> property, for example, you have a wide variety of modern banks with a variety of services to choose from.\u00c2\u00a0 These include Scotiabank, Bancomer, Banamex, Banorte, IXE and Santander.\u00c2\u00a0 All are international banks, except Banorte which is Mexican, and most are affiliated with banks in the U.S. and Canada. If, for some reason, you may be withdrawing cash from your Mexican account back home, it is worth choosing a bank that has an affiliated U.S. or Canadian bank, since you can make cash withdrawals from ATMs for free, only paying the current exchange rate.<\/p>\n

Another factor to consider in the bank you choose is the line ups.\u00c2\u00a0 While most banks are a nightmare on\u00c2\u00a0\u00c2\u00a0 payday (the 15th and last day of every month) as well as the 2 days after, some banks tend to have less traffic (Scotiabank); Banamex also has\u00c2\u00a0 nice system where you take a number and sit down until your number appears on screen.\u00c2\u00a0 Many banks, Bancomer for example, offer “Preferred Customer” cards to international clients, meaning you can go directly to a short line only for Preferred Customers.\u00c2\u00a0 Lines also vary from one branch to another of the same bank.<\/p>\n

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Documentation<\/strong><\/p>\n

Generally, you will not be able to open your Mexican bank account right away. To open an account you need what’s sometimes called an “Expatriate Visa,” or officially, an FM2 or FM3 visa.\u00c2\u00a0 When you arrive into Mexico, they will give you an FMT (Tourist Visa).\u00c2\u00a0 Once you have settled into your new property, you can contact the lawyer you worked with in your real estate transaction or ask your real estate agent for a recommendation to help you apply for your FM2.\u00c2\u00a0 You will need your passport for I.D., and a “proof of address,” which is simply an phone, water or electricity bill, and usually doesn’t\u00c2\u00a0 even have to have your name.\u00c2\u00a0 In the meantime you will need to rely on credit purchases and debit withdrawals.<\/p>\n

Services\u00c2\u00a0 & Security<\/strong><\/p>\n

\"\"Mexican banks have been heavily modernized and offer a variety of account types, packages and services.\u00c2\u00a0 International credit cards and online banking are standard features to offer at the time of opening an account.\u00c2\u00a0 As with most offices in Mexico, you might have some run-ins with annoying bureaucracy, but\u00c2\u00a0 patience, and simple mental preparation for the fact that this could happen, can help you overcome get through these annoyances without any real complication.<\/p>\n

Since Mexican banks have become fairly modern, retirees can feel confident in the security of their funds.\u00c2\u00a0 Some commentators have pointed out that unlike U.S. banks, Mexican banks required no bailouts during the recession.<\/p>\n

On the whole, opening a Mexican bank account is not terribly difficult, and Mexican banks have become convenient and easy to use, and having one will make your retirement in Mexico more convenient.<\/p>\n

Thomas Lloyd <\/strong>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 <\/strong>and Mexico Professional Real Estate License<\/strong> S.E.P. #5978657. He is the current president of TOPmexicorealestate, you can contact him at <\/em>(512) 879-6546<\/span><\/strong> or through the company’s web site<\/em> www.TOP<\/span>mexicorealestate.com<\/a> NETWORK
\n<\/strong>
\n“Mexico\u00e2\u20ac\u2122s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely<\/strong><\/span><\/span>!\u00e2\u20ac\u009d<\/strong><\/span><\/span><\/span><\/em><\/span><\/span><\/span><\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

After buying Mexico real estate, one of the most important steps in planning your Mexico retirement is arranging to have access to your funds from the U.S. while you are in Mexico.\u00c2\u00a0 Since there are numerous ways to access funds while in Mexico, this is usually not a complication, but careful planning will allow you […]<\/p>\n","protected":false},"author":2,"featured_media":13883,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[742,282,4,219,1730],"tags":[149],"class_list":{"0":"post-3421","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bb-kits","8":"category-mexico-banks","9":"category-mexico-retirement","10":"category-mexico-retirement-living","11":"category-real-estate","12":"tag-mexico-bank-draft","13":"entry"},"_links":{"self":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/3421","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/comments?post=3421"}],"version-history":[{"count":5,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/3421\/revisions"}],"predecessor-version":[{"id":3428,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/posts\/3421\/revisions\/3428"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media\/13883"}],"wp:attachment":[{"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/media?parent=3421"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/categories?post=3421"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.topmexicorealestate.com\/blog\/wp-json\/wp\/v2\/tags?post=3421"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}