Monday, April 14, 2014

Money in Mexico...

Now that I am in my third winter in Mexico I am starting to learn a little about getting my money into the country.  I retired 3 years ago and my pension is automatically deposited into my CIBC account in Canada.  Sure I use my VISA here in Mexico to buy groceries, gas and other sundry items, but I always need cash too.

This year I became a Temporary Mexico Resident which allowed me to finally get a Mexican banking account.  I had a few choices, Bancomer, Santander, Banamex, Norte; but my landlord suggested Banamex.  I applied and received the premium Banamex checking account, and with a deposit of 20,000 pesos, there are no banking fees.  Also as my balance grows, I can transfer money online into an interest making investment account.

Because I have internet at the casa, transferring money is easy.  I established a Scotiabank account a few years ago, and having this account in Mexico is very convenient.  There are both Scotiabank and HSBC branches everywhere in Mexico, and although I cannot deposit to them here, they are handy to withdraw funds from - for free almost.

I watch the Canadian vs Mexican money market daily, and at the best opportunities, I withdraw funds from Scotiabank and deposit them to my Banamex account.  The dollar has been fluctuating quite a bit lately, but if I watch it closely, I can take advantage of a higher return on my money transfers.  Transferring from my CIBC account is easy online with their eTransfer system, and costs nothing at all for me.

If you plan on visiting Mexico regularly, and for over 6 months each winter, I would suggest applying for your Temporary Resident card at the Mexican Consulate in Canada before coming to Mexico next time, and then getting your bank account here.

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