Posted in on 07/06/2009 10:24 pm by Livin 4 Less in Baja
Banking in Baja is really no different that banking in the US. There are several great banks to choose from in Ensenada that are just as well clean, organized, well managed, well maintained as the US. ATM machines can be found inside most large grocery chains such as Commercial Mexicana and Soriana, and most banks.
BBVA – Bancomer. Mexico’s first bank for foreign residents. Mexico’s first banking institution, is also the first bank to cater to the special needs of foreign residents and visitors, using not only the English language, but also the same financial language as your are accustomed to back home. ATMS inside.
they offer a billingual service that understands the importance of being in a foreigh country and feeling right at home. You can open an account with proper FM-3 documents and recieve free online banking for a full year. Offices in Ensenada, at 500 Ruis Cortines Ave.
visit www.bancomer.com/pcu for more information!
Scotia Bank: Ensenada. (Sko-sha) Located at the Macroplaza Del Mar in the Walmart shopping plaza. This is where my family banks. We were able to open an account very easily. The bank is modern and comfortable. The tellers speak little English if any at all, but the managers do. There is an ATM inside the bank.
These banks cater to Americans. In fact they all will, but some are set up better than others. Personally I bank with Scotiabank, which is a worldwide banking institution. Bancomber, HSBC, Santander are other banks in Baja, Mexico. Some of them offer Peso accounts and dollar accounts. You will have to check with each one. I know for sure that Scotiabank does. However in order to use their ATM machines, you will only receive pesos. They give you a rate that is regulated by their bank.
Belonging to one of these Mexican banks gives you the ability to change your dollars to peso, or your pesos to dollars.
Most of these banks have someone who is bilingual. They are usually very helpful.
If you are planning on living in Mexico I think it is a good idea to have a Mexican banking account. It can come in handy sometimes. Actually Mexican banks pay a lot more interest on your checking and savings accounts than the banks in the U.S. You will be offered a free Mexican checking account with an actual check book. Some businesses will take checks. I had to wait a period of 6 months however before i was able to use this service.
Another benefit to having a Mexican bank is to have access to their investment opportunities. They have what is similar to the U.S. equivalent of a CD investment. Their rates are much higher than the U.S. You have the same options, like the term and the amount you wish to invest. Timing, when you move your dollars into pesos, is the tricky part. Try to wait until the peso is very low and you will make a profit when the peso rebounds, without having to worry about the interest rate. You have the option of moving out your $$ in three months blocks of time, with no penalties. As with everything in life, it’s a chance and a risk, but personally it has not been a problem.
When opening an account in a Mexican bank you will have to have an FM-3. You can wire money to the bank to open the account or use cash. They will not accept a check. In fact, each bank has a certain period of time that you have to have an existing account with them, before you can make a deposit with a check. It is from 6 months to one year. Once you have established yourself with a bank here, you are in like flint. Once they know they can trust you, they will go out of their way to do anything for you. It is really a big plus to get established with a bank down here.
ATM’s
You will never, ever, ever see an outside ATM machine in Baja, and if there is one, i have mispoken. I just heard on the US news someone drove off with an ATM machine - chained it to their car or something! Wow. I could totally see that happen here too and it probably would given the economy right now. Some ATM machines have their own little room, that noone else can enter while you are in it. There are guards posted at banks somewhere, you dont always see them, but they are there. Surveillance cameras are being used at all times.
ATM machines dispense PESOS, not dollars at the current exchange rate. The touch screens walk you right thru the withdrawal process step by step, in English. There usually is a service fee, depending on the bank, but its not much, $1.00 at the most.
ATM Mishaps
Sometimes the machines will eat your bank card. I have friends this has happened to. The card is then destroyed. Hopefuly you will have a backup card. The bank manager is always helpful in this instance, and a few calls to the US bank affiliate straightens everything out.
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Another mishap that sometimes takes place is you will not get all of the money you asked for, yet the bank will still deduct the entire requested amount. Now this is tricky. You are to prove to the bank teller you did not receive all your cash. Lovely. This has not happened to me, but it happened to my friend while i was with her, thankfully. We were afraid the remaining money would fall into the hands of the next ATM customer so i had to hang out at the machine while she pleaded her case. This worked and after several weeks of emails and phone calls, her acount was adjusted and all was fine.
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Daily Limits. There is a daily withdrawal limit. I think this may vary from bank to bank. I never take out more than $20 at a time, so i have no experience with it, but i believe it is about $300- $400 US. This could be why the machines dont give customers all their requested cash, they may have run out of money (as if is there a little person back there manually passing out $$ thru the slot).
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My suggestion is to not use your ATM card if you dont have to. I have stopped this practice altogether. If you must; then use a machine that does not take the entire card, there are machines that you only enter it in halfway and you pull it right out.
