Comments on: How to Open a Bank Account in Mexico and Best Ways to Send Money to Mexico From USA

By: William

William — Sun, 12 Jul 2020 15:55:11 +0000

Hi Rachel, I am trying to make a move from minimum wage retail jobs into the IT industry so that I can get some money behind me and perhaps have better prospects in Mexico. I am thinking about moving to Puebla to be with my Mexican gf and most likely marry too. Do you have any advice for someone moving from the UK? How did you manage to support yourself long term? I would be looking at permanent residency.

By: Alex

Alex — Mon, 06 Jul 2020 22:14:17 +0000

I also bank with Schwab and recently opened a BBVA account. I’m trying to buy a property in Mexico City. I did a test transfer using Transferwise and got a “good” rate, but I didn’t like how it showed up in my BBVA account as “Transferencia de Terceros.” It could look like income to SAT and then they’ll want their taxes. Now I’m trying a test wire with Schwab to see how the transaction is reported.

Can anyone confirm that they were able to move large sums of money (1M pesos or more) and NOT have funds withheld by SAT?

By: Javeed

Javeed — Tue, 17 Mar 2020 18:03:14 +0000

@Carissa, i am in the same situation but i think it is not possible. I have checked everything. If you find anyway please let me know.

By: Sarah

Sarah — Tue, 11 Feb 2020 14:52:03 +0000

Have you ever sent money from your bank account here in Mexico to yours in the U.S.? Is this allowed with Scotiabank? Thanks!

By: Carissa

Carissa — Mon, 06 Jan 2020 03:23:39 +0000

Hey Rachel, thanks for the info. I recently got my residency in Mexico and I’m getting paid in pesos. I also bank with Schwab in the U.S. and am looking to transfer my pesos to Schwab (with no fee or a low fee). Any suggestions on who to bank with or how to best transfer money internationally going the other way?

By: Stephanie Ellison

Stephanie Ellison — Fri, 04 Oct 2019 13:36:33 +0000

Hello! Just curious. Why did you leave India for Mexico? what is different between the two countries as far as the monetary system is concerned. India is tightening up the system of foreigners getting cash unnecessarily. I am considering whether to move to Mexico. Unfortunately, I brought over 2/3 of my net worth, and that is all outside of the banking system in India. I don’t know that I can convert it back to US dollars, now, since it appears that forex locations no longer do this in India.

By: Nati

Nati — Wed, 02 Oct 2019 01:10:26 +0000

Thanks for the valuable site!
FYI – neither Intercam nor Citibanamex require you to have the plastic immigration card, it’s the only 2 banks I looked into though & I’ll be closing my intercam account soon as citibanamex card is much more widely accepted in MX for online shopping. Also, I bought a new car in Mexico before opening a bank account by having Chase bank wire funds (already converted to MXN peso) directly to the new car dealer’s account.
Keep up all the good work and happy day.

By: CRYSTAL PEREZ

CRYSTAL PEREZ — Mon, 12 Aug 2019 10:43:01 +0000

Great Article!! Thinking about buying something in Veracruz, Mexico. After you made your purchase, did you have to file anything with the IRS back home in the US?

By: AG

AG — Thu, 13 Jun 2019 12:48:38 +0000

Hi Rachel,
I am a US citizen but have siblings who live in Mexico. I plan to live with them for a few months. Can I use their home address as proof of address? What would I need to bring with me to the bank? One of their bills for utilities?
Thank you!

By: Bill Ford

Bill Ford — Wed, 15 May 2019 20:45:16 +0000

Schwab is no longer friendly to expats in mexico.
When we lost our Schwab atm card in mexico, they were terrible to deal with. They think anyone calling from Mexico is a criminal trying to scam. Then they said account holders must live in the USA and threatened to close account.

By: Rachel Jones

Rachel Jones — Mon, 04 Mar 2019 18:13:05 +0000

In reply to Kelly Maher. Hi Kelly, you just do it online in the Schwab portal. You can call them and ask for help if you haven't done a wire transfer before. You can also call to lock in the exchange rate with them. You just need your bank info from your mexican bank (account # routing # etc) and fill out a paper and viola they send it on over

By: Kelly Maher

Kelly Maher — Mon, 04 Mar 2019 17:55:56 +0000

Hola Rachel. I too bank with Schwab US. But you didn’t actually explain how you transfer your funds from Schwab to your Mexican bank account?

By: Kevin

Kevin — Mon, 04 Mar 2019 03:40:03 +0000

You’re awesome ‘hippy in heels’,
signed
‘banker in birkenstocks’