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Alberto Alvelais of Alvelais & Asociados – Best Places In The World To Retire User Account
Banorte Bank, Mexico – Best Places In The World To Retire – International LivingIf you’re going to be living here in Mexico, you will need a resident permit, formally called a Resident’s Document for Permanent Residency or Non-Permanent Residency.  (In the past, it was called an FM2 or FM 3.)  With a resident’s document, you could open a bank account here in Mexico without any problem; it’s very easy.  You could open bank accounts in Mexican pesos, in American dollars and in a foreign currency as European euros. It’s not really complicated at all.
 
To transfer funds, for example, from US account to your Mexican account, you could use a wire transfer or certified check, depending on the specific bank.  Compared to opening an account in other countries, it’s extremely easy to open one in Mexico.
 
I have been told that in other countries such as Panama, it is very difficult to open a bank account because the bankers have to know you because of drug laundering issues.  In Mexico, this is not the case. In Mexico, you could be a total stranger without any referrals and just walk in and open an account, as long as you have a resident’s document, which is the standard resident’s document in all of Mexico.  
 
(Banorte Bank, Mexico, pictured.)
 
Jesus Celis of RH Fiscalis – Best Places In The World To Retire User Account
Scotiabank in Mexico – Best Places In The World To Retire – International LivingFor most people, the objective of transferring funds to a Mexican bank account is to have Mexican pesos.  So if you’re an individual who lives in Mexico and you open a bank account at a Mexican bank and also have your US bank account in the US at a US bank, and you need Mexican pesos to pay rent or for any other reason, you can just transfer money from your US bank account into your Mexican bank very easily.
 
However, if as an individual you would like to transfer US dollars to your Mexican account and get paid in US dollars, there is just one or a handful of companies that can do that.
 
(The bank of Scotiabank in Mexico, pictured.)
 
Gary Coles of Paradise For  Gringos – Best Places In The World To Retire User Account
There are several ways that I have transferred money into my Mexican bank accounts.
 
Naturally, I have deposited cash.
 
One time I was going to deposit a check but my banker informed me that it would take a long time to clear. With one business Santander Bank in Mexico – Best Places In The World To Retire – International Living account several years ago I used cashiers checks and money orders but even those took over a week to clear.
 
I've also wired money from my bank in the US to the bank in Mexico and found it to be the most expensive method with no benefits that I could see. The cost was approximately $40.
 
I asked my bank about electronic checks. They did not offer it but told me about another bank which could do an email money transfer (basically an electronic check). They did say this would be much cheaper than the wire transfers.
 
Last year I learned of two other methods, PayPal and retail money transfers.
 
The PayPal method works great for transfers under $100.
 
For amounts over $100, it seemed that the retail money transfers were easier and cheaper than PayPal. I personally am using the retail money transfers through both MoneyGram and RIA Financial Services. I can login to my account online and transfer from my bank or credit card to either my Mexican bank account or a local agency. My last two transfers were with MoneyGram and cost $4.00 each for transfers of $400. This amount is their limit for transfers from a checking account.  If I use a credit card, the limit is $2,999 per transfer. I also occasionally get free coupons from them -- so I consider total charges very reasonable.
 
 
Money Exchange Office – Best Places In The World To Retire – International LivingNo matter which method you use, you have several things that you will want to consider. Probably the most important decision is which method is most convenient and easy for you. Another consideration, of course, is the difference in cost. All the methods are different and they may go from a stated fee of zero on up to the bank transfer may be $40 or more. In addition, there are the hidden currency exchange fees and possibly some other fees.
 
You will need to check and find out exactly which is the cheapest and most convenient for you--- but I bet it will be the retail money transfer.
Oscar Hererra of SimplePay – Best Places In The World To Retire User Account
There are three ways you can transfer funds into your Mexico bank account.
 
Bank of Mexico – Best Places In The World To Retire – International LivingThe easiest way that I see happening here, although it costs a little bit more out of commission, is PayPal. You can open a PayPal account in Mexico with no issue with any kind of passport or FM2 or FM3, which is a visa saying that they live here permanently.
 
With a visa that says that you live in Mexico permanently you can open a bank account in Mexico and then you can transfer funds from the States such as from your account in Chase or Wells Fargo into PayPal. And then you can take it out from PayPal into your Mexican bank. That is one kind of transfer that I see younger people do and not the older people, perhaps because the younger people are more comfortable with the technology.
 
If you want to transfer larger amounts you would definitely use your bank and pay an average of $40 for the wire transfer fee. 
 
If an American wants to live in Mexico, and doesn’t want to purchase a home; he just wants to rent and live just like that and not be involved in investments, then you don’t need anything.  You could just use cash.  If you pay in cash, no one is going to ask you for an FM3, which is a visa that if you want to own something in Mexico, you have to present these documents. That is one of the things that immigration in Mexico doesn’t track very well so anyone can just cross the border either by flying or by car. They can go to Mexico and rent and pay cash and be perfectly fine. In this case, you don’t need a Mexican bank account.  
 
(Bank of Mexico, pictured.)

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