Banking question

[Spottie]

We will be in Gto for approx. 6 months. What is the 'best' way to move a few thousand from BofA in USA to Mx Bank periodically so we can then withdraw Pesos as needed? Travelers checks? Wire transfers? Personal checks?

[thatjackelliott]

Hi Spottie, is there a reason why you don't want to leave the money in your BofA account and withdraw cash locally at ATMs?

[jesm]

You will likely see a 3% international transaction fee added by BoA to your ATM transactions. Santander here adds no local ATM fee for using BoA cards.
Longer term a local account is the best solution, our is funded twice a year with a $35 wire transfer from BoA account to Santander. Then no more costs.

[thatjackelliott]

Thanks. Using the Cbank ATM at the Plaza de la Paz, I am charged about $17 pesos per withdrawal, no other fees, no percentage. My U.S. institution is a credit union. I'm not a fan of BofA.

[Spottie]

Jesm
Thank you . The wire transfer seems like the best route. In a cash economy, atm fees could really add up. A BofA rep on the phone said they can't do wire tranfers to Mexico, but I thought that was odd. I will check with them again.

I really like the quick responses on this forum!

[pianoheat]

If you open a Charles schwab bank account they don't charge for using other banks machines and reimburse any fees the other bank charges you. Seems counter intuitive but they do this because they don't have any physical branches. There is no foreign transaction fee and you get the exact exchange rate. The Schwab checking account has no fees attached to it.There is no better way to go. I believe Etrade and Fidelity may offer the same thing.

[mr bill]

I agree with pianoheat re Schwab. I have been using them for 4-5 years and have no complaints. I'm now in Thailand where there is an extra >$5.00 rip-off fee attached to all foreign cards and Schwab covers that as well. My average rebate per ATM withdrawal last month = $6.72.

I think Schwab does this as an alternative to interest but hey they pay that too - I got .04 last month! [that's cents not %]

Speaking with Cust Serv the other day on another matter I asked if they could send my new debit card here instead of my listed US address - no problem.

Only snag with the Schwab acct is opening it - you need to be/appear to be in the US.

[jesm]

BoA definately does wire transfers to Mexico, we do one every six months or so. They must be initiated at a BoA branch in person, not possible remote. Our daughter sometimes does the paperwork and we transfer our money into her BoA account so no trip NoB for us. We then withdraw pesos without fee from Santander. Smooth.

[wwintermute]

I have done several online transfers from BOA to my Banamex account and have never gone into a branch BOA to do this . It was all remote and online. In hindsight, it would have been better to have gotten a Charles Schwab account prior to moving to Mexico, but now that I'm residing full time here, can't go that route.

[jesm]

wwintrrmute,
Wow, that is great news.
Can you share a link or[/i] other so we can pursue. Had always been told international transfers require in-person signature. If not, hallelujah! Mil gracias.