Last month, I told you about mail service in Mexico and options that are available. This month, I’d like to talk about bank accounts. What a trip! First thing I learned is that it’s nothing like getting an account in the United States. I don’t know how they do it elsewhere, but here you have to apply. You can’t just bring money in to open an account.
I have to step back a few months and explain the experience. First, I had to find a bank that would allow for easy international transfers, wires and money. That alone narrowed the field down. Now, I was left with Intercam, Santander, BBVA, and Banorte. I’m sure there were others, but these are the names I was familiar with. After asking some people we knew, Intercam rose to the top. I went in and was “assigned” a personal banker. That was refreshing, as most American banks have done away with those. This poor girl had no idea how close we would become over the next several months. I filled out the application, provided the necessary paperwork – passport, proof of residence, etc. Then, I waited and waited and waited. About 3 months later, I finally heard that I had been “approved” and could come sign the remaining forms and open the account.
The day, the very day I was going in, is the day President Trump said no more U.S. money could be sent into Mexico. What?! I tried 3 different ATMs that afternoon to withdraw money from, only to be given the same message “proceso no disponible, no se aceptan Dólares Estadounidenses.” I’m not fluent, but I got the idea.
Fast forward another 6 months…Intercam is gone and Kapital is in. Could I still get an account? After some back and forth with my personal banker, who happened to still work there, I was told that my application was still good for only another week! What the heck?! Nothing like pushing the time limit.
I’m happy to report that I am now a card-carrying member of Kapital Bank, have an account, I can get money and deposit it. I can even wire it in from my U.S. account. There are some subtle things to remember. You have to use your passport to do transactions. You have to have a personal banker approve the transaction whenever using USD, and there are limits as to how much you can deposit each month.
Anyhow, I continue to expand my knowledge on important stuff to know here, like learning more Spanglish, finding good local places to eat, and who has the best daily food specials. Thank you to whoever just posted that on Facebook!
So, if you see me out and about, give a wave and please…point me in the right direction!
Muchas gracias and hasta luego!
