Some banks and financial institutions are now saying there are additional new US govt. This post attempts to summarize the current common options for moving money from the USA to Mexico. ATMs are still a good option for getting cash out in Mexico see details below.
But there is one thing about doing business in Mexico not necessarily just in the Yucatan that deserves an article of its own: In the States, we write checks without thinking about it.
In the States, we've had checks cashed that had the wrong date on them, where the number didn't agree with the written amount So when we started running into the Mexican way of dealing with checks, we were totally unprepared. In the interest of preparing our readers, therefore, we offer up this synopsis or is it a rant?
Checking accounts - Opening a checking account in a Mexican bank? Leave yourself at least two hours and bring a friend, a good book or your iPod. Opening a checking account, like many other things in Mexican banking, takes time and patience. If you don't speak Spanish, this is one event for which you should persuade a friend or colleague who does speak Spanish to accompany you.
Most banks do not have a lot of English-speaking employees, and there is too much at stake to let something go wrong. You should be prepared with your passport and probably a few good copies just to save time. You should also have your FM3 or FM2 visa, especially if you plan to open a business account.
Be prepared to sit while the bank clerk opening your account makes multiple phone calls, some of which are surely about what she is planning to wear tonite. Be prepared to sign your name multiple times exactly the same way Go ahead, we dare you not to! Make sure your signature matches the signature in your passport.
You're going to need that trusty signature to be true to form in the future, so don't hesitate to practice in advance. Checkbooks - Checkbooks are called chequeras.
They are closely controlled here. You'll get your first one when you open up the account, but it won't have your name printed on it and not everyone will take those checks similar to the situation in the States. But don't expect the ones printed with your name to be sent to your home.
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Instead, they will be held at the bank for you to pick up. And unless you have signed a letter designating your friend or office assistant to specifically pick up a checkbook already at the bank, you have to go to the bank yourself to get them.
You have to show your ID passport and you have to sign for the chequera.
If you pick up two or three chequeras at a time, be sure to use them in order. If you don't and we learned this the hard wayyou cannot go back and use a chequera with lower numbers on it.
That chequera has to be voided, by writing Cancelado canceled on each and every check in the book. Before you write a single check from a new chequera, there is an important step you have to take that we just don't do in the States: The number to call is usually on the front of the book itself, or on the bank's website.
Of all the things that we can do on our company's new bank's website HSBCactivating a chequera is not one of them. For that, we recently had to call the bank, provide our clave which means "key" and is a unique number given to your accountour PIN number and talk to a representative.
The representative asked us at least six security questions, and also wanted to know the range of check numbers in the chequera and if every check was in the book. If you write a check before activating the chequera, that check is no good and no bank will accept it, even if the payee doesn't try to cash it until after you have activated the book.
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A bounced check (called cheque de hule, or rubber check) in Mexico not only costs a lot of money (sometimes as much as $ USD) but it can also cause more problems than a bounced check in the States.
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1 Fees apply for returned and rejected e-Cheques 2 Online stop cheque function is available until pm HKT each business day and payee has not yet presented the e-Cheque for settlement.
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