US bank accounts without US home address?

It is difficult to open an US bank account without a US address. I use the US bank that I opened before I moved to Mexico. I also have a Mexican bank account. There are a variety of opinion of having a Mexican account. One is that you can have your SS deposited in your Mexican bank. Care must be taken with private retirement funds as some of them will not send/transfer funds to foreign banks. The plus for this is you will get the best exchange rate for that day. On the other side, you are subject to the variations of the Mexican currency either up or down in value. Once you have an account in the US, you can change the mailing address to your Mexican one. Some banks don't mind this while others like for you to maintain a US mailing address. Primarily for sending out new debit and credit cards.

Talk to your current bank and see how they will react to your address in Mexico. Of course, there are other US banks that might better handle Mexican addresses and sending new debit and credit cards.

Open an account before you leave and tell them only electronic statements .... no postal mail

Unfortunately sparksmex , no matter what I say some businesses still send paper, so I have my daughters address for them. I keep signing up for paperless and stressing paperless, and yet they still occasionally send paper.

I use a private mail box in Texas for my address and the bank is happy with that.  I opened two accounts just in case I have problems with one I can transfer funds to the other on line and still have access with my debit card.  I also opened a bank account in Mexico.  My retirement checks go to the two accounts in the USA.  I use Bancomer in Mexico and Compass Bank in the USA.  They are owned by the same conglomerate which means I pay no fee for using the ATM in Mexico to take funds from my accounts in USA.  I get a very good conversion rate using the debit card.

sparksmex wrote:

Open an account before you leave and tell them only electronic statements .... no postal mail

That has worked for me nicely.  Since I order online from US Companies, I maintain an address in a US bordertown and have all US origin mail sent there.  That address is a mail receiving and forwarding service.  I get up there three or four times.  In urgent situations, they carry the stuff over to the Mexican side and ship it for a reasonable fee

If I were to receive the money in a Mexican account, it would be Mexican income and subject to Mexican Impuesto Sobre la Renta.

Thanks, everyone. My core question has been answered, and I have some options now, I see. A mail forwarding service seems a good deal and is not outrageously expensive. I might try that.

Thanks again!

Does that bit about money received into a Mexican bank account being subject to Mexican income taxes apply to Social Security deposits too?

nikolas4squid wrote:

Does that bit about money received into a Mexican bank account being subject to Mexican income taxes apply to Social Security deposits too?

No, The only money that is taxable by Mexico is money earned in Mexico. That is by a job.

Ah, ok. Thanks.

nikolas4squid wrote:

Does that bit about money received into a Mexican bank account being subject to Mexican income taxes apply to Social Security deposits too?

As far as I know, yes.  I was buried is a long article on Mexican government website.
It said more or less any deposits into Mexican bank account are Mexican income.

Taxes paid on that income can be applied as a credit.  The kicker there is that Mexican Taxes are a lot higher.

I transferred a years worth of living money from an account abroad to my Mexican bank.Will I have to pay tax on that?

I know of no tax on deposits to Mexican banks.  Even the tax on cash deposits over 15,000 pesos has been resinided. What your saying goes is that transfers of funds to buy a house could be subjected to taxes.

This might be of help to you. It looks like it's pretty U.S. based rules, and gets into the old $10,000, and over $50,000 areas, which are not really new cut off points.
http://yucalandia.com/living-in-yucatan … or-mexico/

If you continue reading you will find this at Yuka's site. Mexico laws

You pay taxes on your deposits if you are a Mexican because they are considered income.

"If I were to receive the money in a Mexican account, it would be Mexican income and subject to Mexican Impuesto Sobre la Renta."

If you have pensions -- SS, etc. -- deposited to a Mexican account, you do not owe taxes on it. In Mexico, that is. Your U.S. 1040 is another matter.

FelipeZapata wrote:

"If I were to receive the money in a Mexican account, it would be Mexican income and subject to Mexican Impuesto Sobre la Renta."

If you have pensions -- SS, etc. -- deposited to a Mexican account, you do not owe taxes on it. In Mexico, that is. Your U.S. 1040 is another matter.

The first part tracks with what I read on a Mexican government website.  Lost the link some time ago and can't find it in Google again.  I also read that all deposits in a Mexican bank were subject to Impuesto Sobre la Renta if they weren't derived from salary or income otherwise reported.

I also read that the law wasn't being enforced.  Yet.

I don't know a lawyer or accountant I'd feel confident about asking.

And, then I may be going senile.  It is clear though from your post, there are different understandings.

We lived in Mexico for several years and had both a U.S. and Mexico account. You can pull money from your U.S. account from any ATM in Mexico with your U.S. debit card.

jwilky1 wrote:

We lived in Mexico for several years and had both a U.S. and Mexico account. You can pull money from your U.S. account from any ATM in Mexico with your U.S. debit card.

Check with your US bank to see if they have an agreement with a Mexican bank to avoid a foreign ATM fee though they are generally a good bit lower than in the US.  Almost certainly, you'll pay a 3% foreign transaction fee.  The two points above apply only to using US debit cards in Mexico.

I lost a lot of money in the 1990s economic downturn in Mexico.
I would advise never, ever keep a lot of money in a Mexican bank
account.  Always keep a US bank account (in a border town would
be a good idea) and transfer as you need it.   RTJ

It doesn't hurt to talk to your bank.
You can always rent a US Post Office box for about $25/yr.

The po box is a good idea,you can also renew anually online.

Been over a year since on this topic, but I'm in the final year countdown to moving, so I'm getting ready.  Getting back to the US bank accounts without a US address, Gudgrief, and maybe someone else, mentioned those mail and scan services, saying that the Banks were satisfied with the addresses they offered. Can such an address also be used as the address on record with Social Security and other such agencies?

I have an account in a US bank along with their debit and credit card. Both have a Mexican address and I receive new cards at my Mexican address. Social Security knows that I live in Mexico and every July I get a form from them asking about any income that I receive and basically asking if I am still alive. This must be filled out, signed, and return as SS might suspend payments. It's not a big deal since there are many Mexicans who get SS and they must mail in the form.

Oh, that is encouraging. What bank do you use, if I may ask.

nikolas4squid wrote:

Oh, that is encouraging. What bank do you use, if I may ask.

Bank of America

I'm with Bank of America too. I have been very unlucky in getting through to them by phone, and in person in the local branch... they just hand me the phone number to call, having no idea what the answer is, strangely enough. However, now that I know there is hope, I'll stick with the quest. Thanks.

FWIW,

I have a US mailing address because I order quite a bit from US websites and get up to the states to Texas several times a year, it's convenient to pick my mail up on those trips.  Receiving mail from the US is slow and only UPS actually manages to get packages to my home in Mexico.  Now that Social Security has finally gone to electronic Income Tax statements, everything important gets done electronically.  My bank has my Mexican address for sending new debit and credit cards.  It uses a courier service to Mexico City that puts the cards in Mexican mail which is a lot faster than US air mail.

I go to Texas by bus, it's cheap enough with the INAPAM discount and never had a problem with Mexican Customs.

My Bank of America credit card does not charge a foreign transaction fee and gives me a rate of exchange within 20 centavos of my other US credit card which does have a 3% foreign transaction fee.

I don't have any Mexican bank accounts and all my income is from US pensions and Social Security so I don't even need a Mexican RFC number.  The less that SAT knows about me the better even though there's no reason it should hassle me.  I have my checking account at a US bank where I can use the ATMs at some Mexican banks and all foreign ATM fees are refunded because I have a US address.

Hmm. So it sounds that having my bank (BofA) to accept my Mexican address, when I get one, will not be an issue, and so if I have my SS and state pension money deposited into that account, I am good. I can then add a mail service such as yours for mail and such, and I should be good.

When you do online ordering in the US, I am assuming you have the items shipped to you in Mexico, so how does the mailing service come into play when it comes to such orders (Amazon, Lands End or such)?

You should know that Amazon sends many items postage free to Mexico. They also estimate the customs fee and add that to your final bill. If there is a difference, they will charge your account or refund the difference. Packages from Amazon arrive at my door often before they are promised.

nikolas4squid wrote:

Hmm. So it sounds that having my bank (BofA) to accept my Mexican address, when I get one, will not be an issue, and so if I have my SS and state pension money deposited into that account, I am good. I can then add a mail service such as yours for mail and such, and I should be good.

When you do online ordering in the US, I am assuming you have the items shipped to you in Mexico, so how does the mailing service come into play when it comes to such orders (Amazon, Lands End or such)?

I have items ordered online from US websites shipped to my Texas address.  That address is like a Mailboxes Etc. company that receives and holds packages and mail for me.  As I wrote, just about all my communication is by Internet, email and, now that calls to the US are without extra charge, cell phone.  I really don't get any mail that can't wait 3 months or longer for me to pick it up.  I haven't ordered anything from the states to be shipped to Mexico, shipping charges from US to Mexico can be quite high.

I had my checking account at Bank of America until they started charging a foreign transaction fee of 3% and stopped free use of Banco Santander's ATM's.  I switched to BBVA Compass in the US and can use BBVA Bancomer's ATM's free.  Their foreign ATM fee is 1%.  There were some startup problems early on but everything has been smooth for the last two months.  I don't like to carry a lot of cash so I want to use the ATM several times a month.

Well, the power went out at the uni where I worked, so it turns out I got to be off today, and that gave me the opportunity to try to deal direct with Bank of America again, with more patience this time since it seemed there was hope. I tried calling first, but after 50 minutes on hold, I gave up on that and walked off to the diner to buy some breakfast. I then headed to a different branch of BofA than the one where I had inquire to no avail before, and I sort of got an answer, though oddly worded.

I walked in and asked one of the assistant managers about my question about the address attached to my account while I was in Mexico. It went something like this:

BA: You can use you BofA ATM card worldwide at thousands of locations.
ME: Yes, I know but is it ok to have a Mexican address on file with you as the account adddress?
BA: We recommend using great caution when shipping bank-related materials to other countries.
ME: Yes, I plan to do everythng I can online. Can i use the Mexican address?
BA: BofA needs a physical address and a mailing address if different than the physical address.
ME: Oh, so I could use the Mexican address as the physical address and a friends address or a mailing service in the US as the mailing address?
BA: BofA needs a physical address and a mailing address if different than the physical address.
ME: OK. So I guess it's ok then.
BA: Just let us know when you have the new address.
ME: OK.
BA: And congratulations on your retirment.
ME: Not yet, 337 days to go.
BA: Oh, well stop by the day before you go and we can set you up.

Hahah. That was odd. But just in case, I called BofA again once home, and I got through without any wait - first time ever in my life!  They said in much clearer terms that I could do the Mexican address, with or without a US mailing address. . . they even offered to update the addresses right then on the phone.

Oh, the woman on that call said I could use Scotiabank for my ATM withdrawals in Mexico, though I can't recall if she said at no fees or lower fees.

So, I guess the address point is not settled, and if I get one of the mail forwarding services like Gudgrief mentioned, for mail issues, all should be good.

nikolas4squid wrote:

Well, the power went out at the uni where I worked, so it turns out I got to be off today, and that gave me the opportunity to try to deal direct with Bank of America again, with more patience this time since it seemed there was hope. I tried calling first, but after 50 minutes on hold, I gave up on that and walked off to the diner to buy some breakfast. I then headed to a different branch of BofA than the one where I had inquire to no avail before, and I sort of got an answer, though oddly worded.

I walked in and asked one of the assistant managers about my question about the address attached to my account while I was in Mexico. It went something like this:

BA: You can use you BofA ATM card worldwide at thousands of locations.
ME: Yes, I know but is it ok to have a Mexican address on file with you as the account adddress?
BA: We recommend using great caution when shipping bank-related materials to other countries.
ME: Yes, I plan to do everythng I can online. Can i use the Mexican address?
BA: BofA needs a physical address and a mailing address if different than the physical address.
ME: Oh, so I could use the Mexican address as the physical address and a friends address or a mailing service in the US as the mailing address?
BA: BofA needs a physical address and a mailing address if different than the physical address.
ME: OK. So I guess it's ok then.
BA: Just let us know when you have the new address.
ME: OK.
BA: And congratulations on your retirment.
ME: Not yet, 337 days to go.
BA: Oh, well stop by the day before you go and we can set you up.

Hahah. That was odd. But just in case, I called BofA again once home, and I got through without any wait - first time ever in my life!  They said in much clearer terms that I could do the Mexican address, with or without a US mailing address. . . they even offered to update the addresses right then on the phone.

Oh, the woman on that call said I could use Scotiabank for my ATM withdrawals in Mexico, though I can't recall if she said at no fees or lower fees.

So, I guess the address point is not settled, and if I get one of the mail forwarding services like Gudgrief mentioned, for mail issues, all should be good.

I never quite understood why anyone does business with of B of A. Most of the members of my family used them and had numerous problems, but continued to use them. So I would be very careful if I were you.
As for Scotia bank, unfortunately the loan on my car is through them. They are beyond rigid and inflexible. I was told I might get a better fee if I used their ATM, so I tried them and their ATM refuses my card completely.

I thought that was odd given that no other bank in town refuses my card. Then there was the car loan. The banks wouldn't give me the loan because I had no Mexican credit, so my neighbor took out a loan as a sort of co- signer with Scotia.

I tried to arrange payments using my account , they wouldn't do that. My neighbor talked to them and they told him no also. So the only way I can make car payments is to physically go in to their bank. I could do it through their bank only if I had an account with them. Even my bank doesn't understand it. They are so rigid that recently they had a woman making sure everyone in line was on the arrow. She actually physically pushed people into the correct line.

What is my bank ? actually Banjercito, yes I know it's the state military bank and that they handle all of the transactions at the borders etc. They also can't give me a car loan because I am not military. So why ? because they are the most functional efficient bank I have used in Mexico. No odd extra buttons on their ATM's and  very secure. My interactions with  the other most popular banks have been less than inspiring as has their publicity.
HSBC has a better limit on their ATM than most, and they seem more functional than the others, so I mostly use their ATM's.  My philosophy about ATM'S is take out as much as you are able, as infrequently as possible. It cuts out the fee obsession. If I go infrequently I'm not constantly paying fees, and my time has value also.

nikolas4squid wrote:

So, I guess the address point is not settled

Oops! That should read "NOW settled."

There's no Banjercito near me.
My neighbors and friends in business in town all tell me that all Mexican banks are impossible when it comes to customer service.
I have planned things so that I can use my bank's ATM's with minimal inconvenience.

gudgrief wrote:

There's no Banjercito near me.
My neighbors and friends in business in town all tell me that all Mexican banks are impossible when it comes to customer service.
I have planned things so that I can use my bank's ATM's with minimal inconvenience.

Good plan, because after all it is what works for each of us as individuals. If I didn't have a Bajercito close by I would probably use HSBC.  When I did the immigration paperwork BBVA Bancomer couldn't spell my name correctly with three tries..Banamex Citibank is equally unimpressive. I don't really need a Bajercito every where I go I have their ATM card and it works just fine, plus My U.S. ATM which works fine everywhere except Scotiabank.

The service I have received from my bank has been much better than any service I received in any Big U.S. bank. Only my small U.S, bank provides slightly better service. I figure it's the state federal/ military thing that keeps that bank efficient.

So if I have a Citibank or BBVA account here in the US will it be seamless (I can only wish) to use the services in MX?  I really would only be using the credit/debit/cash card probably in MX. 

I am currently using Wells in the US and really hate to have to open another bank account.  But, if it works better across the border I am all in for another bank account. 

Plus, I am thinking a second account I only use in MX would help reduce the chances of my main account getting hacked.

jamesr3939 wrote:

So if I have a Citibank or BBVA account here in the US will it be seamless (I can only wish) to use the services in MX?  I really would only be using the credit/debit/cash card probably in MX. 

I am currently using Wells in the US and really hate to have to open another bank account.  But, if it works better across the border I am all in for another bank account. 

Plus, I am thinking a second account I only use in MX would help reduce the chances of my main account getting hacked.

I'm confused what you might mean by seamless.  It doesn't matter what the banks' names are or if they are part of the same international holding company,  banks in different countries are independent for practical purposes.  A Mexican bank may have an agreement with US bank so it charges lower or 0 ATM and foreign transfer fees but there's no requirement that US bank has a relationship with a Mexican bank or viceversa.

The level of my understanding is that there's little need for a Mexican bank account unless you want to establish credit in Mexico or are going into business here.

Personally, I have two US credit cards and a US Debit card.  The Debit Card is one that charges only 1% Foreign Transaction Fee and has an agreement with a Mexican bank to use their ATM's free of charge.  One US Credit card has a very low APR but a 3% Foreign Transaction Fee and I use only for purchases in the US and ones I won't be able to pay off every month.  The other one doesn't charge a Foreign Transaction Fee so I use it only for routine purchases outside the US.  APR's in Mexico tend to be 3 times or more than those in the US.  In the rare instance I can't get cash from an ATM in Mexico, I can send money from my US checking account or credit card to the Farmacia Guadalajara near me for a much smaller fee than a cash advance on a Mexican credit card.

It may seem complicated but it works for me.

Excellent, thanks.  I have no need for credit in MX so that's not a concern.  All I want is to use one of my debt/atm cards for local purchases without paying a huge fee and get cash occasionally from an atm.

My WF debit charges me 3% foreign transaction fee.  My USAA ATM reimburses for fees at least in the US.  I am guessing USAA has a lot of members living outside US so they might be the most favorable.

jamesr3939 wrote:

Excellent, thanks.  I have no need for credit in MX so that's not a concern.  All I want is to use one of my debt/atm cards for local purchases without paying a huge fee and get cash occasionally from an atm.

My WF debit charges me 3% foreign transaction fee.  My USAA ATM reimburses for fees at least in the US.  I am guessing USAA has a lot of members living outside US so they might be the most favorable.

You can always ask USAA directly.
Charles schwab has an account that reimburses all ATM fees but you must have a US address.
BBVA Compass out of Dallas charges only 1% foreign transaction fee at BBVA Bancomer ATM's