Puerto Vallarta Forum (PV Bulletin Board)

This question has probably been asked a thousand times, so forgive me if it's a rerun.
I'm researching and planning my move for around November 2011. I've already figured out how to get the dog and bird there (the bird is not easy!).
My question is this: Since I'm intending to live there year-round and won't have a U.S. address, what have you found is the best way to take care of banking needs? Is it better to have my retirement check mailed there, is there such a thing as direct deposit, or do a lot of you still keep an account in the U.S.? Which is the least stressful solution, in your opinion?

open an amistad account
i use citibank(usa) and banamex(mexico)
they work together

chico

We have friends who live fulltime in Mazatlan and they do all their banking with an ATM and pay everything in cash.

We opened a PCU Bancomer account and pay our utilities autmatically. We write checks for the trust fee and we have a Visa Electron Debit card.

If you open an account with BofA in the U.S. you can have your check direct deposited in the U.S. and use your ATM at Santander Banks in Mx. for no ATM fee. You would be able to do any banking that you needed to do out of Mexico (if you have any) online. You can request your monthly statements online instead of paper statements and that would give you access to your monthly account statements. Customer service is available via the banks site for any issues/questions that might arise. Just make sure you have secure software protection/firewall and I would not go to a public area and access wi-fi with my laptop to check my account.

Before you open a BofA account or plan on using an existing one check with BofA. It looks like they have started charging a transaction fee on ATM withdrawals. Not an ATM fee but a transaction fee, something that was announced for all banks in MX. There are conflicting reports on other sites as to who has and has not been charged that transaction fee.

I definitely wouldn't have it mailed. I don't know how many letters and packages I've mailed from Canada to Mexico which have never reached their destination.

Personally, (and I work for a bank in Canada), I'd keep things as simple as possible. If you can direct deposit your pension cheque to your account in the U.S., and then access the funds via an ATM in Mexico, do it.

If you wish to establish an account in Mexico, and keep some extra $$ in the case of an emergency, that's fine as well.

I deal with cash when I'm in Mexico, and I find it the easiest. With internet banking now, you can pay your credit card on line. If you utilize an FM3, you can print out copies of your bank statements online, and provide those for your renewals, etc.

Any way, that's just my two cents.

Open an account with HSBC Bank in USA with direct deposit and an account in one of HSBC branches in Vallarta and you can transfer fund between them electronically using your computer via the internet.

Thats really the great and simple suggestion

Bank of America and Santandar do the same thing with the electronic transfers. Bank of America does not charge for ATM withdrawals, that was incorrect information that was being circulated. People with accounts in the US and living in Mx. have verified there are no fees.