money transfer

Message subject : [Contact] intercam la paz

Message content :

you can open account to receive transfer and get better Exchange rate, deposit your foreing checks, requirements very easy, permanent resident not required. you can Exchange until 4000 in cash per month, receive transfer withoulimits.
ALDO ROMERO
EJECUTIVE
ABASOLO 3615 COL PUEBLO NUEVO, LA PAZ BCS.
TEL 6121462819
CEL 6121516240

facebook wrote:You can also use Remitly to get pesos at the bank. It's online, they withdraw US$ from your US account, you pick up pesos from Bancomer. They use the daily exchange rate. You can receive funds the same day for a small fee or no fee if you can wait 3-4 days. Limit is placed by Bancomer of $650 per transaction up to $3000 a month.

nomad wrote:Living in Bahia Asuncion has been a challenge when it comes to getting pesos as there is no bank or ATM in town, and the nearest one is in Vizcaino which is a 140 miles round trip (or 3 hours and 10 gallons of gas away). On top of that inconvenience, Bancomer (the only bank in Vizcaino) charges double the ATM fees of other banks (over 80 pesos). Which wasn’t so bad when I could get 15,000 pesos or more per transaction, however as many have experienced recently the banks have been lowering their ATM withdraw limits as a means to generate even more ATM fees (most recently the Vizcaino Bancomer’s per ATM transaction limit was 7000 pesos and the Banamex in Loreto was only 4000 pesos).

There is a Telecom office in Bahia Asuncion where I have been aware that those with Mexican bank accounts can withdraw up to 5000 pesos per day, however it is my understanding that I would need to obtain residence status to be able to open a Mexican bank account, and while I think I may seek permanent resident status someday, it is not something I want to pursue now - so I have been very frustrated with no easy and close access to cash here until my recent discovery of Remitly (remitly.com).

They offer a similar service to Xoom which I have used to transfer money to from my US bank account to the Mexican bank account of people I wanted to pay for services, etc. However in addition to being able to transfer money to a Mexican bank account I discovered that Remitly will also allow you to pick up the cash in person at Mexican Telecom offices (including the one here in Bahia Asuncion). I have since discovered that Xoom also allows for cash pick up at Telecomm offices, however Xoom charges a $5.00 fee versus Remitly’s transfers are free for amounts over $500, and Remitly has better exchange rates than Xoom - a check today found that Xoom is offering 18.10 pesos to the dollar, versus Remitly is offering either 18.13 or 18.32 (Remitly offers a dual rate structure - if you allow them to do an ACH transfer from your US bank and you can wait the 3 day hold period, you get the better rate, versus if you fund via a debit card for instant access to cash, you get the lower rate).

And I was pleased to find that for transfers of this type the local Telecom office will allow up to 30,000 pesos per transaction (versus the 5,000 limit for withdraws from local bank accounts) so no problem transferring enough to take advantage of the “no fee” transfer (any amount over 10,000 pesos). I have done this successfully three times and paid no fee to Remitly, my US bank, or the Telecomm office here in Bahia Asuncion. The first time took a little longer as I had to register as a Telecomm client (just needed to provide my passport with home country address - also you need to show your passport each time you pick up the cash). So I am happy to share this option with others who might benefit from it


Looking at https://www.remitly.com/us/en/home/partners#Mexico, they say ...

"Recipients can have money deposited directly into most major banks or pick-up cash at thousands of locations across Mexico such as: Bancomer, Elektra, BanCoppel, Bansefi and many more!"

I addition to telecom De Mexico, stores like Walmart and Soriana are in the list.

If anyone is able to pick up cash at a location other than Telecom De Mexico that would be good to know

My name is Ivan Osuna and I am working with Banco Intercam. I like to invited all the people that in interesting to know about our Banco to a meeting that will take place this coming Wednesday 29, at 11 am at the Restaurant Campestre Trini, where we will pass all the info that you like to know about our bank..
Here is some of the info that we offering to all Foreign.
1.- We offer a higher rate for currency exchange, than other banks offer.
2.- We received foreign remittances and We credit them from 24 hours.
3.- There is no minimum balance and we don’t charge commissions.
4.- We handle national and International transference.
In addition we handle the following services:
– Insurance for all kind of risk
– Electronic bank
– ATM machines
– Investments
To use our services it is not necessary to open an account with us, you only need to sign a currency exchange contract that can be open with the following documents:
-Passport
-Immigration document
-Proof of address
all document can be sent by email to me (info below)
We will be glad to assist you, in case that you have any doubt or comment please feel free to contact me.
Regards.. Ivan Osuna, Bank Executive
Mail: iosunal@intercam.com.mx

Just wasted 3 hrs of my life trying to make a wire transfer online through Schwab, but I learned a couple of valuable things that you ex-pats might find useful. I have a Mexican SIM card in my cell phone. My Schwab account has my US phone number, and turns out that their website does not allow you to enter a non-US phone number on your account settings. So, if you want to make a wire transfer, you have to verify the transfer via phone or text, which means you have to put your US SIM card back in the phone, call the carrier from a different phone and ask them to turn your service back on from standby mode. Then you have to wait for your phone to reconfigure in order to receive the text before you can verify the transfer. Schwab will not do wire transfers over the phone no matter how many security codes you give them. The only other way to do a wire transfer is to submit a physical request, and if you're like me, you like to travel light, and don't have a printer or a fax, and I'm not about to go to a hotel or some fax service and send/receive personal banking information that they can easily reprint (yes, there is a reprint function on fax & copiers). I have asked the tech support guys at Schwab to allow non-US numbers to be added to your account information. BTW, anytime you change your contact info, it takes a while for it to populate through their system. But there is another way to get around this, and that is to sign up for a Google Voice number, which I forgot I have, and receive your texts online. The catch is that Google Voice does not work in Mexico, but you can still access through the google voice platform online or on your gmail. Yes, you do have to have a gmail address. Oh, and Google Voice is free. Sorry for the long explanation, but I figured this was worth posting. The one mistake I made today is that I updated my contact settings on Schwab with my Google Voice number, and then tried to make the wire transfer. No bueno. Can't do that same day.

lpg wrote:I have Citibank and Banamex (owned by Citibank) and make transfers at no cost with a very good exchange rate

The mobile transfer service now offered between U.S. and Mexico

There is a new option for transferring funds from the United States to Mexico with the entry in the market of the digital remittance firm Remitly.

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The Seattle-based company, which launched three years ago, has until now focused its service on the Philippines and India, where its customers are sending more than US $500 million annually through the mobile service.
The company says it recently processed its one-millionth money transfer.

Remitly yesterday announced its expansion into Mexico, where its service is available through half a dozen banks and 11,000 pickup locations.
It guarantees transfers from a credit or debit card within minutes, and those from a bank account within three business days at fees it says average 2%, compared with the average among its competitors of 7.9%.
It also promises competitive exchange rates. Today’s rate was 16.23 pesos to the dollar, according to its website.
The company says the world’s “single largest corridor for international money transfers” is that between the U.S. and Mexico, with more than $24 billion transferred annually.
In addition to its mobile application, the company boasts it has an advanced fraud detection system. The service is available on Android, iOS and online, and is authorized in 45 U.S. states.
Remitly describes the process of making international money transfers as “antiquated” despite the increasing integration of the global economy through technology.
Founder and CEO Matt Oppenheimer said it was while living in Africa that he realized how “incredibly difficult, expensive, arduous and slow” was the process of sending money across international borders.
“We started Remitly because we knew we could change that.”
The startup has raised $22.5 million from sources such as Amazon founder Jeff Bezos’ company, Bezos Expeditions.