Opening a Bank Account in Mexico

I haven't opened a new bank account in a long time. While I'm down here, I simply access my Scotiabank account via one of the three Scotiabank banking machines in town. I've never been charged a service fee but when VIVA deposited money into my Canadian account last spring via wire transfer after I returned to Canada, the cost was $20CDN -- per deposit! So when Ana Margarita told me that we were switching to direct deposit, she told me that I had to open a bank account. I will miss being handed that wad of cash twice a month ... LOL

I was allowed to go to the Bank during working hours. Good thing too since I work the same hours the Bank is open. It would be virtually impossible for me to go on my own time. I took the bus at 2PM and met with "Hector", the account manager at the Scotiabank Inverlat on Juarez. He speaks English. I was told to bring (1) my passport (2) my FM3 and (3) proof of domicilio. We checked and were told that my internet bill would suffice, even though it is in Colleen's name; just as long as it had our address on it and was currently dated.

When I got there, I had to wait a few minutes since I didn't have an appointment. But this was was fine since the Bank is air conditioned. BTW, the $CDN was trading at 9.24MXP today! :) In a little while, Hector invited me to sit down and asked me for "my papers". I handed everything over and he started to input information into the computer. It seemed very high tech and although his typing skills left a lot to be desired, he at least spelled my name right the first time (always a major hurdle in my life!).

Then he asked me for two references. I was stumped! Who do I know here who would vouch for my financial capabilies? Well my boss for one and since he already had all her information (the company banks with Scotiabank), that one was easy. But since my Palm died a couple of weeks ago, I don't have information on anyone so I eventually used my friends Larry and Sharon. Fox, if you're reading this, please answer the phone and be nice when the Bank calls about me! PLEASE ...

Then we got to the dreaded CosmoRed bill. Apparently it was acceptable to the Bank Manager (who coincidentally had the same last name as Hector's middle name -- a little nepotism perhaps???). Most Mexicans have two or more surnames; one from their mother's side of the family and from their father's side of the family. My guess is that Hector is the son of Fernando's sister. Anyway, Fernando said it was OK but when Hector tried to input the information, the computer wouldn't accept it.

So he called my office and asked them to fax him a phone bill from the store and they used that! Can you imagine doing this in any of the big banks in Canada or the U.S.? At this point, for some reason, he had to re-input (is that a word?) all my information again, including my "new" address of Basilio Badillo 274 (the address of the store). I know I work a lot of hours and sometimes I feel like I spend more time at work than I do at home but I am certainly not comfortable with that being my HOME ADDRESS!!! ;)

Then the whole system froze, no doubt as a result of the fraudulent information being fed into it by the nepotistic nephew Hector. He asked me to come back in 30 minutes so I could sign my application. Thirty minutes is a long time when you're on the clock at VIVA so we settled on 20 minutes and I came back in 15 minutes after wolfing down a Whopper con queso at Burger King. Everything was fine and I got to sign everything, in duplicate, many times. I haven't got a clue what I signed because it was all in Spanish.

Hector then took me up to Cashier Number 5 so I could obtain my ATM card. In this regard, the Bank in Mexico has it over the banks in Canada. I seem to remember having to wait for my ATM card to arrive by registered mail to ensure that the home address I supplied was indeed my domicile. Apparently no such safeguards exist in Mexico! Good thing too because mail delivery is virtually non-existent here within the city. I'll receive mail from another country without incident but the phone bill from TelMex will never reach my door!

At this point I was asked if I wanted to make a $2,000 peso deposit. "Uh, I don't think so!" I explained that I don't usually walk around with that kind of cash on me. Hector shrugged his shoulders and instructed the cashier to proceed. I signed two more times and was handed an information package (all in Spanish) and a secret PIN code along with my new ATM card. Hector then advised me to IMMEDIATELY change my PIN code at the banking machine outside the bank. Well I don't know about you, but I never knew you could do this!

Hector The Gallant, took me outside and showed me how to change my PIN code at the ATM. He even turned his head as I was punching in my new four digit code. What a guy! With that last transaction, I shook his hand and was on my way back to the store, a scant 90 minutes later. I will keep you apprised of my attempts to withdraw cash on the 15th of the month as well as the cost of each transaction. I think if I have a minimum balance of $2,000 pesos, I will not be charged any fees. My next feat: online banking in Spanish!!! Watch this site for details. LOL