There are three main banks in Mexico; however, ALL Mexican banks are stable, and they are ALL insured by the Mexican government against bank failure.
Every gringo I talked to was unhappy with Bancor and Bankamex, the two largest banks. Because of their excessive fees, only a few had accounts with either one, and they were unhappy with them.
Lloyd's received high marks from everyone. Unlike the first two, Lloyd's has no branches in the US. They were happy to open a peso account for me. They do have fees, however. I chose a 30-day money market account, currently paying about 4.5%. Monthly fees are about $1 (regardless of the size of the account) and withdrawals and deposits cost about 85 cents, with no limit on how many you can make. The 10,000 peso minimum was about $850, and they were happy to accept a US check.
There are lower limits on their one-day accounts, but a lower interest rate. Other accounts have higher minimums and/or less liquidity, but they pay higher interest.
Remember that your accounts are insured in pesos, not dollars. Most Americans regard the dollar as being more stable than the peso, so they only keep a portion of their cash in pesos.
Protecting yourself by keeping some money in a foreign naion's local currency is not the same as currency speculation. If the peso should lose 10% of its value, prices will rise, but probably not 10%. If the peso rises in value, and/or the dollar declines at the same time, your American dollar will buy less pesos, and this can hurt retirees on a fixed income.
Everyone recommends that you keep your US bank account. You must open peso accounts in person with Bancor and Bankamex. Lloyd's lets you do it by mail, which could take over a month; you must mail them photographs of your ID, etc.
Are you ready for humor? Lloyd's gives you an ID card, and you can use their restrooms if you have an account.
Vince
Every gringo I talked to was unhappy with Bancor and Bankamex, the two largest banks. Because of their excessive fees, only a few had accounts with either one, and they were unhappy with them.
Lloyd's received high marks from everyone. Unlike the first two, Lloyd's has no branches in the US. They were happy to open a peso account for me. They do have fees, however. I chose a 30-day money market account, currently paying about 4.5%. Monthly fees are about $1 (regardless of the size of the account) and withdrawals and deposits cost about 85 cents, with no limit on how many you can make. The 10,000 peso minimum was about $850, and they were happy to accept a US check.
There are lower limits on their one-day accounts, but a lower interest rate. Other accounts have higher minimums and/or less liquidity, but they pay higher interest.
Remember that your accounts are insured in pesos, not dollars. Most Americans regard the dollar as being more stable than the peso, so they only keep a portion of their cash in pesos.
Protecting yourself by keeping some money in a foreign naion's local currency is not the same as currency speculation. If the peso should lose 10% of its value, prices will rise, but probably not 10%. If the peso rises in value, and/or the dollar declines at the same time, your American dollar will buy less pesos, and this can hurt retirees on a fixed income.
Everyone recommends that you keep your US bank account. You must open peso accounts in person with Bancor and Bankamex. Lloyd's lets you do it by mail, which could take over a month; you must mail them photographs of your ID, etc.
Are you ready for humor? Lloyd's gives you an ID card, and you can use their restrooms if you have an account.
Vince
