I am 81 living in Queretaro since 2021. I am a widow with a daughter 43, who teaches English around the world, currently in Bali. I showed her how to travel from 11 months young. Travel is the very best education and I started at 20 with Mexico, mainly Acapulco, I do speak Spanish as a second language from age 14. I was 20 when I came to Mexico, I learn how to use the public buses in Acapulco, and I hired my own private taxi driver, and I never had to walk, unless I wanted to walk. My friends also had cars.
@AlmostRetiredinMexico
7 ай бұрын
Thank you so much for sharing your story. It's inspiring to hear about your experiences and how you've passed on the love for travel to your daughter. Travel truly is a gift that keeps on giving.
@tomm9540
7 ай бұрын
One other thing is I had my Bank make a notation that my ATM/Debit Card can only be used for withdrawls from an ATM machine, not for POS ( point of sale) for buying something. Had my card stolen in Puerto Vallarta, and they couldn't use it to buy anything!! Believe me they tried many many many times. Pay with cash/pesos or with a credit card, not a debit card.
@AlmostRetiredinMexico
7 ай бұрын
That´s great! I can set that in the Banorte app and I probably should. I never use my debit card for purchases. OK, doing it right now...
@TheMoncada1
7 ай бұрын
Thank you for the Great video with very informative information. I have a permanent residency here in Mexico. I use the Wise account to transfer US money into pesos. My bank here in Mexico is BBVA. i picked this bank because they are conveniently all over Mexico. i opened it in 2021 and I had to have utility bill, passport, my residency card and a Mexican phone. I bought a phone and a cheap plan for $25. After I opened my account, we linked our AT&T US phone to our account. Last year I got my RFC and linked that to my account because Mexico was making all Citizens and Residencies to have an RFC and have it linked to your bank account or they would freeze their accounts. When I need pesos, I just get a code for the amount I want and go to the ATM machine and withdraw. I don't even use the bank card. If I need to pay someone or gift someone money, I give them a code and they have 7 days to withdraw before it stops the transaction. I can be in the US and do these transactions. I love that option!!
@rmanbike
7 ай бұрын
Interesting, still in the US, so the code you’re referring to is what you enter in at the ATM keypad? Is that correct?
@AlmostRetiredinMexico
7 ай бұрын
This sounds great. The only issue is limited English.
@TheMoncada1
7 ай бұрын
yes .I get a code and screen shot it and then you go to a ATM machine and type in the code and get the pesos. there is no fees with this transaction.@@rmanbike
@TheMoncada1
6 ай бұрын
yes@@rmanbike
@Chris-ut6eq
7 ай бұрын
Really good info on exchange rates, insurance, and fraud. Moving money is important. Another important consideration is the USA IRS reporting requirements for overseas account.
@AlmostRetiredinMexico
7 ай бұрын
Yes - We should have mentioned the IRS wanting to know if you have more than $10k USD overseas.
@blackbeansmatter1280
7 ай бұрын
My wife and I have learned so much from your channel. Other than La Paz we are interested in Bucerias. We will visit both. Thank you
@AlmostRetiredinMexico
7 ай бұрын
I've not been to Bucerias. I wanted to check out that and Sayulita last time I was in PV, but I got COVID and spent my trip looking out at the ocean from my BnB...
@rosalindhb
7 ай бұрын
Great info. I've also heard in some places yoy can also have yiur money delivered to you. Which is unheard of.
@AlmostRetiredinMexico
7 ай бұрын
Very interesting!
@noelleyva5725
7 ай бұрын
Nice to hear if Mexico is a good country to live
@AlmostRetiredinMexico
7 ай бұрын
If you're looking for a place with great weather, delicious food, and a laid-back lifestyle, then Mexico might just be your dream destination. Plus, you'll never run out of tequila!
@noelleyva5725
6 ай бұрын
Nice!
@cindyk3076
7 ай бұрын
This was very good information from Blanca, thank you both!
@AlmostRetiredinMexico
7 ай бұрын
Our pleasure!
@cindyeverythingcozumel
7 ай бұрын
Following you for great info! I’m here in Cozumel if you need anything here!!! I loved the Medicare series
@AlmostRetiredinMexico
7 ай бұрын
Thanks Cindy!
@Dividendflywheel
7 ай бұрын
This is a GREAT VIDEO. Educational and Practical information
@AlmostRetiredinMexico
7 ай бұрын
Wow, I'm blushing! I'm glad you thought the video was great and found the information practical. I'll take that as a sign that I'm doing something right!
@benzomatic9
6 ай бұрын
I just subbed…thank you bro
@AlmostRetiredinMexico
6 ай бұрын
Thank you so much for subscribing! I really appreciate your support.
@GaagiiLammers
7 ай бұрын
Good video, ¡gracias! Wills and trusts? Yes, please!
@AlmostRetiredinMexico
7 ай бұрын
Great topic!!!
@ronaldocamacho4911
7 ай бұрын
Felicidades Blanca Por todos tus Logros.. ❤
@davebaker489
7 ай бұрын
She and Gordon are definitely people I will be chatting with when I ever get off my A.. I think seeking out a good "brain trust" is the smartest thing to do. Thank You Blanca and Brighton and keep more coming. PS cute pups. P n D
@AlmostRetiredinMexico
7 ай бұрын
I love the idea of being part of a brain-trust. And that's a great point. You gotta have experts to answer your questions. Which reminds me, I need to send off a question...
@davebaker489
7 ай бұрын
So were you running all around chasing the garbage guys etc to pay Christmas bonus's to ? And when is the rest of the family coming home to Mexico ?@@AlmostRetiredinMexico
@AlmostRetiredinMexico
7 ай бұрын
Dammit - you are cursed. I already answered this comment. The garbage guys knocked on my door, but the police did not come by... Hopefully the team will be at full strength in early February (did you catch the hockey reference?)
@davebaker489
7 ай бұрын
Well I didn't see your answer. AND that means you took a shot and fanned on it. Next time at least aim for the net. With the weather in Portland these days I'm surprised you haven't been put in the penalty box. @@AlmostRetiredinMexico
@AlmostRetiredinMexico
7 ай бұрын
@@davebaker489 I should be in the penalty box! I think Kat is ready to hit the puck into my teeth!
@bajaboy29
5 ай бұрын
I'm not sure why one needs a bank living in Mexico. Mercado Pago is a great option without the hassle and cost of having a bank account. We have a debit card and a credit card with them. We can make and receive transfers, too. Stay away from banks is my advice.
@nobodycaresaboutyourfeelings
2 ай бұрын
I agree with you, I’ve been here 6 years, and I still have everything in the US, and never once needed a Mexico bank account for anything. I use my US bank card here
@tomm9540
7 ай бұрын
I always like to use Banamex for withdrawals because their machines do not eat your card. The card only goes in halfway. Was in Ireland once on a Friday night and the ATM machine ate my card, could not access my money, thankfully had credit cards with me. Another great informative video Brighton thanks
@ThoughtLeadersAuthorsSpeakers
7 ай бұрын
Thanks. Good to know about Banamex. I think I left my Banorte card in the machine once because I wasn't used to it sucking the card all the way in and then holding it until about 15 seconds after the transaction is complete...
@spocksvulcanbrain
2 ай бұрын
You keep talking about using the 'APPS." I'm curious how many you need (I assume at least one from each bank you have accounts with) and which platforms do they support (iOS, Android, etc). And most importantly, are they available to show English and Spanish? (and other languages for others)
@andreawisner7358
6 ай бұрын
Mortgage interest rates: this is a necessary part of your analysis. You're looking at close to 12%, or more. Better to keep, or buy, a house in the US, financing at 6.5%, and rent it out, using the income and the line of credit to finance your house in Mexico.
@AlmostRetiredinMexico
6 ай бұрын
You're right. But most people who currently own houses in the US don't want to refinance, so their options are limited. Still a 7% line of credit is better than a 12% mortgage.
@terrylarsen7711
5 ай бұрын
Another great informative video, Brighton. Special thanks to Blanca for all the very important information! I have a question for Blanca if she happens to see this. I have an account with BBVA here in Mexico, and I am wondering if I had some cash in US Dollars, would I be able to deposit the usd in my account at BBVA? Thanks for any info you can provide.
@1TrueLife
6 ай бұрын
Can you do a video on the Investment side of banking.
@rfink222
2 ай бұрын
IMO, moving money from the USA to Mexico always involves a financial institution getting a pretty good profit off of your transaction. Every financial institution is a money changer for a price. In my experience I would avoid Bancomer (Spanish owned) for many reasons and they don't cater to English speakers. I would recommend Intercam Banc (Mexican owned) because of the English speakers available and tight security measures they use.
@AlmostRetiredinMexico
2 ай бұрын
So interesting. IMO, Intercam is one of the worst with exchange rates! I have a video coming soon about someone who was charged $20,000 Canadian dollars when she moved money down to pay her contractor building her house. IMO, using Wise or XE.com is smart because they have low overhead and charge low fees. And I'm banking with Actinver now for investments and their exchange rates are really good compared to the mid-market rate.
@lt5587
7 ай бұрын
Hello. Just now seeing your video about the banking. What is the interest rate for CD investment please. Thank you
@AlmostRetiredinMexico
7 ай бұрын
Around 11%. I have a video specifically about this: kzitem.info/news/bejne/xY-jummljKSFpJw
@whatsitlike6392
7 ай бұрын
Thank you for the information. The audio was a little rough for me. It sounded like an interview over a slow internet connection.
@AlmostRetiredinMexico
7 ай бұрын
Interesting. It was very echoey where we recorded. Maybe something happened when I tried to fix that. Thanks for letting me know!
@barrielau420
7 ай бұрын
The guests voice is very deep. I had trouble following her but got most of the information. Thanks, Barrie in Maryland
@debbiederas6233
7 ай бұрын
I had a hard time hearing your guest. I do enjoy all of your informative videos.
@sweendawg7274
7 ай бұрын
Mex is going cbdc in 2024... can u please cover this?
@AlmostRetiredinMexico
7 ай бұрын
I think it's pushed off to 2025 now. But I'll definitely cover it when it starts to take shape and get close to launch. Thanks
@mikecrowley7486
3 ай бұрын
Hello Brighton , I'm in Cabo San Lucas. I know not to accept the exchange from an ATM. My question is when I make a wire transfer from the USA to the Mexican bank. I'm asked if I accept the conversion. I asked the mexican bank employee what would happen if I did not accept. She said the transaction would be cancelled. I've always believed that she was lying.
@AlmostRetiredinMexico
3 ай бұрын
I think you do need to accept the conversion for a wire transfer. But if the conversion is bad, you need a different way to move your money. I've got a video about this coming soon. The video starts with a woman who lost $20,000CAD transferring money into her Mexican bank account. If you need to transfer small amounts (less than $5k at a time) then you could use Wise.com or XE.com and get great rates. If you are moving money to buy a house (like the woman from my upcoming video,) I recommend Actinver bank (they have a San Jose branch.) You can wire in dollars and then you can exchange them to pesos at a later date. I just sent dollars to them last week. I've also sent peso thru Wise and XE. I'm not ready to fully endorse them as I'm a relatively new account holder, but it's a pretty good option.
@mikecrowley7486
3 ай бұрын
Thanks. I know that it could be cheaper but Schwab makes it pretty easy.
@dlukton
7 ай бұрын
Which banks are willing to connect with cryptocurrency exchanges?
@AlmostRetiredinMexico
7 ай бұрын
I don't know if banks in Mexico are allowed to connect to Crypto exchanges. That may be a question for Blanca.
@dlukton
7 ай бұрын
@@AlmostRetiredinMexico Thanks for responding.
@toddmaek5436
6 ай бұрын
@@dluktoni just opened an account with Bitso (using my temp res) and they have an option on there to connect with a mexican bank. the exchange is Mexican based
@debbiederas6233
7 ай бұрын
Do you need an RFC and a utility bill to get a bank account?
@tdgdbs1
7 ай бұрын
BBVA required both along with my RP card and passport.
@AlmostRetiredinMexico
7 ай бұрын
Not necessarily. Depends on the bank. Intercam and Banca Mifel will both open accounts for non-residents.
@nobodycaresaboutyourfeelings
2 ай бұрын
Not all, I don’t have a RFC, and been here 6 years and BBVA, BanNorte and Santander never asked for the RFC, only passport, residence card, and CFE bill.
@bradr752
7 ай бұрын
While this was useful, any discussion of opening a bank account needs to have a discussion of whether an RFC is required. Please update.
@AlmostRetiredinMexico
7 ай бұрын
We mentioned that some banks allow tourists to open an account. And tourists can't get an RFC. I'm not sure how they get around that normal requirement. Maybe "it's Mexico"
@nobodycaresaboutyourfeelings
2 ай бұрын
Believe it or not, it’s not simple to answer. Bc each bank branch wants different things, BBVA in Mexico City wanted RFC and in Morelia they never asked me. Even though it’s the same Bank, everyone works differently
@johnhamilton6330
7 ай бұрын
What were the names of he banks that work with English-speaking? Both of you mumbled it like Miffel and Interca? Are those the correct names? Would be nice to mentioned them in your summary so we can get the precise spelling, etc.
@Fairview104
7 ай бұрын
I had the same issue. The one bank is Intercam but I couldn't catch the other name.
@debbiederas6233
7 ай бұрын
Mifel
@AlmostRetiredinMexico
7 ай бұрын
We mentioned: Banca Mifel www.mifel.com.mx Intercam www.intercam.com.mx/ I'm a bit hesitant to recommend them outright because I don't quite understand their exchange rates yet. But talk to your local guide to balance that against other benefits.
@jandavidmorales1784
7 ай бұрын
Hi why don't you use Western Union to transfer money ? You can transfer money from your account online send it paid to you and collect it from any place that accepts Western union near you .Then just deposit the money into the bank that way saves you paying bank charges. The more you use WU the less fees you pay to send and even you get not charges at all for sending and receiving money.
@AlmostRetiredinMexico
7 ай бұрын
I just checked the Western Union website and their exchange rate is not good. To transfer $1000 USD to Pesos right now would cost $33USD. Wise and XE.com cost about $8. Banca Mifel cost $30. So WU is the most expensive of these 4. When you say that if you send more, the fees go down, what do you mean?
@jandavidmorales1784
7 ай бұрын
@@AlmostRetiredinMexico Hi I have used WU for many years to send money to Mexico because I have been using for so long I don't pay fees anymore providing I send it online . But I only send 5000 pesos a month . Can you tell me how can I open an account in Mexico if I live abroad but my family lives over there , can I open an account online in my name and my sister? For her the have control of the account and me send the money ? I have spoken with Santander here where I live they said I can open an online account from here to Mexico, but how can I sign the account? I want to start sending money to a bank account as I will be returning to Mexico this year and I want an account in both names thanks
@AlmostRetiredinMexico
7 ай бұрын
@@jandavidmorales1784 I don't think you can open a Mexican bank account online - it must be in person. But Santander may be different because it's physically in the US and Mexico. Sorry I don't have details. As to WU, they may not be charging you a fee, but they hide their profits inside the exchange rate. For 5000 pesos, the actual fee is about $1.50USD. I just don't like that they hide the fee.
@BuceriasRodHardy
7 ай бұрын
Intercam around Mexico works with Gringos from Tourist to those with Residency. They usually have English speaking staff where Gringos visit and live.
@AlmostRetiredinMexico
7 ай бұрын
Thanks Rob. My only issue with Intercam is that they don't allow Wise transfers (or they say they don't allow them - some have figured out how to do it anyway.) And I think their exchange rates aren't great.
@adcaptandumvulgus4252
7 ай бұрын
What level of cartel defense do they have?
@AlmostRetiredinMexico
7 ай бұрын
Cartel defense? Like derecho de piso? or armed guards?
@anniesshenanigans3815
7 ай бұрын
you come through loud and clear but her voice is very muffled, making it difficult to understand her. I turned on the closed caption to figure out what she was saying. Use Closed Caption.
@AlmostRetiredinMexico
7 ай бұрын
Were the closed captions good? I used a computer to generate them and I want to be sure they made sense. I just spot checked them. Thanks for letting me know!
@Rennygade1
2 ай бұрын
My smart tv couldn’t access subtitles for some reason. It definitely would have been nice. Love that you covered this subject, tho. So important. I saved this video and will try it on my phone or ipad and see if I can get subtitles to work, because I did miss a lot. Thanks for covering this, Brighton!
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