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QUOTE (Daniel @ Aug 14 2012, 11:59 PM) <{POST_SNAPBACK}>
A man, who is a US citizen, planning on retiring in Mexico recently asked me some questions--which I'll pass along hoping for detailed answers. IMO his situation isn't as important as his questions which are:
1--Can he open a checking account in Mexico (to avoid the ups and downs associated with the exchange rate) in which his money is U.S. dollars.
2--Can he have direct deposits (for Social Security benefits, etc.) go into this account
3--How long after direct deposits are made into his Mexican checking account will the funds be available
4--Will he be able to write checks in dollars to businesses in the US. (For example, could he use the checking account to register a car in the US, rent a storage shed in the US, etc.)
5.--What documents are needed.
6--What Mexican banks offer this type of dollar accounts.
Thanks.
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Please, I'd like to avoid responses asking why he doesn't use a US checking account, etc. I didn't go into that as it really isn't germane to his questions, but if you need a answer put it down to something like he won't be living near the border.
1--Can he open a checking account in Mexico (to avoid the ups and downs associated with the exchange rate) in which his money is U.S. dollars.
2--Can he have direct deposits (for Social Security benefits, etc.) go into this account
3--How long after direct deposits are made into his Mexican checking account will the funds be available
4--Will he be able to write checks in dollars to businesses in the US. (For example, could he use the checking account to register a car in the US, rent a storage shed in the US, etc.)
5.--What documents are needed.
6--What Mexican banks offer this type of dollar accounts.
Thanks.
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Please, I'd like to avoid responses asking why he doesn't use a US checking account, etc. I didn't go into that as it really isn't germane to his questions, but if you need a answer put it down to something like he won't be living near the border.
1--An FM2 or FM3 visa is needed to open a bank account in Mexico.
2--Direct deposit of Social Security benefits is available in Mexico according to https://www.socialse...ountrylist6.htm.
3--There would be no reason for funds deposited via direct deposit to not be available immediately as the transaction is completed when it happens (unlike a deposited check which requires additional steps to actually complete the transaction).
5--I would refer you to forums dealing with visa applications. I'm fairly certain the visa will get the account opened. To get the visa, though, stuff like 6 months worth of bank statements translated into Spanish (showing that the minimum income requirements are met), some sort of declaration, a utility bill or statement from a landlord or the like (showing residency), passport photos and the like are required.
