Wise is also super easy to set up and use. I didn’t know about the debit card issue or this new restriction in Intercam to transfer pesos in from Wise. Ugh. It’s great once you have a system set up in Mexico but getting there is a bit of work. Thanks for the tips as trial and error is a huge time sink!
Yes, getting banking stuff set up in Mexico is indeed a bit of work! And a lot of patience. Of course, it gives one the opportunity to catch up on reading!
With Intercam Banco, you can also simply write a check from your US Bank, and they will convert and make the deposit in MSX Pesos to your local Intercam account. This deposit has no fees, and the exchange rate is better than depositing US cash. This option does make using Intercam very easy and inexpensive.
For traditional cross-border banking, I guess it works pretty well. Now that I use Wise to move money across the border, I have less reason to use Intercam's services (and I think Wise's conversion rates are better).
Well, I'm trying to catch up on my reading, and this is right on. I opened an account a long time ago at Banamex and they seem okay. I use OFX, formerly US Forex, to move/convert. It works pretty well.
Lately, I've been thinking about using Wise because I can get a little better rate. I'd need to set it up though, not my favorite thing to do, although maybe it's fairly easy. Thanks for the tips, Mike!!
Wise is pretty easy to set up - I don't recall it taking more than maybe 10 minutes. It has really been a game changer for me; it is my go-to for moving money around in Mexico and for converting USD to MXN.
I've been busy, but I got around to setting up Wise today. Yep, pretty smooth, thanks for the pointer. They have better exchange rates, and these days I want to try and squeeze a few more pesos for my dollars.
Thanks for your comment, reno - I wrote a reply and just realized I replied to the article and not your comment - fixing that here.
Hi Reno - the differences between the 2 have diminished over time - you can basically do the same kinds of things with both: hold money, transfer money to other accounts, etc. The biggest difference is that DolarApp is backed by USDc, which is a cybercurrency pegged to the U.S. dollar. So when you "deposit" money in Dolar, what you are really doing is "buying" USDc and holding that, with interest. Wise on the other hand lets you hold actual government currency in your account, and there are many currencies around the world that they allow accounts for, including Canadian.
I use them both for different reasons. I typically use Wise to convert from USD to MXN, and I also use it to pay for some services in Mexico. I use Dolar basically as an ATM account, because I find that their debit card seems to be accepted in more ATM machines; Wise's debit card is more hit-and-miss.
Wise is also super easy to set up and use. I didn’t know about the debit card issue or this new restriction in Intercam to transfer pesos in from Wise. Ugh. It’s great once you have a system set up in Mexico but getting there is a bit of work. Thanks for the tips as trial and error is a huge time sink!
Yes, getting banking stuff set up in Mexico is indeed a bit of work! And a lot of patience. Of course, it gives one the opportunity to catch up on reading!
With Intercam Banco, you can also simply write a check from your US Bank, and they will convert and make the deposit in MSX Pesos to your local Intercam account. This deposit has no fees, and the exchange rate is better than depositing US cash. This option does make using Intercam very easy and inexpensive.
For traditional cross-border banking, I guess it works pretty well. Now that I use Wise to move money across the border, I have less reason to use Intercam's services (and I think Wise's conversion rates are better).
Well, I'm trying to catch up on my reading, and this is right on. I opened an account a long time ago at Banamex and they seem okay. I use OFX, formerly US Forex, to move/convert. It works pretty well.
Lately, I've been thinking about using Wise because I can get a little better rate. I'd need to set it up though, not my favorite thing to do, although maybe it's fairly easy. Thanks for the tips, Mike!!
Wise is pretty easy to set up - I don't recall it taking more than maybe 10 minutes. It has really been a game changer for me; it is my go-to for moving money around in Mexico and for converting USD to MXN.
I've been busy, but I got around to setting up Wise today. Yep, pretty smooth, thanks for the pointer. They have better exchange rates, and these days I want to try and squeeze a few more pesos for my dollars.
what's the differences between Wise and Dollar? with Canadian bank accounts have both Canadian and US dollar accounts? thanks and great article!
Thanks for your comment, reno - I wrote a reply and just realized I replied to the article and not your comment - fixing that here.
Hi Reno - the differences between the 2 have diminished over time - you can basically do the same kinds of things with both: hold money, transfer money to other accounts, etc. The biggest difference is that DolarApp is backed by USDc, which is a cybercurrency pegged to the U.S. dollar. So when you "deposit" money in Dolar, what you are really doing is "buying" USDc and holding that, with interest. Wise on the other hand lets you hold actual government currency in your account, and there are many currencies around the world that they allow accounts for, including Canadian.
I use them both for different reasons. I typically use Wise to convert from USD to MXN, and I also use it to pay for some services in Mexico. I use Dolar basically as an ATM account, because I find that their debit card seems to be accepted in more ATM machines; Wise's debit card is more hit-and-miss.