Re: intercam new rules

Posted by Rick (Lyle's Dad) on February 15, 2014, 7:22 am, in reply to "Re: intercam new rules"
201.138.180.98

Larry, I also was at intercam on Friday. I was basically told the same thing you were told except . . . . Tonya (sp) there at Intercam told me that the $500 limit is indeed true but you do not walk out of there with $500 in pesos right then and there. This maneuver requires you to come back 24 hours after you write the check. I asked about that more than once and was told every time, yes, the next day. So, yes, you can get pesos there, in a relatively short time frame if you don't want to deal with Banamex or otherwise. But it is a return trip. The new banking laws that start today, 15th, will alter things. You can still write a check for a much higher amount than $500 at Intercam but there is a decision to be made then. 1. If you do not have an account with Intercam, an actual account, not just the authorization to cash checks, but an account with funds, they will then give you a check to take to Banamex where you will HAVE TO DEPOSIT that check into your Banamex account and then you are subject to Banamex's rules for having the funds and timing and so forth. 2. If you have an account with Intercam to cover the check you wrote for the much higher amount than $500 in this example, they will write you a check that you can take to Bancomer which is in Cihuatlan and if you go there, you can cash the check for the pesos. 16 km between Melaqua and Cihuatlan. But, I did not take this to mean that you HAD to have an account at Bancomer. Either way, it is changed and it izzzz what it izzzz. There is heavy pressure from the US government to force these institutions to divulge if US citizens have accounts. US Citizens, by law, have to divulge if they have a foreign bank account. Ha, say most of them. This post is not going to be a rant on offshoring or government intrusion or money laundering or any of that. I just wanted to point out that it was fairly clear to me from Tonya that under the $500 deal, you did not walk away in 10 minutes with pesos. Did you hear it differently?

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