Nick Fong met with three key banking professionals at Banca Mifel in Cabo San Lucas to present details about banking in Mexico as compared to the United States and Canada. To begin, learn about Banca Mifel and then discover what Cabo bank services have to offer and what it means to do your banking in Mexico.
Cabo bank services: Banca Mifel
Considered as a boutique bank, the Cabo bank services provided by Banca Mifel cover everything any other bank in Mexico provides, and more. Since they are located in Los Cabos, they cater to foreigners from the United States, Canada, and other countries. They provide Mexican real estate buyers with Bank Trust services (called “fideicomiso’s” in Spanish), which is required for foreigners to buy real estate in Cabo. Banca Mifel was the first bank in Cabo to provide these helpful services.
Banca Mifel provides all of the Cabo bank services that a foreigner will need. For example, they provide checking and debit accounts along with money exchange service. In fact, they will exchange Dollars to Pesos or Pesos to Dollars without having a bank account. All you need is your passport, and they will give you the best rate of exchange. The exchange rate is based on the current rate, which is dynamic, and changes throughout the day. As an important note, Mexican laws limit money exchanges to $750 USD per day and $1500 USD per month, either with cash or with your credit card.
Benefits of using Banca Mifel
If you open a bank account with Banca Mifel, your Cabo bank services are even better. You can exchange up to $4000 USD per month. And whether you are a banking client or a walk-in, there are no money exchange fees. They have two locations in Los Cabos to serve you: one in Cabo San Lucas, and the other is located in San Jose del Cabo.
Considered to be the best bank in Cabo for Bank Trust services, Banca Mifel caters to foreigners who wish to buy real estate in Los Cabos. Their strength is in numbers – they provide real estate closing services to more foreigners than any other bank in Cabo. As an example, they close 47 real estate sales per month. This allows them to charge 10% less than other banks for yearly bank trust fees. That is why foreigners choose Banka Mifel over other banks in Los Cabos – it’s cheaper and it’s faster. Therefore, saving both time and money at a bank that provides all of the Cabo bank services that you would need, means it’s a great option for banking in Cabo.
For Bank Trust (fideicomiso) services, being a boutique bank, they handle all of the extra work for the home buyer. For example, they take the paperwork to the notary for their clients, along with other tasks that must be handled. Also, by hiring the best and most experienced people, you can count on reliable and friendly service every time. Their priority is to cater to foreigners in Cabo.
Work With Ronival Real Estate
Ronival Real Estate has helped thousands of buyers and sellers across Los Cabos since 2010. If you’re interested in Cabo Real Estate, our team can assist with everything from showings and negotiations to closing and property management. Have questions? Contact us here or call +52 (624) 227 5766.