[dinodino]

Even if I lived there, I wouldn’t keep my money in a Mexican bank. I’d have a local account with just enough to cover three months’ worth of living expenses, and wire more into it from abroad as required.

These people were foolish.

[posterchild]

Exactly. They could even just use a US bank ATM or credit card and pay bills online using their US acct. Why did they think they needed their money close to where they lived?

[alexander_busek]

Even if I lived there, I wouldn’t keep my money in a Mexican bank. I’d have a local account with just enough to cover three months’ worth of living expenses, and wire more into it from abroad as required.

Ex-pat here.

Allegedly because of the Patriot Act (but in reality because of the fear by corporate heads of "claw-back" after the 2008 crash and subsequent legislation), Americans living abroad are finding it increasingly difficult to maintain banking connections in the U.S.

More and more banks are demanding a U.S. postal address. Investment houses (Merrill-Lynch et al.) are unilaterally cancelling the accounts of Americans living abroad.

Yes, I'm sure that there are various ways to "finesse" the system (involving slight subterfuge - like maintaining a joint account with a brother who resides in the States), but lifeline after lifeline is failing. It may one day become impossible for an "average" American to do.

Regards,

[GOPJ]

Even if I lived there, I wouldn’t keep my money in a Mexican bank. I’d have a local account with just enough to cover three months’ worth of living expenses, and wire more into it from abroad as required.

Bingo! I suspect they'll be doing that in the future...