Thanks, Little Guy!

Technically, Intercam is not a "bank" Not going to go into it.

It does look like a curious amalgam of financial services firms including a bank. Would you please "go into it?" What is Intercam Financial Group, Intercam Banko, Intercam Insurance Broker, etc.?

https://www.intercam.com.mx/eng/about-us/

Technically, Intercam is not a "bank" Not going to go into it.

Well.... https://www.intercam.com.mx/eng/about-us/

But in order to have an account at a bank in Mexico you must have a CURP, which means you must be a resident. Catch 22.

I think not, we opened our Intercam bank account 3-4 years ago, as we were only tourists. We got our permanent residence a year later.
Might be specific to each financial institution?

But in order to have an account at a bank in Mexico you must have a CURP, which means you must be a resident. Catch 22.

That is a consideration for some purposes, but not for others.

It would not be a consideration for transferring money from the US or Canada to someone in Mexico, such as a renter might do. I have used Wise to directly pay contractors in Mexico for example to have solar panels installed and have electronics installed in my house.

And I do find it convenient to have a debit/ATM card that I can use without having any concern about the exchange rate or foreign currency fees.

I have found Wise to be both fast and very cost effective. When I transfer pesos from my C$ or US$ accounts with Wise, it is sometimes in my Zihuatanejo bank account in minutes. When I have used it to transfer money to a person in Mexico it has been in hours.

The exchange rate is the “mid-market” rate, not the banks’ “buy” rate for the exchange rate.

In addition to providing currency transfers, Wise offers a Visa-branded debit/ATM card to be used internationally for the same “mid-market” rate international purchases.

https://wise.com/invite/ihpc/ernestg

So they only take fish for payment?

Right.....and been coming for years. Why haven't I heard about this?

Our bank does not charge a foreign exchange fee and reimburses the local machine fee up to $25 a month. As long as I decline the offered exchange rate, it’s free and at the best exchange rate.

Schwab Bank is still reimbursing the local ATM fees worldwide. Pretty sweet deal. Do remember *not* to accept the bank's offered "convenience" exchange rate

I personally have found Inbursa right in town on Ejido to have great rates and low fees, just be sure and say no to the conversion question. I’m in the US and just wired pesos for my upcoming stay and Bank of America gave me 19 pesos to the dollar which isn’t bad for banks converting money here.

While that isn’t horrible, official exchange rate is about 20.5 pesos per dollar. You would get very close to that at an ATM. Using an ATM can be free. Our bank does not charge a foreign exchange fee and reimburses the local machine fee up to $25 a month. As long as I decline the offered exchange rate, it’s free and at the best exchange rate.