# Retiring to Mexico? Read about bank fraud.....



## RadishRose (May 29, 2019)

I loved Mexico when I traveled there for over 2 weeks quite a number of years ago. I felt I was too young to think about retirement then, (hah!) but became aware than Americans did retire there and could live very well on just their Social Security, altho' could not own land (at that time).

Now, there seems to be a serious banking problem costing Americans their savings!
5/23/19
(in part)
[h=1]"Americans’ Life Savings Disappear From Mexican Bank Accounts"[/h]                                                       "Americans say money they had at Monex is gone and the bank isn’t helping them.

Kathy and Jim Machir discovered that their nest egg was gone. When the Machirs and other San Miguel expatriates met with Monex officials in early January, the bankers told some of them that about $40 million was missing from as many as 158 accounts, many belonging to English-speaking Americans. 

A dozen people interviewed by Bloomberg News say that bank statements Zavala sent them purporting to show full accounts were apparently falsified.

 The scandal has upended the expatriate community in San Miguel, a city of 69,000 about 500 miles south of McAllen, Texas. Mostly retirees, they have to navigate a society with fewer legal and financial protections than they’d get in the U.S. 

Fraud is becoming more common, says Kevin Carr, founder of financial technology firm Finiden in Washington, D.C., and formerly the U.S. Department of the Treasury’s primary representative in Mexico.  

In 2018 there were 7.3 million complaints of fraud involving 18.9 billion pesos, about $1 billion, according to Condusef, Mexico’s consumer protection agency. That’s more than double the number of claims in 2014."
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_https://www.bloomberg.com/news/articles/2019-05-23/expats-millions-in-life-savings-disappear-from-mexican-accounts?utm_source=pocket-newtab


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## Don M. (May 29, 2019)

Parts of Mexico might be nice for a short visit....Cancun, etc., but given the current environment in that nation, I can't imagine anyone wanting to retire there.  Between an increasingly corrupt government, and major parts of that nation being ruled by the Drug Cartels, Mexico would seem, to me, to be one of the last places on earth to spend the Golden Years....no matter how cheap the cost of living.


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## Lara (May 29, 2019)

Why don't Americans keep the bulk of their savings in US banks while living in Mexico?? Seems like an easy solution to me.

I won't be moving there. I prefer America....especially considering the truthful and factual posts from RadishRose and Don.

But if I were to move to Mexico in retirement,* Tulum* is the place I would consider over anywhere else in Mexico. It's beautiful, historically charming, affordable, and many Americans live there. Most everyone speaks english. Being able to communicate is essential.


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## RadishRose (May 29, 2019)

Good question Lara, maybe it has something to do with having to pay more tax? Dunno.


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