Paid my Fideicomiso Fee

[T.J.]

Just paid Scotiabank $6,962 for them doing nothing for the next 12 months but putting their name on some papers.

This is up from $6,668 last year, also for doing not a damn thing.

The previous year was $6,380. Guess what they did to earn the fee that year. Not a damn thing.

I hope our government is serious about amending the constitution or whatever, so that we can perhaps stop paying these outrageous fees that are pure profit to the banks.

This and my FM2 fees are making it an expensive week. But I was lucky enough to load up on some pesos before it strenghtended nearly 5% in the last week. Kind of like getting a 5% discount. Jajaja

[V]

It's a steep premium on wanting to live near the sea, alright.

Anybody who was on a limited income, and wanted to retire to Mexico, would need to consider this added expense in making a decision about where in Mexico to settle.

It's a real gold mine for banks and, yes, they do nothing for it except allow the use of their names on the titles to property owned by foreigners.

Get dual U.S./Mexican citizenship one day, T.J., and you won't need to go through this any longer.

[gabesz]

Originally Posted by T.J.

Just paid Scotiabank $6,962 for them doing nothing for the next 12 months but putting their name on some papers.

This is up from $6,668 last year, also for doing not a damn thing.

The previous year was $6,380. Guess what they did to earn the fee that year. Not a damn thing.

I hope our government is serious about amending the constitution or whatever, so that we can perhaps stop paying these outrageous fees that are pure profit to the banks.

You could be with Banamex which is far worse then Scotiabank.

[T.J.]

gabesz,

There is a God.

Jajaja. Your post made me smile.

[Gringation]

Or you could be paying massive property taxes in the US.

[Windknot]

Mine is with Banorte and has not gone up a dime in 5 years, except when IVA went from 15% to 16%. Evidentally, IVA is charged on a fideicomiso, although I have never been able to get a definitive confirmation on this. I still don't know if my gal is just pocketing an extra 1120 pesos a year or not.

The fideicomiso itself is not supposed to change for the life of the trust. These must be bank fees that y'all are getting stuck with.

[gabesz]

Originally Posted by Windknot

Mine is with Banorte and has not gone up a dime in 5 years, except when IVA went from 15% to 16%. Evidentally, IVA is charged on a fideicomiso, although I have never been able to get a definitive confirmation on this. I still don't know if my gal is just pocketing an extra 1120 pesos a year or not.

The fideicomiso itself is not supposed to change for the life of the trust. These must be bank fees that y'all are getting stuck with.

My bill from Scotiabank shows the IVA fee as a seperate line item.

[lovethetropics]

thats outrageous, either you own a palace on the beach or youve got a huge house because i live in town and will be paying 444 usd a yr for mine,im in a good neighborhood and have a 3 bdrm and 2 bath; im doing it with banco del bajio in town. did business with them when i had my old house, theyre reasonable.

[Isla Zina]

If you pay in dollars, your fee never changes. Mine is $500. It's shocking when you see the change in pesos payments. BUT, I was just in Ohio and happily stopped at the my bank's ATM for a no foreign fee withdrawal.

[CancunNurse]

I'm with lovethetropics! I've had my FideComiso for 4 years with Banco Bajia. It has been $444usd all this time. It was recommended to me by the administrator of my Condo....she is a very knowledgeable Cancunense. I get an e-mail 2 months before to let me know it's due, I give her the money(in pesos...dollars are a pain in the "burro" when paying a Fide), she gives me the receipt, and believe it or not, the whole process takes 10 minutes. I think it's just about the only thing I've done in a bank in the last 13 years that took under a half an hour. They're very accommodating, as nice as can be and FAST! My kinda bank!! I'm pretty sure you can change banks...they just want to make sure the extranjeros are paying for the luxury of living close to the waters.

[T.J.]

Well, it's not too early to start making plans for next year.

Can someone kindly tell me where Banco Bajio or Bajia is located?

Thanks,

[V]

The bank is the titled owner of the property: wouldn't you have to sell, in order to change that, and incur all the expenses that go with getting a new fideicomiso, including the large fee charged by the government to approve issue of a new fideicomiso?

[4NSPY]

TJ. Its in Plaza las Palmas.

[T.J.]

4NSPY - Thanks

V, probably but it is worth checking out. The USD price is $540. I need to figure the break even analysis to see if it is worth it and how long the payback period would be, and then apply a present value factor and forecast the rate of foreign exchange over the next 3-4 years.

I am joking after the $540. part. Aren't I a funny guy?

[V]

I love to save here and there, but this looks like a loser. You'll sell to a third party before you ever reached breakeven.

[CancunNurse]

It is in Plaza Palmas but it's kind of hard to see...it's tucked into the plaza behind where the old Bisquets was...it almost looks like a storefront instead of a bank...Check them out TJ,,,they are as nice as can be. I'm not sure about all the additional expenses but I can tell you, they are so nice to deal with!

[davisod]

I agree - Banco del Bajio is where I have my fid. They charge $440 every year, and it's every bit as simple as CancunNurse says!

[T.J.]

Now I remember seeing it there when I went regularly to that plaza for sushi.

V is right that it is a sale but there may be some mechanism for a cheap transfer. Heck, they get $440 a year for doing nothing but billing you, they should eat the costs just to get the income stream.

Alternatively, the cost may be little enough to justify paying for it myself, God forbid.

[V]

I just went by Scotiabank, where I have my fideicomiso. They are billing me $6,880 for the first "renewal". It's due by the end of November, on a fidei opened in November, but I've got till end of January to pay with no penalties; however, they said I could prepay extra years, if I wish, and would pay the rate applied to this year.

If I wait, two things can go badly- high inflation in Mexico (the fidei is upped by the official rate of inflation in Mexico, each year), or the peso may strengthen against the USD (seems to me both are likely). So, I may just go ahead and pay for the next two years. In any case, the difference on a small sum like this is not too much, anyway, but the savings might buy a cheap dinner out.

As T.J. pointed out, WHAT A RACKET for the banks!

Still, as Gringation reminded us of, what I pay in real estate taxes $20 USD/month , condo fees ($180 USD/month), and fidei renewals (just over $40/month) is small change compared to costs related to condo ownership almost anywhere I could live in the U.S.