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Puerto Vallarta Property Expert

Puerto Vallarta Real Estate tip: What to do with US checks in Puerto Vallarta?

Like most people, I go to banks when I have to, wait in lines longer than I want to and generally don’t have too much positive to say about the experience. Sort of a necessary thing but I just try to “get in, get out, nobody gets hurt” as Bonnie and Clyde might have said for more nefarious reasons.

However, I recently received a refund check from the IRS (tax entity in the US) in the form of a government check which left me perplexed! Nobody would take it, not to my fiscal account nor my investment fund dollar account at Actinver. They would neither cash it nor deposit it. I was left with few choices other than send it back to the IRS and ask them to wire money instead, an expensive and seemingly time-consuming process. It left me thinking there must be lots of similar government checks sent to Ex-Pats from government accounts; for example, Social Security, Medicare and Medicade and the like. So…. I decided not to take the easy but expensive way out. I will find a bank that can work with these checks!

Fast-forward, after many disheartening stops at various banks starting with ones I have accounts in. I waited in multiple lines, sat at multiple customer service desks but always left with the same result: Snake eyes! The common reason is that the US Government won’t pay the offshore banks. Hard to know if this is the case, but while pondering the topic we stopped at Intercam bank and were immediately attended to by a very helpful customer service pro, “Victor”. We were at the Intercam near the marina area on the main street of the Hotel Zone (Blvrd Francisco Medina Ascencio 2902, Villa Las Flores, 48335 Puerto Vallarta, Jal). While I don’t know exactly how this works, my layman’s understanding is that Intercam has branches or affiliates in the US where they can deposit the check. The money was credited to my Mexico account in less than 24 hours! This is Yuuuuuuge!!! One does have to open an account with them to accomplish the deposit but it was not hard, only slightly time-consuming and the staff was both bi-lingual and helpful. A nuance of the account (as Intercam is like Actinver in that they are an interest-bearing investment brokerage as opposed to a traditional bank) is that it takes approximately 24 hours to take money out. I can live with it as without them, I would have no money to take out at all.

So fear not! You can receive or bring your US Government checks here and at least one “bank” can accommodate you. You will rarely see this from me, but when I left Intercam I was dancing a jig! My long trail of bank desks ended in success! I hope this helps you.

Here is their English website:

Here are a few of our guiding principals at Boardwalk Realty:

“First of all, we really want to get to know you,”   When we know you, we can tailor home tours to your tastes.”

Secondly, there’s the legal side of owning in Mexico. “Besides our own experience, we can save you a lot of time and money by offering you complimentary consultations with our partner attorneys.  The nuances of how you buy here can save you a lot of money when you sell. It’s important to know what you’re doing on the purchase so that when you sell you can best use any tax advantages. This service is free to our clients and can be invaluable.”

Both partners agree that the most important element of Boardwalk Realty is our ongoing service and commitment to our clients after the sale.  We are both passionate about protecting the investment and security of our clients.  “Our clients become our friends, we see them socially, and we treat them as we would like to be treated ourselves”, adds Mike.

Boardwalk Realty Puerto Vallarta represents buyers and sellers of real estate in the entire Bay of Banderas area, and will soon add a rental and property management division.

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