https://www.bloomberg.com/news/articles/2019-05-23/expats-millions-in-life-savings-disappear-from-mexican-accounts

Uhh yeah, so you think you’re going to retire in Mexico and live happily ever after? Think again.

There used to be a time where this was possible, but today, placing your money in a Mexican bank is probably not so wise.

Remember the old saying, “Don’t put all your eggs in one basket” Well that’s what this story is about.

I get it. You hate this country and you want OUT. Believe me, I’ve been there. And if you’re looking for a cheaper cost of living, Mexico seems like the ideal place. However, they (Mexican banks) are becoming aware. They are watching Americans ( U.S. CITIZENS) head over there for a better life, and they have obviously come up with a system to defraud you out of your hard-earned money. Like I said before I totally understand it. Your money will go considerably further by living in Mexico that it would in the United States. But have you considered that maybe your money is not insured as it is in the United States? The FDIC in the United States insures your money in your bank account up to a certain amount, then after that I’m guessing you’re on your own. I’m not sure how that works, but in Mexico I don’t think they are giving us any guarantees that our money is safe there. And to read this story and find out that many United States citizens are moving over there, and placing all of their money in these Mexican Banks only to be told that they have a zero balance is concerning. At one time I thought about taking my savings and moving to a small country where I can have a better lifestyle and appear to be wealthier than what I actually am. I mean after all, who doesn’t want to stretch their dollars or pesos in this case? But–one woman, she is in the process of liquidating her assets in order to keep her home in Mexico. She has literally had to drive her car to the states and sell it for $9,000 and to be able to return back to Mexico and pay her contractors. Why? Because her money that was in this Mexican bank is all gone. And it’s been 4 months, and there has been no reconciliation.

I’m reading too that they are also targeting English only speaking Americans. Now that is scary. To live in a country and they know you don’t speak the language, yet they have ample opportunities to take advantage of you. You are literally not that smart. In my opinion, before you go to any country and claim residency, you need to learn to speak the language. Worst case scenario, at least have someone whom you trust as a local interpreter.

Remember people, don’t put all of your money into one pot. Also remember, the grass isn’t always greener on the other side.