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nbentley1
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[*] posted on 8-24-2021 at 11:31 AM
Money Transfer Options


we are looking to begin construction on our property in the next couple of months. We have the land purchased and the fideicomiso is in place. As the initial construction costs will involve more cash than I want to carry, we are looking for options to transfer money into Mex. The obvious one is through a Mex bank account but it is my understanding that I need a utility bill to do this and we do not have anything hooked up at this point (bit of a chicken and egg situation). Are there other documents that would suffice such as the land trust or fideicomiso receipt? Any input is appreciated. Thanks
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Bob and Susan
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[*] posted on 8-24-2021 at 11:43 AM


dont forget enviromental impact permit

put electricty to the property...there ...a CFE bill
first thing regular builders do a post with electricty

put water to the property...there a water bill

bank is easy
there are transfer costs






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JDCanuck
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[*] posted on 8-24-2021 at 11:44 AM


We have been sending construction funds through XETransfer. They will complete the transfer from an EFT out of your account in your currency to Mexican Pesos in the target account. Minimal buy/sell currency exchange spreads and no fees.

The other option is a direct wire from your bank, but you are probably aware of the very high currency exchange spreads.
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[*] posted on 8-24-2021 at 11:46 AM


I Western Union money to my gardener when I am not there. Very easy to do on the computer and he goes into any number of places to pick it up. The charge was rather nominal.

I wonder if you could send it to yourself? The name as to who you send it to must match 100% to the ID they present for pick up.

Google Western Union and see the rules. I do not know if there is a maximum.





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nbentley1
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[*] posted on 8-24-2021 at 11:49 AM


All great suggestions. Thank you.
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[*] posted on 8-24-2021 at 11:53 AM


converting money there can be a limit of $2000usa per month

paying a gardener "money" is not building a house "money"




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[*] posted on 8-24-2021 at 12:02 PM


When I built my house I wired money from Wells Fargo to my builders Mexican account. I remember it as being easy, and the fees were not bad. For 10 years I have sent money to myself, and others with Wells Fargo for smaller limits each day.

Recently I have been using remitly to send money to others, the rates are good, and it is easy to set up different people to send to. Before I return I will try to send to myself.
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JDCanuck
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[*] posted on 8-24-2021 at 12:04 PM


I had heard it was difficult to open a bank account in Baja for non-residents. Is this not the case?
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[*] posted on 8-24-2021 at 12:20 PM


To get started carry the $ then find the better way.
As soon as you have a deal with the contractor get your electric installed to a pedestal nearby and have the receipt for that task in hand.
Make a deal with the contractor for payment of that task out of pocket. Then get a bank account and proceed with money transfer.
What we did was carry money for the many trips required to bring stuff from the US. Keep the carry money to around 2k$. Our contractor was ok with small payments before we had a bank account.
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[*] posted on 8-24-2021 at 12:24 PM


Quote: Originally posted by JDCanuck  
I had heard it was difficult to open a bank account in Baja for non-residents. Is this not the case?


I know some banks require a CURP number (Clave Única de Registro de Población) to open an account plus proof of address (utility bill). A CURP is a person's unique number that functions similarly to U.S. social security number.

I received one when I obtained a resident visa. It is printed on the resident visa card.




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[*] posted on 8-24-2021 at 12:30 PM


That's as i had heard it. You had to have the resident visa to get approval to open an account.
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[*] posted on 8-24-2021 at 12:32 PM


Quote: Originally posted by JDCanuck  
That's as i had heard it. You had to have the resident visa to get approval to open an account.


Yes, it's the CURP number they want, which comes with a resident visa.




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[*] posted on 8-24-2021 at 12:40 PM


Also, I've wired money from two different American banks to both Mexican and Canadian banks. I have a friend that likes this service. I may try it.

https://wise.com/






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[*] posted on 8-24-2021 at 01:26 PM


If you are doing significant amounts of USD to CAD or reversals, you could trade directly on the Forex through an online broker. I am presently showing bid at 1.25965 and ask at 1.25970 which is pretty tight and the cost to trade is 2.86 in CAD for amounts up to 100,000. Local banks have about an 8% spread on CAD to MXN and most credit cards add in a 2.5% FX fee in addition to the spread between buy and sell.

[Edited on 8-24-2021 by JDCanuck]
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[*] posted on 8-24-2021 at 03:25 PM


Using a Schwab checking account you can withdraw from any ATM and get current rates with no fees. Calling Schwab or sending a letter can open up withdraw limits to whatever you want so you can withdraw $US 4,000 per day or more, for example, construction supplies can be paid by CC or Schwab Debit card, check intl rates for all bank transactions before you use a card. For example, Capital One and Alaska (BOA) CC sometimes have no intl fees and good rates.

Xoom, Western Union, etc for transfers to Intercam or other bank accounts.

US or foreign cash is not generally very helpful because its hard to use and the x-cahnge rates are not good for workers


[Edited on 8-24-2021 by gnukid]
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[*] posted on 8-24-2021 at 03:33 PM


but the mexican bank will limit you to lets say 7000 pesos a day
the american bank can be unlimited
you just cant get your money


Quote: Originally posted by gnukid  
Using a Schwab checking account you can withdraw from any ATM and get current rates with no fees. Calling Schwab or sending a letter can open up withdraw limits to whatever you want so you can withdraw $US 4,000 per day or more,...




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gnukid
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[*] posted on 8-24-2021 at 03:36 PM


I can withdraw as much MN pesos from my US Schwab as I want per day, but it comes in the limit for the bank machine, so, let's say it's 15,000 each transaction or so, you repeat the transaction up to your total lets say 10x15,000 until you have 150,000mn in your pocket then each of the transaction fees are refunded every month.

Intercam is the easiest bank to open an account for foreigners, I don't recall any requirements other than ID.

I have success with Santender, Banorte, BVBC, ScotiaBank etc

[Edited on 8-24-2021 by gnukid]
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nbentley1
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[*] posted on 8-24-2021 at 03:48 PM


I appreciate all the input and I think we have a good way forward. Thank you.
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[*] posted on 8-24-2021 at 04:13 PM


If this helps my chase bank sends pesos to my Mexican bank Santander. High exc rate 5 grand or over no fee.
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JDCanuck
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[*] posted on 8-24-2021 at 07:24 PM


Quote: Originally posted by gnukid  
I can withdraw as much MN pesos from my US Schwab as I want per day, but it comes in the limit for the bank machine, so, let's say it's 15,000 each transaction or so, you repeat the transaction up to your total lets say 10x15,000 until you have 150,000mn in your pocket then each of the transaction fees are refunded every month.

Intercam is the easiest bank to open an account for foreigners, I don't recall any requirements other than ID.

I have success with Santender, Banorte, BVBC, ScotiaBank etc

[Edited on 8-24-2021 by gnukid]


Thanks for the info on Intercam. We will try to find one and see if we as no-residents can open an account there. Very low costs according to this:

https://www.intercam.com.mx/customers/online-banking/?lang=e...




A century later and it's still just as applicable: Desiderata: http://mwkworks.com/desiderata.html
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