HOW TO GET CASH INTO BAJA LEGALLY

Hello Bowser

bank to bank transfer works best for moving $$ between countries legally. receipient just needs to give you acct and bank routing info. your bank will wire money to wherever you want (if you don't understand process, ask your banker and make him/her earn their fees). use some type of escrow to hold the money if you are uncertain about the deal.

p.s. don't do business with nigerians or people you only know via the internet

If bank balance is equal to or greater than $10K equiv USD for even a 1-hour period of time during the year, the IRS requires you to file TD F 90-22.1 - Report of Foreign Bank & Financial Accounts form....for any US citizen with an off-shore account. So even if you're moving it down here to immediately hand over for property purchase or as down payment to a builder, you'll be legally required to inform Uncle Sam.

So I'd suggest that your intent for future bank balances here might well be a deciding factor in how you get it down here. If this is a one-time deal you might not mind having to file on a one-time basis. If it's going to go on for some length of time, then I'd recommend opening a USD account & wire transferring the funds down to yourself, as you'll be required to submit the TD F 90-22.1 for any portion of any year you have $10K or greater on deposit.

One way around this would be to wire all or part of the funds directly to whoever you're planning to give the money to....only if signed contract is in place, etc.

OR

SOME, but definitely not all parties/transactions here MAY be talked into accepting a check drawn on a USA bank....but they don't LIKE to do it because the bank holds funds for 14-21 days until the check clears. Mexico does NOT verify checks online, or if they do, they still don't release the funds for 14-21 days on an out-of-country check. Money orders are handled the same as US checks. In Mexico, they are NOT considered guarantee of funds.

OR

You could bring it down in Travelers Checks, but from everything I've heard, you may end up having to go to several different banks to cash a few because the banks don't like to cash them.

Decisions, decisions, decisions!

Bowser......NO SWEAT!!! Simply have your bank transfer the funds down to the recipient in pesos. Happens all the time!

Edit: for clarification

[Edited on 1-13-2010 by longlegsinlapaz]

Yes. I am confirming that you can open a Mexican bank account with an FM3. In fact, an FM3 or FM 2 is required. I brought a $10K cashier's check from B of A and at first they wouldn't accept it to open the account. I had them (Bancomer) call the jefe in La Paz to get special permission to deposit it in Santa Rosalia. Even then, they put a hold on it until it cleared.

We don't know who you are working with in Baja. Many people who do business with gringos have a U.S. Bank account just for that purpose. Ask your guy if he has one. That way, it is transferred or deposited from a U.S. Bank to a U.S. Bank.

I gave up my Bancomer account because it was too much hassle. Really antiquated way to do business. No customer service. Long lines. Have to wait sometimes for more than an hour to get prior approval for a transaction from a desk jockey before you can go to the teller window. ATM charges on both ends. I even had a teller confiscate a $100.00 bill I needed to cash, saying it is counterfeit. Funny thing is, I got it from that branch.

I don't love Bank of America either, but they have a Safesend program where you can send money to yourself in Baja...no charge! Also, Santender Bank has an ATM in Mulege. They are an affiliate of B of A and there are no ATM charges on either side.

Quote:

Originally posted by toneart No customer service. Long lines. Have to wait sometimes for more than an hour to get prior approval for a transaction from a desk jockey before you can go to the teller window. ATM charges on both ends. I even had a teller confiscate a $100.00 bill I needed to cash, saying it is counterfeit. Funny thing is, I got it from that branch.

WOW...Bye Bye. Tell the world how screwed they are, Tony, and just hope it hurts them.

Quote:

Originally posted by DENNIS Quote: Originally posted by toneart No customer service. Long lines. Have to wait sometimes for more than an hour to get prior approval for a transaction from a desk jockey before you can go to the teller window. ATM charges on both ends. I even had a teller confiscate a $100.00 bill I needed to cash, saying it is counterfeit. Funny thing is, I got it from that branch. WOW...Bye Bye. Tell the world how screwed they are, Tony, and just hope it hurts them.

Dennis- I think you are being supportive, but hard to tell. Could be interpreted either way.

Monex

Like, lowering the price?