BajaNomad

Keeping Money In Mexico

Bajazly - 7-6-2016 at 09:09 AM

Just out of curiosity for those of you who have bank accounts SOB, how much interaction do the banks there have with the gub'ment here? For instance, if a relative in some foreign country say gifted you by wire more than 10k, would anybody here be the wiser?

I know a few years back our boys here raided the account of the Cayman Islands and went after people with their hands out but do they strong arm the financial institutes of Mexico as well?

Just wondering, in this day and age of Big Bros greed and paranoia, it wouldn't surprise me.


Disclaimer: I have no such relatives, this comes from a discussion I was having with a friend who is a bit paranoid himself and thinks the gov in around every corner waiting to stick it to him.

TMW - 7-6-2016 at 09:16 AM

It is my understanding that any transaction with a US bank of $10K or more will be reported to the US government. There are exceptions like a down payment on a house from your saving acct.

rts551 - 7-6-2016 at 09:34 AM

Yes they do communicate. In order to combat money laundering. If you are not breaking the law, no reason to worry. I have moved more than $10,000. I just reported it as required.

Bajazly - 7-6-2016 at 11:08 AM

So if over 10k comes from a country other than the US to a Mexican account, the Mexican bank WILL report it to the US?

If it were money someone had in another country and wanted to get it into Mexico, there would be nothing illegal about that, it just wouldn't go thru the banking system here.

Bajahowodd - 7-6-2016 at 04:01 PM

Banamex is a Citigroup subsidiary. Bancocomer operates a crapload of branches in California. Santander is British owned. Bottom line is that you cannot cover up large transfers of money.

BigBearRider - 7-6-2016 at 05:43 PM

Look up FBAR and FATCA. US subjects must report foreign bank accounts to the IRS.

rts551 - 7-6-2016 at 06:00 PM

Quote: Originally posted by Bajazly  
So if over 10k comes from a country other than the US to a Mexican account, the Mexican bank WILL report it to the US?

If it were money someone had in another country and wanted to get it into Mexico, there would be nothing illegal about that, it just wouldn't go thru the banking system here.


If you transfer/or carry over $10K you are supposed to report it to the government Before you do it. https://www.irs.gov/pub/irs-utl/reporting_cash_transactions_...

BajaBlanca - 7-7-2016 at 07:56 AM

By the same logic, $9999.99 goes unreported ? that might just solve your friend's issues!

Bajazly - 7-7-2016 at 05:59 PM

My buddy has some money in another country he made sometime back and if he brings it here he knows he will get taxed on it. I told him to look at maybe Mexico but like I said, he believes big bro has eyes and ears everywhere. Guess he could wire it in smaller amounts but it's going to get over 10k in the account pretty quick.