BajaNomad

$

jkruk - 4-3-2017 at 07:33 PM

What is the best way to transfer $ from a home sale to the us?

woody with a view - 4-3-2017 at 07:46 PM

Mex bank should be able to transfer funds to your account of choice.

Russ - 4-4-2017 at 04:22 AM

The buyer should be able to transfer the $ to your account directly. If a Mex bank does it they may charge a percentage and your US bank may too. you'll be able to check your US account before you sign anything. If needed your US bank can set up an escrow account. Give your US bank or maybe your tax person a call and find out if or how to declare the money if need be.
edit: The fido should show in it somewhere any gain or loss on the sale.

[Edited on 4-4-2017 by Russ]

pacsur - 4-4-2017 at 05:14 AM

Make sure you use a bank that is allowed to use dollars, some banks are not, the banks that are not allowed to use usd will not allow a transfer or will exchange your dollars into pesos at their rate in order to send, then your stuck paying more fees to exchange back to dollars.
I tried to transfer dollars to a supplier in Tijuana last week, his bank would not allow it, I had to write a Mexican dollar check and deposit into his account.
Scotiabank and Santander both wire dollars to the USA, cost about $100 sending and receiving depending on who you use.

[Edited on 4-4-2017 by pacsur]

Salsa - 4-7-2017 at 09:22 PM

Brown paper IRS proof bag.

Don

bowser - 4-8-2017 at 07:13 AM

In a plastic bag under the used kitty litter.

BajaBlanca - 4-8-2017 at 07:27 AM

This is a very interesting question. Please let us know how you resolved this, I would like to know.

chuckie - 4-8-2017 at 07:27 AM

:bounce::bounce::bounce:

imlost - 4-8-2017 at 04:19 PM

I also have a need to transfer a larger amount of $ to someone in Baja who is going to do some construction for me. I've been using Western Union, but there's a limit to the amount of money my contractor can withdraw at one time from a Western Union location - Besides, it's pretty expensive to transfer money that way. I don't think he has a bank account, so transferring from my bank acct is probably not an option. I'm wondering what other people do in this situation. I'd rather not travel with a huge wad of cash.

bajabuddha - 4-8-2017 at 04:36 PM

That's what the little pouch on the front of your tighty whities is for. :o :bounce: :light: :biggrin:

pacsur - 4-8-2017 at 05:03 PM

Most likely the reason your contractor doesn't have a bank account is because he doesn't want to pay taxes, any money deposited or transferred into a Mexican business account is subject to 16% IVA, which he would most likely pass on to you.
Quote: Originally posted by imlost  
I also have a need to transfer a larger amount of $ to someone in Baja who is going to do some construction for me. I've been using Western Union, but there's a limit to the amount of money my contractor can withdraw at one time from a Western Union location - Besides, it's pretty expensive to transfer money that way. I don't think he has a bank account, so transferring from my bank acct is probably not an option. I'm wondering what other people do in this situation. I'd rather not travel with a huge wad of cash.

paul r - 4-9-2017 at 04:15 PM

Hi gang, I agree with BajaBlanca that this is an interesting topic. Knowing that some of you have gone.through selling your baja homes having the experience is very valuable to us that haven't gone through it. I have a place in La Mision and I'm contemplating selling. I plan on using a local real estate guy, have the trust in my name, and here are a few questions, is selling complicated, if the house sells how does the money trail between buyer and seller work, and legal trail also, any info from nomads that have gone through it will be appreciated by all. Thanks gang!

Money

jkruk - 4-10-2017 at 06:41 AM

The learning curve has begun.
First it would appear that both our fido and manifesto, which required for title and capital gain reporting are worthless. A new manifesto is being produced at an expense $ and will provide a capital gain base regardless of our loss. Interesting . Real estate cost is at 8 percent ,escrow around 1600$ . Will keep you posted as the adventure continues jim

KaceyJ - 4-10-2017 at 07:54 AM

Quote: Originally posted by jkruk  
The learning curve has begun.
First it would appear that both our fido and manifesto, which required for title and capital gain reporting are worthless. A new manifesto is being produced at an expense $ and will provide a capital gain base regardless of our loss. Interesting . Real estate cost is at 8 percent ,escrow around 1600$ . Will keep you posted as the adventure continues jim



Who originally did your fido?

BajaBlanca - 4-10-2017 at 08:35 AM

imlost using wells fargo, you can transfer $1500 per day to telecom telegrafo but before I had this option:

what I did with the college students being sponsored is: I opened a wells fargo account soley for this need and got 3 $500 limit debit cards for the account. In your case, you could give the cards to your builder and this would give you access to another $1500 pretty easily. Assuming the ATM machine cooperates!

imlost - 4-10-2017 at 08:32 PM

Blanca,
Those are great ideas. Thank you!
I'll have to learn more about Telecomm Telegrafos. Using a card linked to my acct sounds really simple, though.

[Edited on 4-11-2017 by imlost]

paul r - 4-11-2017 at 03:50 PM

Hi gang, I signed my trust today in rosarito with Luis A.Durzo as notary, with Jorge Cuadros at my side. It was a relaxed, formal time, but both men were professional and polite. It took about half hour and we were on our way. Jorge even drove me there! It took three months of "prep" and the final cost was $5030.10. If your looking for any type of help with almost anything please give Jorge and his staff a call. (JorgeCuadros.com) They are great people who can be trusted, he's only been doing it since 1972! He also is going to help me with capital gains taxes which run 30% or more as I move forward. I"ll keep updating as I stagger towards my goal... hasta