BajaNomad - Money Transfer into Mexico

Money Transfer into Mexico

JC43 - 6-16-2020 at 12:08 PM

Hi Folks,
Who knows the tax facts about money transfer into Mexico?
If I am not a taxpayer in Mexico - have no taxnumber - and are looking foreward to receive money from out of State into my bank account at Banamex- from any State, not only from the US or CDN.
Does Mexico charge me tax? Does it depends on the amount maybe? How are those guys in Cabo doing the transfer, if they want to pay i.e. a residence in the amount of one million or maybe more??
THX for any info.

CaboMagic - 6-16-2020 at 01:03 PM

JC43
You would be well served to consult with someone at your Banamex branch, and depending upon reason/s for wanting/needing to receive $ would also influence with whom else you need to consult.
Best wishes.

JC43 - 6-16-2020 at 03:26 PM

Quote: Originally posted by CaboMagic

JC43
You would be well served to consult with someone at your Banamex branch, and depending upon reason/s for wanting/needing to receive $ would also influence with whom else you need to consult.
Best wishes.

That`s what I did alreaedy. Result: Shrug. You got to ask SAT Hacienda, I was told.
Well, that`s why I am asking here. Maybe somebody knows something.
Don`t wanna wake sleeping dogs.

Bob and Susan - 6-16-2020 at 03:57 PM

https://www.finder.com/taxes-regulations-on-large-money-tran...

JC43 - 6-16-2020 at 05:09 PM

Quote: Originally posted by Bob and Susan

https://www.finder.com/taxes-regulations-on-large-money-tran...

T h a n k s good info and helpfull !

paranewbi - 6-17-2020 at 04:40 AM

Avoid all the fuss and just put the million in a cardboard box, then ask someone on this board who is headed that way, to drop it off for you.

Oh yea, it's customary to provide a beer at the completion of the deed.

I would recommend Goat...he seems to be of sound mind.

[Edited on 6-17-2020 by paranewbi]

PaulW - 6-17-2020 at 07:24 AM

For a million or more you need professional help from the perspective of both countries. What is your residency status in Mx?

Amount less than $10k is good to go across the border us to Mx. More than that make several trips. Then take the $ to the bank and deposit it.

Last time I checked there are US banks that will wire money to your Mx bank. Does not hurt to ask the US bank in question. Never heard of any Mx tax for transfer.

Seems like the link above answers you question of wiring $

BTW, If you pay taxes on your Mx home then you have the required tax number. Maybe you are a renter or a non resident?

pacificobob - 6-17-2020 at 09:59 AM

Seeking council on a forum such as this one regarding the movement of significant sums of money internationally is nearly as ill advised as asking fellow forum users for health care advice. Find the right lawyer.....or doctor.

Bob and Susan - 6-17-2020 at 01:52 PM

Quote: Originally posted by pacificobob

Seeking council on a forum such as this one regarding the movement of significant sums of money internationally is nearly as ill advised as asking fellow forum users for health care advice. Find the right lawyer.....or doctor.

i guess you've never moved "real" money...

the banker won't know...
the tax people will guess...]
the lawyer will charge by the hour...
the doctor will "practice"...

JC43 - 6-17-2020 at 09:52 PM

Quote: Originally posted by Bob and Susan

Quote: Originally posted by pacificobob

i guess you've never moved "real" money...

the banker won't know...
the tax people will guess...]
the lawyer will charge by the hour...
the doctor will "practice"...

One of the best answers -- maybe THE best -- so far this year.
btw. I did not say that I will receive 1 mil. That was an example only.
(The one who can read has certainly an advantage)

BajaMama - 6-18-2020 at 06:39 AM

I would think more people would know the answer to this. I am curious myself. If/when I purchase a home in BCS, how do I move $200-$300K to pay for the house from USA to Mexico? I would think driving with that much cash is a bad idea.....so those who bought a house, how did you pay for it?

BajaTed - 6-18-2020 at 07:14 AM

Sale of your Mex investment is subject to IRS capital gains.

Having transacted two Baja investments as a Mex/US trustee/U.S. citizen, I am still bound by the Mex and US trust(s) legacy requirement of never disclosing if a trustee sale occurred or the sales terms or conditions.
This is a US trust clause & Mex (Acuerdo) to be considered when setting up the a US/Mex trust scenario for the family.
My father despised the IRS. Its your only leg up with the IRS

Step #1 of any where near a $1M sale = Non disclosure agreement with teeth

AKgringo - 6-18-2020 at 07:18 AM

Quote: Originally posted by JC43

Quote: Originally posted by Bob and Susan

Quote: Originally posted by pacificobob

i guess you've never moved "real" money...

the banker won't know...
the tax people will guess...]
the lawyer will charge by the hour...
the doctor will "practice"...

One of the best answers -- maybe THE best -- so far this year.
btw. I did not say that I will receive 1 mil. That was an example only.
(The one who can read has certainly an advantage)

It can't be that tough to move a bunch of cash south of the border, the cartels do it all the time! You need to get in touch with a narco dealer and ask for their recommendation. :light:

You're welcome!

[Edited on 6-18-2020 by AKgringo]

SFandH - 6-18-2020 at 07:52 AM

Read this:

https://transferwise.com/us/blog/international-wire-over-100...

pacificobob - 6-18-2020 at 08:58 AM

Bob! I stand corrected! I now realize only an idiot would consult a doctor or a lawyer regarding health or legal issues. You're a fing genius! One doesn't need to look any further than BN for council on all topics. And... its free!

[Edited on 6-18-2020 by pacificobob]

JC43 - 6-19-2020 at 11:16 AM

It can't be that tough to move a bunch of cash south of the border, the cartels do it all the time! You need to get in touch with a narco dealer and ask for their recommendation. :light:

You're welcome!

[Edited on 6-18-2020 by AKgringo][/rquote]

Brilliant Idea !!!
What about this: I`ll give the transfer amount to a narco dealer N.o.B. In a box or plastic bag. (Plastic bag from WalMart maybe with the imprint: How can I help you?)
Then asking him to move it S.o.B. For free of course, as it is no more work than moving all the narco money S.o.B. (Maybe they are using a truck?)
And he only gotto tell me where I can pick it up!
(Have confidence, will travel)
Thanks for the advice AKgringo

[Edited on 6-19-2020 by JC43]

Alm - 6-19-2020 at 05:54 PM

Quote: Originally posted by JC43

Hi Folks,
Who knows the tax facts about money transfer into Mexico?
If I am not a taxpayer in Mexico - have no taxnumber

You don't need a tax number, you need a CURP number - to open an account in Mexican bank. There could be transfer charges, they are not taxes. I recall that transfers from account in Citibank US to account in CitiBanamex are free of charge though not sure about maximum amount.

[Edited on 6-20-2020 by Alm]

BajaBlanca - 6-20-2020 at 03:42 PM

A friend of ours here in town did not realize that US$10K was the limit on cash when traveling between countries. I don't remember how much he brought with him but I think it was US$40K. Since he didn't think it was an issue, it was found during a routine check of his car. He was arrested on the spot!

Got out with help from a Mexican neighbor.

AKgringo - 6-20-2020 at 04:28 PM

I can not imagine driving around with that much cash is my car anywhere, let alone crossing an international border! It would look even more suspicious packed in an old beater car like I tend to drive.

RnR - 6-20-2020 at 07:29 PM

Quote: Originally posted by BajaBlanca

A friend of ours here in town did not realize that US$10K was the limit on cash when traveling between countries. I don't remember how much he brought with him but I think it was US$40K. Since he didn't think it was an issue, it was found during a routine check of his car. He was arrested on the spot!

Got out with help from a Mexican neighbor.

Sounds like he did not declare the money at the border and did not have the associated paperwork.

US and Mexico laws do not limit the amount of money that you can bring into either country. The laws do say that anything over $10,000 US must be declared at the Port of Entry. You can bring as much as you want (or have), you just need to declare it.

Mexico has another caveat. If you have more than $30,000 US (or equivalent) in UNDECLARED cash, you will be arrested and you may forfeit the money.

BajaBlanca - 6-21-2020 at 05:30 PM

RnR - you are absolutely correct! One can bring high amounts of cash but must declare it.

Our friend did not declare the cash in either country. He is a free spirit and for some reason thought it would be OK to carry that much cash here in Baja Sur.

He did get arrested but he did not lose the money.

SFandH - 6-22-2020 at 07:57 AM

So, is it like electronic transfer from one American bank to another American bank? All I need is the destination account number and routing number and perhaps the bank name and the name and address on the destination account?

Or is there more to it?

Alm - 6-22-2020 at 04:43 PM

Quote: Originally posted by SFandH

So, is it like electronic transfer from one American bank to another American bank? All I need is the destination account number and routing number and perhaps the bank name and the name and address on the destination account?

Or is there more to it?

Citi US to CitiBanamex? No, there is not much else, free outgoing transfer to select countries. But there is a limit. Weekly limit varies from 10K to 50K depending on the account. https://online.citi.com/US/JRS/pands/detail.do?ID=InterCiti