BajaNomad

Bringing more than $10,000 into Mexico

Timinator - 2-17-2022 at 07:32 AM

Has anybody done this and filled out the form and turned in the form and declared the money they're bringing in?

We may be buying a house in Baja and need to bring in more than 10K. If you've done it and could describe how that goes, I'd appreciate it.

pacificobob - 2-17-2022 at 08:30 AM

One thing to consider is to avoid publishing your intentions on the WWW.
Discreet inquiries to informed consultants is likely a better path.
Years ago I traveled with large amounts of cash...just well hidden.

PaulW - 2-17-2022 at 08:57 AM

Most of us do not bring over 10k across the border.
Both countries have the 10k limit going south and officially or legally you need paperwork from both.

I suggest:
Write a check and let the seller deal with any rules.
In my experience the seller just heads north and cashes the check without declaring any thing.

AKgringo - 2-17-2022 at 09:17 AM

I would be happy to carry some of the cash for you! We could meet up somewhere north of the border, and for our mutual protection, I will be wearing a mask. :light:

pacificobob - 2-17-2022 at 09:32 AM

Quote: Originally posted by PaulW  
Most of us do not bring over 10k across the border.
Both countries have the 10k limit going south and officially or legally you need paperwork from both.

I suggest:
Write a check and let the seller deal with any rules.
In my experience the seller just heads north and cashes the check without declaring any thing.


Good council. Checks from US banks clear in 7-10 days. I have paid for construction projects using checks from 'merica many times. No need for the payee to "head north" to cash to check. I write checks to myself for deposit into a USD account several times a month. [$500 per check max of 2 per day at bancomer]

TSThornton - 2-17-2022 at 09:37 AM

I'd suggest that you use an escrow company to close and obtain title insurance to secure that you're getting good title. In addition to that substantial benefit, you can just wire the closing funds to the escrow company.

JZ - 2-17-2022 at 10:26 AM

Quote: Originally posted by Timinator  
Has anybody done this and filled out the form and turned in the form and declared the money they're bringing in?

We may be buying a house in Baja and need to bring in more than 10K. If you've done it and could describe how that goes, I'd appreciate it.


Brought $25K once. There were 3 of us, so just split it between 3.

Spent it all in 3 days at Guadalajara buying furniture for a new house.

bajatrailrider - 2-17-2022 at 11:30 AM

I would not take that amount of cash across border. I lived here long time my advice only

Timinator - 2-17-2022 at 12:00 PM

Yea, thanks for the obvious suggestions. However, I'm looking for somebody who's filed the form and declared it, not escrow accounts, masks, hiding, etc. What does declaring it do? Anybody?

Bajazly - 2-17-2022 at 02:17 PM

Quote: Originally posted by Timinator  
What does declaring it do? Anybody?


Makes you a target?

Lee - 2-17-2022 at 03:19 PM

For starters, declaring $10,000US or less, will allow you to keep your money. No problem.

Get caught with that money without declaring it and you may lose it. Applies to both directions. You'll have to prove where the money came from then will be fined ($250-500?). If you can't prove it on the spot, you'll lose the money and getting it back will be a PITA!

Personally, I'd declare it.

Ever been searched crossing TJ South? I have. Car ('05 Honda CRV) x-rayed 3 times, everything unpacked, 2 bottles of wine and a 6-pack on sidewalk photographed, an hour later I had to track down someone to leave. It sucked. Never going through there again.

No declare? Try Tecate. 2+ money belts. (Same with flying. Declare it!)

TMW - 2-17-2022 at 03:47 PM

Several years ago a friend and I went south to to do the No Wimp Trail. We went down Hwy 5 and at the military check at Gonzaga they searched his vehicle and found $5,000+ under the drivers seat. It was from his business and he forgot he had it. He was suppose to take it to the bank for deposit and forgot. They questioned him for a while then let him loose. When I found out about it I tried my best to talk him into going to Europe but he refused.

ligui - 2-17-2022 at 06:28 PM

if you are buying a home. You need to purchase it thru a realestate company.

I would never buy property with cash . You need to have everything recorded through the Notario.

Cash is for tipping and taco stands

Times are a changing

:)

Alan - 2-17-2022 at 06:41 PM

With all of the pressure on CBP stop guns and money headed south there is a lot of scrutiny southbound now. I've seen officers on the pedestrian gates as well as out in the southbound traffic lanes stopping and questioning people. My neighbor got stopped with about $8,000 he was carrying for Xmas bonuses for his employees. He said he felt they knew exactly how much he was carrying before they even asked him. He swears the blue stripe on the newer bills can be picked up by scanners. I have no idea, but I suppose its plausible.

RFClark - 2-18-2022 at 07:24 AM

If you are buying a house for cash it’s likely that the Hacienda isn’t getting it’s tax on the sale! What paperwork are you getting for the purchase? Are you buying the land and the house or just the house and leasing the land? Do you have a 5 - 10 year lease in writing for the lot?

If you are buying both the land and the house a notary must be involved. The money you pay is held in trust until the paperwork is done, the taxes are paid and everything is recorded. If a Fedocamiso for the land is required that also is done and recorded before the money is paid out of the escrow account. Usually the payment to escrow is via wire transfer just as in the US.

Things (deals) that seem too good to be true usually are!

[Edited on 2-18-2022 by RFClark]

Hook - 2-18-2022 at 10:31 AM

Looks like nobody on this board has really done it.

I cant imagine it won't red flag you with the US govt, in some form. But, hey, if you have nothing to hide, who cares?

When my wife and I moved to Mexico, we hid a few envelopes in personal items we were bringing down. Each had 5k.

About three years later, I was going through my fishing/boating shelf in the garage and came across one that we had forgotten about. :rolleyes::wow:

Remember finding a 20 dollar bill in a topcoat that you hadn't worn in forever (back when 20 dollars was a lot of money!) ? This was exactly 250 times more exciting than that!

At that point, when you can misplace 5k and not miss it, you sorta realize that you must be comfortably "set" in some fashion.

RFClark - 2-18-2022 at 11:09 AM

Hook,

Why carry cash to Mexico when you can get a thousand US from the Bank Norte ATM each day? More if you have a couple of accounts!

BajaParrothead - 2-18-2022 at 11:39 AM

From the initial purchase of our lot and through the next year of construction, 100% of the money was transferred via wire from my account to their accounts. Super easy, no stress.
I know this wasn't your question, but it allowed me to avoid that very question.

JZ - 2-18-2022 at 12:27 PM

Quote: Originally posted by Hook  
Looks like nobody on this board has really done it.

I cant imagine it won't red flag you with the US govt, in some form. But, hey, if you have nothing to hide, who cares?

When my wife and I moved to Mexico, we hid a few envelopes in personal items we were bringing down. Each had 5k.

About three years later, I was going through my fishing/boating shelf in the garage and came across one that we had forgotten about. :rolleyes::wow:

Remember finding a 20 dollar bill in a topcoat that you hadn't worn in forever (back when 20 dollars was a lot of money!) ? This was exactly 250 times more exciting than that!

At that point, when you can misplace 5k and not miss it, you sorta realize that you must be comfortably "set" in some fashion.


I use to play pool a ton. Then stopped for about 6 months or so.

Got my cue out one day and found $180 in a little side pouch of the case. I can only surmise I was pretty drunk the last time I played.

I'd be worried if I forgot about $5K.



[Edited on 2-18-2022 by JZ]

Hook - 2-18-2022 at 12:32 PM

Quote: Originally posted by RFClark  
Hook,

Why carry cash to Mexico when you can get a thousand US from the Bank Norte ATM each day? More if you have a couple of accounts!


I cant get that amount from those ATMs.

And, besides, when we moved here, we were working with a contractor and building a house. That still wouldn't have been enough to keep us and the contractor in cash.

At the time we moved down here, we had no idea that the contractor we eventually hired had a US bank account. He gladly accepted US personal checks.

So, we ended up re-patriating all those greenbacks.........but slowly, and not in hidden envelopes, this time.;)

This was 14 years ago. Much easier to take care of expenditures now. We even use credit cards at Walmart, Costco, Arco stations, etc. With the price of gasoline now above 4.00/gallon down here, gas and diesel alone would be a burden.

John Harper - 2-18-2022 at 02:30 PM

Quote: Originally posted by Hook  
At that point, when you can misplace 5k and not miss it, you sorta realize that you must be comfortably "set" in some fashion.


And you won't need to worry about the dollar menu at McDonalds.

John

mtgoat666 - 2-18-2022 at 03:23 PM

Quote: Originally posted by John Harper  
Quote: Originally posted by Hook  
At that point, when you can misplace 5k and not miss it, you sorta realize that you must be comfortably "set" in some fashion.


And you won't need to worry about the dollar menu at McDonalds.

John


If you got financial freedom to forget about $5k, I suppose you can afford to eat at Cracker Barrel !!!! :bounce:

RFClark - 2-18-2022 at 04:27 PM

Hook,

We’re building in BCS now. They raised the amount you can get. Plus we bring pesos cause you get a better deal for pesos.

JC43 - 2-19-2022 at 10:27 AM

Quote: Originally posted by PaulW  
Most of us do not bring over 10k across the border.
Both countries have the 10k limit going south and officially or legally you need paperwork from both.

I suggest:
Write a check and let the seller deal with any rules.
In my experience the seller just heads north and cashes the check without declaring any thing.

Pretty stupid this suggestion! If you want to buy a house in Baja you got to put the monay on the sellers table - right here in Baja.

Cancamo - 2-19-2022 at 10:30 AM

Many foreigners building and " investing", here are doing so with cash, and have for years. Money that has never hit the books, a bank account, or anywhere traceable by the taxing authorities of origin.

Using an ATM, a money transfer, or a check would not be an option to them.

Money laundering is a given reality here, hence all the new banking restrictions. This said, there is always a willing receiver of cash.

It is well known that domestic money laundering is the lifeblood of the resort development in this country.