fulano
Banned
Posts: 496
Registered: 3-31-2008
Location: Ramona, CA
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Mexico to tax cash deposits in banks
Starting July 1, 2008 Mexico has a new tax of 2% of cash deposits made to banks in exess of 25,000 pesos of deposits per month. It looks like they are
trying to capture some more of the underground economy and cut down on money laundering. The banks themselves are to withhold the money and send it to
the treasury.
Those businessess that acutally report and pay their income taxes will get a credit at the end of the year for the 2% deposit taxes withheld.
In a similar vein, starting in January 1, 2009, checks made out to "Bearer" cannot be for more than 20,000 pesos.
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Sharksbaja
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Location: Newport, Mulege B.C.S.
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Brilliant!! Now everyone will just maintain the minimum requirement. Not that you have a choice anyway.
DON\'T SQUINT! Give yer eyes a break!
Try holding down [control] key and toggle the [+ and -] keys
Viva Mulege!
Nomads\' Sunsets
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Woooosh
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There's no incentive to keep money in banks down here. A few years ago I transferred dollars into an account the Bancomer branch manager assured me
would pay interest. He gave me an agreement that we both signed and he stamped (as they always seem to do down here). After not seeing any interest
posted after six months I started to drop by the bank and ask. One day the line wasn't too bad so I waited for the manager. He wasn't there any more
and I was then told the previous manager had no authority to offer interest and that it wouldn't be paid. I took my "officially stamped agreement"
back to the bank and was then sent to the head branch in TJ. What the hay I figured - so I headed off to TJ to have it out. The Bancomer bank VP
actually met with me and apoligized for the managers error but refused to honor the agreement. He promised to look into the matterr. Nothing
happened of course and we moved the money back to the USA little by little. I thin my next try would be with Santander.
[Edited on 6-7-2008 by Woooosh]
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BMG
Super Nomad
Posts: 1776
Registered: 6-10-2007
Location: La Paz / Bahia Asunci�n / Away from home
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Look at the bright side.
Mattress sales will soar.
I think the world is run by C- students.
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Barry A.
Select Nomad
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Location: Redding, Northern CA
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Mood: optimistic
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Wooooosh-------
Try Vanguard Prime Money Market fund, now paying about 4.1% annualized interest-------with check writing priviledges if you write checks for over
$250.
OR
If you want to write unlimited checks for any amount, try US GLOBAL U.S. TREASURY SECURITIES CASH FUND which is now paying a 7 day current yield of
.91% on your money.
I have been with both for well over 20 years, and they do the trick for me. These are my ONLY two checking accts.. and my pension deposits are
electronic, and automatic.
Barry
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bajalou
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Location: South of the broder
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I've heard about this before and it's on DEPOSITS, not on account balance, so there's no penalty for maintaining more than the minimum.
No Bad Days
\"Never argue with an idiot. People watching may not be able to tell the difference\"
\"The trouble with doing nothing is - how do I know when I\'m done?\"
Nomad Baja Interactive map
And in the San Felipe area - check out Valle Chico area |
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Barry A.
Select Nomad
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Location: Redding, Northern CA
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| Quote: | Originally posted by bajalou
I've heard about this before and it's on DEPOSITS, not on account balance, so there's no penalty for maintaining more than the minimum.
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 I don't understand--------if you are talking Mexican Banks, then so be it
(I don't know, but it does not sound right), but if you are talking USA Money Markets, they pay interest on the "account value" as determined at a
certain time each month, I believe. There are no penalties involved. However, there are minimums that must be maintained in some----in my case with
US Global $2000. Don't believe there is a minimum at Vanguard MM accts., tho.
Lou, if your comments were not directed at me, then I apologize.
Barry
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comitan
Ultra Nomad
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Barry
Reread the original post.
Strive For The Ideal, But Deal With What\'s Real.
Every day is a new day, better than the day before.(from some song)
Lord, Keep your arm around my shoulder and your hand over my mouth.
“The sincere pursuit of truth requires you to entertain the possibility that everything you believe to be true may in fact be false”
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Barry A.
Select Nomad
Posts: 10007
Registered: 11-30-2003
Location: Redding, Northern CA
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Mood: optimistic
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10-4 Comitan-------thanks. I thought they were talking about something else--------I used to keep money in Mexican accts. as they paid me hansomly to
do that, but I have not done that for years. They are talking about something that I was not even aware of---------but it sure sounds weird to
me------most banks PAY YOU to keep money in their banks, not "tax" it.
I will bow out of this conversation (since I apparently don't have a clue what it is all about.) 
Barry
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Bruce R Leech
Elite Nomad
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Location: Ensenada formerly Mulege
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Mood: A lot cooler than Mulege
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I get paid interest every month for the money I keep at a Mexican bank. it is a good rate also since the Paso is stable against the dollar. no tax on
any of my accounts.
Bruce R Leech
Ensenada
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Woooosh
Banned
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Location: Rosarito Beach
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Thanks for the tips. I had heard that Bank of America has a relationship with Santanders- so I'll check that out. Stateside I use INGDirect Orange
and get 3.4% on my checking account (www.ingdirect.com). For security it links to your existing US bank account and you move money through that to your ING account. You can write
free on-line checks and also get a fee-free ATM card that you can use for cash at the ATM machines in CostCo.
I was just trying to maximize the return on the money I already have sitting in Mexico. Just a little interest was all I was looking for- although
they have offered me a toaster and pyrex bakeware set 
[Edited on 6-8-2008 by Woooosh]
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durrelllrobert
Elite Nomad
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Location: Punta Banda BC
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| Quote: | Originally posted by Woooosh
I thin my next try would be with Santander.
[Edited on 6-7-2008 by Woooosh] |
I had account at Santander but moved it to Scotia because the lines wer too long and parking non-existent. To my surprise Santander paid me interes
when I closed account.
Bob Durrell
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