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bowser
Junior Nomad
Posts: 87
Registered: 5-13-2005
Location: BOLA & Chester, California
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HOW TO GET CASH INTO BAJA LEGALLY
I need to find a way to get cash into Baja. Let's just say more than $10,000, so ATM withdrawals won't do it. I would like dollars, but pesos could
work. Do I need to open a bank account? Can I? I have an FM3. I'm a US citizen.
I want to do this legally and also am not keen on the idea of carrying it across the border even if I do declare it.
Thanks in advance for any ideas. I have always gotten great help from the forum.
[Edited on 1-13-2010 by bowser]
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woody with a view
PITA Nomad
Posts: 15940
Registered: 11-8-2004
Location: Looking at the Coronado Islands
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Mood: Everchangin'
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figure out who your bank does business with (another bank) in mexico. transfer it to the new account and VIOLA!
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Sidamone
Junior Nomad
Posts: 67
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Bear in mind the history of devaluation of the peso before you consider taking it in Mexican currency.
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DENNIS
Platinum Nomad
Posts: 29510
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Location: Punta Banda
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| Quote: | Originally posted by Sidamone
Bear in mind the history of devaluation of the peso before you consider taking it in Mexican currency. |
The banks offer dollar accounts.
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Gypsy Jan
Ultra Nomad
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Mood: Depends on which way the wind is blowing
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Hello Bowser
Please U2U me.
GJ
“Travel is fatal to prejudice, bigotry, and narrow mindedness.”
—Mark Twain
\"La vida es dura, el corazon es puro, y cantamos hasta la madrugada.” (Life is hard, the heart is pure and we sing until dawn.)
—Kirsty MacColl, Mambo de la Luna
\"Alea iacta est.\"
—Julius Caesar
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bajaguy
Elite Nomad
Posts: 9247
Registered: 9-16-2003
Location: Carson City, NV/Ensenada - Baja Country Club
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Mood: must be 5 O'clock somewhere in Baja
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Do you really need cash?????....what about a certified check or a bank to bank transfer.......
Any time you move more than $10,000 a CTR will be generated:
http://en.wikipedia.org/wiki/Currency_transaction_report
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bowser
Junior Nomad
Posts: 87
Registered: 5-13-2005
Location: BOLA & Chester, California
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Yes, I do need cash. I know a cashier's check would be better, but the other party in our transaction doesn't have an account that will accept US
dollars.
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mtgoat666
Platinum Nomad
Posts: 20355
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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| Quote: | Originally posted by bowser
I need to find a way to get cash into Baja. Let's just say more than $10,000, so ATM withdrawals won't do it. I would like dollars, but pesos could
work. Do I need to open a bank account? Can I? I have an FM3. I'm a US citizen.
I want to do this legally and also am not keen on the idea of carrying it across the border even if I do declare it.
Thanks in advance for any ideas. I have always gotten great help from the forum. |
bank to bank transfer works best for moving $$ between countries legally. receipient just needs to give you acct and bank routing info. your bank
will wire money to wherever you want (if you don't understand process, ask your banker and make him/her earn their fees). use some type of escrow to
hold the money if you are uncertain about the deal.
p.s. don't do business with nigerians or people you only know via the internet 
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bowser
Junior Nomad
Posts: 87
Registered: 5-13-2005
Location: BOLA & Chester, California
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The problem is that the recipient doesn't have an account that accepts US dollars. Can I open one for myself with my FM3 status?
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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If bank balance is equal to or greater than $10K equiv USD for even a 1-hour period of time during the year, the IRS requires you to file TD F 90-22.1
- Report of Foreign Bank & Financial Accounts form....for any US citizen with an off-shore account. So even if you're moving it down here to
immediately hand over for property purchase or as down payment to a builder, you'll be legally required to inform Uncle Sam.
So I'd suggest that your intent for future bank balances here might well be a deciding factor in how you get it down here. If this is a one-time deal
you might not mind having to file on a one-time basis. If it's going to go on for some length of time, then I'd recommend opening a USD account &
wire transferring the funds down to yourself, as you'll be required to submit the TD F 90-22.1 for any portion of any year you have $10K or greater on
deposit.
One way around this would be to wire all or part of the funds directly to whoever you're planning to give the money to....only if signed contract is
in place, etc.
OR
SOME, but definitely not all parties/transactions here MAY be talked into accepting a check drawn on a USA bank....but they don't LIKE to do it
because the bank holds funds for 14-21 days until the check clears. Mexico does NOT verify checks online, or if they do, they still don't release the
funds for 14-21 days on an out-of-country check. Money orders are handled the same as US checks. In Mexico, they are NOT considered guarantee of
funds.
OR
You could bring it down in Travelers Checks, but from everything I've heard, you may end up having to go to several different banks to cash a few
because the banks don't like to cash them.
Decisions, decisions, decisions!
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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Bowser......NO SWEAT!!! Simply have your bank transfer the funds down to the recipient in pesos. Happens all the time! 
Edit: for clarification
[Edited on 1-13-2010 by longlegsinlapaz]
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mtgoat666
Platinum Nomad
Posts: 20355
Registered: 9-16-2006
Location: San Diego
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Mood: Hot n spicy
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| Quote: | Originally posted by bowser
The problem is that the recipient doesn't have an account that accepts US dollars. Can I open one for myself with my FM3 status?
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hmmm. i wonder how easy it is to withdrawl >$10,000 US cash from a bank in mexico? never tried that. better ask a mexican bank to see if you can
even arrange cash withdrawls of that amount.
sounds fishy that someone wants to do cash deal and is making you jump thru hoops. you should tell them to spend a few bucks and open a proper
account to make it easy for you to wire $$
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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Goat....yes it is possible & commonly done....in La Paz at least. But the bank requires 24-hour notice so they can get the correct amount of USD
funds to their bank.
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bowser
Junior Nomad
Posts: 87
Registered: 5-13-2005
Location: BOLA & Chester, California
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Sounds like transferring bank to bank is the best option. My remaining question still is, can I open an account in Ensenada with my FM3 status?
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norte
Super Nomad
Posts: 1163
Registered: 10-8-2008
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Just give to me and let me take cre of it for you. I'll meet you in Baja
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bowser
Junior Nomad
Posts: 87
Registered: 5-13-2005
Location: BOLA & Chester, California
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thanks norte! I've already had several offers.
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longlegsinlapaz
Super Nomad
Posts: 1685
Registered: 11-18-2005
Location: La Paz
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| Quote: | Originally posted by bowser
Sounds like transferring bank to bank is the best option. My remaining question still is, can I open an account in Ensenada with my FM3 status?
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Yes, you can open an account with an FM3. Peso or UDS.....or.....Peso and USD (separate accounts).
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bowser
Junior Nomad
Posts: 87
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Location: BOLA & Chester, California
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What ID and other paperwork is necessary to open the account and how long does it take?
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grace59
Senior Nomad
Posts: 614
Registered: 9-14-2004
Location: San Felipe, Baja, Mexico
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| Quote: | Originally posted by bowser
Sounds like transferring bank to bank is the best option. My remaining question still is, can I open an account in Ensenada with my FM3 status?
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Yes, you can open an account in a Mexican Bank with your FM3. We have an account in Bancomer there. We had to open the account and make the
required deposit in order to obtain our FM3 (we got them in Mexico so perhaps the process is different there). If you have a Mexican account I've
heard you must pay a fee on cash deposits, but you can transfer money or even deposit a check into your account, but then you must wait for it to
clear.
Whenever I hear that rainy, chill wind blow. I think it may be time to head for Mexico. Tengo que obedecer mi corazon!
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BajaWarrior
Super Nomad
Posts: 2307
Registered: 9-27-2006
Location: Mission Bay, San Diego. Playa Hermosa, San Felipe.
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Mood: Anxious to get south
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Haul the cash!
Bank transfers can take up to a week for the recipient to collect, I tried that route once, never again. Cash.
Haven't had a bad trip yet....
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