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JC43
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Money Transfer into Mexico
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.
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CaboMagic
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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.
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JC43
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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.
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Bob and Susan
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Location: Mulege BCS on the BAY
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https://www.finder.com/taxes-regulations-on-large-money-tran...
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JC43
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T h a n k s good info and helpfull !
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paranewbi
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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]
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PaulW
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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?
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pacificobob
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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.
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Bob and Susan
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| 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"...
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JC43
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| Quote: Originally posted by Bob and Susan | | 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"... |
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)
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BajaMama
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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?
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BajaTed
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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
Es Todo Bueno
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AKgringo
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| Quote: Originally posted by JC43 | | Quote: Originally posted by Bob and Susan | | 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"... |
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. 
You're welcome!
[Edited on 6-18-2020 by AKgringo]
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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SFandH
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Read this:
https://transferwise.com/us/blog/international-wire-over-100...
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pacificobob
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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]
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JC43
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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.
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]
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Alm
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| 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]
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BajaBlanca
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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.
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AKgringo
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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.
If you are not living on the edge, you are taking up too much space!
"Could do better if he tried!" Report card comments from most of my grade school teachers. Sadly, still true!
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RnR
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| 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.
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