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healthdetective
Junior Nomad
Posts: 66
Registered: 1-28-2013
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Depositing US check to Mexican bank
Can one deposit a US check to a Mexican bank account that is not their own?
If so how long is usual for check clearance?
More specifics should it matter.
I want to start an animal shelter in Mulege.
Currently I do not have residency status and probably won't get it by this winter.
If I am already in Mexico (not there currently but will be as of November) and form whatever legal structure is necessary I will need to fund the
start of the shelter while there.
My thoughts are that the initial funding will be 100k +
How do I get my USD to Mexico while already in country?
All advice is appreciated.
Thank you
�The average man does not want to be free. He simply wants to be safe.� � Mencken
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BajaUtah
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Posts: 190
Registered: 10-4-2013
Location: Salt Lake City/La Ribera
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Not 100% your situation but maybe close enough.
Checks going into my own (Bancomer) account.
Up until 5 years ago I could deposit my US check written in dollars to my account with just my passport. I had deposited several checks for $5,000US
without issue and without fees. Over the last 5 years they have increased fees and decreased the amount I could deposit so that up until last year it
cost $1,000Mx in fees and I was limited to $1,000US.
Then last year, maybe a year and a half ago they just refused to accept my checks altogether. No reason why just "we can't do it anymore"
I can still wire transfer any amount from my US account to my Mexican account but I have to be in the States to do it. I have to show my ID and sign
in person. Might just be my credit union I don't know.
So, not answering your question directly but the take away should be that depositing checks has gotten increasingly more difficult to now impossible.
Good luck
Andy
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Mr. Bills
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Location: Area Code 530
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It is my understanding, based on conversations with bank managers in the state of Guanajuato, that laws intended to prevent transfer/laundering of
drug money in Mexico are the reasons for the new restrictions, which are nationwide.
Sorry, but I do not have enough information to be specific about the restrictions or the best ways to transfer money now, but wire transfers appear
not to be affected much and many expats have opened Wise.com accounts to move money into their Mexican accounts although some recent reports suggest
that one or more of the larger Mexican banks will no longer accept Wise transfers.
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mtgoat666
Select Nomad
Posts: 18380
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Location: San Diego
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Prob best to wire the money. If you need someone to be present on USA side to wire money, then add someone to your account to do the wire for you.
[Edited on 8-27-2021 by mtgoat666]
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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HeyMulegeScott
Senior Nomad
Posts: 699
Registered: 8-25-2009
Location: Orygone/Mulege
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That is awesome that you want to start an animal shelter in Mulege. I would love to hear more about your project. Very much needed in the community.
You might want to contact a local attorney in town about setting up a non-profit (Mexican AC). My friends have been working with Nadia for the Los
Amigos de Los Ninos scholarship fund and it seems like it is a long complicated process. Message me if you want her contact info.
Seems like Transferwise/ wise has some of the cheaper rates for wiring https://wise.com/us/ You can also use Xoom if you already have a Paypal account to send yourself smaller amounts of money to the bank in Mulege
even if you don't have an account there https://www.xoom.com/
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BajaNomad
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Just curious, how do fees and/or exchange rates compare with moneygram.com? Or is this of no relevance as bank-to-bank transfers are still easy
enough, or ??
[Edited on 8-28-2021 by BajaNomad]
When I was young, I admired clever people. Now that I am old, I admire kind people.
– Rabbi Abraham Joshua Heschel
We know we must go back if we live, and we don`t know why.
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Bob and Susan
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Location: Mulege BCS on the BAY
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i would like to know too because that is Not what you get
both banks take an international transfer fee
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CaboMagic
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"Your" situation may, and likely will be, different than ours.
Back in the late 90's at a Bancomer branch in Cabo, it took a minimum of 30 days for a US check deposited to our Dollar account to clear.
Once, and only once (edited to say it was within the first year of operation and visitors were 'skeptical' of travelling with cash, and did not want
to use a CCard and debit cards were non-existent ATT), we accepted Travellers Checks issued by a US based bank, and it took six months to be returned
to us, rejected. What was explained to us was that the path it took was Bancomer La Paz, then Mexico City, then Miami , Florida and then to the
issuing bank, which determined the (2nd) counter-signature did not match the initial one. Thankfully, the customer made good on them and we all
laughed. Needless to say we stopped accepting them.
MoneyGram had limits in place - including lifetime LOL - not sure if this is still same.
Business accounts are different than personal btw.
See if INTERCAM exists in your area. For the $100K amount you are suggesting, there will be lots of issues to address.
Hope this helps! LG
[Edited on 8-30-2021 by CaboMagic]
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Bob and Susan
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i hate to tell you guys this but NO ONE uses checks anymore...
its all credit debit or bank transfer $$$
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Russ
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I have a USD account in Mulege and they will only take a maximum $1,000usd deposit from my US bank. They say it'll take 15 days to clear but usually
only a week. Weird but you can write several $1,000 checks and deposit them at the same time. The contractors here seem to be able to deposit large US
checks so you may want to ask your contractor about taking large US checks.
Bahia Concepcion where life starts...given a chance!
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CaboMagic
Super Nomad
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Actually Bob --- we have corporate guests who still prefer to pay with old-fashioned checks. Never asked them why, because we are happy to accept
their payment/s.
As to fees and actual amounts received, like most things having to do with $ and MX the answer/s seem to depend/s largely on the originating and
receiving entities!
Again, HTH anyone reading my responses. LG
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Bob and Susan
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lori...if you are doing something on the up and up then you use a corporate credit card...
maybe fishing charters is a grey area for investors and stock holders
i know if i was auditing i would be asking questions
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CaboMagic
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Well Bob, I would NEVER get in to a peeing contest with you, for sure - I used to think you were kind to share info ---
Let's see - you equate paying with a corporate check as not on the up-n-up? Interesting. Your insinuations are not welcome, amigo.
Corporate clients - on the Up-N-Up such as Under Armour, Firestone, and an assortment of Nascar drivers don't seem to me to warrant your comment - but
hey, this is a discussion board - so WTH?
Peace out, Lori
Quote: Originally posted by Bob and Susan  | lori...if you are doing something on the up and up then you use a corporate credit card...
maybe fishing charters is a grey area for investors and stock holders
i know if i was auditing i would be asking questions |
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Bob and Susan
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sorry lori...
According to the Federal Reserve Bank of Philadelphia, paper checks are predicted to become obsolete by 2026
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mtgoat666
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Sorry Susan,
Checks will be around for a while. Most of the world likes zero-fee transactions. Venmo and credit card take a few percent of every transaction, and
checks are still (largely) free. E-payments may be free for payees,usually , but banks are always trying to skim Each transaction. Checks and cash
are still king in my book.
Venmo used to be free for very small biz, when flying low on radar, but now Venmo wants biz to pay same fee as CC companies.
Cyber currency is a pipe dream, today comes with risks, and high transaction costs.
Woke!
“...ask not what your country can do for you – ask what you can do for your country.” “My fellow citizens of the world: ask not what America
will do for you, but what together we can do for the freedom of man.”
Prefered gender pronoun: the royal we
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Bob and Susan
Elite Nomad
Posts: 8813
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this is why checks are still around... OLD GUYS that dont change
next time you shop... look and see how many pay with a check...none
ask a 30 yr old how many checks she writes for the month?...zero
how many do they mail? zero
the world changed and you never even saw it
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willardguy
Elite Nomad
Posts: 6451
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bet the paper check will still be around long after the last "Bobism"
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eastmeetswest
Junior Nomad
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And ask a business person how many cheques they write per month. It is free(ish) and leaves a good paper trail for the accountant. Also, you can
give a cheque to any employee for a specific payment without the risk of them having a credit card to access your entire available credit. Cheques
still have a purpose that is not nefarious. just my cheque for $0.02
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JDCanuck
Super Nomad
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I have found XE Transfer (similar to Wise I think) to be the most economical way to transfer funds without having to be present at the bank where it
is sourced from. Very low currency exchange offsets, no fees at the sending end and quick transfers. Recently they required a passport photo and
selfie to confirm my ID, but otherwise no issues on sending large or small amounts. Fees charged by receiving banks have varied depending on the
target bank.
https://www.xe.com/xemoneytransfer/information.php
At present usd buys 1.26201 cad
cad buys .792324 usd
Far better currency rates than i found elsewhere, just sent CAD to Pesos at 15.9779 Aug 27, was very close to the midpoint of buy/sell on that date
of 16.0620 so offset was far below what the banks charge
[Edited on 9-1-2021 by JDCanuck]
[Edited on 9-1-2021 by JDCanuck]
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Terry28
Senior Nomad
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Seems Bob was correct...I was curious so I asked my 27 year old daughter and her friends...they never write checks..debit card, credit card and cash.
No checks...they use direct deposit for paychecks,and auto pay for their bills....seems checks are for dinosaurs.....
Mexico!! Where two can live as cheaply as one.....but it costs twice as much.....
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