First off, I hope you have a Realtor involved in the transaction and a Notario. Your Realtor should tell you the right way to fund the purchase. Like, bring a certified check or the correct way to do a wire transfer. Don’t bring cash.
Yes, I'm doing it all legal. I'm a Mexican citizen and owner it's a family friend, but it's the first time I bring this much.
So, a wire transfer is possible?
I'd like to know what I'm doing before I head there this weekend.
Thanks
You better check directly with the bank you're going to use. They're skittish about wiring more than $2,500 in one transfer. For the bank's own protection, at the very least they will probably ask for a copy of the purchase agreement to prove that you're not wiring drug money. I don't think you can just walk in and say you want to wire that amount of money without additional proof.
I do have copies of everything.
I was hoping someone had previous experience declaring or taking more than $10k to Mexico. In reality $10k is not a lot and, for me at least, easy to prove funds - where it's going and where it came from.
I've bought and sold properties in Mexico before, but the money has always been there.
Whatever you do, I wouldn't try to cross with the cash. They will ask you and if you say no, and they're as good at reading body language as they are supoosed to be you are screwed for lying. If you say yes, be prepared for a long wait at the border. All this even before actually crossung into Mexico. Do yourself a favor and go to your bank branch and talk to somone personaly about what they require. Better safe than sorry.
No Problem if its under 10 grand and have withdrawal slip from the bank! Its not a crime to have cash on you as long as you can prove where it came from. No paperwork has to be done for under 10 grand. https://help.cbp.gov/app/answers/detail/a_id/447
No Problem if its under 10 grand and have withdrawal slip from the bank! Its not a crime to have cash on you as long as you can prove where it came from. No paperwork has to be done for under 10 grand. https://help.cbp.gov/app/answers/detail/a_id/447
That's what it says in writing, and I'm not trying to disagree with you, but let's look at this realistically. He's a Mexican citizen wanting to cross the border with $10,000. When they ask and he says yes, you don't think CBP is going to scrutinize every little thing about him? It just sounds like it could turn into a long delay and for what? Not wanting to go to the bank to wire the money?
Most Mexicans selling property will not deal with banks, they want cash, To many fee's for small transactions, Most if them don't even have bank accounts! You know I am a mexican citizen and it is not against the law to have a savings account here in the USA.
Most Mexicans selling property will not deal with banks, they want cash, To many fee's for small transactions, Most if them don't even have bank accounts! You know I am a mexican citizen and it is not against the law to have a savings account here in the USA.
I agree - he's a Mexican citizen living in the US. For example, he can go to Bank of America, deposit the money and have them wire it to their sister bank Santander. All he needs to pick up the money (without even having an account at Santander) is his Credencial Electoral.
I agree - he's a Mexican citizen living in the US. For example, he can go to Bank of America, deposit the money and have them wire it to their sister bank Santander. All he needs to pick up the money (without even having an account at Santander) is his Credencial Electoral.
^^^ this!
He doesn't have a bank account. And wants cash. Bank here wants 2% to wire, but they don't know how much, if any, fees the Mexican bank will charge. As stated by PLAYA, Mexicans don't want to pay any of these fees. Seems a lot, for me to pay both fees, when I've already paid taxes in the USA for this money.
No, I'm not "just bringing it across the border". I'm trying to figure out the best way.
It seems my language is deceiving you. I don't want to "cash", to be my only option. I'm willing to wire transfer, but who do I wire transfer to if there is no account? How do I go about doing that? Also, the paperwork is not completed-and just in case there are any issues that pop up, so how do I have access to this "money", not necessarily "cash", to pay him when the paperwork is completed?
Liens? In the USA?
None.
So, Santander, will allow me to withdraw money from a Bank of America account? This seems the easiest way.
But I don't have a Credencial de Elector. I have dual, citizenship, but only have a Mexican passport.
Could that be used?
Thank you, for some useful advice.
Okay. I have BofA also. If you go into a BofA Branch and tell them you want to send $10,000 (or whatever amount) to Mexico through SafeSend, they will tell you which banks they have a relationship with in Mexico. Santander, Banorte, etc. They will also ask you who is going to be picking up the money: You or someone else. Tell them YOU want to pick up the money. They will transfer (it's different than a wire transfer) the money to the Mexican bank of your choice and you will go to the Mexican bank and pick up the money. Our relatives use their credencial to pick up the money, but if you don't have one, then I'm sure your Mexican passport will be fine. I can't say for sure, but I don't think there are any charges to pick up the money. Even a US citizen can pick the money up as long as they have ID. You don't need to have an account at the Mexican bank - it just has to be a Mexican Bank that BofA has that agreement with to receive money.
Just to be clear, it is not illegal to bring more than $10,000 into Mexico from the US. You must declare on boths sides of the border if you have $10 K or more in cash or negotiable securities, like a check. I know of several instances when this occurred with no problems. How you citizenship will effect things I do not know. You say the total is just over $10K. If the seller agrees make a contract and make two or three payments. You don't have to do it all at one time. You could also get your withdrawl limit raised and take some out at a bank cajero. You could also purchase prepaid debit cards and bring some that way. Cash, cajero, debit cards, split it 3 ways, just not $10 K or more per trip or declare it. There is a NBA in Ajo if you deal with them. Do it soon because there are some changes coming about in how the money must change hands in a real estate transaction. Yes a Notorio must process the transfer of the property and determine any taxes due and check for ownership, but they will probably not want to touch the money, if they do Hacienda comes sniffing around. Buyer and seller sign when all is paid as agreed between them. Soon a requirement will prohibit cash transactions and the money will have to go through a Mex. bank and YES the bank will charge for it. Dee Brooks at Twin Dolphins will help is you need it.
Not sure about Safe Send but all other methods of money transfer have limitations on total amount per transfer and number of transfers over a time period, like a month.
Thanks Jim. Interesting that the only qualifyer in that was 'at one time' Which sounds like at one crossing but no limits defined otherwise. So you could, according to this understanding, cross the border 5 times within one hour, carrying $9,000 each trip without notice required !! Makes no sense to me. Also does not address the question if it is per person or per vehicle, so you could have a van load of 10 people, each holding $9,000 and cross legally without notice??
Thanks Jim. Interesting that the only qualifyer in that was 'at one time' Which sounds like at one crossing but no limits defined otherwise. So you could, according to this understanding, cross the border 5 times within one hour, carrying $9,000 each trip without notice required !! Makes no sense to me. Also does not address the question if it is per person or per vehicle, so you could have a van load of 10 people, each holding $9,000 and cross legally without notice??
I'm sure they do that on purpose so that it's left to the officer's "discretion". That's why I wouldn't want to ever cross with even $9,999.99 in cash. Why would you open yourself up to the type of scrutiny, suspicion, interrogation, etc., that would inevitably come with declaring that you had that kind of cash with you.
Hell, I can't even cross with a "brown" in the car with me without getting questioned anymore!
I like this part. Course there is probably some OTHER regulation applies to gold.
"Monetary instruments that are made payable to a named person but are not endorsed or which bear restrictive endorsements are not subject to reporting requirements, nor are credit cards with credit lines of over $10,000. Gold bullion is not a monetary instrument for purposes of this requirement. The requirement to report monetary instruments on a FinCEN 105 does not apply to imports of gold bullion."
Thanks Jim. Interesting that the only qualifyer in that was 'at one time' Which sounds like at one crossing but no limits defined otherwise. So you could, according to this understanding, cross the border 5 times within one hour, carrying $9,000 each trip without notice required !! Makes no sense to me. Also does not address the question if it is per person or per vehicle, so you could have a van load of 10 people, each holding $9,000 and cross legally without notice??
You only have to declare if the total amount in your car exceeds $10,000 (includes everyone). I have never been asked how much I have just if I have more than $10K. Also guns
Not ever.
Knew a girl who was carrying close to $30k, on the bus to Nogales. Bus was stopped for search and they must've read her body language, because her and another girl were body searched and cash discovered. She was in jail and few days, given probation, and money seized because she couldn't prove where where funds came from. If proven, she was told she could claim it, but still be prosecuted for not declaring.
I sent a request asking about the time limits to cross multiple times with , say, $9,000.
Here is the frightening answer I got to my inquiry. They apparently have total discretion and can seize your money irrespective of the amount (s) involved !!
Regarding the requirement to report leaving or entering the US with $10,000 or m...
Discussion Thread
Response (PIO Nance)
02/01/2013 05:31 PM
Thank you for contacting the U.S. Customs and Border Protection (CBP) INFO Center.
While there are no requirements to report monetary instruments less than $10,000, CBP Officers still have the discretion to react to structuring the money to evade reporting. This could result in a seizure.
Thank you again for contacting the CBP INFO Center.
My name if Fred Fontaine, where in the world did you get this Bob stuff from. I live in Indianapolis and am a dentist, never been out of he country and never will.
Here is the frightening answer I got to my inquiry. They apparently have total discretion and can seize your money irrespective of the amount (s) involved !!
You are forgetting that you are dealing with the gov. they make the rules as they go, it happens EVERYWHERE in the world!!!
"CBP Officers still have the discretion to react to structuring the money to evade reporting" What the he!! does that mean? 5 people carrying $2000 each?
"CBP Officers still have the discretion to react to structuring the money to evade reporting" What the he!! does that mean? 5 people carrying $2000 each?
Annoyingly enough the banks actually NOW have similar discretion. I was just informed by Arizon Nation Bank that they want to close my account because the buyers of my house have been transfering money into my account, some using varius bill paying services through their banks or credit unions!!! Suspicious activity that ! NOW THAT'S A CRIME THAT NEEDS TO BE STOPPED! A large family is buying it together and each is sending money as they can over an agreed upon time period, so there have been a number of transfers of smaller amounts, $2,500 to $10,000. The bank decided this without asking me. The they told me 20 days to get the cash out and would have to check about withdrawls. What if I was selling stuff on E-Bay !! UNBELIEVABLE to me. When in business I had 3 accouonts that large sums routinely went into and out of with no problems. The bank was glad to have the business, now the manager at Ajo thinks she's on the case as inspector Clusoe. MY head is spinning !! I going to rent a car to go up tomorrow and will have to be real careful to be nice till this is resolved.
Annoyingly enough the banks actually NOW have similar discretion. I was just informed by Arizon Nation Bank that they want to close my account because the buyers of my house have been transfering money into my account, some using varius bill paying services through their banks or credit unions!!! Suspicious activity that ! NOW THAT'S A CRIME THAT NEEDS TO BE STOPPED! A large family is buying it together and each is sending money as they can over an agreed upon time period, so there have been a number of transfers of smaller amounts, $2,500 to $10,000. The bank decided this without asking me. The they told me 20 days to get the cash out and would have to check about withdrawls. What if I was selling stuff on E-Bay !! UNBELIEVABLE to me. When in business I had 3 accouonts that large sums routinely went into and out of with no problems. The bank was glad to have the business, now the manager at Ajo thinks she's on the case as inspector Clusoe. MY head is spinning !! I going to rent a car to go up tomorrow and will have to be real careful to be nice till this is resolved.
Sorry to hear about your problem with the bank, you have every right to be mad. But, you don't need anymore problems on the way back from Ajo, so make sure you have more than one key in the ignition and do not drive with a Mexican!
I'm sure Roberto isnt one of these people. But, you have a account in the US. Just something I found.
FATCA regulations are due to start going into effect this year. FATCA refers to a series of laws that are designed to crack down on wealthy US tax dodgers investing offshore – but it will effect every U.S. person (citizen, green card holder, etc.) living outside the United States.
FATCA came about as a result of the successful efforts in recent years by the IRS to identify and tax U.S. persons hiding money offshore. The IRS has been successful at accessing more than $4 billion in taxes and penalties as a result of these efforts and now it wants more. However, it is expensive for the IRS to pursue tax-avoiders outside the United States and so it came up with FATCA which, in essence, aims to turn non- U.S. financial institutions into whistle blowers and tax collectors. The foreign banks don’t have to worry about FATCA compliance if they just avoid anyone with any type of U.S. ties. it may become even more difficult for U.S. persons to open and hold non U.S. bank and investment accounts. This, along with the fact that many U.S. financial institutions are already shunning non-U.S. residents, is making it increasingly difficult for U.S. expats to manage their financial affairs.
Going after the big corporations makes sense to me but is seems they skate and we stumble along since we are easier targets that cannot adequately protect ourselves. Maybe if I would run for POTUS they would leave me alone.
I think it's the best strategy that the they do not use banks for transactions in any deal.Change of property rights specially the intellectual property rights is not more difficult according to the law of the state.
I think it's the best strategy that the they do not use banks for transactions in any deal.Change of property rights specially the intellectual property rights is not more difficult according to the law of the state.
Sorry to tell you but apparently there are new real estate transfer reguations coming in Mexico, requiring the money be transfered through a Mexican bank.
^^^ this!
He doesn't have a bank account. And wants cash. Bank here wants 2% to wire, but they don't know how much, if any, fees the Mexican bank will charge. As stated by PLAYA, Mexicans don't want to pay any of these fees. Seems a lot, for me to pay both fees, when I've already paid taxes in the USA for this money.
No, I'm not "just bringing it across the border". I'm trying to figure out the best way.
It seems my language is deceiving you. I don't want to "cash", to be my only option. I'm willing to wire transfer, but who do I wire transfer to if there is no account? How do I go about doing that? Also, the paperwork is not completed-and just in case there are any issues that pop up, so how do I have access to this "money", not necessarily "cash", to pay him when the paperwork is completed?
This is easy. Deposit the money in your US checking account. Once in Penasco, go to Intercam in Plaza Fremont, across from the immigration office. They will cash the check for you and give you dollars. Leo is the manager. He's bilingual and very helpful. They charge a small commission...I think $9-$10.
What if you have pesos in a Mexican bank account, but the owner of the property is a gringo and wants the $ in USD even though the property is in Mexico?
All these hidden deals just get the new owner screwed
A lot of truth to that from my experience over the last years. Lots of stories of buyrs thinking they were screwing someone and getting screwed themselves. What you need to know to make a legal transaction has been pretty simple and straighforward but obfuscated by the controlling actors to make money. The new regulations to stop money laundering are now in play and do effect real estate transactions but in reality no one knows how yet. Things will be confusing for awhile until the notarios get up to speed and the regulations are fleshed out.
It is NOT illegal to bring more than 10,000 dollars into Mexico. You just need to declare it. Usually the government knows you have it anyways if you took it out of a bank account in one piece. There is no legal limit. It's just dangerous to let too many people know you have that much cash. Bring certified funds in the persons name and declare it on both sides of the border or have the second party wait at the border and he can take the risk of transporting cash.