How to Legally Bring $ for Property Purchase

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Peñasc0

Guest
I apologize for my ignorance, but it's late to call Customs or my bank, if they are any help at all.
I also did a quick search and came up empty.

I'm buying a piece of land for just over $10k. What are the appropriate steps to get that money to Rocky Point?

Thank you for any help offered.
I only need help with the money transfer, not the purchase deal itself.
 
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Terry C

Guest
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.
 
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Peñasc0

Guest
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
 
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mis2810

Guest
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.
 
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Peñasc0

Guest
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.
 
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mis2810

Guest
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.
 
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mis2810

Guest
playaperro said:
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
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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?
 
playaperro

playaperro

El Pirata
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.
 
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mis2810

Guest
playaperro said:
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.
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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.
 
playaperro

playaperro

El Pirata
mis2810 said:
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.
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What if he has a lien, they will hold his money.
 
J

JimMcG

Guest
Where does it say that the crosser needs proof of where the money came from, whether it is under or over $10,000?

Thanks.
 
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Peñasc0

Guest
^^^ 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?
 
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Peñasc0

Guest
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.
 
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mis2810

Guest
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.
 
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