V and Jen, I BELIEVE that when I wired money from the States to Mexico, to pay for my house, that the bank (BoA) converted it to Pesos in the U.S. and by the time Santander Serfin got it, it was already Pesos. Now I am faced with what to do when I eventually sell my house in Veracruz. I am expecting to be paid in Pesos. But I want to send some of this money back to the States, to take care of a few things, and I don't know what to do in that instance. My thought is to have a bank check made in my name for 625,000 Pesos (approx. $50,000 US) and smuggle the thing over the border. Of course, I'll have all my paperwork with me, from when I sent it, but I can imagine really being grilled by the Feds if I am caught.....not that I have ever been checked (my person) in any of my dozen or so border crossings.
Heard a new one today...... The Cambios will now be shut down as ppl go there to exchange there money instead of depositing it and having to pay the tax. And since most tourists use USD and everywhere in Cancun takes USD, there is no need to exchange. And those in the Industry that receive USD as tips and commissions they will just have to spend it like the tourists do.
Dollars I was by Bancomer today and they said for a foreigner they will change up to $300 USD daily upon presentation of a passport They also said that for those with a bank account you may deposit up to 4000 USD to your bank account monthly (I didn't ask if they were referring to a USD bank account)
V, That is good to know. May I ask which branch you were at when told of the ability to convert? Also do you know if this applies to all of Bancomer's locations and was the exchange rate a competitive rate?
Honestly, if they're only going to allow you to change $300usd I'd just go to a casa de cambio and get the slightly lower rate rather than going to the bank, waiting in line for 30 minutes to and hour, and dealing with the bullcrap to get that extra 50 pesos.... its just not worth it.. the ONLY reason I will wait in line at a bank here is if I have to make a deposit to someones account and can't do it any other way... and for what its worth Bancomer seems to have the worst lines in my experience.. and generally bad service.... As for the law.. I'll bet they make more exceptions as time goes on... $4k a month might be a lot to most of us, but for the wealthy retirees that's pocket change... to say nothing of the business owners and elites of Mexico.. I don't think Mexico really wants to see all of that money go overseas.... and the goal of the law to lessen money laundering is unlikely to succeed IMHO since those involved in that have long since setup shell corporations to handle that...
I wonder if this also applies to all other foreign currencies like the Euro. Some of us are charged redicolous rates if they withdraw at overseas ATMs, so bringing a pile of cash and change it at a bank / cambio to pesos is often a big money saver.
So far as I know it only applies to US dollars... but each bank may have their own limits on other currencies.
My girlfriend came back to Mexico with 2000 pounds, tried to put it in her bank account and they wouldn't take it!
WOW that must have been one heck of an overweight charge! :wink3: Seriously though.. regardless of what the laws may be, the banks likely have their own rules, and you also have to take into account the idiocy and powerlessness of your average bank employee here... at least in Cancun there is no shortage of places to change currencies.. just imagine if you lived 400 miles inland how much more difficult it would be...
