Limit for Cash Deposit into Bank Account

[Frijoles 22]

Since I have to buy a new car, I want to start taking money out of my NOB account and putting it into an account here. What's the limit for putting cash into a MX account? Thanks in advance.

[Yo1 973]

If you are actually depositing CASH to your Mexican bank, I think it's 15,000 pesos a month. But things change so quickly here, you might want to confirm that. For transfers from your US acct. to your Mexican bank, I believe it's unlimited. Check with Spencer.

[sparks 54]

A bank transfer is not cash

[AlanMexicali 816]

Activer limits it to $500.00 US per month without reporting the deposits.

[Intercasa 1,048]

No limits, the IDE tax on cash deposits was eliminated last year, HOWEVER if you deposit cash then SAT, the tax agency may send you a letter down the road assuming your deposits were from income and trying to collect 30% of the amount in income tax and penalties.

The stated limit is 15,000 pesos per month to trigger the reporting requirement although some banks do it at lesser amounts.

[RVGRINGO 2,076]

We bought a new car in Guadalajara by asking our bank to lift the limit on our debit card for just that afternoon. They did and the new car agency accepted the card, but did charge us the fee that their Mexican bank charged them for processing. We argued that point and later got the processing charge refunded. However, with today‘s banking limits in Mexico, it might be worth that small fee for the convenience of using your debit card.

[Frijoles 22]

No limits, the IDE tax on cash deposits was eliminated last year, HOWEVER if you deposit cash then SAT, the tax agency may send you a letter down the road assuming your deposits were from income and trying to collect 30% of the amount in income tax and penalties.

The stated limit is 15,000 pesos per month to trigger the reporting requirement although some banks do it at lesser amounts.

Would SAT get involved if we transferred the dinero through Forex or just cashed a check at the bank? Thanks very much in advance.

[RVGRINGO 2,076]

Probably not; but if they did, it would be easier to prove that the money was yours and from your account elsewhere.

[El Saltos 587]

Have your bank transfer the $$ directly to your Mexican bank via wire transfer.

[Frijoles 22]

Have your bank transfer the $$ directly to your Mexican bank via wire transfer.

I wonder if you get the best possible exchange rate that way.

[El Saltos 587]

Yes, it's absolutely the best way. Talk to your bank, on large amounts mine gives me better than their posted rate that day. If you know a better way please share it.

[sparks 54]

Bank transfers will most likely have a fee on each end independent of the amount .... not really cheap

[Natasha 686]

Last time I bought a car, I had the funds wired from Canadian bank direct to the dealership.

[El Saltos 587]

Bank transfers will most likely have a fee on each end independent of the amount .... not really cheap

My wire transfers cost nothing to send and only $100Pesos charge to receive by my MX bank.

[Ezzie 98]

I've bought two cars here so far.

The first was done by xe.com directly from my Canadian bank account at TD and direct deposit into the dealership's Mexican account.

The second was done by xe.com directly between my Canadian and Mexican accounts (limit of $10,000 CDN per transfer) to build up the local cash on hand. Then when the funds were in the Mexican account - a cashier's cheque from my branch made out to the dealer.

Easy to do.

[Intercasa 1,048]

Electronic transfers or deposit of checks do not trigger problems with SAT, however ask your bank how they treat deposits of US checks, some convert to pesos as cash and then it is a cash deposit.

[bobby brown 19]

Spencer:  your last post was back in 2015; how is SAT behaving these days regarding cash deposits over 15,000 Pesos.

 

THX  Bobby

[ibbocat 105]

On 3/30/2015 at 4:24 PM, sparks said:

Bank transfers will most likely have a fee on each end independent of the amount .... not really cheap

And from every bank it passes through.

[Alpha1 361]

On 3/29/2015 at 8:59 AM, sparks said:

A bank transfer is not cash

Family's $500K inheritance seized by U.S. border officials

https://www.cbc.ca/news/canada/ottawa/bank-drafts-seized-us-border-td-bank-customer-service-1.4749780

 

[bobby brown 19]

yes . a transfer is not cash. I am talking about Pesos deposited directly to my account in Mexico. I am amazed that SAT keeps Mexican so tight in the name of the so called drug wars. Mexicans in their daily lives working and toiling just to survive should not be subjected to the gov't abuse. As for me ( an Imigrant) to Mexico I can just be satisfied putting my money in the backyard under the mongo tree, HA

 

P.S. I just an average American who worked hard and got a small pension as a truck mechanic; a job that nobody would do in their right mind..But I was desperate to survive so I did what I had to do. the work is hard; dirty; and dangerous; and I worked the swing shift which I lost a lot of time with my family. the reason I migrated to Mexico?; try being retired and living in California;  HA

 

Bobby

[Intercasa 1,048]

There are still problems.  I see these cases every few months.  Some area clean cut where a person goes to an ATM to take out cash from their NOB account then deposits cash into a Mexican bank account.  Other cases are tricky where a person thinks they are doing everything right, where they have an account at a US bank and the bank says they can use one of their transfer programs and receive the money at the bank in Mexico.  Only problem is when they go to the bank and see if the transfer is there to deposit to their account, the bank books it as a cash deposit so while the customer looks at it like a transfer from funds in their bank in the US to a bank in Mexico and they never touch any cash, the banks way of treating the transfer may cause a problem if the bank treats it like cash and reports to the SAT tax office.  Best thing to do is a test deposit for a few thousand pesos then wait for your new statement and see how the transfer was reported, did it say transfer or cash deposit.  

[sue 175]

I have bought 2 new cars here from S&S Auto both times I wrote a Canadian cheque to Spenser in the estimated amount and received a return of the peso over charge from Spencer In  both cases I received a better exchange rate than I could get myself It was easy .

[RickS 1,800]

I guess just another reason to work with S&S Auto, eh?