Frijoles 22 Posted March 29, 2015 Report Share Posted March 29, 2015 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. Quote Link to post Share on other sites
Yo1 973 Posted March 29, 2015 Report Share Posted March 29, 2015 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. Quote Link to post Share on other sites
sparks 54 Posted March 29, 2015 Report Share Posted March 29, 2015 A bank transfer is not cash Quote Link to post Share on other sites
AlanMexicali 819 Posted March 29, 2015 Report Share Posted March 29, 2015 Activer limits it to $500.00 US per month without reporting the deposits. Quote Link to post Share on other sites
Intercasa 1,048 Posted March 29, 2015 Report Share Posted March 29, 2015 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. Quote Link to post Share on other sites
RVGRINGO 2,076 Posted March 29, 2015 Report Share Posted March 29, 2015 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. Quote Link to post Share on other sites
Frijoles 22 Posted March 30, 2015 Author Report Share Posted March 30, 2015 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. Quote Link to post Share on other sites
RVGRINGO 2,076 Posted March 30, 2015 Report Share Posted March 30, 2015 Probably not; but if they did, it would be easier to prove that the money was yours and from your account elsewhere. Quote Link to post Share on other sites
El Saltos 587 Posted March 30, 2015 Report Share Posted March 30, 2015 Have your bank transfer the $$ directly to your Mexican bank via wire transfer. Quote Link to post Share on other sites
Frijoles 22 Posted March 30, 2015 Author Report Share Posted March 30, 2015 Have your bank transfer the $$ directly to your Mexican bank via wire transfer. I wonder if you get the best possible exchange rate that way. Quote Link to post Share on other sites
El Saltos 587 Posted March 30, 2015 Report Share Posted March 30, 2015 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. Quote Link to post Share on other sites
sparks 54 Posted March 30, 2015 Report Share Posted March 30, 2015 Bank transfers will most likely have a fee on each end independent of the amount .... not really cheap 1 Quote Link to post Share on other sites
Natasha 686 Posted March 31, 2015 Report Share Posted March 31, 2015 Last time I bought a car, I had the funds wired from Canadian bank direct to the dealership. Quote Link to post Share on other sites
El Saltos 587 Posted March 31, 2015 Report Share Posted March 31, 2015 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. Quote Link to post Share on other sites
Ezzie 98 Posted March 31, 2015 Report Share Posted March 31, 2015 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. Quote Link to post Share on other sites
Intercasa 1,048 Posted March 31, 2015 Report Share Posted March 31, 2015 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. Quote Link to post Share on other sites
bobby brown 19 Posted August 19, 2018 Report Share Posted August 19, 2018 Spencer:Â your last post was back in 2015; how is SAT behaving these days regarding cash deposits over 15,000 Pesos. Â THXÂ Bobby Quote Link to post Share on other sites
ibbocat 105 Posted August 19, 2018 Report Share Posted August 19, 2018 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. Quote Link to post Share on other sites
Alpha1 361 Posted August 19, 2018 Report Share Posted August 19, 2018 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 Â 1 Quote Link to post Share on other sites
bobby brown 19 Posted August 19, 2018 Report Share Posted August 19, 2018 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 Â 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;Â HA Â Bobby 1 Quote Link to post Share on other sites
Intercasa 1,048 Posted August 20, 2018 Report Share Posted August 20, 2018 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.  Quote Link to post Share on other sites
sue 175 Posted August 20, 2018 Report Share Posted August 20, 2018 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 . 2 Quote Link to post Share on other sites
RickS 1,802 Posted August 20, 2018 Report Share Posted August 20, 2018 I guess just another reason to work with S&S Auto, eh? Quote Link to post Share on other sites
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