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Buying a house in Lakeside


Pogo
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When buying a house here, what is the best way to transfer funds from a U.S. bank account to a safe financial entity here? Chase Bank wants it split up into separate wire transfers for $25,000 each. That seems ridiculous and expensive. I am not confident about putting the money in a Mexican bank. What about opening an account in HSBC and transferring the money into and withdrawing the money here? Any other suggestions? There must be a simple way to do this . . . 

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The real estate agency should have a US bank account and you will wire your money into it as a domestic wire (assuming your bank is in the US).  This was the case for us for two home purchases here, in 2008 and again this year, with 2 different real estate companies.  

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We transferred money to the escrow account of the real estate company. It was a monex account in USD but held in Mexico.

I wonder why chase wants you to split the transfers especially if you have this money in your chequing account. 

To do a transfer overseas all banks go through the swift system so being in Mexico makes no difference than sending money to the Uk or Canada. 

 

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I have both a bank account and a brokerage account with Actinver here in Ajijic. I can wire money from my US Brokerage or US Bank account to either my Actinver Brokerage or Bank Account.

Wiring money to my Actinver BANK account gives me an OK exchange rate if I want to exchange same to pesos, but I get a much better exchange rate when I wire the Money to my Actinver Brokerage account and exchange it to pesos.

I am also allowed to keep my US dollar wired funds in an Actinver US dollar account and exchange same to pesos when I think the rates are best.

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16 hours ago, Pogo said:

When buying a house here, what is the best way to transfer funds from a U.S. bank account to a safe financial entity here? Chase Bank wants it split up into separate wire transfers for $25,000 each. That seems ridiculous and expensive. I am not confident about putting the money in a Mexican bank. What about opening an account in HSBC and transferring the money into and withdrawing the money here? Any other suggestions? There must be a simple way to do this . . . 

Refuse the multiple wire option. HSBC will let you transfer money between their MX, US & Can banks online if you wish. But think about it you don't want the money in your hands regardless. Wire it to an escrow account. If they want you to bring millions of pesos personally drop the deal it's setting you up for robbery.

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42 minutes ago, geeser said:

Refuse the multiple wire option. HSBC will let you transfer money between their MX, US & Can banks online if you wish. But think about it you don't want the money in your hands regardless. Wire it to an escrow account. If they want you to bring millions of pesos personally drop the deal it's setting you up for robbery.

Really? Not the case buying a house in many places outside Chapala and SMA. Most places are cash sales and pesos are counted right in the Notarios office. Because of NOB buyers, locations with lots of gringos have adopted NOB practices. Personally watched a son and daughter count out 1.7 million pesos on my GTO property in front of dad who sold me the place. That is slowly changing, but not uncommon at all. 

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