BEST WAY TO IMPORT MONEY FROM U.S.A., CANADA

[jh5127]

There are new ways to bring money into Mexico.  If you cash a check at a local Bank, their exchange rate costs you approximately 7.5 % of each dollar you import.   ($350 dollars for $5000 imported.)  I noticed the exchange rate for one bank was 17.13 vs the listed rate of 18.53  Using an ATM costs me about 2 1/2 percent.

There are now companies that cut out the middle man and save you a lot.  The company I used is TransferWise, Inc.  They give you the middle exchange rate, as listed, and charge less than 1% to do the transaction.  There other companies that do the same thing, but I chose that company.  They can transfer money from almost any country.  They quote 2-4 days transfer time.

There is an extensive process, to prove who you are.  Copies of ID's, Selfie with you holding your ID, etc..  They provide two or three ways for you to send them your U.S. Dollars.  One way is a direct transfer from your account, another is a wire transfer from your account.  I used the direct transfer, as my bank charges $15 for a wire transfer.  I transferred $5,000 from my U.S. account and the total charges were $44.

I was very hesitant to use this method.  But, the money, as they promised, did arrive in my Mexican account.  Please, do your own research, but there are inexpensive ways to import money into Mexico.  It could also be used to send money home, if you get ready to leave.

Jack Harris 

 

[johanson]

I wire transfer money from my Merrill Lynch brokerage account to  my Actinver Brokerage account.

I have enough funds in my US Brokerage account so that I can wire funds up to three times per year for free from Merrill Lynch. Those with more money than I, and there are many many many,  , can wire more times per year for free. Per Actinver I make the wire transfer in US dollars to my US dollar account kept in my Actinver brokerage account, then waiting for advice from my broker I wait until she thinks the exchange rate is high and early last month I made a transfer at 20.8 to 1 and should the peso reach 17.5 to one, I may buy dollars back.

When I would wire funds from my B of A bank account to my Actinver bank account I would always get a much worse rate of exchange.

[mudgirl]

These are not "new ways" to transfer money- these online exchange house have been around for many years and most of the people who have been living here for a long time are well aware of them. I've had an account for transfer puposes with xetrade for 12 years.

[vetteforron]

Xoom, and worldremit are a couple I use. Yhey make money on exchange rate but still fair rates. Xoom also charges 4.99 per transaction worldremit charges.99

[traderspoc]

wire transfer with multiva investments, they are more interest in your investment then  beating you on the currency exchnage.

they have always received  close to the higher rate of the day

been with them 8 years, they are the lowest cost around for wire transfer

love the 8.4 % cd rate on investments 

also they charge the lowest fees of any bank lakeside.

 

everyone one in the bank speaks English and is over 40

[Alfa]

traderspoc you may be right about the over 40 bit but the Mexican gentleman rep does not speak English. No complaints as service is usually good.

[Alpha1]

11 hours ago, mudgirl said:

These are not "new ways" to transfer money- these online exchange house have been around for many years and most of the people who have been living here for a long time are well aware of them. I've had an account for transfer puposes with xetrade for 12 years.

I had an Xe account for over 20 yrs, but a few years back no tx were allowed due to my Mexican residency!