| Provider | Amount Received | Fee | Exchange Rate | Speed | ||
|---|---|---|---|---|---|---|
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Moneycorp | MXN $191,499.36 | No Fee | 19.1499 | 1-3 days | more... |
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TorFX | MXN $194,657.02 | No Fee | 19.4657 | 1-3 days | more... |
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OFX (UK) | MXN $192,701.00 | No Fee | 19.2701 | Not specified | more... |
One-off payments | Regular payments | Great rates | Safeguarded customer funds
Excellent exchange rates | No transfer fees | Thousands of 5 star reviews
OFX (previously UKForex in the UK), provides secure and speedy international money transfers to over 300,000 people in 55 currencies at better-than-bank rates
Great exchange rates | Specialist services | No added fees, 24/7 transfers | Safe and secure
Great rates | One-off payments | Regular transfers | E-Money Institution | No fees for FXcompared customers
Mexico’s proximity to the United States and its overall economic stability make it an attractive foreign direct investment (FDI) target for foreign investors. It is easy to send money into Mexico from France through FDI and remittances, and the two countries are committed to maintaining healthy trade and political relations. A number of trade agreements and government-sponsored educational initiatives have helped to cement the France-Mexico relationship. Currently, there are no restrictions on sending money from France to Mexico and French citizens can easily transfer money from France to Mexico to pay for travel, education expenses, or to make ongoing rent or mortgage payments.
There are two types of residence visas in Mexico: the temporary visa (for stays of one to four years), and the permanent visa, for stays of longer than four years. For shorter visits, French citizens are not required to apply for or obtain a visa before visiting Mexico. As long as they can provide a valid, up-to-date passport or other form of valid identification, French citizens are free to visit Mexico without any additional paperwork needed.
Buying real estate in Mexico is generally open, without restrictions, to foreign investors, although there are limitations on properties that are located along the coastline or land held in common (ejido). All prospective foreigners who wish to purchase property in Mexico must first obtain a permit from the Ministry of Foreign Affairs and are required by law to be over 18 years of age.
Typically, Mexican real estate purchases require a down payment of 20% of the total cost of the property. It is recommended that foreign buyers work with a local real estate mortgage broker to help you secure a mortgage. Once a property has been found, it is common to make either a verbal offer or an offer in writing. This offer must include the details of the sale, including the purchase price and the details of the payment. Once an agreement has been reached between the parties, they sign the purchase agreement, the contrato de promesa de compraventa. The contrato does not complete the transfer of the property, however, it is a binding agreement. If either party decides to back out once the contrato has been signed, they will face a penalty, based on a percentage of the deposit.
French citizens living abroad must report any income earned worldwide, and are required to file tax forms with the French government declaring any earnings they make while living in Mexico. French citizens must pay taxes on this income, although the tax treaty between France and Mexico allows the countries’ citizens to receive credit via a foreign income tax offset for any taxes they pay, helping them to avoid double taxation.
In 2012, it became legal for French citizens and residents to vote in local municipal elections and European parliamentary elections if living abroad. French residents living in Mexico, however, are not permitted to vote in Mexican national elections. For French citizens who wish to vote remotely in their country’s parliamentary elections, they must first register with the local French consulate where they are living before they will be permitted to vote from abroad.
French citizens who wish to pursue studies at an institute of higher learning in Mexico must first apply for and be accepted to the school or university in Mexico, and then provide proof of this acceptance to Mexican consulate or embassy, along with a letter attesting to the student’s ability to support themselves during their studies in Mexico. Once these requirements are met, the student visa will be issued. This visa must be taken to the National Institute of Immigration within 30 calendar days of arrival within the country for validation.
A student visa does allow the holder to work while in Mexico, but authorization must be obtained from the National Institute of Immigration first. If the student’s course of study is longer than one year, the visa will need to be renewed for each year of study.
Mexico’s healthcare system is a combination of public and private services. Each state within Mexico offers its own health services, which are overseen at a federal level by the Ministry of Health. All Mexican residents are entitled to a certain level of healthcare services, although it is common for residents to purchase private insurance to supplement their coverage. There is no reciprocal healthcare agreement between Mexico and France, and French citizens who plan to visit Mexico are strongly advised to take out travel insurance to cover any unexpected medical costs.
The amount of foreign direct investment (FDI) into Mexico has been increasing over the past 10 years, and today France is one of the largest providers of FDI into the country. In 2012, France was the sixth largest donor of FDI into Mexico, with investments worth approximately USD $58.9 billion, representing an increase of 44% over the previous year’s FDI and accounting for 2.6% of all FDI coming into the country. The majority of these investment funds flowed into Mexico’s manufacturing industry (almost 56%), retail (20%), and the construction sector (12%).
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FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended. FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.
