How to Transfer Money from Mexico to USA
Mexico to USA Guide
Mexico to USA Summary
Mexico and the United States are neighbors and share a border, as well as a number of important trade agreements. Typically, as members of NAFTA, the two countries offer preferential investing treatment for citizens of each country. Mexico’s government continues to actively promote and invest in the country’s infrastructure and strengthening its financial regulations, in an effort to attract more foreign direct investment (FDI). Currently, there are no restrictions for Mexican citizens who wish to transfer money from Mexico to the US. Mexico’s open conversion and transfer policies help to encourage FDI and money transfers into the country.
Mexico to USA visas, work permits and residency
Mexican citizens and residents who wish to live or work in the United States are required to apply for the appropriate visa before entry into the country, and must be granted permanent resident status before they can reside permanently in the US. If coming to the US for work, a work visa is required. There are a variety of work visas, differentiated by profession and length of stay. Mexican citizens who are coming to the US for a temporary stay or for work should refer to the
US Embassy website for more information on visas.
Buying property in the US from Mexico
Mexican citizens who wish to purchase real estate in the US will find the process fairly easy, as few restrictions exist for non-citizens who are legally in the United States. But there are a few key steps to be aware of before foreigners can complete a property purchase. Anyone wishing to buy real estate in America must provide an Individual Taxpayer Identification Number (ITIN) to finalize the purchase. This number is provided by the Internal Revenue Service and may take up to five weeks or longer to receive, so starting the application process early to help facilitate your transaction and ensure there are no delays is a good idea. Once your ITIN is received, you may then send money from Mexico to the US to fund your real estate purchase.
Because each state has its own real estate laws that are specific to that state, it is also a good idea to work with a licensed real estate attorney or real estate agent when purchasing US property. A licensed professional in the state in which you want to buy can advise on regional and federal real estate laws throughout the process.
Taxation between Mexico to USA
The tax treaty in place between Mexico and the US helps citizens of both countries avoid double taxation. However, Mexican citizens living and working in the United States must pay tax on any earned income at the rates outlined on the appropriate US tax return. For more information on taxation in the US, refer to the IRS website and seek specialist taxation advice. The Mexican government does permit transferring money into and out of the country, and there are currently little to no restrictions on international money transfers from Mexico to the US if you need to make a tax payment.
Mexicans Voting in the USA
Mexican citizens and residents living in the United States are not permitted to vote in American federal elections, as this is restricted to American citizens only. Historically, some states have allowed non-citizens to vote in state or regional elections, but today this is a rare occurrence.
Mexican citizens studying in the US
Before applying for a study visa to attend an American institution, it is customary for foreign students to first apply to and be accepted to their US-based school or program of choice. Once officially accepted by the school, the student will then be supplied with the necessary approval documents by the school to apply for the student visa.
US Healthcare for Mexicans
The American healthcare system is a pay-as-you-go system. Health insurance is the most common way for people to pay for their healthcare services, and the majority of US citizens receive their health insurance through their employer, if they are employed full-time, or purchase insurance individually through a health insurance company.
It is advisable for Mexican citizens planning to visit or live in the US, to first purchase either travel insurance or a short-term health insurance policy. It is mandatory in the US to have at least the minimum levels of health insurance.
While non-citizens may participate in the two publicly-funded health plans, Medicare and Medicaid, they must meet certain requirements to qualify. Their declared income must be below the minimum threshold, and they must have lived in the US for at least five years and contributed to Medicare/Social Security for at least 10 years.
Importing from Mexico to the US
The United States is Mexico’s largest trading partner, accounting for the purchase of nearly 78% of Mexico’s exports in 2012. The two countries, along with Canada, are members of NAFTA (the North American Free Trade Agreement) and have signed a number of trade agreements and bilateral treaties to encourage foreign direct investment and remittances. NAFTA, in operation since 1994, created the world’s largest free trade area and accounts for the movement of approximately USD $17 trillion worth of goods and services between the three countries. In 2012, Mexican exports into the US increased by 5% over the previous year, with goods and services valued at USD $277.5 billion.
Find the best exchange rates and compare fees for your Mexico to USA money transfers using our Comparison Tool.
Frequently Asked Questions
Are the money transfer companies shown above safe to use?
Yes, all the companies are safe and fully-regulated money transfer services.
Each are authorised and regulated by the relevant authority such as the Financial
Conduct Authority(FCA) in the UK, FinCEN in the US, FinTRAC in Canada or ASIC in Australia.
How long does an international money transfer take?
The speed of delivery will depend on where the money is being from and to and how
you are sending and receiving the money. Transfers sent using bank to bank transfers
can depend take anywhere from minutes to days and you should check the time estimates
from the relevant provider. Debit and credit card payments sometimes allow for faster
transfers for smaller amounts.
How do I use FXcompared?
First review the comparison results (such as for a table above) for a given amount
of money sending from Mexico to USA. Then select a provider based on
factors such as price, speed, their rating and click the green button to be taken to
their website. From there, you can register and sign up for an account. Once you have
done that and the provider has verified your identity to ensure the money can be send
safely, you will be ready to transfer money.
What payments methods can I use to send money overseas?
The results shown above are typically for bank to bank transfers. It is possible
via some providers to pay in your funds for the transfer via cash, debit or credit
cards as well but this is usually reserved for smaller amounts. Some providers also
give you different options for how the money will be received - to a bank account
(most common), to a debit card, to cash or to a digital or mobile wallet.
What if the price shown above isn’t exactly what I am offered when I try to transfer money?
There can be a number of reasons why the final price you are offered may be different
to that shown in the table above. Exchange rates between two currencies change all
the time and is the most common reason. Additionally, some providers offer different
pricing depending what method you are using to send funds or how the funds will be
received. Others may offer you a premium service for faster payments. In some cases
FXcompared has a special rate with a provider and this is reserved for first time
customers who sign up to the provider starting from FXcompared’s website.
As prices do change often, be sure to confirm the total cost with the provider
before transferring money.
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