Transfer money from USA to Mexico

USD $173.39 Avg. Saving vs. Banks ?
 

Here are the latest prices for transferring money from USA to Mexico
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Top 4 Money Transfer Providers

Exchange Rates as of 2018-08-17T13:50:00+00:00

OFX US (prev. USForex)

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Amount Received
MXN $189,071.90
USD $230.32
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WorldFirst

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Est. 2004
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Amount Received
MXN $189,025.78
USD $227.90
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Venstar

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Est. 1990
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Amount Received
MXN $189,167.29
USD $235.32
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Average US Bank

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Amount Received
MXN $183,329.15
USD $0.00
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How to Transfer Money from USA to Mexico

Summary

Mexico continues to be one of the largest recipients of foreign direct investment among emerging market countries, due in part to its proximity to the United States and its overall economic stability. Mexico’s government continues to focus on restructuring its economy to make it more competitive and open for foreign investment. Trade agreements and government-sponsored educational initiatives with its closest neighbor, the US, has helped to bolster Mexico’s economy. Currently, there are no restrictions to transfer money from the US to Mexico, and it is common for Mexican citizens living in the US to send money back to Mexico in the form of remittances or repatriation of profits.

Visas, work permits and residency

The Mexican government offers two types of visas for non-residents who wish to stay in the country for longer stays: the temporary visa (for stays of one to four years), and the permanent visa, for stays longer than four years. For shorter visits, American citizens do not need to obtain a visa. As long as they can provide a valid, up-to-date passport or other form of valid identification, Americans are free to visit Mexico without restriction for up to 180 days. However, they must obtain a tourist card if planning to go beyond the border zone or if entering Mexico by air. The tourist card, called the FM-T, is available at Mexican border crossing points, airports, and Mexican tourism offices.

Buying property in Mexico

Buying real estate in Mexico is generally open and with few restrictions to prospective American buyers. However, to purchase property in Mexico you must first obtain a permit from the Ministry of Foreign Affairs and are required by law to be over 18 years of age.

Once a property has been found, it is common to make either a verbal offer or an offer in writing, and to accompany the offer with a down payment equal to 20% of the purchase price. The 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, the purchase agreement, the contrato de promesa de compraventa can be signed. 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 have to pay a penalty.

American buyers should find a local real estate mortgage broker to help them secure a mortgage, as the Mexican mortgage market can be complicated and difficult to navigate.

Taxation

US citizens are required to file tax forms with the American government declaring any earnings they make while living in Mexico. US citizens must pay taxes on this income, although the tax treaty between the US and Mexico helps citizens from both countries to avoid double taxation, as it allows them to receive credit on any taxes they pay via a foreign income tax offset.

Voting

Americans living in Mexico are not permitted to vote in Mexican national elections. American citizens who wish to vote remotely in US federal elections must first register with their local US consulate or embassy. It’s a good idea to re-register with the consulate each year, to ensure the voter registration remains active and up to date.

American students studying in Mexico

American students planning to study in Mexico must first apply for and be accepted to the school or university in Mexico. Once they have received proof of acceptance, they must take this to a Mexican consulate or embassy, along with a letter attesting to their ability to financially support themselves during their studies in Mexico. Once these requirements are met, the student will be issued a student visa, which they must take to the National Institute of Immigration for validation within 30 calendar days of arrival within the country. If the student’s course of study is longer than one year, the visa will need to be renewed for each year of study.

The Mexican student visa allows the holder to work while throughout their term of study in Mexico, but authorization must first be obtained from the National Institute of Immigration.

Healthcare

Mexico’s healthcare system is a combination of public and private services, and each state 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 the US. Americans who plan to visit Mexico are strongly advised to take out travel insurance or a private medical plan to cover medical costs.

Importing from the US to Mexico

Foreign direct investment (FDI) into Mexico continues to increase, with money transfers and FDI from the US accounting for a large percentage of this growth. In 2013, the majority of foreign investment was channeled into Mexico’s manufacturing industry (almost 56%), retail (20%), and the construction sector (12%). In 2012, Mexico joined the Trans-Pacific Partnership, which should help to attract additional FDI into the country. As one of its closest neighbors and trading partners, American businesses and investors generally receive national and most-favored-nation treatment when investing within Mexico.

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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.