Seymour12000

I'm a Canadian marrying a cute mexican girl and she wants to have the ceremony where she is from in Oaxaca. That sounds good but it also means moving a pretty healthy chunk of change from CDN to MXN. I know of a credit card I am looking into (thanks to flyertalk) that doesn't charge a foreign exchange fee...so I can get us a good exchange on that one but what about all of the people I'll have to pay who don't take cc? I know if I wire transfer it I'll get hit pretty heavy by the banks' terrible exchange rates. I could up to 10k cash down just well hidden on my person (don't particularly like this option) and then hope to find a better private exchange in Mexico. Does anybody know of a better solution? I'm looking into Paypal's international transfer...anybody ever try them or something similar? I also thought of opening an HSBC account here because I know they have branches all over Mexico but when I checked into it their rate was so terrible that I would be better to just wire it.

Thanks in advance

Section 107

bring some cash, canadian or US. all the vendors will be happy to take it. for those that dont want foreign money just do an atm withdrawal for local currency and pay the rest using the credit card.

my son was born in a private mexican hospital in a major city. The hospital, doctors, lab and specialists were happy to have dollars. when it came time to pay we just went online to several different websites to agree on an exchange rate. easy peasy. and actually, with the agreed upon exchange rate, I got quite a discount....

NC_Girl

I have to disagree with the above poster. You will no longer get a good rate paying in dollars as they then have to exchange them and will lose quite a bit. I live here now, in Guadalajara, and NO ONE wants dollars and in Oaxaca you will find the same. The only place dollars are easily used is in TJ and Cancun as far as I know.

How much do you need? Your best bet may be WU, or if you don't need too much then you should do ATM withdrawals. WU doesn't charge a fee if you use your bank and they tell you upfront what the transfer rate will be. If the official exchange rate is 13 then they give you about 12.68 so while it "may" be a bit worse than an ATM it will give you larger transfers. Many ATMS limit you to no more than 4000 pesos a day so you would have to go to a LOT of ATMS to get much money.

JDiver

I know some people in Mexico who have an HSBC account - which as you say allows transfers of funds between the US or Canada and Mexico, and must allow a decent rate somehow for those folks to use it. Take a look and see if they can meet your needs. Unfortunately one person I know who could offer guidance is traveling and unavailable just now.

gailwynand

This could be one of the few situations where it makes sense to use travelers' cheques.

NC_Girl

Good luck getting them cashed. My aunts bank told her to bring some down here last visit. The AMEX office was not close by and after visiting several banks here locally she gave up and returned NOB with them when she left.

Teresita

I recently had to send $ to Ethiopia---it was a few hundred USD so I settled on WuPay from Western Union---cost to me was zero. You would have to check to see what the exchange rate would be. I was really dubious about it, but the $ arrived and I received an email when the chit was cashed. There was a daily limit I think. You can read about it online and see if it would work for you. Perhaps set up transfers to be received by yourself (send right before you leave Canada) or to be received by your bride's family. Western Union is big in Mexico.

JDiver

The major problem with bringing US Dollars to Mexico's heartland is you are likely to get an inflated rate of exchange - if the bank rate is USD $1.00 = MXN 13.00, you are likely to get MXN 12.00 or even less, as little as MXN 10.00, for your dollar. (This is not true near the U S border, though one still has to pay attention there and major tourist centers so one does not get a soaking.)

Traveller's Cheques (cheques de viajero) - difficult, not to mention it may take an hour or longer where they might be accepted, particularly in smaller city sand town banks, and using perhaps three different queues to complete your transaction, and fees; have your passport with you and be prepared to wait - at best.

ATM / Cash Machines (Cajero Automático, "kuh-HAIR-oh auto-MAH-tee-koe") - usually dispense pesos at good rates, but of course there are daily limits and possible foreign ATM fees to pay.

Payment services - WuPay has been mentioned, and many cities have adverts that offer Mexico transfers at reasonable rates (but be sure to check exchange rates and transaction fees).

Bank Transfers - incur charges, of course, and the use of a correspondent bank in Mexico. Check with your own bank, and check with your Mexico correspondent to determine which banks are available before you do.

N.B. Opening a Mexican bank account is nearly impossible for a foreigner, and is not easy to do. They want local references, receipts, etc. etc. and you may find there are high monthly fees and other "drains" on your funds you are not likely to be told about up front. There is no actual consumer protection under these circumstances, and you may be taken by surprise. It might be easier to do so at a branch of your home bank, e.g. HSBC, CitiBank, etc. but don't bet on it.

SJOGuy

I don't think that's a possibility here either. Multinational banks such as Citi, HSBC, and (for Canadians) Scotiabank are all over Latin America, but they don't function as branches of your hometown bank. If you have a Citi account back home, you can't go into a Citi bank in another country and make deposits and withdrawals. Your access to your funds is through their ATMs only.

JDiver

I dunno how my relatives do it - but one impediment these days are the rigorous money-laundering policies put in place by Mexican banks as well. I do know one relative uses HSBC and imports US dollars periodically, and gets pesos at the bank in Mexico. I'm sure it's not cash per se, but rather a bank instrument such as a wire.

Section 107

As a norte americano ( i kinda like gringo, but my familia doesnt like to call me that) married into a Mexican family, I too, am finding it frustratingly difficult to have a bank account in Mexico (even just being a signer on my wife's account, for example).

Very open to any suggestions or ideas on how I can do this. Could I open an account for my kids (ages 3 and 6, both Mexican citizens) and I be the custodian?

McLovin99

I believe Scotiabank offers accounts that will not add service charge to withdrawals from their machines in Mexico. It should be your easiest and cheapest way to get Pesos.

And yes, pay with Pesos!!!

wordsew

I was married in Mexico City. Keep in mind if you do a little research there are some international Banks here in the USA that can get and will sell you pesos here in the states.
Also I would not worry so much about bringing so cash in US dollars to Mex. Around
10k should be no problem unless you flash it around. I have found that usually a Mexican friend or family member is planning an upcoming trip to the states and would be happy to do a dollar/peso exchange with you, it's a win-win

JDiver

The biggest problem these days seems to be that Mexico has again tightened banking laws due to narcotraffic money laundering it's becoming difficult to move money in anything remotely resembling larger quantities. Be sure to check the process out before you commit - anyone.

Smaller quantities shouldn't be a problem - but take care with larger amounts (even in the US*, people have been stopped at airports and have had larger amounts of cash money confiscated by the authorities without due process).

Willie Jones was spotted at Nashville airport, purchasing his ticket to Houston (to purchase plant stock for his nursery business) with cash; he was detained and had $9,000 cash confiscated. The authorities declined to provide a receipt, and accused Mr. Jones of making his money from drugs sales. Link to story and information on forfeiture (criminal and civil) from Cornell U. School of Law.

Section 107

This happened recently at IAD when a guy bringing ~$13k only declared about $8k of it. CBP gave him several opportunities to "amend" his declaration telling him it was no problem to have more, he just needs to write it down. The guy refused so they took all of it except for $185 for cab fare..... nice.


Ghanaian Traveler Has Cash Seized At Dulles Airport For Failure To Report.
The Loudoun (VA) Times (12/29, Geddie, 49K) reports that a Ghanaian citizen had $13,585 seized at Dulles Airport due to a failure to report the full amount of his cash. The article acknowledges that airport officials had multiple times explained to the man what the reporting procedures were and that the amount uncovered was significantly more than what the traveler had indicated. The Netherlands-bound man was “advised on how to petition for a return of the seized currency.”
The Fairfax (VA) Times (12/27, MacDonald, 822) reported that the traveler, whose name was sealed due to privacy considerations and his lack of criminal charge in the case, was allowed to leave the airport with a $185 share of the seized sum.