US Dollar Deposits

[SamCancun]

I remember hearing a while ago that there was a limit on the amount of US dollars that could go into a Mexican bank account on a monthly basis? Does anyone know how much this is and if this just applies to paying in cash or whether it applies to deposits in US dollars from abroad? IF set limit is passed then what is the way around it, to deposit to two different accounts?

[V]

Right, Sam, Mexico's still happy to get USD deposited by wire from abroad, and do not limit, penalize, or tax the transfer in any way. Cash deposits, though, are limited in amount, just as you mentioned.

[SamCancun]

Originally Posted by V

Right, Sam, Mexico's still happy to get USD deposited by wire from abroad, and do not limit, penalize, or tax the transfer in any way. Cash deposits, though, are limited in amount, just as you mentioned.

Well that's good news, thank you! Wasn't the reason behind the limiting to cut down on the amount of 'dodgy' money coming in from the US or something like that? Otherwise it sounds very pointless as it puts people involved in tourism off accepting dollars and losing potential business, unless they are trying to force the tourists to change to pesos so they make off the exchange rate and can tax that? Although saying that, I can't see anyone turning down dollars if that is all that's on offer! ;-)

[V]

In the U.S. they require a report from the bank on any transfer of $10,000 or more; probably Mexico has similar reporting requirements, but neither constitutes a limit on the frequency or amount of the transfers. They are looking for suspicious patterns, in any case.

I was once refused when I asked to open a bank account in the U.S. with $5,000 USD in cash. Everybody's got their rules, it seems.

[ToriB]

It depends on your account and bank as well. You have to have a USD account. I know my bf can not deposit USD into his Banamex account.

[V]

You have to have a USD account. I know my bf can not deposit USD into his Banamex account.

I assume you're referring to making cash USD deposits to Mx Peso accounts.

USD wires to Mx Peso accounts are permitted: the exchange to pesos occurs automatically at the Bank of Mexico's exchange rate for that day.

[Rudyman]

Can I bring a check from my bank in U.S. and deposit that check in my Banamex account?

[V]

Rudyman, that sounds like a long-shot, to me- doable, but an expensive and lengthy process involving an international "collection". (U.S. is the only place I've had experience with that process, used when a bank is not prepared to honor a check on presentation.) Your bank here could provide the most authoritative answer.

Whether the money is going to be flowing from your own account abroad, or from another's account abroad, a wire is more straightforward and probably cheaper. Our bank in the U.S. charges $25 USD to process an international wire: rates vary, bank to bank, for this service.