Cruisers Forum
 


Join CruisersForum Today

Reply
 
Thread Tools Rate Thread Display Modes
Old 05-10-2011, 18:35   #1
Marine Service Provider
 
Loco Gato's Avatar

Join Date: Apr 2010
Location: Morro Bay,Ca.
Boat: other peoples
Posts: 131
Send a message via Skype™ to Loco Gato
Have a Large Wad in Mexico

Heading to Mexico for the winter to haul out and do a bunch of work to the boat. Question is how do you handle having a huge wad of cash? Travelers checks? or???? Don't use banks much so no atm.
Ideas?
__________________

__________________
Loco Gato is offline   Reply With Quote
Old 05-10-2011, 18:39   #2
Senior Cruiser

Cruisers Forum Supporter

Join Date: Mar 2006
Location: Nevada City. CA
Boat: Sceptre 41
Posts: 3,745
Images: 9
Re: Have a large wad in Mexico

Can you do a wire transfer from your bank to theirs?
__________________

__________________
Fair Winds,

Charlie

Between us there was, as I have already said somewhere, the bond of the sea. Besides holding our hearts together through long periods of separation, it had the effect of making us tolerant of each other's yarns -- and even convictions. Heart of Darkness
Joseph Conrad
Charlie is offline   Reply With Quote
Old 05-10-2011, 18:40   #3
cat herder, extreme blacksheep
 
zeehag's Avatar

Cruisers Forum Supporter

Join Date: Jul 2008
Location: furycame alley , tropics, mexico for now
Boat: 1976 FORMOSA yankee clipper 41
Posts: 17,776
Images: 56
Send a message via Yahoo to zeehag Send a message via Skype™ to zeehag
Re: Have a large wad in Mexico

nope not do able, as is more money than worth IFF you can find a bank to do that deed.--either use your atm card or hide yer dough very very well. and you WILL want pesos to spend , not dollars. but then at 14 pesos to the dollar, that is your own choice. atms do give pesos and are conveniently located.
and you do NOT want 100 dollar bills, like the drug lords carry . talk about being a sitting duck.
zeehag is offline   Reply With Quote
Old 05-10-2011, 18:51   #4
Marine Service Provider
 
Loco Gato's Avatar

Join Date: Apr 2010
Location: Morro Bay,Ca.
Boat: other peoples
Posts: 131
Send a message via Skype™ to Loco Gato
Re: Have a Large Wad in Mexico

Like I said, no atm, just deal in cash. Will the local banks convert for you or do you find better rate from money changers. Will be hiring locals for various project on the boat and may just bluff them that I'll go to the bank and be right back. Good excuse to hit a taco cart or 2 on the way!
__________________
Loco Gato is offline   Reply With Quote
Old 05-10-2011, 19:17   #5
Registered User
 
svcambria's Avatar

Join Date: Jun 2010
Location: Mexico (currently)
Boat: Panda 40 - S/V Cambria
Posts: 573
Re: Have a Large Wad in Mexico

If you cross the border with more than $10K you need to report it to US Customs or risk it being confiscated. I thought the limit had been dropped to $6K but I can't find any substantiation on that.

Help! U.S. Customs Took My Money at the Airport : Customs and International Trade Law Blog

Using an ATM is soooo much easier, you withdraw the amount you need, you get it in local currency, the machines are darn near everywhere. If you take cash to a bank to convert, don't forget now to take a photocopy of your passport to give to the teller, as all cash conversions in Mexico are now tracked by Mexico. You go to a bank when it is open, take a number, wait until you are called, then "consummate" your business. In Spanish. Sometimes, like Mondays and Fridays and before and after holidays, it gets pretty busy at the bank with merchants depositing their cash revenues. Personally I would rather use an ATM...

Michael
__________________
svcambria is offline   Reply With Quote
Old 05-10-2011, 19:20   #6
Eternal Member
 
Chief Engineer's Avatar

Join Date: Aug 2006
Location: North of Baltimore
Boat: Ericson 27 & 18' Herrmann Catboat
Posts: 3,798
Re: Have a Large Wad in Mexico

I would not cross the border with a lot of $$$

It is a good way to get killed.
__________________
Chief Engineer is offline   Reply With Quote
Old 05-10-2011, 19:24   #7
Registered User

Join Date: Dec 2009
Posts: 3,016
Images: 4
If you feel you can keep it secure just take cash. Report it to the US at the border. It is no way illegal. Just needs to be reported. I've moved and reported huge amounts for some cross border deals. But the ATM route with a US bank is the better way by far.
__________________
daddle is offline   Reply With Quote
Old 05-10-2011, 19:44   #8
Senior Cruiser
 
delmarrey's Avatar

Cruisers Forum Supporter

Join Date: Mar 2003
Location: Now in Blaine, WA
Boat: Modified Choate 40
Posts: 10,702
Images: 122
Re: Have a Large Wad in Mexico

In the Philippines I just have my own bank account. I send money to via another PI bank here in the US.

If I send more then 2K per month, that has to be reported to the US (done by the sender) And I'm still only allowed to have 10K outside the US w/o reporting. I just keep in under 10K all the time.

But since you do have business in Mexico, just report it and tell them it's for boat repairs. Honesty is the best policy. If you try to hide the money they'll think it's for drugs.
__________________
Faithful are the Wounds of a Friend, but the Kisses of the Enemy are Deceitful! ........
A nation of sheep breeds a government of wolves!

Unprepared boaters, end up as floatsum!.......
delmarrey is offline   Reply With Quote
Old 05-10-2011, 19:45   #9
Senior Cruiser
 
maxingout's Avatar

Cruisers Forum Supporter

Join Date: Dec 2006
Location: Fort Pierce, Phoenix
Boat: Privilege 39 Catamaran, Exit Only
Posts: 2,606
Re: Have a Large Wad in Mexico

Everywhere I travel in the world I use ATMs.

Since interest payments start at the time of the cash advance, I call my credit card company and immediately transfer money to the credit card to cover the cash advance.
__________________
Dave -Sailing Vessel Exit Only

http://SailingUNI.com
http://maxingout.com
http://PositiveThinkingSailor.com
maxingout is offline   Reply With Quote
Old 05-10-2011, 19:46   #10
CF Adviser
 
Bash's Avatar

Cruisers Forum Supporter

Join Date: Dec 2008
Location: sausalito
Boat: 14 meter sloop
Posts: 7,260
Re: Have a Large Wad in Mexico

The ATM system works quite well in Mexico. Not only will you get a better exchange rate, but you'll save hours and hours of standing-in-line time.
__________________
cruising is entirely about showing up--in boat shoes.
Bash is offline   Reply With Quote
Old 05-10-2011, 21:11   #11
Senior Cruiser
 
osirissail's Avatar

Cruisers Forum Supporter

Join Date: Feb 2009
Location: A real life Zombie from FL
Boat: Gulfstar 53 - Osiris
Posts: 5,416
Images: 2
Re: Have a Large Wad in Mexico

The OP doesn't do "banks" - so the ATM idea is a non-starter. You have to hide your "stash" very well like "zeehag" suggested. You will probably be breaking Mexican law as they also want you to declare if you are bringing in large amounts of cash. But if you stash the cash well on the boat and only bring it out in small amounts using the phony technique you mentioned - "got to go to the bank to get some cash . . ." you should not have a problem.
__________________
osirissail is offline   Reply With Quote
Old 05-10-2011, 21:15   #12
Senior Cruiser
 
Minggat's Avatar

Cruisers Forum Supporter

Join Date: Apr 2008
Location: Hawaii, South Pacific bound
Boat: Islander 36
Posts: 1,221
Re: Have a Large Wad in Mexico

Quote:
Originally Posted by maxingout View Post
Everywhere I travel in the world I use ATMs.

.
Same here, including Mexico, Have since ATMs first appeared.
__________________
Minggat
Minggat is offline   Reply With Quote
Old 05-10-2011, 21:23   #13
CF Adviser
 
Bash's Avatar

Cruisers Forum Supporter

Join Date: Dec 2008
Location: sausalito
Boat: 14 meter sloop
Posts: 7,260
Re: Have a Large Wad in Mexico

Quote:
Originally Posted by osirissail View Post
The OP doesn't do "banks" - so the ATM idea is a non-starter.
Sorry. Not buying that logic. The OP has suggested a bad plan of action. Those of us with experience in the area are telling him that it's a bad plan of action. If you're going to do Mexico, learn to do banks, and figure out the ATM system.

People on this forum are all the time asking us to endorse bad ideas. Taking "a Large Wad" into Mexico is one of them.

Advising the OP to break the law in a country in which he is a guest is a very bad idea.
__________________
cruising is entirely about showing up--in boat shoes.
Bash is offline   Reply With Quote
Old 05-10-2011, 21:35   #14
Senior Cruiser
 
osirissail's Avatar

Cruisers Forum Supporter

Join Date: Feb 2009
Location: A real life Zombie from FL
Boat: Gulfstar 53 - Osiris
Posts: 5,416
Images: 2
Re: Have a Large Wad in Mexico

Nobody is advising him to "break a law" - since he did not specify why he doesn't do banks, we can only suggest ways of accomplishing his objective.
- - We don't know what country the OP is from, so don't assume he is a good little USA sheep and should follow USA laws.
- - The vast majority of locals in third world countries don't have bank accounts and they travel with cash.
- - There are bad laws and good laws and laws that turn honest citizens into law-breakers only because they are aimed at a problem with - say drug runners - but as a result take away freedoms and the liberty of honest citizens.
- - The constant quest of governments to corral and herd their citizens by reams of repressive laws is a major reason to get out and go cruising. To get away from the stupidity of thinking that restricting an honest citizen's liberty of movement and money handling is going to stop the out of control drug abuse problem in their country.
__________________
osirissail is offline   Reply With Quote
Old 05-10-2011, 21:37   #15
CF Adviser
 
Bash's Avatar

Cruisers Forum Supporter

Join Date: Dec 2008
Location: sausalito
Boat: 14 meter sloop
Posts: 7,260
Re: Have a Large Wad in Mexico

Quote:
Originally Posted by osirissail View Post
Nobody is advising him to "break a law" - since he did not specify why he doesn't do banks, we can only suggest ways of accomplishing his objective.
Sorry, I'm not buying that either.

Here's what you advised in your previous post: You have to hide your "stash" very well like "zeehag" suggested. You will probably be breaking Mexican law as they also want you to declare if you are bringing in large amounts of cash. But if you stash the cash well on the boat and only bring it out in small amounts using the phony technique you mentioned - "got to go to the bank to get some cash . . ." you should not have a problem.
__________________

__________________
cruising is entirely about showing up--in boat shoes.
Bash is offline   Reply With Quote
Reply

Tags
Mexico, mexico

Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Mexico: Worth it when Purchasing a Boat ? Duckwheat General Sailing Forum 21 07-11-2011 10:32
How Safe Is Mexico? John A Health, Safety & Related Gear 25 12-10-2011 10:39
Clearing Out of Mexico ? vela42 Rules of the Road, Regulations & Red Tape 7 17-06-2009 12:59



Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 16:33.


Google+
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.