Have a Large Wad in Mexico

[Loco Gato]

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?

[Charlie]

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

[zeehag]

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.

[Loco Gato]

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!

[svcambria]

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

[Chief Engineer]

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

It is a good way to get killed.

[daddle]

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.

[delmarrey]

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.

[maxingout]

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.

[Bash]

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.

[osirissail]

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.

[Minggat]

Originally Posted by maxingout

Everywhere I travel in the world I use ATMs.

.

Same here, including Mexico, Have since ATMs first appeared.

[Bash]

Originally Posted by osirissail

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.

[osirissail]

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.

[Bash]

Originally Posted by osirissail

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.