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Mexdon · 06-10-2011, 08:07

Remember, or be aware of, the new Mexican law that prohibits people or businesses from changing into pesos or banking more than USD1500.00 cash per month. Tourists are allowed to change only USD1500.00 cash per month but I am not sure if this can be done all at one time. Also remember that if on arrival in Mexico you carry more than USD10,000.00 dollars or its equivalent in any negotiable form you must declare it on entry. If not it will be confiscated and chances of getting it back are well...you guess.

The idea behind these restrictions is to stop the narcos from benefiting from their so called income and the authorities believe that virtually all visitors have CC's or DC's to pay for their purchases.

Today the greenback in Mexico is not a viable currency....nobody wants it in cash form unless they are going to travel to the US. Department stores and the like no longer accept dollars.

If you do have large sums to spend then leave in the US and have people pay your bills by electronic transfer to your suppliers account. Maybe your accountant or lawyer can arrange this. If it is a business (S.A de C.V. or similar) it may have a USD account, if the business is a sole trader or persona fisica he will only have a peso account by law.

Also whether it is dollars or pesos DO NOT SHOW IT IN PUBLIC ANYWHERE. And never carry on you more than you need for the day. You are a Gringo and are therefore automatically loaded and thus a prime target.

I live in Mexico and have had the luck to survive six assaults.

**atoll** · 06-10-2011, 08:24

Quote:

Originally Posted by Loco Gato

Note that I have made no mention of the boat, her name,color home port or destination, just the question. I am just the Captain and the owner is a bit eccentric when it comes to dealing with banks and governments. The tips and suggestions you all have provided are all good ideas and food for thought.
I thank you all.
Keep 'em coming!

maybe time to look for another job,sounds like the owner is into money laundering............and you will be the fall guy....

zeehag · 06-10-2011, 08:42

many folks donot trust banks-- doesnt mean they are into money laundering-- that would take a lot of bank hours and visits. just be safe and dont flash cash... donot try to spend dollars in big ways in mexico-- there is no reason to spend dollars when peso is high-- you save money using pesos and when not in 500 bills is easier to use. i dont know which yard you will go to -- i recently heard all singlar/fornatur sites have raised rates. a lot.

Cheechako · 06-10-2011, 08:43

It's been years but Travelers checks work well. Evidently wiring money works well as many of the Mexican locals wire money home to mexico from up here all the time. But I'd go with TC's.

zeehag · 06-10-2011, 08:54

when the businesses in mexico say they do NOT do travellers checques--CURRENTLY-- then i would go with an alternative solution. i have asked repeatedly here in mex about travellers checques-- they all say NO!!!!! immediately.
a few years makes a great big difference here. there is nowhere to cash em and no one will take em. so you're stuck.

if you are bent on using tcs, then call the business you will be doing business with and find out in advance whether they take em or not. you may well be unfavorably surprised--with the reception i got as regards use of them, i would say, find an alternative to those.

Loco Gato · 06-10-2011, 14:06

Quote:

Originally Posted by zeehag

many folks donot trust banks-- doesnt mean they are into money laundering-- that would take a lot of bank hours and visits. just be safe and dont flash cash... donot try to spend dollars in big ways in mexico-- there is no reason to spend dollars when peso is high-- you save money using pesos and when not in 500 bills is easier to use. i dont know which yard you will go to -- i recently heard all singlar/fornatur sites have raised rates. a lot.

Not as high as up here!!!

In/out 7 days, spray and wash 700usd. Lay days 15 usd. OK to use outside sources with no fees attached, 24/7 security( whatever that means). I friend has used this yard and cannot say enough good things about them plus the small town is their home away from home, altho on a mooring/anchor. The e-mail I received from the manager flatly states pesos only no greenbacks so there you are. An update; I talked the owner in doing small transfers to his ATM account once a day until the amount needed and beyond is met. I had also told him the other day, going to banks and money changers is a bad idea as around the 3rd time, you may be introduced to the "other side" of Mexico. I spent 20 years running the rail from So. Cal to Mexico skippering yachts for the season and I haven't been down there since '84. I know the have been many changes which is why I posted the question. From here to Newport Beach Sur( aka Cabo San Lucas) is a no brainer plus he entered us in the Baja Ha Ha. But we are not going to the regular Gringo haunts so I was just checking and picking the few remaining brain cells of the long time Mexico cruisers!

Plus in San Diego he WILL exchange some FRN's for pesos to make life simpler. Zee and Orsirisail, would mind sending me a p/m?
Thank you all.
I think we have beat this one far enough as in;
Loose lips lose $$$$
ATM's rock
Stash it
Bank transfers with Singalar
Talk less and eat more tacos
Don't cop to nada!
Thanks again, cya out there sometime

**sarafina** · 06-10-2011, 14:11

Sounds like you are good to go! Bon Voyage!!

sailorboy1 · 06-10-2011, 14:11

Quote:

Originally Posted by 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!

Time to join in the rat race and open a bank account! Walking around with cash is just asking for trouble.

If you have that much of a "Wad" cash you should be able to open a free bank account!

Loco Gato · 06-10-2011, 14:15

Quote:

Originally Posted by Don Lucas

Time to join in the rat race and open a bank account! Walking around with cash is just asking for trouble.

If you have that much of a "Wad" cash you should be able to open a free bank account!

No thanks! I like living outside of the rat race. Maybe that's why I have 15knm under my keel in the last 14 months!

captain58sailin · 06-10-2011, 14:29

If it is possible to prearrange services with the yard, you might be able to arrange a letter of credit from one of the banks in San Diego, to be used at a bank in Mexico, essentially buy your pesos on the north side of the border and take delivery south of the border. With ATMs and Debit cards not an option, you will need to get creative. I haven't worked in Mexico for over 10 years so I am not up to date. Another thought is cashier's checks, I don't know if you could buy them in San Diego in pesos, it might be worth a look. Euros might also be another answer to the exchange, of course you will take a beating on the exchange to Euros and then into pesos, hey banks always win, that's why they are banks. Otherwise Mum's the word and don't let anyone know you are holding.

Mexdon · 06-10-2011, 15:26

Make sure anything you do transfer or bring with you is well documented with reasons for the transfer if the amount is large, all transfers over USD10,000.00 raise a red flag in the receiving bank even if it is an L/C or direct transfer and is not attached to and invoice or some other form of commercial payment. The bank is obligated by law to inform the authorities of all incoming funds in excess of 10K. Be aware Mexico is essentially a drug driven economy so the laws are in place to spot anything that is unusual and you don't want to even be asked to explain as it could tie up your funds for longer than you realize. It is Mexico. Having money sent to you and you being on a yacht, expect trouble from the authorities.

virginia boy · 06-10-2011, 15:32

Money belt?

Cheechako · 06-10-2011, 18:36

Quote:

Originally Posted by zeehag

when the businesses in mexico say they do NOT do travellers checques--CURRENTLY-- then i would go with an alternative solution. i have asked repeatedly here in mex about travellers checques-- they all say NO!!!!! immediately.
a few years makes a great big difference here. there is nowhere to cash em and no one will take em. so you're stuck.

if you are bent on using tcs, then call the business you will be doing business with and find out in advance whether they take em or not. you may well be unfavorably surprised--with the reception i got as regards use of them, i would say, find an alternative to those.

Good to know. Theyre probably scared of the bank situation i spose. They used to love em. Evrything changes i guess.