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When and How to Transfer Your Money to Mexico to Get the Most Pesos




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Title :  When and How to Transfer Your Money to Mexico to Get the Most Pesos
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Qroo Paul & Linda
Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide bitly/3SICdD0 brBoost Your Spanish youtube/Nzc1oRSAPQ0
Comment from : Qroo Paul & Linda


2Cartalkers
What about exchange rate fees, how do they impact what you really get in pesos?
Comment from : 2Cartalkers


2Cartalkers
Excellent presentation and use of examples
Comment from : 2Cartalkers


George Washington
Paul gives some good advice (within certain limits) Also keep in mind that the reason bad news can cause the USD to go up and the MXN Peso to go down is because of risk and stability I wouldn't push a 'lot' of money from USD to Peso just because the exchange rate is better today than yesterday because things could get worse For example, back in 2012 the exchange rate was 12:1 and jumped to 13:1 If you would have converted a large amount of money at that time, you would have been buying into a market that was going to 20:1 That would be a loss of 60 To me it makes sense to only speculate on currency conversions with a few months spending-money By the way, a 'lot of money' is a relative term depending on your financial situation brbrI would NEVER recommend converting or transferring a large percentage of your wealth to any country other than the prosperous and well managed countries in western Europe (Switzerland, Holland, Finland, Denmark, US, Canada, UK, Germany, Sweden, or Japan)
Comment from : George Washington


Teresa Baeza
i need all you know, i will watch all your vidios because i am coming down for vacation God bless you Mr Paul!
Comment from : Teresa Baeza


Teresa Baeza
the same happens to the cuban pesos: Last years i send $100 dollars every month, and my family were getting about $400 pesosbrThis years the pesos went down the drain and the dollar went up, so now i get $15000 pesos for the same $100 dollars Is that crazy or what!
Comment from : Teresa Baeza


Veronica
Do you have a video on the major differences you need to be okay with when moving from north america to mexico?
Comment from : Veronica


Carl Kaufman
I've been in Mexico for about 3 years I've used OFX to transfer from my US bank to my Mexican bank Just compared with Wise and would save $22 on a $1000 transfer I was surprised Thanks!
Comment from : Carl Kaufman


Me Llamo Diego
9:56…i just use cryptocurrencies to transfer the money…i buy a crypto like Stellar XLM and then sell it into pesos and send it to my bank in mexico…soooo cheap and easy
Comment from : Me Llamo Diego


Me Llamo Diego
great video…how do we get Grant Cardone off of youtube videos?
Comment from : Me Llamo Diego


Dan
I think we’ll see thousands of people moving to Mexico in the next decade People who retired too soon see their money draining away, add in the crazy economy/inflation
Comment from : Dan


kcramona13
Thank you for all of your videos! I have an off topic question but I can’t find a video ON topic :) brI am an American, recently obtained a permanent residency card, obtaining RFC next week, and plan to move to Yucatán by the end of the year I work from home so will continue to earn an American dollar income Will I be required to pay additional taxes on my income in Mexico?
Comment from : kcramona13


Ana Fernandez
Thanks so much Paul! I love the chicken analogy Perfect for Mexico You explain this concept so well These days our banks NOB are making it easier for transferring money to Mexico (I'm Canadian and BMO just added a international transfer service for just $5) I have been using Wise for a couple of years now as an intermediary and still do but it's good to have a secondary option
Comment from : Ana Fernandez


Rowdy Scarlett
Can you update this? Still liking Wise?
Comment from : Rowdy Scarlett


Andrew
Great info, really appreciate your time and energy Your time and work influences a life time of good living for so many
Comment from : Andrew


Jorge Valencia
Awesome info Quick question thoUgh What if I send money to Mexico from us when the peso worth is high… let’s say I let a family member borrow it… when would it be ideal to send the money back from Mexico to US? When the peso worth is low or high again?
Comment from : Jorge Valencia


Chuck Coffey
So then using a Charles Schwab card I would take as much as I could out of my account and then put it into my local bank account in the form of pesos
Comment from : Chuck Coffey


Isa HunabKu
What are you going to do when the dollar goes down, and the Mexican peso becomes the powerful currency in the americas?
Comment from : Isa HunabKu


ted rick
Great info Thanks
Comment from : ted rick


Joseph
Have you looked at Intercam Banco? Just opened an account there One of the only banks that doesn't require an RFC to open an account
Comment from : Joseph


Susan Cowlishaw
Looking forward to the video on opening a Mexican bank account 😊
Comment from : Susan Cowlishaw


MYC10
Great info I have been researching what it takes to live in Mexico
Comment from : MYC10


Derek H
Very very helpful thank you
Comment from : Derek H


J 777hemi
Wise seems to give the best rates, by quite a margin Thanks
Comment from : J 777hemi


Andrea Wisner
5:20
Comment from : Andrea Wisner


Paul Gorman Golf
Has anyone tried Wise?
Comment from : Paul Gorman Golf


Tim Coil
Have you thought about Actenver and have you looked into it?
Comment from : Tim Coil


douchebagout
These videos are very well thought out
Comment from : douchebagout


1879gym
Have you ever considered using multi national banks (ie Citibank, scotiabank,hsbc etc) that shares brick & mortar locations in both countries… Opening a premium account in the USA , it get you a personal banker who will push you through in your host country with an account… then you can control the timing of advantageous transfers … With no fees…in conjunction with the a Amex platinum card ( or similar) which is packed with security and savings, and no transaction fees
Comment from : 1879gym


1879gym
Someone referred me to your channel,and said you guys where really good… they where wrong , you guys are outstanding! I could stammer on but I’m too busy watching your other clips
Comment from : 1879gym


Tidy
Does Transfer Wise work for Canadians?
Comment from : Tidy


Rock Bottom
Any idea on best way to send money to the US? I’m renting property in Mexico, but still live in The States and I’m trying to figure out how to collect my money
Comment from : Rock Bottom


Mateo R Magdaleno
I am currently in the process of retiring to Mexico This video is very helpful! Thank you and just subscribed
Comment from : Mateo R Magdaleno


marina balducci
very good explanation Saludos from Florida
Comment from : marina balducci


Power of Knowledge
Thanks for the great info! Cant you do the virtual currency and virtual account with Transfer Wise?? Can't you use a card from Transfer Wise like a debit card? Or am I mistaken?
Comment from : Power of Knowledge


dennis mintling
Hi, new to your channel and loving it! Did you ever make a video on virtual currency accounts?
Comment from : dennis mintling


Next Chapter: Mexico
Paul, I leave Wednesday for a year of temp residency…migrating around…with an eye towards a permanent place Your vlog is head and shoulders above everything else out there I enjoy others but for really practical advice, you are my go to
Comment from : Next Chapter: Mexico


Lefty Lang
Great Video!
Comment from : Lefty Lang


Ismael Nava
Thank you for the information Very helpful
Comment from : Ismael Nava


John Kokes
Thank you Paul Please do a video on how to shop for a good, safe and secure bank In my case Mexico City You and your wife are FANTASTIC !! 👋👌👌👍👏🙌🙏
Comment from : John Kokes


Noemi Aranda
Thank you for your information, so valuable
Comment from : Noemi Aranda


Francisco Burgos
Well see if we continue to get $20 mnx since trump printed off a lot of chickens
Comment from : Francisco Burgos


S L
Which bank do you have in Mexico Paul?
Comment from : S L


Andrea
I'm impressed with your knowledge and teaching skills Thank you! Can a person take advantage of currency rates even if they don't live in Mexico? Maybe that question will be answered in your future videos when you mentioned virtual currencies
Comment from : Andrea


Elsinore Brewing
Once I get boots on the ground so to speakThe first 2 tasks I must get done are to find an apartment and open a mexican bank account
Comment from : Elsinore Brewing


EFTSoulPath Laurel Brookes
What a great video I'm a big fan Keep em coming!
Comment from : EFTSoulPath Laurel Brookes


D JT
I have an 11 year old daughter in Mexico, I send her mother money through western union every month for my daughter but I want to send some spending money for my daughter directly Do anybody know of a good way that I can send it to her? I was actually thinking to open a crypto wallet for her and deposit some crypto for her here and there Anyways, is there a good way to send money to her besides western union (there fees are expensive)
Comment from : D JT


Raphael Sanchez
I thought this was one of the most beneficial videos you have done, and you have many I never thought about strategically transferring money from bank accounts I simply thought of transferring regular payments to my future Mexican bank account to save a step and fees, but, as you aptly noted, the rates vary widely and mostly predictably I also like the fact that you are straight to the point and keep your videos relatively short If I may ask, do you have any experience with reporting a foreign bank account? I assume the IRS wants to know where you keep your money so they can tax you appropriately, but do you know of anyone that has had any problems with reporting a Mexican bank account to the IRS?
Comment from : Raphael Sanchez


Jeff Gamby
Great video!! I don’t mind going out and living in Mexico full-time two years now and this is the best video I’ve seen, great job I love to see a video or learn more about what the different factors are that affect the USD/MXN exchange rate Any resources you can point me to?
Comment from : Jeff Gamby


Overworkin
Thanks for all you videos, you information is extremely helpful and you style is very east to follow Enjoy you nomad times!! We are on out way to Ajijic to move into our new home and help to have a Mexican bank account by mid Jan 22 Hope to run into you guys some day Come explore the interior ;-)
Comment from : Overworkin


RobEJC
I'm suddenly hungry for chicken Good stuff, QRP, thanks!
Comment from : RobEJC


Max Kelter
Super info again Really appreciate all your vids & links
Comment from : Max Kelter


Go Canada
I usually go to the ATM when the exchange rate is high when overseas vs the us dollar, much cheaper than any transfer option I don't use my US debit card or credit card to buy ANYTHING overseas brBank to bank is the next cheapest
Comment from : Go Canada


tommyd
This video is worth its weight in gold Paul Should be on every expats reading list
Comment from : tommyd


The Tip Sheet
You are so good at explaining things! Any updates for Canadians?
Comment from : The Tip Sheet


Rudy Villarreal
Hi Qroo-Paul, brwhat website are you using to monitor currency exchange rates? Can you share the link with your followers? Would be greatly appreciated
Comment from : Rudy Villarreal


J R
Very clear explanation
Comment from : J R


Hector Salas
Thank you for this video !!!! I've been traveling back and forth to mexico every month since 2016 Back in 2018 I wanted to open up a Mexican bank account in Puebla and the bank told me no because I did not have a home address in mexico I plan to retire in mexico in 2035 but right now I am pre planning looking for land to buy and to build my dream home in Puebla so when I do retire everything will be ready for my move over there Thank you for your videos they have helped me so much in understanding alot of different aspects of retiring in Mexico in the future
Comment from : Hector Salas


Susan Rose
Wise (former Transferwise) offers bank accounts in Pesos and 45 other currencies Useful if you don’t have a Mexican account yet
Comment from : Susan Rose


Marion Ellner
Hi Paul, brCan I open a bank account with a tourist visa? I’m an American, relocating to Mexico from Indonesia next month Because I’m traveling with pets, it’s impossible for me to stop at a place that has a Mexican Embassy I planning to do the paperwork when I get to Mexico What are your thoughts? Thanks
Comment from : Marion Ellner


JM1098
My parents always had this in mind Usually in Christmas holidays is when you find the US dollar at it's peak of the year vs mxn peso Then February-March is the lowest
Comment from : JM1098


Alexa Meraz
I'm a mexican looking for a remote work in the US and I was looking for a card or transfer app to convert the currency if I found a job, thank you very muuuuch!!!! ❤️❤️❤️
Comment from : Alexa Meraz


Take It Zen, Man
Great breakdown and illustration on converting
Comment from : Take It Zen, Man


Victor Castrellon
Paul, thank you for the video, I have a question for you I am not sure if in a video you mention that there are companies that can help me to move my stuff from USA to Mexico I expect to move there but there are many thing that I want to take with me I will have a fixed residence for my retirement So if you can, if you know a honest company that you can recommend to me would be great Gracias
Comment from : Victor Castrellon


Grilled Cheese Bandidos Travel Adventures
I was like your friend just nodding until you brought out the chickens lol, Ty It made it very clear Off to watch how to open a Mexican bank account!! Soooo much to learn in a short time, Ty for your videos
Comment from : Grilled Cheese Bandidos Travel Adventures


toonietom
XE is way better i just got 161 for CAN $ and Tranferwise is offering 159 on a $1000 CAN 🏦 OFX 155 and XE for USD is 204 now and wise only 201 If you make a "Order" on XE you get a better rate
Comment from : toonietom


Lalo Ramirez
Hi Paul, I used your advice on how to transfer money to Mexico like 6 month ago, it worked perfectbrNow, the question I have, do you have an idea of how to do the same thing but in reverse? brI mean, I want to transfer some of the money back to the US, but I have not figure out a good waybrDepositing $1k into my US account is no problem, but when it comes to larger amounts like $25k is a bit more complicated Exchanging money, sending it back to US, etcbrbrThanks
Comment from : Lalo Ramirez


Elizabeth Boothe
You are an excellent teacher I admire your patience I have on some occasions tried to explain why I use Wise and have a Mexican bank account The blank stares can be more than I am up to dealing with
Comment from : Elizabeth Boothe


ron403b
Thank you Really informative
Comment from : ron403b


Anita Turner
Just found your channel, this is good informationthanks
Comment from : Anita Turner


Billy Johnson
Why not transfer dollar to dollar account in Mexico then transfer in Mexico when rate is high?
Comment from : Billy Johnson


Billy Johnson
If you never travelled out of your country you have no idea about other currencies
Comment from : Billy Johnson


Brian Yoder
I just recently found your channel and love the content I plan on some day wintering in Mexico and have learned so much from your videos brThanks so much!!!
Comment from : Brian Yoder


Stroker Ace
Good simple video
Comment from : Stroker Ace


Asha Wise
I lived in Mexico and am moving there again Thanx so much for the info! Very helpful
Comment from : Asha Wise


TJ Lopez
(This is not a scam or advertisement, just want to help you get more for your money) A better way to transfer money is by using a cryptocurrency named XRP, is cheaper, faster and real time settlement, XRP is a cross border currency in other words a bridge among currencies
Comment from : TJ Lopez


PJ Fountaine
Thanks for making videos that actually give straight advice and not a bunch of fluff
Comment from : PJ Fountaine


Blanca I Gonzalez
Thank you for all the information , is very helpful I am thinking of retiring in Puerto Vallarta wish i have visit 13 time I will continue watching your videos Thanks you
Comment from : Blanca I Gonzalez


Mel Isherwood
What about just getting pension cheques etc from your home country deposited directly into a Mexican bank accountwould that not be the easiest way to go if one was living in Mexico as a perm resident
Comment from : Mel Isherwood


Tess Jones
You have a gift of breaking things down in a very understandable accessible manner What a gift Thanks
Comment from : Tess Jones


Rafael Torres
Great information, thank you I am looking forward to your video on opening a bank account
Comment from : Rafael Torres


Chris
Wow Paul your videos have been very informative I have been retired in TX since 2018, my wife is still working We have been trying to decide our retirement destination Been thinking of Costa Rica We have a vacation club that we visit at Hacienda Tres Rios when ever we can We have never thought about considering Mexico as a retirement location until I have started watching your vids We have a 5-6 year plans to move Thanks, please keep them coming
Comment from : Chris


Don Bustle
You are an excellent instructor Well planned well presented
Comment from : Don Bustle


Philip Janek
I have a us checking acct but no Mexican bank acct I'm doing a recon visit to Chiapas and the Yucatan area in Sept of this year Is there anyway I can use transfer wise or PayPal to transfer funds from my checking acct in the US to Mexico? Where do I transfer it to in Mexico so I can pick it up? I know in the Philippines there are multiple locations available to receive your transfers Is this available in Mexico?btw I just subbed 👌
Comment from : Philip Janek


Liberty Leslie
I am moving down soon and my mother who has been down there 12 yrs said the same thing
Comment from : Liberty Leslie


Chuck
Paul, can you provide information on good services to use to transfer the money from US bank accounts to Mexican bank accounts? I have children living in Mexico and currently just wire money vía Barrí or Electra There has to be a more cost effective way
Comment from : Chuck


Ralph Finklea
IMO, no matter how you get money from the USA to Mexico some financial institution is going to get their fee or cut of your money No one is going to do it "for free" Just try and see if you can get it done without a fee or conversion fee, I don't think it is possible In the future it may be free but not right now
Comment from : Ralph Finklea


Elsa Garcia
Thank you so much for all your information
Comment from : Elsa Garcia


Happy Wealthy
Hi there, thanks for the great information We actually just received our temporary residence visa and plan to come to Mexico in the next few months to look for our new area to live Can you please suggest a great expat friendly bank to open a account?brThanks, Larry
Comment from : Happy Wealthy


Jefff
Sounds like the guy doesn't understand Purchasing Power Parity When I was in Sweden in 2006, I got 65 Kr to $1 Unfortunately, those 65 Kroner didn't by much
Comment from : Jefff


James Sylvestri
I learned alot about exchange rate definitely hadn't a clu you just made my decision for mexico over vietnam no blogger says anything about exchange rates I trust no banks plan emptying my money somewhere also I have to live on the coast maybe encinada is exchange rate same for all of mexico they are all coming here so I might as well move to their country
Comment from : James Sylvestri


Jps Music and More
I am really enjoying your videos and Spanish lessons Thank you
Comment from : Jps Music and More


Laura P
Amazing video Great explanation Quick queation how long typically does it take to close on a home in mejico paying cash?
Comment from : Laura P


Luigi Roma
Hello I subscribed to your channel and thumps up on all the great info you provide One question I have, you mentioned on a previous video of yours you mentioned regards to staying in Mexico for 180 days as a vacationer, than returning back to the states to say reset the 180 vacationer time period, how long do you have to stay in the USA to reset the180 time period to go back to Mexico Thank you again, see you soon as a neighbor
Comment from : Luigi Roma


MB
Great video
Comment from : MB


Warren R Johnson
Super excellent video!!
Comment from : Warren R Johnson


The Silent Elite Member
You can always import and export products and your earnings will buy the house and car without spending the principle
Comment from : The Silent Elite Member


Dale Gamburg
Dude r u a vitgo?you are so clear on the important detailseither that or aquariu6,so adept at the technolohyive watched alot of vids on retirement overseas,so far you are the most informative, clear and concise channel, I guess that's your xmas present to yourself and the world very virgo or aquarius
Comment from : Dale Gamburg


Dale Gamburg
You got your act together, thanks for sharing on X mas!
Comment from : Dale Gamburg


Jonathan Wheat
EXCELLENT video Great information So many people have trouble figuring out exchange rates and how it all works Your chicken analogy was perfect ( I used to work in the foreign exchange department at a bank back in the 1980s)
Comment from : Jonathan Wheat



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