Dollar Bank Accounts
- Thread starter amagick
- Start date
We had one until a few years ago....mid 5 figures. When I asked to wire transfer the entire funds to Chase they couldn't figure out how to do it, so the manager told be to just write a check on it and deposit it stateside. It worked, except for their 175.00 service charge!
Also be aware: although Mx pays good interest on account balances, on the last day of each month the Mx IRS deducts from your account the tax they want. The reason for this is only 25 % of Mexicans have ever filed a tax return, (although the law says they must file annually), or paid any tax on income. Accordingly, the Govt has to tax ab initio, at source, such as the 16 % consumer tax/IVA.
If anyone has any delusians about Mx ditching it's 3rd or 4th world status in the foreseeable future, there's lots of work to be done!
Also be aware: although Mx pays good interest on account balances, on the last day of each month the Mx IRS deducts from your account the tax they want. The reason for this is only 25 % of Mexicans have ever filed a tax return, (although the law says they must file annually), or paid any tax on income. Accordingly, the Govt has to tax ab initio, at source, such as the 16 % consumer tax/IVA.
If anyone has any delusians about Mx ditching it's 3rd or 4th world status in the foreseeable future, there's lots of work to be done!
playaperro
El Pirata
They charge 40 bucks to wire money to another account maybe 80 now.
You’d think they tax the pesos accounts too.
You’d think they tax the pesos accounts too.
I did open both accounts. They said there were no fees for dollar deposits by wire but there is a 4% fee for dollar cash deposits. Does that sound right?
For those that have exchanged dollars at Intercam, was there a daily limit or a commission? Could this be a way around the 4% fee?
For those that have exchanged dollars at Intercam, was there a daily limit or a commission? Could this be a way around the 4% fee?
CheddarBob
Guest
Wired $ 4000.00 Cad to pp all said and done Intercam charged us $250.00 and it took 2 weeks. Manager kept giving us the wrong clave number. Lesson learned.
Old55
Guest
I wonder if they are going to crack down on renting houses held in Trust accounts ?
wildtoucan
Guest
Why would you think that?
Old55
Guest
Because people are dodging paying up taxes .Do you have your RFC ?
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CheddarBob
Guest
Mexico, Canada, and US have an agreement regarding information supplied on non resident bank accounts. They can hide their income for awhile. very hard with today’s digital foot print unless your handling cash.Because people are dodging paying up taxes .Do you have your RFC ?
Airbnb & Vacation Rental Income Taxes in Mexico with an RFC
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Old55
Guest
Loopholes are shutting fast ….. the LLC owners are about to get a surprise