# Wire transfer limits



## Yoqueray (Mar 30, 2014)

I will be living/working in Mexico City soon. I will open a Peso account in a Mexican bank through my company, and once direct deposit begins going through, I want to transfer much of my salary online each month. In Mexico, when i need money, I would withdraw pesos using my US bank debit card.
I understand Santander has an agreement with BOA - I believe I can use their ATMs and avoid the foreign transactions fee I would pay with a non-affiliated bank. But I'm not able to find out whether my peso account with Santander enables me to do wire transfers back to the US? Are there limits and fees involved? I'm also hearing about options like Monex, Walmart and also Paypal for money transfers - might these be worth considering?
Thanks!


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## Hound Dog (Jan 18, 2009)

You are making this needlessly complicated. Have your salary deposited with your U.S. bank in dollars and take down money automatically converted to Mexican pesos at an always favorable rate as needed through ATM transactions available at any bank and at countless retail establishments thoughout Mexico. As the French say, you are making your own cinema. Relax.


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## AlanMexicali (Jun 1, 2011)

Yoqueray said:


> I will be living/working in Mexico City soon. I will open a Peso account in a Mexican bank through my company, and once direct deposit begins going through, I want to transfer much of my salary online each month. In Mexico, when i need money, I would withdraw pesos using my US bank debit card.
> I understand Santander has an agreement with BOA - I believe I can use their ATMs and avoid the foreign transactions fee I would pay with a non-affiliated bank. But I'm not able to find out whether my peso account with Santander enables me to do wire transfers back to the US? Are there limits and fees involved? I'm also hearing about options like Monex, Walmart and also Paypal for money transfers - might these be worth considering?
> Thanks!


International wire transfers from Mexican banks to a US bank cost anywhere from $29.00 US to $450 pesos and you need to go into your bank and do it, not on line. They want to make sure it is you who is doing it and sign a form and take a copy of your ID. No limits if it is in a "partrimonio" account but it is complicated to get [possibly impossible] unless you are a Mexican citizen. The bank recieveing it in the US fee is usually $15 US. For sums under $5,000 US [$4990 US] I think it is no problem per month.

The tax laws here changed on Jan. 1st. so this might not be accurate anymore.


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## Hound Dog (Jan 18, 2009)

_


AlanMexicali said:



International wire transfers from Mexican banks to a US bank cost anywhere from $29.00 US to $450 pesos and you need to go into your bank and do it, not on line. They want to make sure it is you who is doing it and sign a form and take a copy of your ID. No limits if it is in a "partrimonio" account but it is complicated to get [possibly impossible] unless you are a Mexican citizen. The bank recieveing it in the US fee is usually $15 US. For sums under $5,000 US [$4990 US] I think it is no problem per month.

Click to expand...

_Thank you Alan but your experience with international wire transfers is not the same as mine. I repeatedly and without limit, transfer dollars converted to pesos from our U.S. bank account to our Mexican bank account free of_* any charge *_whatsoever including hidden transaction fees and we do these transfers over the telephone from our residence in Mexico with no documentation of any kind required except a private acceptance code. You may be using the wrong bank.

Incidentally, at this point I am not a Mexican citizen.


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## Yoqueray (Mar 30, 2014)

That was my first reaction - but the company's answer is that their accounting folks have no way to deposit salary into a US account.
This looks to be an expensive and difficult drill each month -


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## Hound Dog (Jan 18, 2009)

_


Yoqueray said:



That was my first reaction - but the company's answer is that their accounting folks have no way to deposit salary into a US account.
This looks to be an expensive and difficult drill each month -

Click to expand...

_Yoqueray:

I was speaking of depositing U.S. salary and/or pension benefit payments in dollars to a U.S. bank account, not Mexican Peso payments into a U.S. dollar account. I know nothing about that as that has not been my problem nor do I think that is the OP´s problem.


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## AlanMexicali (Jun 1, 2011)

Hound Dog said:


> Thank you Alan but your experience with international wire transfers is not the same as mine. I repeatedly and without limit, transfer dollars converted to pesos from our U.S. bank account to our Mexican bank account free of_* any charge *_whatsoever including hidden transaction fees and we do these transfers over the telephone from our residence in Mexico with no documentation of any kind required except a private acceptance code. You may be using the wrong bank.
> 
> Incidentally, at this point I am not a Mexican citizen.


I was talking about international wire transfers FROM a Mexican bank TO a US bank.


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## Yoqueray (Mar 30, 2014)

Sorry, I should have been clear - I'm a local hire in Mexico, paid in pesos. I will be needing to get my salary out of Mexico each month, over to BOA, my US bank.


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## Hound Dog (Jan 18, 2009)

AlanMexicali said:


> I was talking about international wire transfers FROM a Mexican bank TO a US bank.


Sorry, Alan, I obviously did not read your post as carefully as I should have read it. I have never tried to wire transfer converted funds from a Mexican bank to a U.S. bank and, knowing Mexican banks,I will never attempt to do this. Thanks for the heads up.


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## joaquinx (Jul 3, 2010)

You can use you BoA card at Santander, but you will be charged 3% as a International Transaction Fee. No charge from BoA nor Santander to USE the ATM, but the ITF will apply. BoA charges 35 or 45 usd per wire transfer depending on speed. You can only transfer 1,000 usd per wire unless you order from them a card that gives you a one-time code to transfer more than 1,000 usd. That card costs 20 usd. Take a look at xoom.com for faster transfers and cheaper than BoA wires and their ATM withdraw.


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## Yoqueray (Mar 30, 2014)

Thanks very much, I can see that Santander~BOA won't work for me. I will definiitely check out Xoom. Any experience with Paypal and/or Walmart? RE: BOA high Foreign Transaction Fees, someone was saying that because they they lived in Mexico, they were able to contact BOA and get them to waive this fee - but only for 2 months at a time. And someone else mentioned being able to use a Capital One 360 card to bypass the FTF when making ATM withdrawals.


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## joaquinx (Jul 3, 2010)

Paypal is interesting. I have a Mexico Paypal account and tried to put an BoA credit card on it and it was refused. Why? Paypal says that you can't put a Mexican bank and a US bank on a Mexican Paypal account. You must have a US Paypal with a different email address. What is interesting is that I had them both before but deleted the BoA card. Now I can't put it back on. That's beside the point. Paypal transfers take 7 to 10 day and the conversion rate is terrible as I tried the transfer when I had both banks on the card. 

Now, I do a xoom.com once a month and the money is in my Mexican bank in two (2) hours.


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## wonderphil (Sep 7, 2013)

joaquinx said:


> Paypal is interesting. I have a Mexico Paypal account and tried to put an BoA credit card on it and it was refused. Why? Paypal says that you can't put a Mexican bank and a US bank on a Mexican Paypal account. You must have a US Paypal with a different email address. What is interesting is that I had them both before but deleted the BoA card. Now I can't put it back on. That's beside the point. Paypal transfers take 7 to 10 day and the conversion rate is terrible as I tried the transfer when I had both banks on the card.
> 
> Now, I do a xoom.com once a month and the money is in my Mexican bank in two (2) hours.



just looked into Zoom.com and I do not like it the fees they are too high in my opinion. 

They say they use a fixed exchange rate currently at 1 USD = 12.77 pesos while the real exchange rate should be 13 pesos per USD today. 
no good you are losing 2-3% or more by the time you pay the extra $4.99 transfer fee. 

https://www.xoom.com/mexico/fees
and 
Currency Converter | Foreign Exchange Rates | OANDA


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