If you are buying a home in Puerto Vallarta and planning on living in Mexico full or part-time, being able to access funds from home is an important concern, particularly if you maintain bank or retirement accounts in the USA or Canada. Here are some of the easiest ways to manage your money in Mexico as a foreigner living in Puerto Vallarta.
- ATM – the quickest and easiest option to access money from the USA or Canada, with foreign transaction fees that vary between approximately 32 and 80 pesos, depending on the bank. Most banks in the USA or Canada will also charge you around $5 CAN or USD to access money from a Mexican ATM (though some accounts allow you to do so with no charge, so talk to your home banker for options), so it is wise to withdraw the maximum amount each time you use an ATM, usually between 5000 and 7000 pesos, depending on machine.
- Online Payment Services – linked to a Mexican bank account, you can use online services like PayPal or Xoom to access money from the USA.
- Money Brokerage Accounts – banks like Actinver Brokerage House are best suited to helping foreigners living in Puerto Vallarta to transfer large or complex transactions between the USA or Canada to Mexico, and will offer the lowest rates.
Laws put in place to combat money laundering have made money transfers more complicated in recent years, but with a little preparation and a good bank on your side, it’s easy to send money to Mexico.
Click here for more Puerto Vallarta lifestyle tips from Tropicasa Realty.