Move Your Money To Mexico For 2X Interest Income

[@GaagiiLammers]

Thanks, Mr B. You have me rethinking my relationship with Intercam.

[@AlmostRetiredinMexico]

Yeah - they provide a nice service by catering to expats, but there are costs (annoyingly hidden costs.)

[@arthurdiaz9184]

I just moved to Mexico. Sold the house, property taxes doubled in a year! Lucky I’m still a Mexican citizen. Got all my paperwork squared away. Starting my new life here. Looking forward to making some good investments. And enjoy my retirement. Getting ready to buy a house by the beach for under 100k.

[@AlmostRetiredinMexico]

Congratulations and good luck moving forward!

[@davidmalone9022]

Just a quick little comment - nearly every country in the world has one or more stock exchanges. The reason is that if there is any domestic advantage for investors to raise capital for ventures (primarily, the formation of corporations) in that country, they need a mechanism to facilitate that - i.e. a stock exchange. Of course, the Bolsa is the primary stock exchange in Mexico and is one of the more significant indices one will hear quoted

[@AlmostRetiredinMexico]

Interesting. I’d never thought about it. Thanks David!

[@dianaj3139]

Great ideas! My Niece does "micro loans" at 10% interest and is getting rich! Because it's difficult to get a good loan through a bank, she gets lots of business... most loans are around a thousand USD and 3-6 month terms... So fast turn around. It's good to hear about a place like this one that you did the interview with. The exchange is extremely volatile!

[@AlmostRetiredinMexico]

Interesting about the micro-loans. Is she doing this in Mexico by any chance? That sounds like an interesting idea. I'm always looking for ways for expats to give back to the locals and support them.

[@jimmy999-z2j]

Micro finance is a very specialty business that is very informal and risky. I can’t speak for Mexico but in Peru a lot of these lenders are Colombian and people fell obligated to pay them “or else” 😢

[@dianaj3139]

@@AlmostRetiredinMexico OK... so her boyfriend is an attorney in Mexico and everything is legit she appears to be providing a service that banks cannot provide. Also I just noticed that Santander bank... ( think I spelled that wrong) is going out of business or is expected to.

[@RosanaPaniaguaVAZQUEZ]

@@dianaj3139 how can one begin doing that?

[@AlmostRetiredinMexico]

@@dianaj3139 interesting. I noticed that Kiva has very few projects in Mexico. I’d love to find a similar system specializing in Mexico.

[@Tycobb10]

Great video. Very informative with useful information. Muchas gracias!

[@lobo176]

Awesome video, exactly what I was looking for…thanks 👍

[@AlmostRetiredinMexico]

Great to hear!

[@christinedailey9254]

This was very helpful! One of the banks you mentioned…. I was thinking if opening my acct with them, I think I’ll look deeper and look at Banorte as well. Thanks!

[@AlmostRetiredinMexico]

Glad you found this helpful! Best of luck choosing the best bank for you. Make sure they have lots of ATMs in your area!

[@PlanFreeFinanceandAbundance]

Thank you for making this video and sharing the information. Do you happen to have a video on Inbursa Bank? I would love to compare the two. Hey, there's a free video idea for ya ; )

[@ginnieporter641]

I havne't read the other comments. Maybe someone already addressed this. Conceringing intercam and wise; wise can transfer money to any bank with an 18 digit clave (i think it's the clave, might be some other name for that number-I'm not looking at wise right now). Intercam has this. Even though intercam said i coudlnt' use wise, i went ahead and did it and there was no problem. Somewhere in the info you get from intercam they give you this number. They just want to make money using their intermediary bank in the usa is why they tell you that you can't use wise. But you can.

[@NarsilRenewed]

Thank you, this was informative

[@AlmostRetiredinMexico]

You're welcome!

[@cindyk3076]

Very interesting information, thanks for this!

[@AlmostRetiredinMexico]

Glad it was helpful!

[@LuisGonzalez-dn4cz]

GREAT INFIRMATIONAL FOR BANKING IN MEXICO. THANKS FOR SHARING !

[@AlmostRetiredinMexico]

Happy to share!

[@windshart]

Mexican version of Jean Claude Van Damm as a banker. Thanx cool video.

[@AlmostRetiredinMexico]

Hah! So true!

[@LAGirls-lv5gh]

Could we open CD in Actinver Bank but we don’t have Mexico residence?

[@AlmostRetiredinMexico]

I think you may need to be a resident to open a bank account. But I'm not sure. You could email Abraham at [e-mail]

[@bernardogonzalez9816]

Yes you do, we only need to prove your legal stay in Mexico… you have to be here to open the account

[@abraxashm8144]

Good afternoon @LAgirls-Iv5gh In order to open your investment accout with us you will need a migration form ( either a tourist, termporal and/or permanent resident card ). For me will be a pleasure to help you. Abraham Hernández.

[@thomasdreyer2464]

Great video!

[@peterbedford2610]

Currency exchange risk is real. But, MX is starting to look like China 2.0. Worth putting some money into?

[@AlmostRetiredinMexico]

Great point. They are on the receiving end of investment from the US and China.

[@rosalindhb]

Great info. Than you!

[@AlmostRetiredinMexico]

Glad it was helpful!

[@croomcas]

Good information to know!

[@AlmostRetiredinMexico]

Glad it was helpful!

[@rosalindhb]

Spartan FX is good for large amount transferred.

[@hectorarmienta3569]

In the 1990s, I remember meeting the man who was quite wealthy at one time. Invested all his money into Mexican pesos, only to lose it, when the Mexican government devalue the peso. He lost a fortune, and had to rent out his home.

[@AlmostRetiredinMexico]

That’s a great example of the importance of diversification! Good to have a couple different currencies.

[@Guzlui]

He was not very smart to invest all his money

[@ezmealstravels9221]

Yes, years ago my mother-in-law went thru the same experience 😢. Unfortunately, I've seen too many family members over the years lose money 💵 that way .. 😭 Good luck!

[@gregorygreenwood882]

I am interested in Mexico or I wouldn’t be watching these videos… but every country has pros and cons. The Mexican economy and Peso are strong and no obvious reason why that would change… but being forced to change your USD for your local expenses IS a con. And investing in a foreign currency does introduce currency exchange risks. This is one of those areas where Ecuador wins… big benefit to being able to use USD for your expenses and investments. I have a CD at JEP in Ecuador right now paying 8.5%… and it is USD in, USD out. Government insured accounts up to $32,000. Per institution.

[@mgwatl1]

I remember that. I still have bags of old currency and coin. Its basically of no value but some of the nicer coins people will pay for on ebay.

[@jimmy999-z2j]

Great. Content amigo

[@AlmostRetiredinMexico]

Thanks for the visit

[@jagsfanrick]

Great video

[@AlmostRetiredinMexico]

Thanks!

[@Jaime6529]

Quick question: How are you being taxed on caoital gains, do you pay taxes in both countries or is there a tax treaty ? Your answer will be much apreciated.

[@AlmostRetiredinMexico]

There is a tax treaty. I believe any Mexico sourced income is taxed in Mexico, and can be deducted from US taxes. Unless you're a full time resident, where you'd pay the majority of tax to Mexico and deduct that from what you owe the US (I don't believe Canada taxes citizens living overseas, but the US does.)

[@derrick8224]

I enjoy your channel. Thank you

[@AlmostRetiredinMexico]

Glad you enjoy it!

[@ktindall01]

Excellent information. Thanks!

[@AlmostRetiredinMexico]

Glad it was helpful!

[@loverofsong9830]

@@AlmostRetiredinMexico This is even higher than some Ecuadorian CD’S. I don’t believe one has to be a resident.

[@Thestocksurfer]

Does Actinver have insurance on deposits and cds (IPAB) ?

[@AlmostRetiredinMexico]

You can reach out the them, but I believe the answer is yes. It's government provided insurance.

[@cobblestone977]

Do I need to go to a branch to open a CD account? Do I need a CURP to open an account?

[@AlmostRetiredinMexico]

I believe those are both true. I’m going to ask Abraham to answer the comments tomorrow (I’ve learned in Mexico you never discuss business on a Sunday!)

[@abraxashm8144]

Good afternoon @Cobblestone977. Yes we need your CURP to open your investment account, actually ii is very easy to get it from the Mexican government web site. Abraham Hernández.

[@bernardogonzalez9816]

You don’t need a CURP, you should be able to open the account as a tourist

[@mariadavis3797]

Yes, you do. I tried to open accounts at HSBC and Scotiabank and they request residence visa and CURP

[@jude999]

Keep in mind, the CPI for US has been manipulated by the Feds to make it look like inflation is not as bad.CPI is not calculateed the same as when we last had bad inflation in the early 1980s. Take the "official" government stated inflation and double it and you have the real inflation rate. Currently, real inflation is hovering aroun 8-9% so be sure to get a CD that is paying that in order not to be losing money.

[@AlmostRetiredinMexico]

But there are no guaranteed options to get 8-9% in the US.

[@ProfessorFickle]

Extra nice

[@AlmostRetiredinMexico]

Thank you! Cheers!

[@NicholasJonesCPA]

Im planning on wiring Mexican peso from the USA. I use fidelity to buy and hold Mexican pesos. I just need to get an account and send an international wire. Is that something they can do?

[@AlmostRetiredinMexico]

If you visit an office in Mexico. That’s a requirement for all banks in Mexico. It had to be opened in person.

[@joecostu1571]

Banorte pays better in the dollar exchange

[@AlmostRetiredinMexico]

Really? I just checked the rates and it looked like Banorte was on the "not so good" side of the spread.

[@karlherbold]

no office in la paz.. so one has to travel back n forth to cabo to do banking?

[@AlmostRetiredinMexico]

Yes - if you needed to do in-person, you'd need to go to Cabo. I don't know what their policy is with ATMs. I'll ask them to join in the comments.

[@bernardogonzalez9816]

There are very little times you have to come to the branch, we can talk about it to see if fits your needs

[@marksrink]

Does actinver allow Americans to open account with my mexican wife...i don't have a temp resident yet....i want to invest in CDs like they are talking about

[@ralphramirez1979]

Is there a office in Puerto Vallarta?

[@AlmostRetiredinMexico]

Yes - They have an office in the marina

[@ralphramirez1979]

@@AlmostRetiredinMexico yes I did Google it. Thanks

[@chrisdesilets]

Thanks for the video, can i open an acount and buy a CD from my home in Florida, online?

[@AlmostRetiredinMexico]

I don't think you can open a Mexican bank account online from outside Mexico (unless you're a Mexican citizen.) You'd need to visit a branch office - I think this is a rule for all banks in Mexico. The regulations are really strict.

[@cluggyahoo]

Very interesting video Brighton. I'm not sure it's the proper way to ask that but I am a foreigner in Mexico and due to some recent circumstances, I need to find a way to generate some income. Since you know so many people in Mexico , perhaps you could help me connect with your viewers ? I speak and write english, spanish and french. I have managed rental properties for many years, I cook very well and I have been assisting senior citizens from the US, Canada and Europe in several latin american countries with all kinds of situations. I'm excellent with customer service. Please, if anyone reads this and needs a trustworthy and efficient person, I would be extremely appreciative. Thank you

[@AlmostRetiredinMexico]

What part of Mexico are you in? There's definitely a need for people in the Ajijic area to connect foreign seniors to services like long term care. This will probably grow all over Mexico.

[@KatKatz11]

So was it a rumor or true that I shouldn't keep more than $9,000 US in my MXN bank account because it will send a red flag to be audited by US since I'll still be doing my taxes there? Is there a limit how much I can keep in Mexico?

[@AlmostRetiredinMexico]

If you have more than $9999 in accounts outside the US, then you need to file a simple form when you pay your taxes. It's not a red flag for auditing unless you have way more money. The US wants to make sure you aren't hiding income and storing it overseas. As long as you are moving the money from the US to Mexico then you have a paper trail (but I'm guessing that would only be needed if you had over a million in Mexico...

[@jamesowens2781]

Hello the link does not work for some reason

[@AlmostRetiredinMexico]

Thanks for letting me know. Here’s the updated link: actinver.com

[@andredaedone5]

Well, I got my Ecuadorian cedula 10 years ago and been buying CDs there at highly reputable Cooperativas @ average 9 percent . Made enough money there to buy a condo in Cuenca. They deal in the US dollar, so no problem with exchange rate. Got to be careful of what Cooperativa you deal with because many are not financially stable. Don't be a dummy and research who you are trusting. The insurance is only as good as the underwriters, so don't trust that. I don't trust that in Ecuador and have my money situated in two cooperativas and one bank. And I never put all my eggs in one basket. And you need to claim the money you are making in Mexico on the US tax return. I don't pay any taxes on my interest in Ecuador so I pay here. And don't forget to file the yearly required form with the Treasury and or IRS.

[@AlmostRetiredinMexico]

Congrats on your success! And great that it's done in dollars, too. Diversifying is the best insurance ;-)

[@mariadavis3797]

In Ecuador you pay a 3% tax to take your money out of the country + wire costs.

[@andredaedone5]

@@mariadavis3797 actually it's 5 percent and transfer costs are.chesp. when you have 50k or.more earning 9 percent for years,. 5% in nothing plus you can deduct it from your taxes in the USA.

[@Jessestravels]

I have looked at both Ecuador and Mexico. You're right on this, the exchange rate could be a dangerous variable. I love Mexico so I may take the risk. I can't find anything on the tax rate in usa for this investment, since it's a passive investment there is no exemption so you definitely have to pay US taxes. If you were only bringing in $36,000.00 in interest per year and this was your only income what is the tax liability for this? Is the tax rate based on your tax bracket? I've seen the taxes in the usa can be as high as 37 percent. What is the lowest I can't find any information on this and it sounds like you have been through this. If you have and example of what you paid in Taxes on the cd interest for a year that would be helpful. Thanks.

[@andredaedone5]

@@Jessestravels Interest on foreign money is taxed as regular income minus foreign taxes paid. 36 grand minus foreign income paid minus your tax deduction for being single if filing that way. As long as that was your total income, you would have to pay about 2000 to 2500 in taxes. I have a lot of income from different sources so I pay more because of my total income.

[@marksrink]

Can i open an account from the USA or american open? I have a Wife and child in Hermosillo and soon will be retiring there, I am very interested in the 365 day bonds or whatever they are called instead of keeping so much in united states brokerage because i am worried how will my wife and kid get my money from Fidelity if i die ? very difficult if i pass away in mexico etc... Do all branches have english speaking workers ? Can i send 50k at a time in a wire? so many questions lol.. thanks this is terrific vid, anyone have answers to some of my questions would be great

[@whynot8082]

Not for me but best of luck to those that invest

[@AlmostRetiredinMexico]

Totally understand. There's some extra risk with the exchange rates.

[@randalreigel4089]

That was great information and don't forget Tesla is coming to Mexico and they will be a multi trillion dollar company soon.

[@AlmostRetiredinMexico]

Yes - they are probably part of why the Peso is so strong!

[@bernardogonzalez9816]

Tesla and many others are coming to Mexico, they are investing billions of dollars here, big reason why the peso has remain so strong

[@randalreigel4089]

@@bernardogonzalez9816 But how well could I live off? $2000 a month, retirement?

[@AlmostRetiredinMexico]

@randalreigel4089 You could live pretty well as long as you stay out of the tourist areas. The bigger problem is getting residency. The government has been increasing the financial requirements.

[@stevenhs8821]

Is there a visa requirement to open an account at a Mexican bank?

[@AlmostRetiredinMexico]

Reach out to the guys from this video. I think they said there was a way for non-residents to open a bank account.

[@mariadavis3797]

Yes, there is. A residence visa and CURP ID.

[@AlmostRetiredinMexico]

@@mariadavis3797 Actually - I'm working on a video about this right now. You don't need residency - certain banks will open accounts without residency. It's bank by bank. Most Mexican banks won't do it, but there are a few that cater to foreigners that allow tourists to open accounts.

[@bernardogonzalez9816]

@@mariadavis3797 you don’t need; tourists visa or permit should be enough

[@marksrink]

did you do video on this yet?@@AlmostRetiredinMexico

[@elvaplascencia6810]

🧐🤔🤔too good to be true.

[@AlmostRetiredinMexico]

It's totally true. The only downside is that exchange rates are unpredictable. But it would have been a huge win if you'd invested 6 months ago!

[@davebaker489]

Very informative Mr B. A How to Bank for Gringos. P n D

[@AlmostRetiredinMexico]

You’re welcome. Maybe time to buy some pesos with an eye toward your future in Mexico!

[@davebaker489]

Oh why bother... I'll just use yours. You know the spare stuff in your sock drawer. LOL ? @@AlmostRetiredinMexico 🧦

[@AlmostRetiredinMexico]

What’s a sock? Don’t need those in México

[@jerryturner7123]

Memories are so short. I heard the same thing in the 80s. Of course we didn’t have internet but the same speeches is no different than this video. Many people and Americans and my friends invested in Mexico banks for the exact reason. Suddenly the Mexican banks pull the rug out from everyone and everyone was broke!!!!!!! Does anyone remember!!!

[@AlmostRetiredinMexico]

I’d be willing to bet this doesn’t happen again (at least in the next 10 years.) Mexico’s economy is dependent on foreign investment- pulling that rug would crush Mexico. The bigger risk today is that the peso is strong right now and that is not likely to continue.

[@louismartin1926]

Do you mean like the hundreds of US banks credit unions goes that goes out of business every year? The risk here is mainly the Pesos possible devaluation,not the bank themselves. Things have changed in 40 years and Mexcian banks are now mostly owned by international financial institutions like Scotia bank and Santander.

[@brightonwestvideo]

@@louismartin1926 the peso devaluation is definitely the bigger risk!

[@Thomas-yg7qg]

Step 1-get $100,000 to invest

[@AlmostRetiredinMexico]

Or $6000 if you want a one-year CD.

[@okboomer6201]

Technically it is illegal for a United States citizen to own a bank account in any other nation.

[@AlmostRetiredinMexico]

Ummm... then why would the US IRS require US citizens with over $10k USD in a foreign account to file form FBAR with their taxes? FBAR stands for Foreign Bank and Financial Accounts.

[@YouGotOptions2]

thats NOT true

[@gif24gt60]

Presidents and corporations do it all the time.😮

[@hawksbill5037]

Wrong

[@nightskylights4501]

Are you for real??? Dude, you have NO idea what you're talking about!

[@santosfontanez1405]

This sounds like a cartel scam . Crazy to send your documents online a head of time. Sounds like identity theft.

[@AlmostRetiredinMexico]

It’s pretty common in the US.

[@MariaSantiagoCarvajal]

YOU ARE THE BEST THANK YOU?????😇🍑

[@AlmostRetiredinMexico]

You're welcome 😊