The Best Way to Move Money to Mexico (and Much More)

Dolarapp Website:
www.dolarapp.com/
Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide
bit.ly/3SICdD0
DISCLAIMER: I am not a lawyer, real estate professional, immigration specialist, import broker, financial advisor, major league umpire or astronaut. The information provided in my videos is based on my own experiences and/or research and is not intended to serve as professional advice. I make no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of said information. In other words, take some responsibility for your own life choices and conduct your own research before making important decisions.

[@qroo]

Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide bit.ly/3SICdD0 Qroo Paul's Top Pick to Learn Spanish kzbin.info/www/bejne/hKvGYqKIiKaDh5I

[@nucreation9833]

Hi Paul, loved this video!!! is there an update video coming soon? Have you have found other options??? Thanks

[@shawnacton759]

Will this work fron Canada in Canadian dollars? ?

[@troyknode818]

I would also urge cation in the balance you leave in this system/app. Do your transfers and conversions and get your funds back into a deposit insured institution. Read the fine print! Only maintain a balance you can afford to lose. Don’t chase the yield…. Just ask Voyager, Celsius and other “crytpo banking customers”. Proceed with caution.

[@DuffTV2]

Careful. Your money likely isn’t insured and they could be using their (your) assets for risky loans or investments that put you at risk you aren’t even aware of. See cases like Voyager, Celsius.

[@user-bb2yw1mh6j]

Correct, your money is not insured; however, your assets are not being used for risky investments. DolarApp is not a bank, so they do not have the ability to invest, lend, or hold fiat (cash). The way they make money is through markups on currency exchanges and transaction fees. They still offer some of the best rates available, and the transaction fees on purchases are minimal. One important consideration for users is that you are required to purchase USDC, a type of stablecoin cryptocurrency. This means DolarApp uses a custodial wallet model, where they control the wallet and hold your USDC in a centralized manner. The security of your assets depends heavily on DolarApp’s security measures and the strength of your password. Given these factors, it's advisable not to hold large amounts of USDC on this app for extended periods. Transfer and exchange what you need promptly, and move the funds to your bank account as soon as possible to minimize potential risks.

[@joekeating8530]

Be advised that USDc did lose it's dollar peg for a short period of time due to Circle lost a considerable amount of money when SVB went belly up. It sank to about .88 for a couple days before rebounding back to 1.00.

[@appalachiantales]

Not familiar with the account details of the program paul is speaking about, but just wanted to tell everyone to research the details. If you are earning on usdc, it could be that your usdc is being staked for you and because of that you will have to report and pay taxes on staked crypto earnings. Also, circle (usdc), has in the past and at any time can in the future freeze-confiscate all of you usdc coins if they are suspicious of account activity or are ordered to by any govt authorities.

[@jjuancito]

Details, details… Not to mention the crypto in your account is uninsured. Unfortunately most people don’t want to hear any of this.

[@WiseOwl-1]

I would urge people to perform their due diligence before signing up. The 4% cash back using the optional “credit card” is only on monthly purchases “up to” 10% of their USDc balance, so if they have $2500 USDc, they would receive $10 USDc cash back on the 1st $250 spent then 1% cash back after. Also, the “credit card” operates like a ¨pre-paid” credit card, so purchases are limited by the users current USDc balance. Also keep in mind, that since it is a “Mastercard”, there is a “foreign transaction fee” of 1% for all purchases made with this card in Mexico. The 4% cash back becomes 3% and the 1% cash back become 0%. You will note that Paul’s purchases were in USD at US restaurants, so there was no “Foreign transaction fee” included. Personally. I’m sticking with WISE and timing my transfers according to the exchange rate to my Mexican bank account. YMMV.

[@qroo]

Hi Wise owl. I just checked with the Dolarapp folks. They assured me that there is no 1% foreign transaction feebeing charged when using the card in Mexico. The account holders will receive that amount.

[@WiseOwl-1]

@@qroo Yes, but Dolarapp doesn’t charge that fee, Mastercard or Visa charges the fee. Both companies act as foreign currency retailers. It is the same with using my Charles Schwab “Visa” card in Mexico, even though Schwab rightfully claims to charge no foreign transaction fee, the Visa exchange rate hides the fee. It’s how those cards make money. They hide the fee by using the current official Mastercard or Visa exchange rate. There are times when the credit card fee is comparable to the interbank or mid-market rate, other times the fee can average 1%.

[@qroo]

If the fee is charged, it is not passed on to the Dollarapp account holder. You get the rate shown on the app and you will till get 4% or 1% cashback. I spoke with one of the founders of the company and he said that is one of many things that is setting them apart from the competition. I like that it is earning 3% in the account as well, but I would use it for the exchange rate even if it wasn't doing either of those things. I just present the info. In the end, it's up to each invidual to decide what is best for them.

[@WiseOwl-1]

@@allanzfs Remitly’s exchange rate is not great. Even though they claim $0 fees, when you factor in exchange rate, you end up with less after transfer compared to Wise.

[@WiseOwl-1]

@@qroo If they absorb the network fee that’s great. Are there different exchange rates to buy and sell USDc? They need to make a profit somewhere.

[@treboregrev]

Hi Paul, congrats on your videos. Just for your info, my CIBC Aventura (canadian) credit card let's me send up to 3,000 dollars a day to Mexico (i.e. 90,000$ a month!) with no transfer fee, and payable at the end of the month like it was any other purchase. Good exchange rate too. I find this deal hard to beat. By the way, I pay just about everything there is in Mexico with this credit card (food, gasolina, restaurants, home depot and Cosco...) and continue earning points. I am not aware if this service is available from any other credit card suppliers.😉

[@oseaslopez2634]

I think usdc is under fire and not safe to have.

[@raymundo6590]

Great informative video. The Volaris video would be great not just for the community but as a video to get a lot of views. I'm live in southern California my whole family uncles, aunts, freinds rather travel to Tijuana aeroport for cheaper deal to go to MX and the holidays are coming great timing for the video. We need this video 📹 .

[@rightright6582]

Well fellows , my take: I do like the capsule.. Inquiries: Can i stake my usdc with dolarapp? If so what % rate r they offering? -who is behind dolarapp? -has dolarapp been audited? -r they certified by any financial entity anywhere in the world?

[@DrAJ_LatinAmerica]

You may want to investigate some of the companies largest investors. You may find it interesting.

[@RedroomStudios]

why dont you just tell us?

[@DrAJ_LatinAmerica]

@@RedroomStudios not my channel. I'm not the one getting paid to bring the info. Plus in all honesty no one ever believes it they see it for themselves. Check, very interesting stuff.

[@1879gym]

The ultimate best way is to open up a premium account ( different names with various banks; will require 30 to 50k deposit)… then transfer money bank and forth with no fees and at the best exchange rates…. For example with banks like these: Bank of America in the U.S. is affiliated with Scotiabank in Mexico. HSBC in the U.S. is affiliated with HSBC Mexico. Santander, in the U.S., is affiliated with Santander Mexico

[@Dragon-kf5sb]

Absolutely correct! We get our pensions' check's deposited to Bk of America and then we transfer it to our Banorte or Banamex's account when rates are at its best. CERO transfer fees from either bank. Our SS pensions' check's directly to our Mexican bank, SSA gives the highest rates ( from them via Banco de México -Mexico's central bank to my account... Hence why the best exchange rate). Also, we use our Mexican debit cards on our Mexican bank's ATMs ... No fees there either. Works well for us.

[@1879gym]

@@Dragon-kf5sb It works well for me as well... Respectfully, I do recognize that some of these premium accounts may be a challenge for some ; however, another benefit that I like is the fact that many of these banks assign a personal rep. to address any concerns ( with the representative there is no need to reinvent the wheel ) which adds a layer of security & added peace of mind

[@Dragon-kf5sb]

Thanks 👍, our BoA account actually is the regular checking account that we'd have since long before retirement, and when our golden date to sale all and move to Mexico arrived, we discussed with the bank and they said "no problem you are a customer and will continue to be our customer with a foreign address (as they work with the military personnel overseas)... That was just fine with us. We don't pay any fees because BoA has a selection of transferring the amount of dollars as "pesos equivalent " instead of transfer dollar amount. Nice talking to you!

[@ryanm7171]

First of all, I love your channel and know nothing about this particular company. I. would worry about using such an app because it sounds like you are buying crypto. So unless the app is guaranteed by the government through deposit insurance or you have personally verified and continually verify that the company is sufficiently capitalized, I would be wary about using it. We hate the fees Banks charge us, but sometimes for the regulations and government protection, it is worth it.

[@RedroomStudios]

omg... you sound hilarious trusting the government at this time in history. the government is about to totally collapse the entire financial system.

[@ryanm7171]

@@RedroomStudios Well if you believe that, fine, you should be buying physical gold, rations, supplies, guns, and a system to protect your stuff from everyone else. Once the financial system collapses, everything loses value. Crypto has no other real worth other than what the last person is willing to pay you for it. Regardless, when our government falls apart, I'm pretty sure we all will be suffering. At least you seem to be preparing for it. Good for you.

[@marathonlogistics9943]

This man gives out alot of useful information

[@JRspeaking]

* a lot

[@kylesandstrom853]

Interesting concept but be wary of coins and these crypto based companies managing them, a lot of these disappear overnight or the coins plunge in value. I think for direct transfers or daily spending money it could be useful but not sure of the reporting burden come tax time. I still use Wise and Albo and works pretty well.

[@lisaanderson8054]

THANK YOU SO MUCH for the recommendation for this DolarApp. I have signed up and already moved some money super smoothly and will now be saving $43.00 USD each time I transfer money as my US bank was charging me $45.00 for every wire. Thanks again Paul.

[@qroo]

You are so welcome!

[@charlies3502]

As these USDc's are crypto I assume you will be answering YES to this question on next year's return ? "At any time during 2022, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?"

[@RedroomStudios]

who are you - the IRS?

[@Belgarath777]

I noticed that in all of the comments here, he didn't respond to the insurance risk at all.

[@qroo]

Sorry, Keith. I don't always get to all the messages. There is no insurance that I am aware of.

[@bmyra]

That's because he was paid to endorse this app, so he doesn't discuss the risks and downsides. Caveat Emptor.

[@RobOppenheim]

I was able to pay my CFE (electric) bill with the DolarApp virtual Mastercard by using the "CFE Contigo" app. I was NOT able to use it on the CFE web site but I was successful with the app. I used the android app, but I would think they have an iPhone app too. It was pretty easy. I made an account with my email etc and then entered the CFE Service # for my electric bill (which is not in my name). And then hit the pager button and entered the virtual MC number, expiration date and cvv. It gave me the option to remember the card, and also to auto bill it each month.

[@cy38104tn]

Thanks for the video but this feels just like junk products influencers try to push. I'll stick with other methods because 1. No FDIC, 2. Not holding dollars but instead a cryptocurrency! and 3. This would make my tax return a whole lot more complicated.

[@mexicoexpattips3362]

If it were FDIC covered it could be a great option. The parent company does not appear to be either.

[@julietschida9114]

For vacationers☝️ Transfer from home bank account- which charges fees to pull from ATM’s . I suggest opening a Capital One 365 bank account bank account. And transfer and pull from ATM. Remember.. when asked the Question : If you except the exchange rate on the ATM screen. Hit - NO

[@glassnfire_art]

We have lived in Morelos for the last 5 years from Colorado and transferring has always been a pain. I can’t wait to get this, huge thank you

[@glassnfire_art]

@@allanzfs remitly was one of the big pains I mentioned

[@EL0036]

One thing you failed to mention is that USDc is crypto and not risk free.

[@bmyra]

Right. It's just a paid promotion, a commercial for dolarapp. Presumably that's why he wouldn't mention downsides and risks.

[@catht9653]

Thanks. Is USDC a cryptocurrency? Is it protected like money in US banks are? What is your relationship with DolarApp? I didn't hear any downside to the use of this app.

[@pedrozatravel]

No, USDC is not protected like a regular US bank.

[@holaexpat-johnohe8515]

Signed up and transferred money for the first time today. Worked beautifull. Thanks Paul.

[@LegitnessCenter]

Did you send money to your family ?

[@peterdeppeoriginal1221]

Hello from Canada and thank you for this video. My question is, can this card only be used from a USA bank account to fund the Dolar App credit card or is this also possible from any banking institution in Canada??

[@chuck4300]

Thanks Paul! I’m always looking for a better, faster, cheaper way to send money to mi familia in Mexico. I will look into this.

[@leemartinez2975]

Great content! A great topic would be for residents that live in Mexico but work full-time (W-2) online for a US company that does not have a presence in Mexico. Specifically, the tax implications with the IRS and SAT. Thank you!

[@cammrn]

I would be wary about using this app and especially about holding your cash here. The fact that you can earn 3%+ interest on your USDC means that Dolarapp is loaning out your money. What happens if too many borrowers default on their loans? Your money isn't insured or backed by the government. If it goes bankrupt, you can lose all of your savings.

[@cammrn]

Accepting a sponsored video and not sharing these risks is shady AF

[@bmyra]

​@@cammrn Agree. It seems like Qroo Paul's new business model is paid endorsements cloaked as personal advice.

[@rf5283]

Thank you Qroo Paull this is one of my favorite channels. Newly retired L.E. looking at all of our options.

[@jortega456]

Congrats on making it!

[@g.moreno6252]

Congratulations on making it to retirement. If you are considering moving to Mexico, look into establishing South Dakota residency and save hundreds on state income taxes. SD has easier requirements than Texas or Florida. That is assuming you are coming from a state like California.

[@allanzfs]

. Try remitly instead

[@awakening7251]

Another option. The prob for me has always been to send pesos out of Mexico. The govt and the banks makes this hard to do I use Wise and Bitso (a crypto exchange and wallet). Wise gives you a bank account in the US at Chase. To send pesos worldwide, I transfer pesos from my mex bank account to Bitso (which is mexico based), buy a dollar based crypto there (Bitso specifies which) which I send to my Wise account where it shows up as USD. If DolarApp sends pesos out of Mexico, I will definitely consider using it.

[@carloschu7127]

How do you resolve taxes in Mexico, before sending out money ?

[@Mexicooverload]

WHY are stating the Dollar card is a credit card??? It is NOT. There is no borrowing - you either have the money to buy something on your card is the applicable foreign currency or not. It is a pre-paid debit card just like Wise and other fintechs offer. Do your homework Qroo.

[@qroo]

It is a secured credit card issued in Mexico.

[@Lyvwr]

Another great video! Any idea of how Canadians can do the same?

[@whererugoing]

Not your keys - not your coins. Be careful this company doesn't go bankrupt like Celsius. They also held USDC and "gave" a nice return - until they went bankrupt.

[@allanzfs]

Is this similar ethics to the paid commercial Paul did for the Cross Border mortgage company that charges huge fees? This gushing commercial has avoided all of the red flags that came to mind while watching it, especially the crypto piece! Dolarapp website registration was just two years ago!

[@bmyra]

Good point. If this was a real product review I'd hope he'd give pros and cons. But it's just a commercial, and he's just a paid spokesperson.

[@markustilgner]

I now use Wise (formerly Transwise) to tranfer money to a bankaccount in Mexico. You get a good rate low charges and the money arrives in seconds. So you know exactly how many Pesos will arrive (in seconds). The same should work with the bank N26.

[@berniekeene868]

Thank you! Does anyone know if you can use the credit card or the app in some way to get physical pesos in MExico? Like at an ATM machine? Thank you.

[@RobOppenheim]

Yes. You can use the physical Master Card (mc) at an ATM. The local ATM fee will be added to the transaction, but no other fees are added. And I don't think there is a cash advance fee either. Of course there is no rebate with an ATM transaction. A Schwab debit card is a better deal, as they will reimburse the atm fee. Or you can open a regular Mexican bank account, and transfer pesos (for free and nearly instantly) from DolarApp to the local bank, and use the local bank's ATM for free. You can also get pesos at oxxo with a smaller fee of just 17 pesos. And some merchants will give you cash when you make a purchase. But when I tried that at Walmart it did not work. I could pay for the purchase with the MC but no extra cash. That might change, so I should try again.

[@anainmazatlan]

Just to be clear...the card issued is NOT an actual credit card in the pure sense of accessing a credit line versus accessing your own deposited monies. So it's really a DEBIT card that can be used in a similar manner to a credit card. Pretty well every bank in in North America issues these dual duty cards these days.

[@qroo]

Actually it is considered a secured credit card. Dolarapp is not a bank. One question, does your debit card earn up to 4% on purchases? I have bank accounts in two countries and none of mine do.

[@anainmazatlan]

@@qroo Yes, I understand. Secured by one's own funds is my point. Just having the card does not give you access to any pre-approved credit. If you don't have the money already on deposit in your DolarApp account, you cannot use the card to pay. Don't get me wrong, it's a great option nonetheless. I was just making it clear for those that might think you get instant credit just by having an account. 🙏

[@landesmm]

Installed, US account linked and verified. Now waiting for my first loading of USDc. Thanks Paul for the suggestion and research.

[@landesmm]

On Friday 28-Oct I did a full transfer into the USDc account from my bank (after the micropayments were approved) and today (Monday 31-Oct) the funds arrived. So it was either 4 days or 1 working day. Not sure which yet.

[@erikforstreuter1926]

My US account is in Franklin, Tennessee, with Lineage bank. I live in California. Bothers me some to be transferring money to an out of state bank, that I have no history with

[@yestohappiness2721]

@@landesmm hi. Have you used it to transfer a bunch of money from usdc to pesos when the rate was favorable? I want to use dolarapp as credit card but when the conversion is so bad like now, I don't want to be paying on this horrible rates. When we pay with the dolarapp card it seems to convert on the spot, which is not good for us now. I'd like this card to be like Wise where I can make conversions when dollar is high vs pesos, and then use those converted pesos to pay at stores... any pointers? thanks!

[@Kurt-rg8jq]

I'm testing DolarApp now, but don't like that I have to wait 2 business days to deposit money into my DolarApp account before I can convert it to peso to my BBVA account. I like that Wise can transfer my money in seconds/minutes.

[@edpanel1779]

Thanks Paul and Linda for doing research and bringing info. To your viewers. Always great stuff, I would appreciate a video on volaris, as folks move (retire) to mexico we begin to travel a lot more and I have not encountered videos on airfare or airlines within mexico. Cheers, Ed

[@folridaone1]

This app dollar is great no but when I download the app I gave him all the information and my code to get into 4 digit doesn't take it I have no way to call them up no way to communicate with them so what good is it for me anybody know

[@MountainBeaches]

Thanks for the great info. We have been using Wise but will check this out and compare. Can't wait to get back to PV in 3 weeks.

[@Jummer_the6]

USDC is by no means safe regardless if it is 100% backed. The US views this as an illegal FIAT substitute and equivalent to someone printing their own branded US Dollars. You should ask yourself why is this held in a cryptocurrency and not in US Dollars? And anyone experienced in crypto will tell you that unless you hold the private keys to that asset you are at risk. So many red flags here. While I would be comfortable using it for small purchases I would be very wary holding US Dollars in anything other than a US regulated institution.

[@JohnJuan2129]

Can this be loaded at an OXXO or other brick and mortar location?

[@luyzqint3760]

Paul, in my opinion, this is the best tip you have given on KZbin. Thank you ✌️

[@qroo]

Thanks, Luyz. :)

[@enmamagam4390]

Making money doing advertising.

[@bmyra]

Qroo Paul built up a reservoir of trust with years of vlogs and advice, and is now disappating it by being a paid mouthpiece. Gross.

[@tjlopez6579]

Bitso offers an 8% interest if you hold your USDC whiting the exchange

[@maxkelter3561]

Very informative content about US & Mexico money transfers and usage of funds. Dollar app makes it easier.

[@tdub01]

Lots of us Canadians moving down here EH? Been in PDC 2 months and LOVE IT

[@trigstewart1491]

this is the third time I've watched this video. Thank you so much. But I have a very important question. Is the money guaranteed? FDIC or their Mexican counterpart?

[@cammrn]

No guarantee. If the company goes bankrupt you can lose it all

[@tonynes3577]

If your money is held as a USDc it seems like it's a 'Stable Coin' cryptocurrency and is not regulated, yet, by the US government. And therefore not reported. Yet. That's what I think...

[@joy8star]

GREAT video! TY for all the awesome info you share. I also like your personal humor style that often has me chuckling. WELL DONE AND GRACIAS!!

[@CumbiaDancer5678]

Great info! I really love watching your videos. They are always so informative.

[@2GringosOnTheGulf]

Oh man we have been waiting to move $$$ from Canada as the dollar is so bad. One of the first things we did is open a Mexican bank account. Thanks for sharing Paul I should get a part-time job making USD hahaha take care friends Cheers from 2 Canadians living in the Yucatan J&D

[@2GringosOnTheGulf]

@@ddavidson5 absolutely brother ✌️🐶🙏

[@RedroomStudios]

dont panic... it looks like the trend on the exchange rate is starting to reverse the last few days.

[@RedroomStudios]

@@ddavidson5 you can get those options if you use Wise. you can also convert your money to any local currency to pay for things using their debit card.

[@2GringosOnTheGulf]

@@RedroomStudios no panic here here life is to short for that stress 😬 lol Muchas gracias amigo ✌️

[@lb9007]

@@RedroomStudios it's related to the BOC to raise rate today.

[@ElAgaveGuy]

Thanks again for doing all of the leg work for us, amigo.

[@sadie9527]

Do you still recommend this?

[@Emily_Quinn]

What about using Revolut Debit Card?

[@qroo]

I don't know much about that one, but I'll check it out. :)

[@patrickvanmeter2922]

The best source of information I have found, by far. Thank you for what you do.

[@johnhamilton6330]

The $USD is losing value every day, why would we want to store our wealth in another form of USD?

[@GMPO3]

Cool. But what makes us think Dolarapp is trustworthy?

[@qroo]

I suppose we could ask ourselves that same question with any company we choose to do business with. My wife just reminded me that she asked me the same thing when I started sending money through Transferwise, now Wise.

[@bmyra]

​@@qroo That's a smooth non-answer. You are a paid endorser of this app. Didn't they provide talking points to you, a Q&A, a script?

[@PlanFree]

Thank you for presenting the information Paul, we appreciate you!

[@bmbcges3920]

Thank you, I've been quite frustrated not being able to use my US issued cards that I use all over the world here in Mexico. I've been looking for a "prepaid" card to skirt the issue, but this will do the trick. As always, you're vids are informative and straight to the point. Really enjoying the Spanish lessons too!

[@josephsmith961]

Where have you had trouble using US credit cards? I live here and use a US credit and debit card, no problem.

[@7beauties161]

@@josephsmith961 The only place I have had a problem is Coppel when I tried to buy furniture. They would not allow me to charge more than 1500MX pesos on my US based credit card

[@gfasolino]

Hey Paul - many thanks for your great videos and happy new year! I am the founder and past president of a Rotary club located between Tijuana and Ensenada. I would love to have you speak with our club, either virtually or in person if you’re ever on this side of Mexico. Please let me know if you would be available to do that.

[@roundpaws]

Absolutely fantastic video. Thank you

[@lailja21]

Híjole Paulito!! Que buena onda y noticia! Mereces un montón de estrellitas doradas en tu frente 🌟👍😃 Gracias

[@stevosteverino7602]

Paul -- this is way cool!! Thank you so much for explaining this and sharing it!!

[@andreawisner7358]

I'm definitely going to look into this! Just in time.

[@allanzfs]

Try remitly instead

[@jdbrews284]

Since $USDC is a crypto currency, can you send $USDC to your Dolarapp account via exchange or crypto wallet? What are the crypto laws in Mexico while talking about a cryptocurrency?

[@firstlast1047]

Thanks. I would like to send scheduled weekly pesos to a MX bank account holder (4000/6000 MXN). Using 200/300 USD as a basis. (1 USD = 20 MXN) subject to currency fluctuations.

[@leekaufmancoach]

Paul, is there any "insurance" on the USD-C that one would hold in Dolar-App. Meaning is there any way your money is at risk. For example, people who had been invested in Crypto "savings" accounts found out disappointingly, when the crypto market corrected, that their money wasn't necessarily backed up by anything.

[@cammrn]

>Paul, is there any "insurance" on the USD-C that one would hold in Dolar-App Of course not. Do not put your money here.

[@RobFekete]

Since USDc is crypto currency what are the tax and reporting implications with this?

[@zaphodbeeblebrox2911]

When you purchase USDC there is no gain or loss, so no tax liabilities are incurred.

[@WiseOwl-1]

@@zaphodbeeblebrox2911 There is an option to add from a crypto wallet, so there would be a taxable event on any gain/loss on the crypto.

[@jgamby5]

Hey super freaking helpful video. brother. Keep em coming!

[@alexmansour123]

Thanks so very much! The information you provided and continue to provide is priceless. Truly appreciate you and Linda.

[@gsekse]

So for US taxes, is a dolarapp account considered a foreign bank account or US bank account. If I exceed 10K, will it be reported to the US Government?

[@DrAJ_LatinAmerica]

That is the million dollar question

[@markbowen5842]

Even if it is not reported, under FACTA you are required to report over 10K at any time in a Foreign bank account it or face a 10K fine.

[@gsekse]

I am scanning through the FAQ. Interesting idea, but very different because the company is Mexican but is not considered a traditional bank account by law. I would not yet put more money in the account than I would be willing to lose, but in time, especially if it isn't "reporting" traditional information to the IRS. It would appear to be a loophole status. Unfortunately if it becomes wildly popular, the US government will attack it directly or indirectly.

[@JuanMoreno-wo5yb]

@@DrAJ_LatinAmerica I think it is a $10,000.00 question; it is the limit you can fly or drive into Mexico with. If you can bring in more than $10 thousand using the app, it seems you can break that law?!?

[@JuanMoreno-wo5yb]

@@gsekse Don’t tell the Mexican Cártel about this app!!

[@almaarvizu6385]

Another episode of great information...thank you..hasta luego...

[@robertocordero8728]

Thankyou paul.very good advice saludos. California.

[@bmyra]

It's not advice. It's a paid endorsement. Important distinction.

[@Andrew-ow2qo]

Thanks! Super thankful for your knowledge sharing. I am relocating in July, and have just recently opened a Charles Schwab acc. But … this sounds much more advantageous-

[@canadiannomad2330]

I was hoping you'd mention it in the video... How does this compare with Wise? In terms of cost as well as time to receive and time to send? I assume the Mexican side is instantaneous.. but the US side often takes days when I don't use Wise.

[@qroo]

Wise has always been my preferred transfer service, but that has changed. I get more pesos using Dolarapp. As far as the time involved, the Mexico side does move faster than the U.S. side does.

[@MountaintopKitchen]

If exchange rates are comparable, then it should be better than Wise. Wise charges almost $11USD to transfer $1,000 USD … DolarApp only $3 USD. I’m assuming that funding USDc in the DolarApp via ACH transfer from my US bank won’t include a service fee on either end.

[@allanzfs]

Try remitly instead

[@settinger14]

Do all of these apps (Wise, Remitly, etc) deal in USDc? How safe/secure is USDc? What happens if DolarApp tanks?

[@rightright6582]

@@settinger14 if dollarapp tanks, it is not insured. The only sure thing in DeFi, Decentraliced Financed , is that is centraliced. I will use it but i will not put my life savings in any one bank, DeFi, regulated or opensource . No bueno...

[@Geriuxx]

Wow, I was using Paypal / Zoom to transfer them, but this sounds way better, thanks for the video, very good info.

[@troyknode818]

Please make a follow up video on this information. Crypto linked finance has high risk with limited protections. Please Do not use this app for anything other then specific and timely movement of funds. Leave no monies in the system. Please dive deep into this industry/business and the fine print.

[@hughxur5433]

It's understandable that the Mexico side is having more success with this setup than the US. The US has far more entrenched banking in vital, root infrastructure that... likes the 'well trained consumer' side of the profit equation. US banking can easily make it difficult for tech like this that 'partially' circumvents fees that US banks enjoy. Fossil fuels, pharma, chemical companies, transportation, etc.; control root US infrastructure and are increasingly resistant to evolving tech that destabilize their asymmetrical profit margins. It's only a matter of time before the larger scale of destabilization going on worldwide, scales to tech like this. So crypto-or-no has less-and-less a viable factor in long-term adoption, than outright replacing leaders of the aforementioned 'oppressors'. De Oppresso Liber

[@timryan4414]

Can you set this Dolarapp on my desktop since I do all my financials there I use my phone for communication only.

[@kellyname5733]

Good question. I do the same

[@timryan4414]

@@kellyname5733 FYI, I got this response from Dolarapp: Hey Tim, sadly we only got the mobile app currently -- Sebastián Fernández Ops Manager

[@elainezapotoczny5322]

Thank you Paul & Linda, this is great info. Do you know if this app works for CAD $ ?

[@jpsmusicandmore5457]

Great video. I am about to start to move to Mexico journey and this looks great. Thank you.

[@dianaferreda6789]

Is work for Canada?

[@MarcoTrillion]

Awesome video!, thanks, just what I was looking for.

[@MountaintopKitchen]

DolarApp will not link to banks that send ACH credit and debit verification transfers. My US bank sends 3 small ACH verification transfers: 2 credit and 1 debit. DolarApp rejected the ACH debit verification transfer. Here is DolarApp’s policy: Currently, DolarApp only supports ACH credits, but ACH debits will be available soon. So, I can’t link to my bank until DolarApp accepts debit ACH transfers.

[@MountaintopKitchen]

My US bank confirmed that DolarApp rejected the ACH debit verification amount. So DolarApp will not work with many US banks because they send an ACH debit verification to ensure that they can rescind an ACH transfer made in error. This is against DolarApp’s current allowances.

[@MountaintopKitchen]

DolarApp just contacted me and confirmed that they can only link with banks that send ACH credit verification amounts, not those that also send debit verifications as my bank does.

[@MountaintopKitchen]

DolarApp does not work with Schwab. And if you have Bank of America, you have to pay BoA $3USD and DolarApp $3USD for $6 USD total. It would be good to post which banks work best with DolarApp. Has anyone tried CapitalOne yet to see if their verification process works? CapitalOne does not charge the $3USD ACH fee as BofA does.

[@stinkenlinken]

Great video. Thanks so much for these tips.

[@gregorgman]

Paul, thanks for another great info-video, you are the best!!

[@douchebagout]

Very valuable information, thank you sir.

[@hivolco151]

I cannot wait to get this APP! Perfect!! :)

[@coplifull]

So far all your recommendations are 100%, but not this one. I just got locked out of a bunch of money because they quit responding to my service requests. not a big issue: transferred 600 over my limit, and rather than send it back they locked the whole transfer amount, kind of big. Now ignore my every request, cut my limit, and if I am lucky it will take 3 months or so to get my money back, forget the exchange rate fluctuation or an interest rate, 60k in limbo. No management, no efforts to solve it, no regulatory agency. Good luck to me.

[@MrFreshEdition]

Wow! Great Informative and Financial information. I have been losing money by withdrawing from local ATM's for almost 2 Years! Thank you for the great content! I have already downloaded Dolarapp!

[@teresamorgan3037]

Wow Paul! Brilliant video. I currently use WISE but this is a much better deal, and the credit card option is a pure gift. So, i have 2 questions : a. Can I download this fron the playstore? B. What is the interest rate?

[@qroo]

Yes, you can download it from the playstore and there is no interest rate because it is a secured credit card. You are sending the money you have in the account.

[@happyday868]

I would use this just for the amount I'm about to spend. Nothing is free when it comes money.

[@EgyptEGY]

I have a better way, use Bitso and use BCH (much much less exchange fee than USDT)

[@ajolsen9961]

Thanks for this information. It certainly opens another possibility. However, you will probably complicate your tax returns, because every transaction will be considered a cryptocurrency trade. These are regarded by the IRS as security transactions and are reported on your income tax forms. The fact that USDC and USD have nearly the value same by definition, only means that your tax bill won’t be affected much. However, each use of the card or transfer using the account will need to be reported when filing your taxes.

[@carrielyn4307]

This was my exact reaction as well. You'll need to provide your accountant all the transactions so they can calculate each trade's gain or loss, which will complicate your taxes for sure.

[@oldernwiser1762]

Thanks for mentioning this. Bummer -- that's a deal-breaker for me.

[@richardminaya816]

@@oldernwiser1762 Are there not minimums and like trading firms, do they report this to the irs (and to you?) ... if so, no big deal. GREAT VIDEO, more research to do. Thank you QROO

[@mrivera1901]

Dollar app is not for everyone and not the best option as transfers and not easy and have to be done to a bank location in US. Plus, there are better options with more perks. It wasn’t user friendly for us. We opted towards working on getting RFC and opening an account.

[@HuatulcoGuy]

So can Canadians use the app to move Canadian dollars to pesos and vice versa?

[@kevinbaxter1571]

just saying b mindful. lotsa banking issues on the rise

[@MrBarrystuart]

Great video Paul - thanks for posting !