The Best Way to Move Money to Mexico

[@nelsondiaz-lara6315]

That's what I like about all your videos... Straight as an arrow to the issue, breaking each point without extending it more than necessary, and to top it you only appear if you have something new of value. Smart without the 'Stuffing' & I appreciate that. Best regards, Nelson.

[@taylormaddux8433]

Apt description. Thank you!

[@brettd3206]

Don't know how I missed this previously, but I do know that the timing is perfect for me now.

[@randyross9426]

I think you are exactly correct. It's working great for all the things we need to take care of in a very smooth process.

[@Int.pablo.e.arias.c]

Thank you for sharing! I have been looking for a good way to move money to my freelancers accounts in Mexico 🇲🇽

[@kellyname5733]

DONT USE DOLLAR APP. COLLAPSED AND TONS OF MONEY MISSING.

[@davebacon6194]

Have been using this app per Paul's suggestion for a few months now and it works great, gracias amigo!

[@Anonymint-vj7bt]

How do you get cash out though? Use Mexican ATMs? What fees will they charge?

[@davebacon6194]

@@Anonymint-vj7bt don't know, i use it to transfer $

[@knerduno5942]

I bet you are not saying that now

[@Anonymint-vj7bt]

@@knerduno5942 as if vloggers did not learn their lesson from the FTX collapse to not recommend financial products. Vloggers are in danger of being sued.

[@kellyname5733]

STOP USEING THIS APP.!!! DO SOME RESEARCH. IT COLLAPSED AND MISSING MONEY IS HUGE.

[@BethTuckerEssentialVA]

Paul, you need to update in view of the trouble that the company is in. Money missings, Evolve, the bank connected has its data taken, so people’s info is out there. The company has not addressed this.

[@2GringosOnTheGulf]

Not relevant to us but great info sir. Cheers for 2 Canadians living in Xalapa Veracruz. ✌🏽

[@diogenes9295]

Same from Orizaba. Even Wise does not work. Needs to be a KYC US bank account. You can load the DolarApp card with pesos from a Mexican bank, but that is redundant, and extra fees.

[@Ahamshep]

Thanks for saving me time looking into this. I currently use ofx, but always looking for a better solutions.

[@VibreLeader]

Wise does work fine for Canadians. Been using it for a couple of years.

[@2GringosOnTheGulf]

@@VibreLeader I just mean not relevant to as we live in Mexico and have a Mexican bank account. ✌🏼

[@VibreLeader]

​@@2GringosOnTheGulf Sorry. I was replying to diogenes9295.

[@cindyeverythingcozumel]

Thank you After 17 years living here Thank you for your info more info on Cozumel Message

[@acehzo]

Great if youre on that side of the world, what about people from accross the pond in the UK? any recommendations? Revolut? Wise?

[@TysonJensen]

I think the recommendation to look at money in -> pesos out instead of comparing fees and a bunch of junk is certainly good. What I would do is talk to your UK banker. (the person behind the counter at the bank probably doesn't know, but I guarantee you there's a person at the bank who does, and if you qualify for Mexico residency based on financial solvency, you already qualify to talk to that person). Your bank already employs someone paid to be knowledgable about topics like transferring money legally, securely and for the best possible exchange rate.

[@lauramortick7600]

Do you still recommend based on the issues they are having recently?

[@cacanyonhopper]

This helped me understand more. Synapse was the go to api for the fintech world. DolarApp was one of Synapses many clients on the app side. There are also partnering US banks on the bank side. Evolve was one of the US banks. Anyways hope this helps explain kzbin.info/www/bejne/oJu0c6WfrqujnKcsi=iTUurvr11lV2RHXs

[@lailja21]

Hola Paul y Linda.... espero que todos se encuentren reté bien 😊

[@kevinleak-l7m]

Always informative as usual. I thought this might be the solution to an issue I have here, right until you said they only mail the card to a MX address. We don't have any mail system here at all in San Felipe. Still might use the app tho. Thanks!

[@stephanieing404]

Thanks for this video. I just saved a bunch on my trip.

[@dorathystephanie7702]

I'm so happy I made productive decisions about my finances that changed my life forever,hoping to retire next year.. Investment should always be on any creative man's heart for success in life ,

[@Ricgibs]

You're right, with my current crpyto portfolio made from my investments with my personal financial advisor Fergus Waylen, I totally agree with you

[@domenez]

Yes I'm familiar with him. Fergus Waylen demonstrates an excellent understanding of market trends, making well informed decisions that leads to consistent profit.

[@josehenry7205]

I'm surprised that this name is being mentioned here, I stumbled upon one of his clients testimony on CNBC news last week.

[@waynes4369]

Waylen has to be the best mentor I've met. He's copy-trading has been the best because I hop on it with $3000 and I'm up with $35,000 in profit. He's insights, information and versatility in the market is super

[@Georgina705]

I didn't know you guys knew Fergus Waylen . He's been great and has helped me balance the scale in my trades and job with his insights and auto trades. This helps to avoid my emotions altering a trade.

[@clsybear]

Paul with the peso really low can you recommend any place to invest in Mexico?

[@cacanyonhopper]

I don’t know what Paul would advise. Maybe fixed interest of some kind? I have begun using NuBank debit account for that. It’s slow for me to add currency without Mexican citizenship. Just offering an idea, not financial advice. I am trying to generate passive income in Mexico to mitigate dollar/peso exchange rate risk we experience due to the decline in the dollar and need to pay recurring expenses in pesos.

[@ddavidson5]

Can you use Dolar App to transfer from a Canadian account or is it USD only? As a Canadian if I first have to convert to USD and then to MXN with Dolar App then any exchange advantage will be significantly reduced if not eliminated altogether.

[@jdbrews284]

Its USDC (a crypto) since Canada is killing most crypto exchanges its gonna be hard to find an exchange that will sell USDC to CAD

[@ddavidson5]

@@jdbrews284 So no. I suppose this really works well only for US residents, which is fine, but worth knowing. Guess I'll stick with Wise.

[@javargasp]

Only ACH transfer (from or to United States)

[@jdbrews284]

I have never used DolarApp but I assume you actually buy USDC from them with Pesos or exchange USDC for pesos depending on which way you are transferring @@javargasp

[@buff-hq1df]

Paul my wife is mex we,'re down here in mex now. I have been a student of yours for years. Going to be in Mexico for Six months. I need this in mex for my wife she understands English but not enough to understand complicated issues like dólar ap.

[@eleanorolivas]

Thank you for sharing. Financial education is crucial today to show incredible resilience and discipline in the volatile market, masterfully balancing strategy and insight for success. This dedication to continuous learning is inspiring...managed to grow a nest egg of around 2.1BTC to a decent 15B TC in the space of a few weeks... I'm especially grateful to Linda Wilburn, whose deep expertise and traditional trading acumen have been invaluable in this challenging, ever-evolving financial landscape..

[@eleanorolivas]

She's often interacts on Telegrams, using the user-name.

[@eleanorolivas]

@Lindawilburn

[@Wesleygriffin1]

Linda Wilburn strategy has normalized winning trades for me and it’s a huge milestone for me looking back to how it all started.

[@dexterkan]

Linda gave me the autonomy I need to learn at my own pace and ask questions when I need to she so accommodating.

[@RayAlmero]

When it comes to investing, we want our money to grow with the highest rates of return, and the lowest risk possible. While there are no shortcuts to getting rich, but there are smart ways to go about it.

[@lorenareyes4685]

Hi Paul and wife! Thank you for this video. I'd like to know if there is anything special that needs to be done when purchasing an apartment in Mexico. My husband and I are planning to do the same but I get nervous and hope we won't forget to do anything in terms of wiring a large amount of money. Does it need to be reported? Also, are there any issues with using a HELOC (or similar) to purchase a property out of the country? Thanks in advance!!!

[@pattymunoz1740]

Hello Lorena, we used a HELOC to purchase our home in Mexico. There wasn't a problem doing so. We have an account in Mexico and transferred our money from the US to our account in Mexico. Hope this helps...

[@JudyCampagna]

Very important question. How is the card mailed to your house in Mexico??

[@JoJo-Mo-63]

Hey, Paul, I am a Mexican Citizen, but I don't reside there. What are the steps do I need to take to open an account in a Mexican bank?

[@reefhound]

From what I hear, Mx postal is not too reliable. Is there an alternative to mailing the card to Mx address? Maybe in person pickup at an office or partner?

[@ArlenLovingYou]

It appears you must be a Legal resident of Argentina, Columbia or Mexico, in order to use the app legally? I downloaded the app and it requires me to answer my country of residence and only gives me these three options???

[@lramirez0317]

Have you tried OFX ?

[@russf.6473]

Great Info! In regards to the Credit Card, do you know if it can be turned off and back on easily to avoid fraud? Also do most Mexican business accept and do they charge CC fee's like in the US now?

[@leaguerowe6561]

Yes, you can turn off and on the card on the DolarApp app on your phone. I did this and mistakenly forgot and a charge did not go through. I turned it back in and everything worked.

[@rickhays]

Thanks for the video Paul. Do you know if interest earned on money in dolar App generates a taxable event in Mexico? As it stands, my earnings are all US-Based and I don't need to file taxes in Mexico... am worried if this might change if I earn interest in DolarApp.

[@LivingandenjoyingLife]

I am still using wise for now, because of the high exchange and the security of it. Another alternative is having a bank account like HSBC, they global.

[@SarongGoddess]

THANKS! Sharing this!!

[@priscam9694]

Gonna give it a go. I’ve been using remotely for a year and their fees and exchange rate simply aren’t good. Thank you for explaining it throughly.

[@holo5268]

if you earn 4% , how do you report tax on earned interest? so eventually need RFC?

[@MexicoAdventurer]

If you're a temporary or permanent resident, it's the law that you have an RFC. But reporting the interest? I don't know if you'd report it to your home country or you host country. And under a certain amount in Mexico it's not necessary to report income. (It's a low threshold.)

[@leaguerowe6561]

The money in DolarApp is pegged to a US bank. A least when I set up my ACH transfer, that’s how it worked. So, I would guess any interest earned would be reported to the US IRS. However, DolarApp does not provide a 1099-INT, so I’m not sure.

[@bibibachmd9995]

Excellent information!

[@stephife]

Only received temp. residence last Sept. and just getting my sea legs in all things Mexican. But this looks good. Really appreciate how you keep yours short and to the point. Thank you. Also, just did a cursory perusal of you channel but didn't find anything on cell phones. Do you have content that addresses my quandary of wanting to ditch my expensive (but reliable) Verizon service, but I don't want a Mexican only service. The US service is my lifeline, but maybe I have a Mexican service also?? I don't know.

[@mikenauss1]

Hi Qroo Paul: great, informative video, thank you very much! I have a couple of quick questions, I'm Canadian, does the dolarapp work with CAD or just USD? If CAD is acceptable on this app, do you know of a company that collects mail on one's behalf so you could have your card sent to that company. I know in Canada and the US you can do that, not so sure about Mexico. Thank you very much in advance !!! Georgia

[@gerizickert5674]

Sorry, another question...It looks like I need to sign up for it after I move down there?

[@javargasp]

Yes, you need a residence address in Mexico to signup!

[@SophiaZanzotWhitted]

Hey Paul! Just curious if you've compared with Wise? Just opened an account from the US to use when I go to Mexico in August. Thoughts??

[@qroo]

I like Wise but I still get more pesos with Dolarapp.

[@mexsouriman05]

Can this be used get efectivo?

[@alvarocorrea6038]

Yes, you can withdraw from any bank account in Mexico using the card

[@anneli1735]

Just mind the limits

[@mexsouriman05]

@@anneli1735 there are limits? In what way?

[@alvarocorrea6038]

@@mexsouriman05 by default you have a 15K USD monthly limit, bu this can be increased by providing source of funds in the app if needed

[@leaguerowe6561]

You’re going to pay ATM fees and the exchange rate can differ from ATM machine to ATM machine. Also, a lot of Mexican banks try to get you to accept a subpar exchange rate. If you say no to this rate, your withdrawal will still go through but at a better exchange rate. I personally think this practice should be illegal.

[@jimwilcox946]

Is it possible to check exchange rates without creating an account?

[@devvetomoon777]

Question: Can you transfer USDC into DolarApp straight from a crypto exchange (say CoinBase or Kraken)?

[@bobboenish3299]

Does the dollar app card work at a Mexican ATM?

[@garth217]

Is it only linked to USD? I'm in Canada, that would mean a double conversion. CDN - USD - PA

[@javargasp]

Yes, only link to USD (domestic ACH transfers)

[@ihealthspacanada3263]

Will this work for Canadians 🇨🇦

[@kirstenveneziano1205]

Are you still recommending this company even though they're in bankruptcy?

[@jerry6369]

This video is still, up so apparently he is.

[@hcanfly]

This company is not in bankruptcy. Synapse is in bankruptcy. Synapse does money transfers and now has frozen accounts and is a mess. According to the DolarApp CEO they stopped using Synapse before it ran into trouble. Which would explain how DolarApp can keep doing transfers.

[@Dk-gh4yw]

The app won’t send me a verification code?

[@msand63]

A few months ago, I had to open a ticket with customer support and it was resolved within two days.

[@Dk-gh4yw]

@@msand63 thanks

[@dmjgemdiamondlab]

I am thinking to moving to rocky point from Arizona but so nervous please help me to know more about constructors there because I hear so bad news about they take your deposit money then run away and some construction company not completely for small works is that truly ?

[@lorenareyes4685]

Is DOLLAR APP what you would recommend to move a large amount of money to purchase a property?

[@cacanyonhopper]

I have. Do what works best for you. Everything has its pros and cons.

[@jamesfreese4700]

Gracias-muy util!!

[@SaintforJesus]

445yfg Hogpprqa ger21yufdvcttvv😊

[@Iknowyoureright]

Hey Paul would this app account be something that I would have to declare on my us income tax as a foreign account?

[@ivan11h]

can i transfer USDC to a crypto exchange?

[@carlonoble4903]

You are the man. Thanks

[@gregorygreenwood882]

OK, we have and use a WISE account now. In the past, our trips to Mexico have been short trips. But we are planning to head down next winter and spend six months. So the app sounded like a good deal. But... it says it is only for people who live in Mexico, Argentina, or Columbia. I clicked on Mexico and filled out some data... but eventually I hit "Address of Residence"... and seems like that had to be Mexico. Is there a workaround or do I just have to wait until we have a rental address in Mexico before I can setup the app?

[@MegaRamos85]

I noticed when I use the ACH transfer from US banking account to deposit into DolarAp, it takes awhile. Does it still honor the exchange rate at the time I did the transfer?

[@buff-hq1df]

Could you do one of these in Espanol thank you Paul

[@ivyx1786]

Si miras la descripción debajo del video, hay un lugar llamado "transcripción", puedes copiarlo y ponerlo en Google Translate. Espero que esto ayude, amigo mío.

[@vanessarobertson5251]

Great info as always, thank you!

[@dlukton]

So can this be used as a crypto debit card... without having to have a bank account anywhere? That is, could someone simply fund their DolarApp account using USDC, without any bank account involved? The other question would be this: could a US resident (and US citizen) just get a PO Box in Mexico, and get the card that way.... and if he were to then use the card in the US exclusively, would the DolarApp people close his account?

[@alexbello8094]

Does anyone know what the top limit with all the proper documentation?

[@heidiwaldmann9815]

Are the deposits insured?

[@knerduno5942]

lol. Their partner who handles the banking part went bankrupt. Try getting money from them now

[@juliorivas7428]

Excellent information. Thank you.

[@whatsitlike6392]

Thought I was doing good with Wise. Thanks for this great bit of info.

[@dlukton]

Yeah, Wise is supposed to be very good; but I've heard they sometimes close accounts, so it's good to have a "plan B".

[@yestohappiness2721]

Dolarapp has no "auto conversions" like Wise does...so dolarapp will transfer from USD to MXN at the rate as of NOW, but not at the best rate for the current month... For Wise I set a transfer of 1K USD to pesos when the rates are say 17.2 pesos to a dollar, but if I do the 1K today I may just get 16.8 pesos to dollar... Plus nobody seems to know if the dolarapp interest you earn needs to be declared for mexican taxes or not...

[@edwardvistmanevistm1196]

When I keep money in app and have more then $10000 in mexican pesos- is that reported to US government toward maximum amount allowed to keep in foreign bank?

[@kellyname5733]

$10K USD. You will fill out a FBAR form for $10K within 1 year to the IRS. The US Govt/IRS WILL FIND OUT! So for anyone that thinks they can "get away with it' because it is in a foreign band is making a huge, and I mean huge financial mistake. Banks world wide will report to the US Govt/IRS, so it's just better to report it yourself in short time after your acct hits $10K. Also the $10K is combined accts. You got 2 accounts and between them you hit $10K, fill out the FBAR form. Edward good of you to know of this and ask so others can learn too.

[@leaguerowe6561]

I think the way USDc or any crypto currency works is that it’s not stored in any particular country because it’s based on block chaining, which is effectively borderless because it’s many different computers simultaneously storing a ledger. So, I’m guessing based on my understanding on how crypto currency works is your USDc is not held by a traditional Mexican bank.

[@leaguerowe6561]

If you transfer USD into pesos in a Mexican bank and you have more than the equivalent of $10K USD in that Mexican bank at any given time in a tax year, you must report that to the IRS. The exchange rate used is the rate at effectively midnight on Dec 31/Jan 1.

[@Johnnie-d9b]

There is no US law limiting the amount of cash or other assets you can own abroad.

[@edwardvistmanevistm1196]

I may not have articulated my question clearly. If I maintain a balance of more than $10,000 in my DolarApp account, will this be reported to the US government?

[@gerizickert5674]

I saw at one time you recommended Wise. So this is better?

[@russ1409]

NEWS FLASH! Things change.

[@anneli1735]

Different type of game! WISE you can hold several currencies and feeding the account not just by buying USDC! Monthly withdraw limits are lower though.

[@leaguerowe6561]

Check out the part in the video where Paul compares different transfer platforms for a $4000 USD transfer to pesos. DolarApp costs you $3 USD. Wise costs you ten times more or $30 USD. That’s his primary point … DolarApp saves you money when transferring USD into pesos.

[@unnamedDbacksfan]

Not for the better either. ​@@russ1409

[@javiervargas505]

How did you open a bank account in Mexico if you’re a foreigner

[@pawsitiveleader8710]

dolar app FDIC insured? What's the security for your money?

[@leaguerowe6561]

It’s not FDIC insured. So, only keep an amount that you’re comfortable with.

[@QEC1188]

This app is not for US residency - I am in the process of transition but it will be a better part of a year. Anyone have other recommendations?

[@rossinilapena9859]

Can I use this to withdraw money in ATMs in Mexico?

[@alvarocorrea6038]

Yes, it will work for this

[@rossinilapena9859]

Thank you

[@jimmyng668]

Can I use for moving USD to Canada?

[@cacanyonhopper]

No. It’s México fintech. It’s not reached Canada.

[@yehudizahalla1801]

I don't like putting info or apps on my phone. Can I do this thru my computer?

[@cacanyonhopper]

I wish it was available on computer as well. México banks and fintech seems to be lacking on that. (BBVA, Banorte, NuBank) and many more mostly have app interface mainly and possibly a webpage to access their sites.

[@anainmazatlan]

Questions: Can Canadians use this? Will Intercam Banco close your account if this service is used? ( This is happening when using Wise service)

[@alvarocorrea6038]

If you use this service Intercam will never know about it so they will not close your account 👏And yes Canadians can use this service, when you are asked to add CURP just add "I dont have a CURP" then you will have to select "Canada" as your country and continue the onboarding process

[@anainmazatlan]

@@alvarocorrea6038 Thank you but I meant can transfers happen using a Canadian bank account?

[@alvarocorrea6038]

@@anainmazatlanif your bank can send an ACH/wire in USA yes, otherwise I dont think so.

[@tomatodo8334]

The application asks for a Mexican address. What if you don't have one?

[@DrSergioHernandez]

I have the sane question. I type my US address and rejected it.

[@russ1409]

@@DrSergioHernandez You didn't watch the video, eh?

[@rhyslud]

​Please ditch the attitude Doc. The video says they "cannot mail a card" without a Mexican address. But the question and the problem I'm having Is that I don't seem to be able to "open an account " without a US address. Did YOU read the question? ​@@russ1409

[@hlquad]

Schwab One card is the best.

[@scottwilliams6752]

That's what we have and are moving to MX in May. Can you tell me why you think it is the best? Very curious. Thanks.

[@leaguerowe6561]

Schwab is great for ATM withdrawals bc Schwab pays all ATM fees and there’s no ACH fee when one funds their Schwab brokerage account. However, one generally doesn’t get the best exchange rate at an ATM. I live in Mexico and have a Mexican bank account. When I transfer USDc into pesos, DolarApp gives me the best exchange rate and I end up saving money.

[@dwightmoss1449]

Thanks Paul!

[@antoniolangle4472]

Does the sender need a Dolarapp account to send money to a Dolar app account or with my US bank account works?

[@alvarocorrea6038]

Your US Bank account works!

[@carinadam3130]

I’m assuming Canadians can use this app too?

[@alvarocorrea6038]

Yes, just bear in mind that DolarApp only accepts ACH/wire transfers from USA and Mexico

[@carinadam3130]

Oh!!!! Ok good to know! Is there one you would recommend for Canadians?

[@andreawisner7358]

It's probably ok to use for transfers, but you may not want to keep any significant amount of $ in the account because it's not insured. If the company goes under, your money is gone.

[@leaguerowe6561]

When Silicon Vally Bank folded, it turned SVB had billions of USD backing USDc. USDc’s value plummeted over a weekend but a big investor said he would back every USD held in SVB for USDc. By that weekend’s Sunday, USDc was on a one-to-one basis with USD. That was a wild weekend.

[@knerduno5942]

Their banking partner went bankrupt. Try getting money out now

[@stephengraham567]

The app wants me to okay that it can share my personal information with anyone. That can’t be smart.

[@jfrickerii]

Just about every app on IOS asks that question because Apple forces you to decide what information you’re comfortable sharing with each app you install. The same thing happens when you install Facebook or Instagram. You can choose for it to not track you.

[@adamwood9344]

Can you send usdc to dolarapp from a wallet?

[@dlukton]

Yeah, and the other question is whether this debit card could be used in the US... not just once in a while, but frequently.

[@p52inc]

i do it online from my bank. Dont need an app. You can transfer money from Mexican bank online to overseas. Easiest

[@RotaryTeamVincent]

Easy, but more expensive in my case.

[@p52inc]

This is a promotion video. ie paid ad

[@alvarocorrea6038]

This is indeed a more expensive way of doing it... If you fine with paying fees then fine! If you wanna save some money DolarApp is a better option

[@cbutmusic]

yes , Paul said it was sponsored and from my experience with his shared infornation, he would only promote products/ services that he believesin. It is his reputation on the line . @@p52inc

[@luisbarron3956]

@@p52incdo you have a more cost effective alternative to transfer funds?

[@gregholt7578]

I went to create an account but it asks for country of residency. My residence is in USA. Can I still crest an account?

[@alvarocorrea6038]

You will need to add a MX address to use it

[@MaztrBlaster]

Can canadians use it too?

[@alvarocorrea6038]

They can use yes, although you can't send money from Canada to DolarApp yet

[@SharrellKline]

Would you share what bank in Mexico allows the use of 3rd party money apps like DolarApp or Wise? We're here in the Lake Chapala area and no bank we've asked allows it. Thanks.

[@alvarocorrea6038]

What type of transactions are you trying to do? With DolarApp you should be able to do all in Mexico

[@Mr_chickalacka_brown]

I'm Canadian and I regularly use WISE to transfer money from my Canadian bank account to my BBVA account in Ajijic.

[@Tycobb10]

We use Wise to transfer money to our Intercam Banco account on a regular basis with no problems.

[@leaguerowe6561]

The transfer is made through the Mexican bank system through a CLABE number. A CLABE number is effectively the same thing as a combined routing and account number in the US. So, a Mexican Bank sees a transfer as just an ordinary Mexican electronic bank transfer. My guess is, like Wise, DolarApp has a Mexican bank account. So, when someone makes a transfer into their Mexican bank account, the process is first USDc is converted I to Mexican pesos and deposited in DolarApp’s Mexican bank account and then, instantly, the pesos are transferred to the user’s Mexican bank account.

[@Tycobb10]

Is this crypto currency?

[@leaguerowe6561]

Yes. It’s specifically USDc, which is a stable crypto currency except for when Silicon Valley Bank folded because there were billions of USD backing USDc in SVB. There was a crazy weekend when USDc’s value plummeted but it stabilized in a couple of days bc a big time investor said he would personally back up every USD at risk in SVB that was linked to USDc.

[@Tycobb10]

@@leaguerowe6561 the world needs many things, but another currency is not one of them.

[@jonmeek3879]

Very interesting

[@kellyname5733]

Be very careful that you do not go over combined 10K in your Mexican or any foreign acct. in a 1 year period. If you have more than 1 acct. it is 'combined' amount of $10K. FBAR is the form that MUST be filled to report to the IRS, otherwise penalties begin immediately. Dont think that just because you are in a foreign country that you dont have to file/disclose. Banks all around the world will file it to the IRS or you can do it. There is a time limit so do it right away to prevent penalties. If you think you can 'get away with it' ..your wrong and it will cost you thousands of dollars in late fees/penalties. Penalties range from 12K-129K or 50% of the undisclosed amount which ever is greater. Just because you file the FBAR report does not mean you pay tax's on it. The world wide policy went into effect in 1970 to prevent money laundering/hiding assets.

[@agarradera]

Great info. I like your Espanol. You talk of the American tax people, not interested in my Mexican trust. What about us Canucks and the CRA = federal tax people.

[@BuceriasRodHardy]

Sorry, after trying it, I will stick to Wise ❗

[@priscam9694]

Why? Can you share why thx

[@gerardoflores9496]

Can i make a withdraw in pesos In Mexico

[@leaguerowe6561]

At an ATM, yes. But, if you’re going to use an ATM, a Charles Schwab brokerage account is the way to go. Charles Schwab pays all ATM fees.

[@alvarocorrea6038]

Yes, both ATM withdrawal and bank withdrawal in pesos in Mexico

[@valerienail-gi9yq]

Just tried to create a dolar app account prior to moving down to Mexico. Since I am not yet a resident, they would not let me create an account. I guess I have to wait?

[@cacanyonhopper]

No, it’s México fintech.

[@cacanyonhopper]

You have to live in México.

[@stephenwilliams8263]

You should at least comment that it takes three days to move the money whereas a wire transfer takes about four hours and that case that means a lot to some people.

[@luisbarron3956]

This a great point to note, but my bank (Schwab) transfer only takes 1 day to Dólar.

[@leaguerowe6561]

It’s the same day for me when I make an ACH transfer into DolarApp. It’s instantly when I transfer USDc into pesos into my Mexican bank account.

[@ricardog.martinez2685]

Sounds too good to be true . USD Coin?? What is this?? Let’s see how long Dólar App lasts and if we hear in the future if the CEO disappears. Btw to all of you opening Mexican bank accounts make sure you report these on your U.S. taxes. There are severe fines for not reporting foreign bank accounts.

[@leaguerowe6561]

The IRS (actually I think it’s a Dept of Homeland Security requirement) only asks for foreign bank account information if you have the equivalent of $10,000 USD at any given time in your foreign bank account based on the exchange rate at midnight Dec 31 of the applicable tax year.

[@Johnnie-d9b]

Foreign bank accounts holding less than $10,000 in the aggregate, need not be reported to the US.

[@Neutral.Christian.To.Poltics]

I would and will never ever send money to my lousy family in Mexico and it's what's making our country more expensive.

[@santos886]

Just do bitcoin

[@u563rick6]

lol about that peg. But it is secure.

[@Jewtopia79]

You didn't like Wise?

[@leaguerowe6561]

Check out the part when Paul compares how many pesos you get for a $4000 USD transfer. DólarApp costs you $3. Wise costs you ten times more or $30. That’s the point of the video.

[@bayareatech]

Hello, i often travel to Mexico but the locations i visit only accept cash as theyre amaller towns. Can i use this fintech to load US dollars and then withdraw from ATMs in Mexico?

[@alvarocorrea6038]

Correct, you can use it! With DolarApp card you can withdraw at any Mexican ATM

[@CameronsCandorOriginal]

STAY FAR AWAY FROM CBDCs!

[@jdbrews284]

Its not a CBDC.... yet....

[@robertocordero8728]

Thank you paul for your advice, I am ready to move san carlos sonora mexico ajuaaaa. 😅

[@gregorgman]

I dont believe they allow a joint account.

[@McGyverPilot]

Perhaps skip banking altogether and buy gold or silver if Warren Buffet's prediction about collapse by years end proves accurate. 😅 Schwab is having problems but they're still the best US Based option for no fee banking. But remember if you get anything but checking account with them it's not FDIC Insured.

[@aletsiaha]

I think I'll stay with Wise, per your own recommendation from few years ago :)

[@russ1409]

NEWS FLASH! Things change.

[@Johnnie-d9b]

Your comment is useless because you don’t say what you prefer specifically about Wise over this other app.

[@cindyk3076]

I'm just one person, but since you won't remove this video, I have unsubscribed. Shame on you, Paul.

[@davidmalone9022]

I can't help but ask why? If it's because it's a sponsored video, does it not count that he's been using the app for a long time? This is his primary source of income now. Is it not fair that if he believes in the app and is up front about it sponsoring this video, is it not fair to accept their funding? I just am interested in knowing if that's your reasoning.

[@cindyk3076]

@@davidmalone9022 When the DolarApp video first came out there was no disclaimer on it stating that it was sponsored. He had been told that bitcoin is very sketchy to begin with and recently DolarApp has had financial problems. He can promote it all he wants but he needs to update when problems arise and should have been upfront about sponsorship when the video initially posted. Also, he hasn't lived in Mexico for quite a while, he's in Florida.

[@robg.8616]

Terrible app. It does not allow you to link your American account to the app.

[@FirepitGaming]

Walter White 😂