Money Transfers

[HombreEPGDL]

Hi--I'm planning to buy a car in GDL and would like to know how I can transfer the funds from my bank account in the US to be able to pay cash in GDL. Do I need an FM3 to purchase the car or will my Tourist Visa be ok? Thanks!

[RVGRINGO]

If you don't have an FM3, why are you buying a car in Mexico? You can't take it to the USA or Canada and register it there; although you can drive it there on a visit with proper liability insurance.
To answer your question: Most people find it convenient to open an account with a local investment house, like Actinver-Lloyd or Multiva, and have funds from the USA wired to that account. You may then withdraw cash as needed.
If buying from a new car dealer, you will find that they may take a credit card or a check but you may find additional bank and exchange fees added to the price of the car.
New cars are subject to a hefty annual tax in addition to the registration fees. Insurance for a Mexican plated car is also much more expensive than for a car registered in the USA and temporarily imported into Mexico by a foreigner. In the latter case, you must remove the car from Mexico every time you leave, if you only have a tourist permit (FMT). Also, a Mexican may not drive the foreign plated car unless you are in the passenger seat.
I hope this information helps.

[HombreEPGDL]

Originally Posted by RVGRINGO

If you don't have an FM3, why are you buying a car in Mexico? You can't take it to the USA or Canada and register it there; although you can drive it there on a visit with proper liability insurance.
To answer your question: Most people find it convenient to open an account with a local investment house, like Actinver-Lloyd or Multiva, and have funds from the USA wired to that account. You may then withdraw cash as needed.
If buying from a new car dealer, you will find that they may take a credit card or a check but you may find additional bank and exchange fees added to the price of the car.
New cars are subject to a hefty annual tax in addition to the registration fees. Insurance for a Mexican plated car is also much more expensive than for a car registered in the USA and temporarily imported into Mexico by a foreigner. In the latter case, you must remove the car from Mexico every time you leave, if you only have a tourist permit (FMT). Also, a Mexican may not drive the foreign plated car unless you are in the passenger seat.
I hope this information helps.

Thanks but I want to buy the car in December with my FM1 and will convert to FM3 in May. The reason I want a Jalisco plated car is because I've heard about the dangers involved in having a foreign plated car--- more risk in getting stopped and robbed. I already have an apt in GDL and spend several months there but will retire in GDL in May.

[RVGRINGO]

Ok, that explains it well. However, we have one car plated in Jalisco and another in South Dakota and find no problem driving either one. In fact, we're heading for Guadalajara in the SD plated car today.

[HombreEPGDL]

Originally Posted by RVGRINGO

Ok, that explains it well. However, we have one car plated in Jalisco and another in South Dakota and find no problem driving either one. In fact, we're heading for Guadalajara in the SD plated car today.

Thank you--have a safe trip!