How do I pay my rent in $US?

[mexliving]

i use scotia bank since they dont charge those crazy bank atm fees most mexican banks charge... also new law this year regarding fees for deposits exceeding 20,000 pesos.... direct deposit or wire transfer..

[sparks]

Originally Posted by mexliving

i use scotia bank since they dont charge those crazy bank atm fees most mexican banks charge... also new law this year regarding fees for deposits exceeding 20,000 pesos.... direct deposit or wire transfer..

Mexican banks don't charge crazy ATM fees ... it's your US bank that may. Mexican ATM's warn you about a 7.5 peso fee but I've never seen it billed and thats not much for a $500us withdrawal

Whos new laws

[jlms]

Originally Posted by RVGRINGO

You may find certain areas, like Lake Chapala, where most real estate is listed for sale or for rent in USD, since most are of interest to expats from the US/Canada. In areas where there are fewer expats, listings will be in pesos.

That may be true, but it is actually illegal.

[yale69]

hi sparks--

i've read other people say to only rent places quoted in $US. why do say to avoid these rentals?

thanks

--david

[RVGRINGO]

Legally, rental contracts must be in pesos but the advertising is often in US dollars or Canadian dollars, depending upon the target clientele. One assumes that we can all do the math.

[yale69]

that only makes sense. someone i read said they wouldnt do a rental in pesos because the exchange rate fluctuated. i couldnt understand their point. it fluctuates whatever currency you're using. the question is what currency you have your savings in.

[RVGRINGO]

In actuality, whatever the landlord and tenant agree to will work. It is only when major disagreements lead to legal action that the laws requiring Spanish language contracts in pesos would come into play. That hardly ever happens. Mexico is not a litigious place.

[sparks]

Originally Posted by yale69

hi sparks--

i've read other people say to only rent places quoted in $US. why do say to avoid these rentals?

--david

Because they are aiming only at the gringo market and probably those new to Mexico. That usually allows them add 25-50% to the rent

My 4000 peso rent over the last three years has gone from $410 to $285us ... so I would say the fluctuation has worked in my favor

[pvtexmex]

Originally Posted by yale69

Hi all--

I'm going down to Chapala in August to secure a long-term rental. I know I'll need to pay a significant amount upfront, as well as make monthly payments. How do I make these transactions in $US? I don't expect anyone to take a check drawn on a US bank, and ATM withdrawals are both expensive and limited in amount per day. What is the preferred method of doing this?

thanks,

-david

I have lived for 6 years in Puerto Vallarta and have basically lived by taking ATM withdrawals against my American checking account. There is a $5 non-bank ATM charge plus a 1% foreign exchange fee (at my bank). I always withdraw the maximum amount to minimize fees. Now I also have a Mexican checking account set up so that I can wire money to that account from the US. I also stash my "surplus" dollars in the Mexican account, and of course there are no ATM fees or foreign exchange fees on that account. There actually are a limited number of ATMs here that I can use without the non-bank ATM fee but they are not conveniently located for me. I had rather walk a few blocks down the street and pay the $5. I suppose the "preferred method" is whatever works for you. Mexico is a continual learning process.

[El Toro Furioso]

Originally Posted by sparks

Because they are aiming only at the gringo market and probably those new to Mexico. That usually allows them add 25-50% to the rent

My 4000 peso rent over the last three years has gone from $410 to $285us ... so I would say the fluctuation has worked in my favor

Our $4000 peso rent over the last four years has done the same. Two bedroom, two baths, gardens, lawn, automatic garage door, mature fruit trees. That's the place in San Antonio Tlayacapan. We now own our primary residence in La Manzanilla just 16 km north of Sparks. Rumor has it, though, that Sparks is moving to Jocotepec. True?