How do I pay my rent in $US?

[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

[RVGRINGO]

Welcome to the forum and welcome to Chapala. Most landlords will accept your check on a US bank or the peso equivalent. In our case (we have a rental which will become available in October), we even make arrangements for direct deposits to our account in the US, especially for tenants who agree to pay annually. I think you will find most folks here pretty flexible. If you are going to be living here, you can also open an account with one of the local investment houses and have your bank wire funds to them directly. That provides you with immediate access to amounts larger than an ATM permits.

[yale69]

Thanks for the help on that.

btw - this bulletin board is a bit confusing to me. it came back with a reply box that had your comment in it. kinda confusing. so i just erased it and wrote this over it. is that the proper etiquette?

do you have a renter for your home. mind telling me about it, or where i might look for homes when i get down there?

thanks

daivd

[RVGRINGO]

If you use "Reply", the previous poster's comments will be quoted. You can do, as you did, use them for reference and then delete them or, if you scroll down further, use the Quick Reply option down below.
Our tenant is, unfortunately, losing her sight and must move to assisted living. I will send you a private message so that you can contact me by e-mail. In that way, I'll be able to send you the details and photos of our rental.

[davidhume]

you can do simple bank transfer or use paypal

[Joycee]

Hi
I hope this isn't off topic but how do brokerage accounts work. Do they eliminate the outrageous bank fees. When we sent money to purchase property we did a wire transfer to a Mexican bank. It was in the account several months. Not only did we not get interest when we withdrew it, but they charged a fee of several hundred dollars.
Thanks
Joycee

[yale69]

Originally Posted by davidhume

you can do simple bank transfer or use paypal

that sounds easy enough. thanks

[RVGRINGO]

Joycee,
A Mexican investment house sells mutual funds and other products, as elsewhere. You may keep a short term account for quick access to funds, cashing checks, wire transfers, etc.
That is what most expats do, as the banks are expensive and difficult to deal with, as you have discovered.

[sparks]

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?

You don't pay in US$ in Mexico ... you pay the peso equivalent. Bring enough cash to pay the upfront ... and then use an ATM for monthly. I wouldn't rent a place listed in US$

I pay 1% on ATM withdrawals and have a $500 a day limit. Find another bank or Credit Union if you can't do that well

[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.