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Bank Transfer with XE

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Post by ferret Mon Sep 20, 2021 7:57 am

Any Canadians using this to transfer money to Mexico? I am in the market for a "new to me" vehicle and so I started looking for ways to pay for it. I wanted to check out XE and came across this tidbit of news that, I think, will be of benefit to both Americans and Canadians transferring money to Mexico. https://www.xe.com/blog/xe-news/transferring-money-to-mexico-just-got-faster/

Also thought this was interesting too... https://www.xe.com/blog/money-transfer/how-to-make-an-international-money-transfer-with-a-direct-debit/

Looking for feedback from those who have used this. I do not have a Mexican bank account and I do not want one. T.I.A.
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Post by mudgirl Tue Sep 21, 2021 1:20 am

There's nothing new in the second link- I've been using xe with EFT transfer for the past 16 years and that is how it's always worked. Has usually taken about 6 days or so to appear in my Mex. bank account. If you don't have a bank account here, I don't know where you would transfer it to?

The first link is new, indicating that it will now transfer much quicker.

Xe is a currency exchange business. Lots of people who play money markets use these online currency exchanges to play around with currencies to make money, they aren't just used to transfer money.

What is good about it is that when I transfer funds from my Canadian bank, I have basically bought pesos with my Canadian dollars, and it gets transferred in pesos. I've had clients wire me money from up north, but it was wired as dollars, so my Mex. bank charged me a hefty conversion fee, not to mention using their own exchange rate that day.


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Post by Jreboll Tue Sep 21, 2021 5:14 am

Any suggestions for transferring large amounts of pesos to US?

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Post by ferret Tue Sep 21, 2021 6:42 am

Mudgirl, you would transfer the money to the account of either the individual who is selling the car or to the account of the dealerhsip that is selling the car. And, in response to your other comment on TOB. I have a debit card and a credit card with my Canadian bank. I use both here... and I only visit an ATM twice a month. I also only use ATM's that are attached to a bank. That's a little difficult in Sayulita.
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Post by BisbeeGal Tue Sep 21, 2021 7:17 am

You could ask if the seller would agree to use PayPal. That said, their exchange rate sucks so you'd have to agree to cover that.
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Post by ferret Tue Sep 21, 2021 7:31 am

And I don't have PayPal.
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Post by BisbeeGal Tue Sep 21, 2021 7:33 am

ferret wrote:And I don't have PayPal.

Anyone can sign up in a flash.
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Post by ferret Tue Sep 21, 2021 7:44 am

I don't want one. Really. Simple. I like simple. I have done an awful lot to simplify my life in the last five years. Part of it is because I want to make it easy on those who will inherit. My Mexican will is in the hands of my executor in Canada. He knows who to contact for probate here. He knows who to call for my Canadian will. Everything is in place because I truly believe in Murphy's Law. YMMV.
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Post by BisbeeGal Tue Sep 21, 2021 7:51 am

You (and the seller) can open PayPal accounts for this single transaction, then close it after you complete the sale. You do not 'fund' the account. You tell it whether you want the payment thru your cc or your bank account. Once and done if you get a seller to agree to it.
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Post by ferret Tue Sep 21, 2021 7:57 am

Yes, I could but I'm not.
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Post by BisbeeGal Tue Sep 21, 2021 8:00 am

https://www.bankrate.com/finance/credit-cards/guide-to-using-paypal/

Paypal is one of the safest means of payment.  The seller never sees your cc number or bank info.  It was originally part of eBay.  

I used it to sell my motorcycle when we lived in AZ.  

fyi, Paypal owns Xoom which many here have used to do money transfers.

Not sure your hesitancy to use it for a 1 time secure transaction. But it's certainly your prerogative.
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Post by ferret Tue Sep 21, 2021 8:13 am

I'm sure the information that you have provided will be helpful to someone else.
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Post by CanuckBob Tue Sep 21, 2021 8:36 am

The problem that I recently encountered with PayPal is that they won't let you have a Canadian account if you don't reside in Canada. They recently enacted "text message" security and will only text a valid Canadian phone number. They recently shut down my account after 10 years. I was forced to open a Mexican PayPal account which requires a Mexican bank account which I have.

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Post by ComputerGuy Tue Sep 21, 2021 9:47 am

So much for being an International source. It shouldn't matter where one actually resides.
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Post by ferret Tue Sep 21, 2021 9:54 am

Agree that it shouldn't. However, I think that a lot of these new rules are for the purpose of stopping money laundering.
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Post by mudgirl Tue Sep 21, 2021 2:41 pm

ferret wrote:Mudgirl, you would transfer the money to the account of either the individual who is selling the car or to the account of the dealerhsip that is selling the car. And, in response to your other comment on TOB. I have a debit card and a credit card with my Canadian bank. I use both here... and I only visit an ATM twice a month. I also only use ATM's that are attached to a bank. That's a little difficult in Sayulita.

Yes, there's no reason you couldn't transfer to the car seller's account, if that is the sole reason you need to transfer $. I have used xe to transfer to a third party acct, not just my own Bancomer acct.

I get your reason for wanting to keep it simple for your inheritors. I just rewrote my will, and set up all my accounts with one or the other of my daughters as joint acct. holders to try not to leave them a complicated mess to sort out. But as I own property here, in a bank trust, there is already Mexican stuff to sort out, so my Bancomer acct, which never has more than a few thousand  pesos in it at any given time, isn't a big deal.

There actually is a bank in Sayulita now- Intercam opened a branch here a few years ago. But my Canadian bank is Scotia, so in order not to incur ATM fees, I still have to drive to Bucerias to use the Scotiabank ATM there if I need funds from Canada.

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Post by ferret Tue Sep 21, 2021 8:30 pm

You may want to go in and check out Intercam for your own interest. I have heard good things about them from Canadians. Or you may not want to re-invent your wheel. Whatever works for you.
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Post by mudgirl Tue Sep 21, 2021 9:09 pm

Yes, I've heard Intercam is pretty easy to deal with. But like you, I prefer to keep things as simple as possible. I've never had an issue with Bancomer, and rarely have to go into their bank or even use their ATM. I mostly use the debit card to pay for purchases, and can do other things, like transfer $, online. Because I run a business and most clients pay me in cash, pesos, my need for hitting ATMs for cash is much less than many expats.

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Post by jgriff Sat Sep 25, 2021 8:01 am

I have used OFX with no problems.
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