New regulations re: US Dollar deposits in Mexican banks
Few weeks ago, Ernesto Cordero Arroyo, Mexico’s Secretary of Hacienda, presented the measures enacted to limit cash transactions in dollars in this country’s banks, in order to combat money laundering in this country.
 At the press conference, the Secretary listed each of the maximum amounts which physical and moral persons, national and foreign, will be allowed to transact in cash US dollars in Mexico’s banking system, whether they have bank accounts here or not.
• Physical persons who have accounts in a Mexican financial institution: $4,000.00 USD/month.
• National resident physical persons without an account in a Mexican financial institution:
$300. USD / day, up to $1,500.00 USD/month.
• Foreign physical persons without an account will be able to exchange a maximum of
$1,500.00 USD per month.
Moral persons (companies) will be able to exchange dollars only if they operate in the border zone or the tourist areas, up to a maximum of $7,000.00 USD per month.
There are no restrictions on transactions executed electronically or via other legal documents, nor are there restrictions on the purchase of US Dollars with Mexican Pesos. Although the new regulations affecting companies only come into effect 90 days after their publication in the Official Federal Daily -to give them time to adapt their operations- their implementation with regard to individuals begins immediately.
Sr. Cordero specified that the sale of dollars in banking institutions in general, as well as their sale or purchase by means other than case will follow existing regulations.
The measures are similar to those adopted by France, Spain, Colombia and Germany, to protect themselves against illegal deposits of funds.
The Secretaría de Hacienda (Mexico’s equivalent of the IRS, or Revenue Canada) is expected to announce new regulations aimed at limiting the sale and purchase in Dollars and Pesos of real estate, goods and services, as a means of reducing the incidence of money laundering.
Source: E. Eduardo Castillo – AP
This article is published in response to the numerous requests we’ve received for clarification on this matter. The Association of Restaurant Owners (CANIRAC) is asking the government to rethink its position on the matter as it is affecting business in general in Mexico’s resort towns. Email to a friend
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