The question onHow do I transfer money into the Mexico Real Estate seller s bank account during closing is very common.
There are various options available for making money transfers into Mexico and delivering checks to the sellers But, of all options, some are the most efficient and safest for both the Mexico Real Estate buyer and the Mexico Real Estate seller.
How to Transfer Money to Mexico for a Real Estate Transaction:
First we should define some of the tools available to transfer money and to guarantee payments between Mexico Banks and Mexico property buyers and sellers.
a) Mexico Bank Draft:
as explained in investopedia, Mexico Bank Drafts are normally used when involving large sums of Money and trust is a factor In wikipedia, the definition is little more vague for the Mexico Bank Drafts 2 stating that such a Draft is guaranteed by the bank but the definition does not distinguish any differences between the Mexico Bank Draft with a Mexico Certified Check
b) Mexico Certified Check:
In their definition for a Mexico Certified Check, this web page states that the bank will freeze the specified money amount within the holder s account The depositor will normally not be able to put a stop order on the check which is why this is usually a preferred payment method by Mexico sellers
c) Mexico Cashiers Check:
The difference between the Cashiers Check and the Mexico Certified Check is:
that the money is drawn from the financial institution s account (Mexico Cashiers Check) vs. money drawn from the owners account (Mexico Certified Check) This is explained in detail at this link for a Mexico Cashiers Check.
d) Mexico Wire Transfer:
The layman's term is stated very well here at the wikipedia web site Mexico Wire Transfer.And as explained here in investopedia, the Mexico Wire Transfer definition are the most efficient methods for international movements The Mexico money wire transfer is the simplest method for having money arrive quickly to the Mexico Real Estate sellers account Most Mexico money transfers are prepared beforehand by the buyer at the bank from his home country specifying the quantity and the planned date of transfer execution for final approval At the notary public, once documents have been signed, the buyer will place an international call to his bank giving the authorization and within a few minutes, seller can confirm reception of deposits into their accounts The downside of this method might include the fact that some banks may take as long as 2 hours for wire transfer to appear internationallyThis will require all parties to wait patiently at the Notary Public's offices for execution and confirmation
e) Mexico Money Exchange House:
On some occasions, if during a volatile exchange rate period, the Mexico Real Estate buyer may want to analyze and compare the exchange rates given by their home bank versus a Mexico foreign exchange company Most Mexico currency exchange services offer various support items which are outlined at the following link Definition of currency exchange services Most of these businesses may have a bank account within Canada, USA, UK, and most European countries allowing for an efficient national wire transfer to be executed by the Mexico buyer in their home country currency They can then give instructions to the exchange home to pay X amount of pesos to a specified Mexico Bank account (Mexico Sellers account) Other businesses may allow for you to pick up a check made out to the Mexico Sellers name as a certified check giving the Seller ease and confidence of reception of monies
f) Mexico Escrow Account:
Our last option that we discuss in this post is the Escrow Account Here the buyer pays an escrow agent to administer and coordinate the payments once all documents and signatures are safely collected You can listen to a video introduction to this Mexico Real Estate tool by clicking onto this link Listen to video introduction on Mexico Escrow Accounts
The payment of deposits, balances and overall Mexico Real Estate transaction process are outlined in greater detail in another post If you are interested to see when such payments are normally due and payable, learn more by clicking and reading more at (the purchasing process)At a future date,I will write some information on how to legally get monies above $10,000 usd into this country to buy or invest into Mexico Real Estate
- Thomas Lloyd www.TOPmexicorealestate.com
