When buying Mexico real estate, and later on once you’re living in Mexico enjoying your new home, a concept you will want to be familiar with is making wire transfer for the purpose of payments and access to personal funds.
For example, if you buy a Playa del Carmen condo in the preconstruction phase, you may need to make a partial deposit (usually refundable) in order to reserve a particular unit while you make arrangements to head down, formalizing the sale and making the full deposit.
You will want to make such payments in the most secure way possible, which is a wire transfer. To make a wire transfer, you will need specific information, which includes a SWIFT number (an international number identifying the bank to which you are transferring,) and an account number. With this information your home bank will be able to transfer funds securely and quickly. As further payments and deposits are required during the process, you will want to continue using this as the most secure method of transferring funds.
Some banks also allow for wire transfers online. Consult with your home bank about the availability, charge, and amount limits involved to investigate if this is feasible for your needs.
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Wire transfers can also be used beyond your Playa del Carmen real estate purchase, once you are settled in Mexico and need access to your funds. However, there are also other options available which tend to cost a little less, and are secure for smaller amounts. These include transfer companies, credit cards and simple ATM withdrawals.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546
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