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The IRS requires you to report any transfer over $10,000, and failing to file can mean hefty penalties — and in some cases even jail time.
Self-quarantining and social distancing due to the coronavirus may impact your ability to send money to Mexico. Read our guide to find out what options are available to you.
Mexico doesn’t levy specific inheritance, estate or gift taxes on large amounts of money transferred into the country, but your recipient may have to report the transfer as income when they file their yearly taxes.
Gifts to spouses, children and parents are exempt, but gifts to siblings are not — and if the government finds out that the stated recipient gave the money to someone else, it won’t be exempt.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
If your recipient doesn’t list the transfer on their income taxes, they could be charged with tax evasion in Mexico. If they can prove that the failure to list the transfer was accidental, they’ll have to pay any taxes due, along with a penalty. If the failure to file was intentional, they can be criminally charged.
If you’re sending more than $15,000 as a gift, sending to a foreign account in your name that holds over $10,000 or sending over $10,000 as a business, you’ll need to let the IRS know.
By law, banks report cash transactions into and out of the country. Money transfer companies are sometimes held to reporting thresholds as low as $1,000. With so much attention paid to money entering and leaving the country, the government will likely discover if you fail to report large sums out of the US.
There is no legal limit on the amount of money you can send to Mexico. Different money transfer providers will impose their own limits when sending to Mexico from the US, for example:
When sending large amounts of money you’ll want to go with providers that have extremely high limits or no limit at all. Wise’s $1,000,000 limit is useful, but compare Xe against Wise as it offers competitive fees and no sending limit.
How your friends and family receive your money transfer depends on the provider and method you’ve used to deliver it. Available options include direct bank transfers, cash pickup and mobile wallet deposits. If you’re sending cash, your recipient may need to show ID or a transaction number to pick up the funds.
When it comes to tax regulations, Mexico is an easy country to send money to. Your recipient won’t have to fill out any extra forms, and depending on how much you’re sending and who you’re sending it to, you might not have to, either.
Before you start your transfer, compare international money transfer providers to make sure you’re getting the best deal on fees and exchange rates.
I’d like to start an import/export business with Mexico. Where do I start?
Become a part of the estimated $266 billion in goods and services traded between the US and our southern neighbor. To help you get started, we’ve put together a guide to starting an import/export business with Mexico that includes startup costs, registering your business and more.
How should I deal with the IRS a hassle when transferring large amounts?
If you follow the law and submit your legal documentation timely and accurately, you shouldn’t experience hassles with the IRS. If you choose not to follow the law, you may be on the hook for stiff penalties, including jail time.
How do I avoid IRS penalties if I fail to file?
Avoid penalties if you can show the IRS reasonable cause for a failure to file, such as a house fire, major illness or natural disaster.
Sign up for an account and pay no fees to send quick and easy money transfers to multiple beneficiaries.
Sigue offers speedy money transfers to 50+ countries, but you have to set up a transfer to see the transaction fees.
Join Boss Revolution with an email address and phone number, and send money within minutes.
Usend combines money transfers, bill pay and mobile phone reloading.
Paysend offers transfers to more than 70 countries through its app and online service.
Using international money orders to send money overseas? Learn about better options.
Sending a payment to a company but confused about which address to use? Learn about remittance addresses with our guide.
We’ve unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
Learn about how TransferMate’s personal product works and what it can do for you.
Check out this side-by-side comparison of Xe and OFX to find out which provider offers the best value on international money transfers.
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