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Message
re: Carrying Cash on International Trip
Posted on 2/28/22 at 1:43 pm to LaLadyinTx
Posted on 2/28/22 at 1:43 pm to LaLadyinTx
quote:
Why didn't you say this in the beginning?
Because I didn’t know the reason when I started the thread and got curious and asked.
0
Posted on 2/28/22 at 2:01 pm to baldona
quote:
I'm not familiar with Mexico, is it standard to have that high of a fee? Its almost so high it feels like a scam to push people to cash.
I think that's an extremely high fee. I think 3-5% is more standard.
I'm thinking mom and dad are just going to be walking around waiting for a scam to happen!
Posted on 2/28/22 at 2:04 pm to LaLadyinTx
quote:
I'm thinking mom and dad are just going to be walking around waiting for a scam to happen!
That’s not really my concern, more concerned about getting through customs. Vendors will be fine. And it’s not like they’re just going to be mosey-ing around the city with the cash on them.
Posted on 2/28/22 at 3:03 pm to AbitaFan08
quote:
Like 16%. So that’s the reason for cash payment.
It is not worth the risk to save 16%.
Too easy for both US and Mexican LEOs to give them a hard time about the money or even take it if they try to fly in with more than 10k in cash.
The Western union route would cut into the savings with fees.
Using the credit card will provide some protections against fraud.
I would encourage them to bring in up to 2k and do what they can with atm withdrawals, then pay the rest with the credit card.
This post was edited on 2/28/22 at 3:26 pm
Posted on 2/28/22 at 3:22 pm to LaLadyinTx
quote:
I think that's an extremely high fee. I think 3-5% is more standard.
16% is giving them a break on the IVA tax. This makes sense. The vendor probably won't claim it as income either.
This post was edited on 2/28/22 at 5:14 pm
Posted on 2/28/22 at 4:09 pm to Shaun176
quote:
16% is giving them a break on the IVA tax and the credit card processing fee. This makes sense. The vendor probably won't claim it as income either
No, not a break. 16% is the exact tax with a quick internet search. So basically you pay cash and they don't pay tax. Look I don't care about that, but I think its BS for a vendor in a place like Mexico to push tourists to pay cash when they should know its not safe.
I'm more curious what kind of wedding set up this is going to be that needs more than $10,0000 in cash in Mexico. Op's sister is getting one fancy arse mexican wedding!
This post was edited on 2/28/22 at 4:10 pm
Posted on 2/28/22 at 4:23 pm to baldona
quote:
Look I don't care about that, but I think its BS for a vendor in a place like Mexico to push tourists to pay cash when they should know its not safe.
I’m under the impression they were given the option to pay via card (which would include the 16%) or in cash (which would not). Can't blame them for wanting to not spend more than necessary, I just want to make sure they won’t have problems with Customs, which is why I started the thread.
Safety really isn't the issue at all. Hell I'd rather carry a large amount of cash in Mexico City than New Orleans these days.
This post was edited on 2/28/22 at 4:30 pm
Posted on 2/28/22 at 4:58 pm to AbitaFan08
Like I have posted, Law enforcement is looking for large sums of cash heading south.
They probably won't have a problem. If it were me, I wouldn't risk it with the kind of cash you have posted about.
If your sibling is working in Mexico, they will be able to get some of the tax paid back when they file their income taxes.
They probably won't have a problem. If it were me, I wouldn't risk it with the kind of cash you have posted about.
If your sibling is working in Mexico, they will be able to get some of the tax paid back when they file their income taxes.
Posted on 2/28/22 at 5:04 pm to baldona
quote:
16% is giving them a break on the IVA tax and the credit card processing fee. This makes sense. The vendor probably won't claim it as income either
No, not a break. 16% is the exact tax with a quick internet search.
Makes sense. But it's not a credit card fee as first described.
Posted on 2/28/22 at 5:12 pm to LaLadyinTx
quote:
But it's not a credit card fee as first described.
Under the table type deal.
You also won't have recourse if you are unhappy or get screwed because it won't be a legal transaction.
Posted on 3/1/22 at 2:22 am to baldona
quote:
I'm not familiar with Mexico, is it standard to have that high of a fee? Its almost so high it feels like a scam to push people to cash.
While that percentage rate is high, I don’t think it’s all that uncommon for people/vendors to work out cash deals on large amounts to avoid taxes. I see it quite a bit.
Posted on 3/1/22 at 2:29 am to AbitaFan08
quote:
Safety really isn't the issue at all. Hell I'd rather carry a large amount of cash in Mexico City than New Orleans these days.
Yeah, it seems like a lot of people in this thread are picturing your parents crossing the border into Tijuana, not flying into Mexico City. Honestly, if I were them, I likely wouldn’t do it, but mainly because of the hassle. I’d think the risk of customs at the airport pulling any shenanigans is relatively low.
Posted on 3/1/22 at 2:35 am to baldona
quote:
I'm more curious what kind of wedding set up this is going to be that needs more than $10,0000 in cash in Mexico. Op's sister is getting one fancy arse mexican wedding!
I went to a friend’s wedding in Mexico City three years ago. If it’s at a similar venue, that amount would not shock me at all.
Posted on 3/1/22 at 7:51 pm to Mo Jeaux
quote:
went to a friend’s wedding in Mexico City three years ago. If it’s at a similar venue, that amount would not shock me at
Costs in Mexico city are generally 1/10 to 1/3 the US except cars and electronics. A 60k wedding in US would cost between 6-20k in Mexico City.
But like I posted, vendors who charge thousands of us dollars take credit cards or bank transfers.
The whole purpose of the OP is to get a large sum of cash into Mexico to make an under the table (illegal) transaction to save 16% IVA tax.
Posted on 3/3/22 at 7:55 am to Shaun176
quote:
Costs in Mexico city are generally 1/10 to 1/3 the US except cars and electronics. A 60k wedding in US would cost between 6-20k in Mexico City.
Ok, bro. You got us. Both the OP and I are lying.
Posted on 3/3/22 at 8:36 am to Shaun176
quote:
Costs in Mexico city are generally 1/10 to 1/3 the US except cars and electronics. A 60k wedding in US would cost between 6-20k in Mexico City.
I really don’t know what to tell you man. I have no clue the total cost and I don’t care to know. It’s not my business.
Posted on 3/3/22 at 1:28 pm to AbitaFan08
quote:When you attempt to do things in a Second World country like Mexico, simply pay the 16% surcharge and move on.
As I understand it, you can pay the vendors by card, but the tax or surcharge or whatever is incredibly high. Like 16%. So that’s the reason for cash payment.
You're playing on their home field, we frick them every minute of every day with the fallout from our consumption of illegal drugs that fund narco-gangs there, the karmic wheel is exacting a pound of flesh from you.
Additionally, if you had to dispute the charges and paid in cash, you'd be SOL.
Posted on 3/3/22 at 5:52 pm to Mo Jeaux
quote:
Ok, bro. You got us. Both the OP and I are lying.
I was trying to say that weddings in Mexico can get expensive if in a nice place. A nice, large wedding in the US can easily get to 60k-75k all in. It is legit that the OPs parents are spending 15 to 25k which I wouldn't risk carrying down in cash.
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