Moving the money: exchange rate, wires and paying at closing
Plan how funds travel from your US or Canadian account to the seller: through an escrow company, to the notario's account, or as directed in writing. Decide when to convert to pesos, and keep every wire confirmation for tax and anti-money-laundering records.
Why it matters
Mexican anti-money-laundering rules limit cash in real-estate deals and require identifying the funds. Wire fraud through fake payment instructions sent by email is a real risk.
Who helps
Your bank, the escrow company and the notario. Confirm wire instructions by phone using a number you already know.
Documents
- Written wire instructions verified by phone
- Wire confirmations (SWIFT or SPEI receipts)
- Source-of-funds statement if requested
Costs Estimate
- Wire fee: often US$20–75 per transfer (estimate).
- Exchange spread: often 0.5%–3% depending on the provider (estimate).
- Escrow service: often a flat fee or a small percentage (estimate).
Estimates only. Get written quotes.
Common mistakes
- Accepting changed wire instructions by email without a phone check.
- Paying in cash.
- Not documenting the price you paid, which raises capital-gains tax on a future sale.
Say it in Spanish
- Por favor confirme los datos de la cuenta por teléfono antes de que envíe la transferencia.
Please confirm the account details by phone before I send the transfer.
Confirm the details for your case with your notario or attorney.
Common questions
How do I avoid wire fraud?
Never trust changed instructions by email. Confirm account details by phone using a number you already know.
Can I pay in cash?
Mexican anti-money-laundering rules limit cash in real-estate deals. Use documented transfers.