The Best Way to Move Money to Mexico (and Much More)
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- čas přidán 25. 10. 2022
- Dolarapp Website:
www.dolarapp.com/
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DISCLAIMER: I am not a lawyer, real estate professional, immigration specialist, import broker, financial advisor, major league umpire or astronaut. The information provided in my videos is based on my own experiences and/or research and is not intended to serve as professional advice. I make no representation or warranty of any kind, express or implied, regarding the accuracy or completeness of said information. In other words, take some responsibility for your own life choices and conduct your own research before making important decisions.
Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide
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Hi Paul, loved this video!!! is there an update video coming soon? Have you have found other options??? Thanks
Will this work fron Canada in Canadian dollars? ?
I would also urge cation in the balance you leave in this system/app. Do your transfers and conversions and get your funds back into a deposit insured institution. Read the fine print! Only maintain a balance you can afford to lose. Don’t chase the yield…. Just ask Voyager, Celsius and other “crytpo banking customers”. Proceed with caution.
Great info!
I really love watching your videos. They are always so informative.
Thank you for presenting the information Paul, we appreciate you!
GREAT video! TY for all the awesome info you share. I also like your personal humor style that often has me chuckling. WELL DONE AND GRACIAS!!
Paul -- this is way cool!! Thank you so much for explaining this and sharing it!!
Thanks again for doing all of the leg work for us, amigo.
Hey super freaking helpful video. brother. Keep em coming!
Absolutely fantastic video. Thank you
Signed up and transferred money for the first time today. Worked beautifull. Thanks Paul.
Always great info, Paul, thanks!
Awesome video!, thanks, just what I was looking for.
Great video. Thanks so much for these tips.
Great video Paul - thanks for posting !
Thank you! This was extremely helpful 👍🏾
Paul, thanks for another great info-video, you are the best!!
The best source of information I have found, by far. Thank you for what you do.
Thanks Paul! I’m always looking for a better, faster, cheaper way to send money to mi familia in Mexico. I will look into this.
Thanks for the great info. We have been using Wise but will check this out and compare. Can't wait to get back to PV in 3 weeks.
Very informative content about US & Mexico money transfers and usage of funds. Dollar app makes it easier.
Careful. Your money likely isn’t insured and they could be using their (your) assets for risky loans or investments that put you at risk you aren’t even aware of. See cases like Voyager, Celsius.
Correct, your money is not insured; however, your assets are not being used for risky investments. DolarApp is not a bank, so they do not have the ability to invest, lend, or hold fiat (cash). The way they make money is through markups on currency exchanges and transaction fees. They still offer some of the best rates available, and the transaction fees on purchases are minimal.
One important consideration for users is that you are required to purchase USDC, a type of stablecoin cryptocurrency. This means DolarApp uses a custodial wallet model, where they control the wallet and hold your USDC in a centralized manner. The security of your assets depends heavily on DolarApp’s security measures and the strength of your password.
Given these factors, it's advisable not to hold large amounts of USDC on this app for extended periods. Transfer and exchange what you need promptly, and move the funds to your bank account as soon as possible to minimize potential risks.
Another episode of great information...thank you..hasta luego...
Excellent info, thanks Paul!
Thank you Qroo Paull this is one of my favorite channels. Newly retired L.E. looking at all of our options.
Congrats on making it!
Congratulations on making it to retirement. If you are considering moving to Mexico, look into establishing South Dakota residency and save hundreds on state income taxes. SD has easier requirements than Texas or Florida. That is assuming you are coming from a state like California.
. Try remitly instead
Very valuable information, thank you sir.
Paul, in my opinion, this is the best tip you have given on CZcams.
Thank you ✌️
Thanks, Luyz. :)
This man gives out alot of useful information
* a lot
I'm definitely going to look into this! Just in time.
Try remitly instead
This is very useful. Thank you, Paul.
Great informative video. The Volaris video would be great not just for the community but as a video to get a lot of views. I'm live in southern California my whole family uncles, aunts, freinds rather travel to Tijuana aeroport for cheaper deal to go to MX and the holidays are coming great timing for the video. We need this video 📹 .
Be advised that USDc did lose it's dollar peg for a short period of time due to Circle lost a considerable amount of money when SVB went belly up. It sank to about .88 for a couple days before rebounding back to 1.00.
That's great information. Thank you.
Great video. I am about to start to move to Mexico journey and this looks great. Thank you.
Is work for Canada?
I cannot wait to get this APP! Perfect!! :)
Great video. Thank you so much
I think usdc is under fire and not safe to have.
Lots of us Canadians moving down here EH?
Been in PDC 2 months and LOVE IT
Híjole Paulito!!
Que buena onda y noticia!
Mereces un montón de estrellitas doradas en tu frente 🌟👍😃
Gracias
Thanks Qroo!
We have lived in Morelos for the last 5 years from Colorado and transferring has always been a pain. I can’t wait to get this, huge thank you
@@allanzfs remitly was one of the big pains I mentioned
Interesting I will have to check this out.
This is awesome!
Great info
Thanks so very much! The information you provided and continue to provide is priceless. Truly appreciate you and Linda.
Thank you Paul & Linda, this is great info. Do you know if this app works for CAD $ ?
Thankyou paul.very good advice saludos. California.
It's not advice. It's a paid endorsement. Important distinction.
THANK YOU SO MUCH for the recommendation for this DolarApp. I have signed up and already moved some money super smoothly and will now be saving $43.00 USD each time I transfer money as my US bank was charging me $45.00 for every wire. Thanks again Paul.
You are so welcome!
Thanks will check it out Paul.!
Try remitly instead
Once again thank you.
Thanks Paul and Linda for doing research and bringing info. To your viewers. Always great stuff, I would appreciate a video on volaris, as folks move (retire) to mexico we begin to travel a lot more and I have not encountered videos on airfare or airlines within mexico.
Cheers,
Ed
This app dollar is great no but when I download the app I gave him all the information and my code to get into 4 digit doesn't take it I have no way to call them up no way to communicate with them so what good is it for me anybody know
I would urge people to perform their due diligence before signing up. The 4% cash back using the optional “credit card” is only on monthly purchases “up to” 10% of their USDc balance, so if they have $2500 USDc, they would receive $10 USDc cash back on the 1st $250 spent then 1% cash back after. Also, the “credit card” operates like a ¨pre-paid” credit card, so purchases are limited by the users current USDc balance. Also keep in mind, that since it is a “Mastercard”, there is a “foreign transaction fee” of 1% for all purchases made with this card in Mexico. The 4% cash back becomes 3% and the 1% cash back become 0%. You will note that Paul’s purchases were in USD at US restaurants, so there was no “Foreign transaction fee” included. Personally. I’m sticking with WISE and timing my transfers according to the exchange rate to my Mexican bank account. YMMV.
Hi Wise owl. I just checked with the Dolarapp folks. They assured me that there is no 1% foreign transaction feebeing charged when using the card in Mexico. The account holders will receive that amount.
@@qroo Yes, but Dolarapp doesn’t charge that fee, Mastercard or Visa charges the fee. Both companies act as foreign currency retailers. It is the same with using my Charles Schwab “Visa” card in Mexico, even though Schwab rightfully claims to charge no foreign transaction fee, the Visa exchange rate hides the fee. It’s how those cards make money. They hide the fee by using the current official Mastercard or Visa exchange rate. There are times when the credit card fee is comparable to the interbank or mid-market rate, other times the fee can average 1%.
If the fee is charged, it is not passed on to the Dollarapp account holder. You get the rate shown on the app and you will till get 4% or 1% cashback. I spoke with one of the founders of the company and he said that is one of many things that is setting them apart from the competition. I like that it is earning 3% in the account as well, but I would use it for the exchange rate even if it wasn't doing either of those things.
I just present the info. In the end, it's up to each invidual to decide what is best for them.
@@allanzfs Remitly’s exchange rate is not great. Even though they claim $0 fees, when you factor in exchange rate, you end up with less after transfer compared to Wise.
@@qroo If they absorb the network fee that’s great. Are there different exchange rates to buy and sell USDc? They need to make a profit somewhere.
You're a very useful fellow. Thanks.
Thank you.
you defintely should do a video on the volaris deal lol :) thank you always for all the info! yall are awesome
I'm working on it now. :)
Hi Paul, congrats on your videos.
Just for your info, my CIBC Aventura (canadian) credit card let's me send up to 3,000 dollars a day to Mexico (i.e. 90,000$ a month!) with no transfer fee, and payable at the end of the month like it was any other purchase. Good exchange rate too. I find this deal hard to beat. By the way, I pay just about everything there is in Mexico with this credit card (food, gasolina, restaurants, home depot and Cosco...) and continue earning points.
I am not aware if this service is available from any other credit card suppliers.😉
Thanks
Hello from Canada and thank you for this video. My question is, can this card only be used from a USA bank account to fund the Dolar App credit card or is this also possible from any banking institution in Canada??
great vid!!!
Great content! A great topic would be for residents that live in Mexico but work full-time (W-2) online for a US company that does not have a presence in Mexico. Specifically, the tax implications with the IRS and SAT. Thank you!
THANKYOU BUD, YOUR VERY HELPFUL.... SUPER HELFUL.
Thank you. This is very interesting, particularly for me to have smoother electronic purchases and for things like utility bills. Question, does a Dolarapp account constitute a “foreign account” for US income tax purposes?
Not familiar with the account details of the program paul is speaking about, but just wanted to tell everyone to research the details. If you are earning on usdc, it could be that your usdc is being staked for you and because of that you will have to report and pay taxes on staked crypto earnings. Also, circle (usdc), has in the past and at any time can in the future freeze-confiscate all of you usdc coins if they are suspicious of account activity or are ordered to by any govt authorities.
Details, details… Not to mention the crypto in your account is uninsured. Unfortunately most people don’t want to hear any of this.
Great information 👍
Glad it was helpful!
Thanks!!❤
You're welcome 😊
Thanks! Super thankful for your knowledge sharing. I am relocating in July, and have just recently opened a Charles Schwab acc. But … this sounds much more advantageous-
You may want to investigate some of the companies largest investors. You may find it interesting.
why dont you just tell us?
@@RedroomStudios not my channel. I'm not the one getting paid to bring the info. Plus in all honesty no one ever believes it they see it for themselves. Check, very interesting stuff.
Wow, I was using Paypal / Zoom to transfer them, but this sounds way better, thanks for the video, very good info.
Thanks ❤
Another great video! Any idea of how Canadians can do the same?
Thank you. Hola from Queretaro.
I noticed that in all of the comments here, he didn't respond to the insurance risk at all.
Sorry, Keith. I don't always get to all the messages. There is no insurance that I am aware of.
That's because he was paid to endorse this app, so he doesn't discuss the risks and downsides. Caveat Emptor.
I love your videos, could you talk about what good banks are in Mexico. I am Mexican would the dolarapp work for me too or is only for Americans?
Well done as usual! Concise and to the point.
Good stuff man! We are planning on purchasing in 2023 somewhere in Baja Ca Sur, just doing homework now. Video is great, but when I went to the app store to take a look at it, there's only 7 reviews, with a 3.7 rating. Can't read the reviews (odd), and it says the app is 4+ years old. Am I looking at the right app? Dolarapp? I would also enjoy a Volaris video....already been looking at their flights and they seem a lot more reasonable!
Thanks!
Thank you so much, Alex.
Hi Paul..can I use the credit card to get cash at local banks of money exchange places in Mexico?
Thanks, will this work on a desktop?
how does this compare to the ATM rate? for example, compared to using a schwab bank account and using free ATM withdraw in Mexico?
One thing you failed to mention is that USDc is crypto and not risk free.
Right. It's just a paid promotion, a commercial for dolarapp. Presumably that's why he wouldn't mention downsides and risks.
Can this be loaded at an OXXO or other brick and mortar location?
Thanks Paul. Curious follow up question… because the USD transferred to DolarApp transfer as USDc, does the user have to report this as money in a foreign bank account, or as a cryptocurrency investment to the IRS? I ask because the limits allowable for money transferred to foreign bank accounts without having to report to the IRS or paying an additional tax on the transferred money are relatively low. Thanks for any additional information and thanks for all your hard work and insights!
Lol
Thank you! Does anyone know if you can use the credit card or the app in some way to get physical pesos in MExico? Like at an ATM machine? Thank you.
Yes. You can use the physical Master Card (mc) at an ATM. The local ATM fee will be added to the transaction, but no other fees are added. And I don't think there is a cash advance fee either. Of course there is no rebate with an ATM transaction.
A Schwab debit card is a better deal, as they will reimburse the atm fee. Or you can open a regular Mexican bank account, and transfer pesos (for free and nearly instantly) from DolarApp to the local bank, and use the local bank's ATM for free.
You can also get pesos at oxxo with a smaller fee of just 17 pesos. And some merchants will give you cash when you make a purchase. But when I tried that at Walmart it did not work. I could pay for the purchase with the MC but no extra cash. That might change, so I should try again.
Hey Paul - many thanks for your great videos and happy new year! I am the founder and past president of a Rotary club located between Tijuana and Ensenada. I would love to have you speak with our club, either virtually or in person if you’re ever on this side of Mexico. Please let me know if you would be available to do that.
If it were FDIC covered it could be a great option. The parent company does not appear to be either.
As always, great information. Do you know of a bank in Playa that will let me deposit peso that I have in a US bank into their bank? The bank that I currently have in Playa will only accept US dollars that they then convert to peso based on the current exchange rate. The peso I have I purchased when the conversion rate was over 21.
Paul, do you know if you can get both a e credit card as well as the hard, in hand card?
So can Canadians use the app to move Canadian dollars to pesos and vice versa?
I'm guessing this also applies if you're typically using ATMs to take out money from a US bank account?
Question… you discuss use of it for US banks and currency. What about other currencies? I have friends that are here from Australia. Can they use this too?
This looks good so I tried to get it set up. But I am missing something and the help chat people do get my issue. How about a video on the set up of this?
Installed, US account linked and verified. Now waiting for my first loading of USDc. Thanks Paul for the suggestion and research.
On Friday 28-Oct I did a full transfer into the USDc account from my bank (after the micropayments were approved) and today (Monday 31-Oct) the funds arrived. So it was either 4 days or 1 working day. Not sure which yet.
My US account is in Franklin, Tennessee, with Lineage bank. I live in California. Bothers me some to be transferring money to an out of state bank, that I have no history with
@@landesmm hi. Have you used it to transfer a bunch of money from usdc to pesos when the rate was favorable? I want to use dolarapp as credit card but when the conversion is so bad like now, I don't want to be paying on this horrible rates. When we pay with the dolarapp card it seems to convert on the spot, which is not good for us now. I'd like this card to be like Wise where I can make conversions when dollar is high vs pesos, and then use those converted pesos to pay at stores... any pointers? thanks!
this is the third time I've watched this video. Thank you so much. But I have a very important question. Is the money guaranteed?
FDIC or their Mexican counterpart?
No guarantee. If the company goes bankrupt you can lose it all
Thanks Paul. I'm a big fan/subscriber of your channel. Can I purchase items (gas, food, restaurants etc) in Mexico just using the virtual credit card number on the Dolarapp? Or do I actually need the physical card (for 4.99? It's not the money for the card that's an issue. I just don't have a physical address in Mexico).
You can have the physical card sent to any address in Mexico. So use a friend or a mail service address.
Thank you, I'll be checking if it's available in Nigeria it's a nice app,, btw have you seen the designs?
Dear Qroo Paul,
Thank you for the info. I have an appointment at the Mexican Consulate in McAllen to opply for and obtain my Temporary Residency status in Nov/22. I am attempting to input info into the DolarApp but it is requiring me to enter a Mexico address in order to register for a DolarApp account. Do I need to procur a Mexican address first before downloading the app?
I would like to know how that Consolate stuff goes. I want to go with a friend who speaks perfect Spanish, well she is Mexican after all! Let us know how it went! I need an appt!!!!
I now use Wise (formerly Transwise) to tranfer money to a bankaccount in Mexico. You get a good rate low charges and the money arrives in seconds. So you know exactly how many Pesos will arrive (in seconds). The same should work with the bank N26.
As these USDc's are crypto I assume you will be answering YES to this question on next year's return ?
"At any time during 2022, did you receive, sell, exchange, or otherwise dispose of any
financial interest in any virtual currency?"
who are you - the IRS?
Is there a purchase fee? When I use it to pay for purchases in Mexico, will there be a fee for using it?
THANKS! great timing and it resolves one of my issues. How to pay rent in Mexico :).
cash is the way to go!
Try remitly instead. Just send the money to the clabe number of your landlord
Wow! Great Informative and Financial information. I have been losing money by withdrawing from local ATM's for almost 2 Years! Thank you for the great content! I have already downloaded Dolarapp!
Hey Qroo, Buenos noches, I haven't moved to Mexico yet, can I still get this app?