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epluribus
Joined: 09 Aug 2006
Posts: 5
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 Posted: Sun Oct 01, 2006 8:42 pm Post subject: Taxes & banking |
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Popping out of lurk mode to say howdy to the board, and ask my obligatory newbie questions.
I've searched thru threads, and am still a bit unclear:
(1) Taxes - as a US citizen, I'll be required to file a US return for foreign earned income from TEFL, yes? And I'd expect the normal Mexican taxes to be withheld from pay in Mexico, yes?
(2) I assume I'll need to set up an account with a Mexican bank to facilitate cashing paycheks, local bills, etc. Have any of you veterans found any paticular Mexican banks that interface easily with a US bank for transferring funds back & forth as needed? I'm used to doing all my Wells Fargo banking online stateside, but suspect I'm going to encounter service fees up the yingyang from both sides when moving funds between hither and thither.
And profuse thanks for all the helpful information from those that have gone before... |
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MELEE
Joined: 22 Jan 2003
Posts: 2583
Location: The Mexican Hinterland
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| Posted: Tue Oct 03, 2006 9:41 pm Post subject: Re: Taxes & banking |
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| epluribus wrote: |
Popping out of lurk mode to say howdy to the board, and ask my obligatory newbie questions.
I've searched thru threads, and am still a bit unclear:
(1) Taxes - as a US citizen, I'll be required to file a US return for foreign earned income from TEFL, yes? |
Yes, you will be required to file, but I doubt you will make enough to have to pay anything. The exception is like up to 80,000 dollars. The first year I was overseas the whole year, it was very confusing to learn how to file, but once you do it, its a piece of cake. The key is form 2525 (if I remember right, maybe its 2025)
| epluribus wrote: |
| And I'd expect the normal Mexican taxes to be withheld from pay in Mexico, yes? |
Yes, and its more than 10% and you don't get it back.
| epluribus wrote: |
| (2) I assume I'll need to set up an account with a Mexican bank to facilitate cashing paycheks, local bills, etc. |
Most people with formal jobs get their pay via direct deposit. But instead of you choosing a bank and giving the info to your employer, the employer will say we work with bank X, take this form to branch X of bank X and they will open a nomina (payroll) account for you.
| epluribus wrote: |
Have any of you veterans found any paticular Mexican banks that interface easily with a US bank for transferring funds back & forth as needed? I'm used to doing all my Wells Fargo banking online stateside, but suspect I'm going to encounter service fees up the yingyang from both sides when moving funds between hither and thither.
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This is not what you want to hear, but its what I have to say, if you are thinking of staying in Mexico for more than a year, try to eliminate all need to tranfer funds back and forth. No Mexican banks are interfaced that way, even the ones that are owned by US banks. |
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epluribus
Joined: 09 Aug 2006
Posts: 5
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| Posted: Sat Oct 07, 2006 8:38 pm Post subject: |
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| Thanks for the helpful info. |
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Ben Round de Bloc
Joined: 16 Jan 2003
Posts: 1946
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| Posted: Sun Oct 08, 2006 3:01 am Post subject: Re: Taxes & banking |
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| MELEE wrote: |
| epluribus wrote: |
| And I'd expect the normal Mexican taxes to be withheld from pay in Mexico, yes? |
Yes . . . |
I think it depends on whether an employee is paid on n�mina or honorarios. When I worked for a private language school here, no taxes were withheld from my pay check. I had to open my own account with hacienda and pay my own taxes. At the university where I now work, employees are given the option: 1) have taxes withheld, and the university takes care of taxes/hacienda, or 2) not have taxes withheld, and the employer files his own taxes with hacienda. |
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travisncali
Joined: 18 Aug 2006
Posts: 28
Location: Federal Distrito
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| Posted: Mon Oct 09, 2006 6:40 am Post subject: |
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The best way I have sent money is through Citi bank. They have branches all over the world and you can do everything online. If that is impossible with where you work, send your money through Walmart. It is also a free service. Hope that helps. Wells Fargo though will probably charge you a min. of 10 dollars each time to accept transfers, plus the bank you use will tack on at least 20 more. You can even set up an account through there online banking...
Cheers,
Travis |
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M@tt
Joined: 16 Jan 2003
Posts: 473
Location: here and there
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| Posted: Mon Oct 09, 2006 6:02 pm Post subject: |
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hi
i'm curious about this too, especially the wal-mart option. can you give more details? how does it work, what types of banks can you transfer to/from, and how much it costs?
i currently have money in my mexican HSBC account that i want to transfer to my US checking account. i'm making a bloody flight down this thursday just to transfer money! my bank here i believe charges $19 to receive, and the mexican bank charges something like 180 pesos to send, so it's expensive. there is no connection between local HSBC branches and the ones in the US, by the way.
thanks in advance for your help. |
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