Visiting Mexico City in preparation to move there from Texas

@atk305

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@atk305

Hey There!

Just curious if you've made the move and if you have any advice to give.  We are strongly considering doing the same thing.

Thanks

Rob

@atk305

Hola, did you arrive safe and sound? Please let us know how your travels went. Everything one could need is here in Mexico. I would never advise someone to bring furniture or large moving trucks. There is more than enough. Bring what you can carry and make up the rest. The most important thing is get here where people are kind and will welcome you.

following....

I'm KatyMac and I'm also planning to move to Meexico City from Texas -- Houston, to be exact

Hi!  I'm KatyMac, and I'm visiiting CDMX for a few more weeks before I return to Houston and continue planning my permanent move back here (I fell in love with Mexico City!).  I'd love to get as many observations as I can regarding residents' experience with international health insurance and banking (and how the two may interrelate).  I'm a retired US federal civil service employee, and I'm wondering how to avoid losing money on the exchange rate. (I'm planning on  having my government checks sent to a bank here.)  I've been reading about "Wise;" but I dont really understand if this might be useful for me.  Can anyone comment?  Thanks.  God bless, Y'all.  I'm looking forward to getting to know y'all!

CDMX

Hi 'KatyMac', my wife and I are permanent residents but originally from Canada since 2017.

First, healthcare in Canada was cancelled once we declared ourselves as non-residents for fiscal concerns with Revenu Canada...so...we have applied to IMSS the Mexican national healthcare as "seguro para la familia" cost based on age once you are accepted (2024 annual cost ages 72 & 77 total $40000 PESOS) https://www.imss.gob.mx/derechoH/segurosalud-familia ( pre-existing conditions may affect your incorporating). Since our arrival, excellent services (hearth problem, hernia, osteoporosis, cancer)

Second, bank account...never requested one...we are using our ATM DEBIT and CREDIT CARDS. The overall net exchange rate (all fees included) has been around 95% to 97% of the international rate between banks. Bank account in Mexico carry expensive fees, our Canadian bank accounts have no fees, except ATM DEBIT WITHDRAWAL ($3.00 CA). We even use the international transfer from our bank to pay our rental with no fees.

Third, since we are non-residents of Canada and have no address in Canada all the transfer companies like WISE, EX.COM doesn't allow the creation of an account (Canadian bank account with the account holder living outside of Canada).

Four, never will buy property reasons (cost of maintenance, fideicomiso costs, "ejido o prestanombre is illegal"). The cost for our 2 bedrooms apartment 950 sq.foot is $11000 pesos/month and walking distance to all services (groceries, restaurants, pharmacy, hospital). Taxi fares are inexpensive and with the INAPAM old age card 50% on all intercity buses and inner-city buses like in Guadalajara, Puerto Vallarta, Mexico. Never needed to buy a vehicle (kept my Mexican driver's licence until 3 year ago but never used it).

Buenas tardes y suerte en tu proyecto, GyC.

Hi again,  forgot to say that being a non-residents of Canada then the fiscal agreement between Canada and Mexico applies so for us it means a reduction of almost 50% from what we were taxed before. I don't know the fiscal laws of the IRS...so a call could help.

Finally,  before moving It took a full year of research with the government authorities (both Canada and Mexico) to see what to do (example: import my vehicle from Canada costs involved).

Good luck again GyC

@KatyMac

Hola, I have investigated WISE and bank transfers are not yet available between US and Mexico on that platform but they claim to be working on it. As soon as I had my temporary residence two year permit, I was able to obtain a bank account. Banorte has no atm or transaction fees so I transfer from my USA bank accounts as the small fees for using my USA debit cards do add up. I really recommend a Mexican bank account when you are settled, it is not that hard, just brought proof of address. Hope you are enjoying Mexico City.

@KatyMac

Also, I am pretty sure that you cannot have a US based direct deposit sent to a Mexican bank account. I take cash out instead and deposit in a Banorte branch. There are no international transfers allowed between countries but you may have found otherwise.