Notes to a Gringa, Part 2: Money and Migration
Today I continue my gringa resettlement campaign.
The topics del día are Credit/Banking/Taxes and Immigration:
The topics del día are Credit/Banking/Taxes and Immigration:
Do you still have your U.S. credit cards? Could you go on forever using them and paying them online? Does it matter that you don't live in the US? Do you have to give them your Mexico address or do you use an address in the U.S., e.g., a relative or friend?
Yes, I still have them. I use my dad's address. I have heard if you try and use a Mexican address or tell them you live abroad permanently they start thinking you're a terrorist or something. I do everything on-line and I get mail when I visit my dad. The only potential complication is when you get a new card — you have to activate it and someone has to get it to you.
Yes, I still have them. I use my dad's address. I have heard if you try and use a Mexican address or tell them you live abroad permanently they start thinking you're a terrorist or something. I do everything on-line and I get mail when I visit my dad. The only potential complication is when you get a new card — you have to activate it and someone has to get it to you.
Do you have a Mexican credit card? Is it hard to get one as a U.S. citizen? How does it work? Does your US credit history/score help you in any way there or are you starting from scratch?
I don't have one that's not a joint one but through the bank where I get my payroll I was eligible starting after one year of employment. They have their own credit bureau here and I don't think they look at the U.S. ones. I think mostly they base it on your pay. Bancomer has a "Preferred Customers Unit" which is for foreigners only. That's also how I got a mortgage.
I don't have one that's not a joint one but through the bank where I get my payroll I was eligible starting after one year of employment. They have their own credit bureau here and I don't think they look at the U.S. ones. I think mostly they base it on your pay. Bancomer has a "Preferred Customers Unit" which is for foreigners only. That's also how I got a mortgage.
Did you open a bank account right away? What did that entail? Did you close your bank account here? If you still have an account here, is it easy enough to access with online banking?
My employer did it for me so it was easy! You have to have a visa in order to open an account. I still have my USAA account back in the U.S. and they are GREAT online. Until I got my Mexican account, I used my U.S. debit card to get cash and that worked well enough.
My employer did it for me so it was easy! You have to have a visa in order to open an account. I still have my USAA account back in the U.S. and they are GREAT online. Until I got my Mexican account, I used my U.S. debit card to get cash and that worked well enough.
Do you have to pay U.S. taxes in addition to Mexico taxes? How does that work?
Sort of. You have to file annually in the U.S., which is a major bummer, but you don't have to pay unless you make over a certain amount. You declare your income and then you apply a certain credit or whatever they call it. You have to pay in Mexico, but most places do withholding for you so when tax time comes I have never had to actually PAY anything, in fact I have received small refunds on my Mexican taxes.
Sort of. You have to file annually in the U.S., which is a major bummer, but you don't have to pay unless you make over a certain amount. You declare your income and then you apply a certain credit or whatever they call it. You have to pay in Mexico, but most places do withholding for you so when tax time comes I have never had to actually PAY anything, in fact I have received small refunds on my Mexican taxes.
I don't want to worry about this, but what, if you don't mind, is your immigration status? From your blog, I recall that your job easily got your visa situation handled and you haven't mentioned any visa problems in your blog. Has any of that changed since you were married? Or does your status remain the same and remain dependent upon your job?
I have an FM3 through work. I could get an FM2 through my marriage but I am lazy and cheap so I just let work renew my FM3 annually for free. One day I will get an FM2 and then two years later I can become a citizen because I am married to a Mexican. The only big pain in the rear is having apostilled* documents. I had to have my birth certificate apostilled by the state of California and my highest degree apostilled by the state where I went to grad school, Missouri. I would recommend doing that now as it's easier from the U.S. Also you need your birth certificate, passport and all that good stuff. You might have to have things translated once you get here.
I have an FM3 through work. I could get an FM2 through my marriage but I am lazy and cheap so I just let work renew my FM3 annually for free. One day I will get an FM2 and then two years later I can become a citizen because I am married to a Mexican. The only big pain in the rear is having apostilled* documents. I had to have my birth certificate apostilled by the state of California and my highest degree apostilled by the state where I went to grad school, Missouri. I would recommend doing that now as it's easier from the U.S. Also you need your birth certificate, passport and all that good stuff. You might have to have things translated once you get here.
Was this something you worried about when you moved since you did not have a job lined up or did you figure that you'd be able to stay as long as the tourist visa lasts and take it from there?
I just figured I'd wait until the tourist thing ran out (6 months) and then I'd either come home or figure something out. But I got a clue about the apostilling and started that before I came. That was once excellent piece of advice. (Thanks KIM!)
*An apostille is like a legal note stating: "This official document is really official." Why you don't then need a document saying THAT document is official I don't know. But, you can read more here .
I just figured I'd wait until the tourist thing ran out (6 months) and then I'd either come home or figure something out. But I got a clue about the apostilling and started that before I came. That was once excellent piece of advice. (Thanks KIM!)
*An apostille is like a legal note stating: "This official document is really official." Why you don't then need a document saying THAT document is official I don't know. But, you can read more here .
Getting a credit card in Mexico is very easy for people that work in the legal market because once you have job, they pay you with a debit card linked to your payroll account. Banks ask the Mexican credit bureau for references but they also run their own scorings that they feed with your behavior as a deposit account customer. Mexico has more or less only 40 million people with bank accounts in a country with 110 million therefore the banks are really hungry. The advice would be to get a deposit account with a debit card immediately on arriving in Mexico, your immigration status would be enough.
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