There are no controls on the transfer of U.S. dollars into or out of Mexico. This means that profits can be repatriated freely. However, to prevent money laundering, SHCP maintains a regulation governing the deposit and exchange of U.S. dollars in Mexican banks. Dollar transactions that are processed through on-line banking are not affected. According to the regulation, banks must observe the following limits:
- Individuals that are account holders of the bank can deposit no more than USD 4,000 per month in all banking branches.
- National citizens that are non-account holders of the bank can deposit USD 300 daily, but no more than USD 1,500 monthly.
- Tourists that are not account holders of the bank can exchange no more than USD 1,500 monthly in cash.
Border and tourist-area businesses can exceed the USD 14,000 per month cash deposit limit if they meet three criteria. They must 1) have been operating for at least three years; 2) provide additional information to financial institutions justifying the need to conduct cash transactions in U.S. dollars; and 3) provide three years of financial statements and tax returns. The limit on individual account holders remains unchanged. There is no restriction on the sale of dollars. However, upon entering or departing Mexico, cash amounts of USD 10,000 or more must be declared and documented. For more information on the regulation in Spanish, see the Official Gazette notice on this subject.
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