The Mexican government will no longer limit the monthly cash deposits of U.S. dollars that border businesses can make if the companies allow authorities to monitor their financial transactions and meet other requirements, the president announced Friday.
President Enrique Pena Nieto said the $14,000 monthly cash deposit limit set in 2010 by the previous administration to fight the laundering of drug money has hurt honest businesses.
Companies on Mexico’s border with the United States won’t be limited on cash deposits if they can show they have been established for at least three years, allow authorities to monitor financial transactions and prove they need to make deposits larger than $14,000 a month to operate, Pena Nieto said.
He said the change will help “fight money laundering but without affecting businesses and corporations that work honestly.”
In 2010, Mexico set some of the toughest restrictions in its history on dollar cash transactions, seeking to fight money laundering that was fueling a bloody drug war.
ABOUT TIME. NOW HOW MUCH CAN A TOURIST EXCHANGE. STILL 1,500 A MONTH
Yes the exchange limits have not been changed. It’s still limited at $1500 a month. Of course we never recommend a tourist to carry that much money on travels anyway. Be prepared for your arrival cost in pesos (airport transportation, tips, ect), use your credit card for purchases (as much as possible) and use the ATM to make withdraws. Never use sidewalk ATM’s, only bank ATMs. Alert your bank and credit card companies of your travel plans. Many times banks and credit card companies will freeze accounts on the first transaction located in Mexico if they are not aware of your travels.
VERY GOOD ADVISE. SMART TO BE WISE IN YOUR CASH YOU CARRY.
What’s the new limit please?
That’s part of the story. But there is no limits, however there are some guidelines to no limits.
Thanks.