MEXICO BANK ACCOUNT
by B&S 
, Thursday, December 19, 2019, 18:41 (2520 days ago)
Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks
MEXICO BANK ACCOUNT
by midalake , Thursday, December 19, 2019, 18:44 (2520 days ago) @ B&S
edited by midalake, Thursday, December 19, 2019, 18:52
Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks
The law.
You only have to inform the government if you own a foreign bank account if it has more than $10,000 in it.
Since I maintain an account balance below $10,000 
I am unable to report on reporting a foreign account.
Don't worry about the forms.
D
MEXICO BANK ACCOUNT
My Canadian Bank shares info with the USA, it’s my understanding it’s more to watch for money laundering than anything else.
MEXICO BANK ACCOUNT
by mexicoman , Mazatlán, Sinaloa, Monday, December 23, 2019, 09:13 (2516 days ago) @ Canada Pete
My Canadian Bank shares info with the USA, it’s my understanding it’s more to watch for money laundering than anything else.
Yes Big Brother is watching us all.
MEXICO BANK ACCOUNT
by mosesk , Ojai, CA, USA, Thursday, December 19, 2019, 18:46 (2520 days ago) @ B&S
Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks
Wow!
I opened an account at Intercam about 6 months and didn't even notice the "disclosure permission to the USA".
For that matter I don't even think I have ever noticed that checkbox on USA tax filings.
I better pay better attention!
MEXICO BANK ACCOUNT
by ZihuaRob 
, Zihuatanejo, México, Thursday, December 19, 2019, 19:45 (2520 days ago) @ mosesk
Have seen a lot of comments about having a Mexico bank account on the string regarding ATM fees.
A few years ago we cancelled our Intercam account because they wanted us to sign disclosure permission to the USA. And we did not want to check that dreaded box on our USA tax filings that we have a foreign bank account.
QUESTION: has anyone run into problems with the USA IRS on declaring a foreign bank account? Any advice?
Thanks
Wow!
I opened an account at Intercam about 6 months and didn't even notice the "disclosure permission to the USA".
For that matter I don't even think I have ever noticed that checkbox on USA tax filings.
I better pay better attention!
When Citi stuck it's big nose into Banamex they sent me a form telling me I better pay my U.S taxes. I told them to stuff it. They blocked my account. I showed them my Mexican passport. Account instantly unblocked with apologies. I do as little business as I have to with Citibanamex. Intercam is by far the best local bank to deal with. Well staffed. Friendly. Helpful. All that hassle from Citi just because I have an Anglo-Saxon name. Isn't that racial profiling or something? Assh0les!
MEXICO BANK ACCOUNT
by frostbite , Hamilton MT, Thursday, December 19, 2019, 19:51 (2520 days ago) @ B&S
Might a Mexican permanent residency stop them from ratting on you to the IRS?
MEXICO BANK ACCOUNT
by Talley Ho , Playa la Ropa, Thursday, December 19, 2019, 20:39 (2520 days ago) @ frostbite
Nope. If you are a US citizen, you must pay taxes on all of your income, no matter where it is generated.
This also includes those that are citizens by the citizenship of their parents, even if their income is generated in other countries, and they have never set foot in the US.
It just encourages creative writing.
MEXICO BANK ACCOUNT
by frostbite , Hamilton MT, Friday, December 20, 2019, 08:02 (2519 days ago) @ Talley Ho
I'm aware of the requirement to pay taxes in the US, which also includes Greencard holders. I was just wondering if Mexican banks/bureaucracies help the IRS. BTW, if you're out of country for a specific length of time, you don't have to pay, but you do have to file.
MEXICO BANK ACCOUNT
by mexicoman , Mazatlán, Sinaloa, Friday, December 20, 2019, 08:13 (2519 days ago) @ frostbite
I'm aware of the requirement to pay taxes in the US, which also includes Greencard holders. I was just wondering if Mexican banks/bureaucracies help the IRS. BTW, if you're out of country for a specific length of time, you don't have to pay, but you do have to file.
181 consecutive days and it can be across 2 different years.
MEXICO BANK ACCOUNT
by Talley Ho , Playa la Ropa, Friday, December 20, 2019, 10:59 (2519 days ago) @ mexicoman
edited by Talley Ho, Friday, December 20, 2019, 11:05
I was SO excited when I read this and decided to read more.
Nope. The 183 days is for people residing in the US and their having to pay taxes.
Unfortunately, what I said above stands. Here's more:
If you are an American living abroad, this means that as a US citizen, you must file a US federal tax return and pay US taxes no matter where you live. In other words, you are subject to the same rules regarding income taxation as people living stateside.
Here is a link to a good article: https://www.greenbacktaxservices.com/blog/paying-taxes-american-living-abroad/
I am not at all thrilled about this, but it is what it is.
You are correct of course Talley Ho, I will just add that there are thresholds for actually having to pay any taxes. You don't have to pay any taxes on income earned in another country until you reach a number somewhere north of 100,000 USD. You must file taxes every year regardless of whether you owe taxes or not.
--
Humberto Romero
www.casaarcoiriszihuatanejo.com
MEXICO BANK ACCOUNT
by Quadra Paul , British Columbia, Friday, December 20, 2019, 12:16 (2519 days ago) @ Talley Ho
The Americans living and working in Canada are not exactly thrilled about this, either!
MEXICO BANK ACCOUNT
by mexicoman , Mazatlán, Sinaloa, Friday, December 20, 2019, 08:03 (2519 days ago) @ Talley Ho
Nope. If you are a US citizen, you must pay taxes on all of your income, no matter where it is generated.
This also includes those that are citizens by the citizenship of their parents, even if their income is generated in other countries, and they have never set foot in the US.
It just encourages creative writing.
If you like to have more cash on hand you might consider accounts at multiple banks.
