From the "Teach an old dog new tricks" Department, Gracias!
by Padrino 
, San Diego/Rosarito, Monday, September 19, 2022, 16:13 (379 days ago)
Many thanks for the tips here over the past few months regarding currency and banking. The referrals to Wise.com (formerly TransferWise.com) was a winner. The results from Schwab Bank have been mixed. I actually had opened a Wise.com account some time ago but when I saw that it would take several days for the money to arrive, I decided to stick with Xoom.com, even though Wise.com's exchange rate after fees was better than Xoom.com's. However, I broke down and used Wise.com a few weeks ago and lo!, and behold, the transfer went through far faster than several days. They must warn you on your first transfer that it could take several days just in case there are issues. Since then, transfers have happened within hours. They are not as quick as Xoom.com but hey!, they are cheaper.
Wise.com's exchange rates are been similar or just a bit less than the best rates from the Casas de Cambio on the U.S. side of the San Diego/Tijuana border. (When changing pesos back into dollars, the Tijuana side has the best rates.)
Getting a Schwab account was a bit of a hassle but eventually the regulatory issues gave way and my debit card arrived just in time for my current trip. Imagine my excitement yesterday when at the BBVA (formerly Bancomer) ATM, I was greeted with the option of either English or Spanish! Yippee! My Spanish is passable but when money is involved, I much prefer English, thank you very much. (There have been some frantic times when I didn't quite understand what BBVA was asking me such as when they want you to input your date of birth. Once it was in DDMM format and then another time, it was in MMYY format. Doesn't sound too nerve racking now as I write this but it put the scare on me standing in front of the ATM hoping and praying the stupid machine doesn't eat your card!)
Okay, so here comes the bummer from Chuckie and his crew. The exchange rate from Schwab was awful! Yesterday, they offered me 18.45 pesos to the dollar. Yes, that is better than most kiosks at airports and tourist locations that offer 18 pesos or less. However, just today, Wise.com offered 19.648 and the Casas de Cambio in San Ysidro just a few days ago were offering 19.65. (Rates change hourly.) Today, Xoom.com is offering 19.5329. The ATM fee would have been 174 pesos which I have been assured would be taken care of my Schwab and no doubt they would wind up paying far less. Needless to say, I declined their less than generous offer and took advantage of Wise.com's exchange rate.
The takeaway? Mr. Schwab stays in my wallet just in case of dire emergency. However, they won't be seeing much money flow through the account.
Again, Many Thanks To Everyone Who Chimed In On Currency Issues! Best wishes for awe-inspiring exchange rates!
From the "Teach an old dog new tricks" Department, Gracias!
by Keytime , Monday, September 19, 2022, 18:07 (379 days ago) @ Padrino
I have found WISE to be the best option. Their Exchange rate is much better the writing a USA check and cashing it at my local bank. When you take in the fees that WISE charges against the advantageous exchange rate, your still ahead using WISE. As long as you do the xfer during the week it is usually in your Mexican account in 24 hours or less. However, I do double check every time to make sure before I hit send.
From the "Teach an old dog new tricks" Department, Gracias!
by Talley Ho , Playa la Ropa, Monday, September 19, 2022, 19:10 (379 days ago) @ Padrino
I guess we are bad people.
We have been here 5 years. We still haven't found the need to have a bank account here, and bank with Capital One in the US. They charge us nothing for our transactions.
We do our withdrawals from INBURSA, across the street from Los Braceros, with a charge of 17.4 pesos per up to 5,000 pesos each time, up to our US daily limit. There is never a line.
We did a very major construction project 20 months ago and just went to INBURSA every day for our 20,000 pesos. Easy Peasy. Minimal cost, no problems with exchange rates, got the high international rate each time.
We don't know yet, please educate us, why we should change.
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Monday, September 19, 2022, 20:41 (379 days ago) @ Talley Ho
I guess we are bad people.
We have been here 5 years. We still haven't found the need to have a bank account here, and bank with Capital One in the US. They charge us nothing for our transactions.
We do our withdrawals from INBURSA, across the street from Los Braceros, with a charge of 17.4 pesos per up to 5,000 pesos each time, up to our US daily limit. There is never a line.
We did a very major construction project 20 months ago and just went to INBURSA every day for our 20,000 pesos. Easy Peasy. Minimal cost, no problems with exchange rates, got the high international rate each time.
We don't know yet, please educate us, why we should change.
Bad people? Because you found a system that works for you? That's a rather harsh self assessment, doncha' think?
My question is, "What exactly is the exchange rate you are getting from Capital One?" Do you check? I initially thought that Schwab would offer the high international exchange rate that you spoke of but I was mistaken.
I will check out the Schwab exchange rate at INBURSA tomorrow. Maybe it will be different but I doubt it.
By the way, I have seen some banks offer really horrible exchange rates. HSBC immediately comes to mind. As others have noted, the credit card companies Visa and MasterCard do offer excellent exchange rates but also as mentioned, the merchants get hit with those pesky fees so I do my best to pay with cash when I am here in Mexico.
From the "Teach an old dog new tricks" Department, Gracias!
by mosesk , Ojai, CA, USA, Monday, September 19, 2022, 21:07 (379 days ago) @ Padrino
I guess we are bad people.
We have been here 5 years. We still haven't found the need to have a bank account here, and bank with Capital One in the US. They charge us nothing for our transactions.
We do our withdrawals from INBURSA, across the street from Los Braceros, with a charge of 17.4 pesos per up to 5,000 pesos each time, up to our US daily limit. There is never a line.
We did a very major construction project 20 months ago and just went to INBURSA every day for our 20,000 pesos. Easy Peasy. Minimal cost, no problems with exchange rates, got the high international rate each time.
We don't know yet, please educate us, why we should change.
Bad people? Because you found a system that works for you? That's a rather harsh self assessment, doncha' think?My question is, "What exactly is the exchange rate you are getting from Capital One?" Do you check? I initially thought that Schwab would offer the high international exchange rate that you spoke of but I was mistaken.
I will check out the Schwab exchange rate at INBURSA tomorrow. Maybe it will be different but I doubt it.
By the way, I have seen some banks offer really horrible exchange rates. HSBC immediately comes to mind. As others have noted, the credit card companies Visa and MasterCard do offer excellent exchange rates but also as mentioned, the merchants get hit with those pesky fees so I do my best to pay with cash when I am here in Mexico.
Here is my VERY GENERALIZED understanding:
ATMs offer an exchange rate that is determined by the network they belong to- in most cases Visa or Mastercard or Allpoint and a host of others.
Wise uses what is refereed to as the 'mid-market' rate.
<https://wise.com/us/mid-market-rate>.
Padrino- In the past I have also done the Schwab vs Wise comparison.
And the result was similar to yours.
But it is really only noticeable when you do a minimum of say $1000USD exchange.
Talley Ho- the main thing I would say to you is to have a backup or alternative way to get funds.
The machine might eat your card, it may be out of pesos, or the network might be down.
From the "Teach an old dog new tricks" Department, Gracias!
by mosesk , Ojai, CA, USA, Tuesday, September 20, 2022, 19:27 (378 days ago) @ mosesk
I guess we are bad people.
We have been here 5 years. We still haven't found the need to have a bank account here, and bank with Capital One in the US. They charge us nothing for our transactions.
We do our withdrawals from INBURSA, across the street from Los Braceros, with a charge of 17.4 pesos per up to 5,000 pesos each time, up to our US daily limit. There is never a line.
We did a very major construction project 20 months ago and just went to INBURSA every day for our 20,000 pesos. Easy Peasy. Minimal cost, no problems with exchange rates, got the high international rate each time.
We don't know yet, please educate us, why we should change.
Bad people? Because you found a system that works for you? That's a rather harsh self assessment, doncha' think?My question is, "What exactly is the exchange rate you are getting from Capital One?" Do you check? I initially thought that Schwab would offer the high international exchange rate that you spoke of but I was mistaken.
I will check out the Schwab exchange rate at INBURSA tomorrow. Maybe it will be different but I doubt it.
By the way, I have seen some banks offer really horrible exchange rates. HSBC immediately comes to mind. As others have noted, the credit card companies Visa and MasterCard do offer excellent exchange rates but also as mentioned, the merchants get hit with those pesky fees so I do my best to pay with cash when I am here in Mexico.
Here is my VERY GENERALIZED understanding:
ATMs offer an exchange rate that is determined by the network they belong to- in most cases Visa or Mastercard or Allpoint and a host of others.
Wise uses what is refereed to as the 'mid-market' rate.
<https://wise.com/us/mid-market-rate>.
Padrino- In the past I have also done the Schwab vs Wise comparison.
And the result was similar to yours.
But it is really only noticeable when you do a minimum of say $1000USD exchange.Talley Ho- the main thing I would say to you is to have a backup or alternative way to get funds.
The machine might eat your card, it may be out of pesos, or the network might be down.
Disregard my explanation of ATM exchange rates.
Upon further reflection it's probably wrong.
And my experiment a few years ago of directly wiring the same amount of money (several thousand dollars) from a Schwab bank account compared to a Wise transfer to my Intercam account favored the Wise transfer by a small amount.
Sorry for the confusion
From the "Teach an old dog new tricks" Department, Gracias!
by jaui , Zihuatanejo, Sunday, September 25, 2022, 12:07 (374 days ago) @ mosesk
9-25-2022
Talley Ho- the main thing I would say to you is to have a backup or alternative way to get funds.
The machine might eat your card, it may be out of pesos, or the network might be down.
@mosesk
For me this is a "no-brainer".
I have a Guardadito account at Banco Azteca, accompanied with a VISA DEBIT CARD
I stock it with 500 pesos or so, replenishing as needed.
I use if for local purchases, as well as an account or two on Auto-Pay, or pagos domiciliados, as they call them here.
ALSO:
1. They have great hours - 9 a.m. to 9 p.m.
2. When I have a person that needs to pay me for "x", I just tell them to make the Deposit at Banco Azteca.
There are two of them conveniently located en Z Centro.
This has been extremely functional for me, and works great.
Of course for me it won't work as a backup or alternative card to get larger amounts of funds, as I only keep 500 pesos or so in it.
That said, someone could stock it with more funds, and it then could serve as a backup/alternative source to get ATM funds.
From the "Teach an old dog new tricks" Department, Gracias!
by Keytime , Tuesday, September 20, 2022, 08:52 (379 days ago) @ Talley Ho
That may work for you but for others not so well. Many of us have annual or even quarterly dues for a condo to pay, money coming in from rentals, money to a manager for repairs, etc. By not being there all the time, having a local bank allows the ease of transfer of funds in Peso's and keeps a night tight record of all transactions. When in town, 6-8 months of the year, I use cash for mostly everything. Maybe you live there 12 months and own a home with no dues or ??? and you have a lot of spare time on your hands so going to a bank everyday is like making toast. Others have a different situation.
From the "Teach an old dog new tricks" Department, Gracias!
by Talley Ho , Playa la Ropa, Tuesday, September 20, 2022, 09:45 (379 days ago) @ Keytime
Yes, we are here 12 months a year and own a free standing home with no dues or fees.
We have loads of time on our hands, but now that construction is finished, we are only hitting the ATM once or twice a month. Easy!
From the "Teach an old dog new tricks" Department, Gracias!
by mexicoman , Playa Del Carmen, Tuesday, September 20, 2022, 09:25 (379 days ago) @ Talley Ho
I guess we are bad people.
We have been here 5 years. We still haven't found the need to have a bank account here, and bank with Capital One in the US. They charge us nothing for our transactions.
We do our withdrawals from INBURSA, across the street from Los Braceros, with a charge of 17.4 pesos per up to 5,000 pesos each time, up to our US daily limit. There is never a line.
We did a very major construction project 20 months ago and just went to INBURSA every day for our 20,000 pesos. Easy Peasy. Minimal cost, no problems with exchange rates, got the high international rate each time.
We don't know yet, please educate us, why we should change.
We also did a lot of construction when we moved to Zihuatanejo withdrawing 5K daily for several weeks. As you noted we found Inbursa to have the low atm fee of 17.4 Pesos. We've had accounts at CI Banco for years but there was no branch in Zihua. We opened an account at Inbursa and our need for cash changed. Their debit card worked everywhere in town. If there was a need for a large amount like your 20K we just walked inside and withdrew it.
We've used wise.com for years. Once we became a familiar account/customer/whatever the transfer arrives in 30 minutes.
We just got drivers licenses in Playa Del Carmen. They took the debit card. Of course for groceries, gas etc. the card is a real convenience.
From the "Teach an old dog new tricks" Department, Gracias!
by Little Guy , Tuesday, September 20, 2022, 09:56 (379 days ago) @ Talley Ho
I’m curious how you manage a major construction project using cash. I’m in the process of having a carriage house built. The building materials such as cement, rebar, etc. must be purchased with “traceable” electronic funds transfers.
It seems that Mexico is cracking down on the laundering of illicitly acquired money.
From the "Teach an old dog new tricks" Department, Gracias!
by Talley Ho , Playa la Ropa, Tuesday, September 20, 2022, 10:02 (379 days ago) @ Little Guy
We paid for all of the labor with cash, all of the building materials were put on a US credit card, and paid in person at the business.
From the "Teach an old dog new tricks" Department, Gracias!
by mexicoman , Playa Del Carmen, Tuesday, September 20, 2022, 10:20 (379 days ago) @ Little Guy
I’m curious how you manage a major construction project using cash. I’m in the process of having a carriage house built. The building materials such as cement, rebar, etc. must be purchased with “traceable” electronic funds transfers.
It seems that Mexico is cracking down on the laundering of illicitly acquired money.
With a Mexican bank account those transfers are quick, easy and verifiable. The money is in the other person's or business account in under 30 minutes from your phone.
From the "Teach an old dog new tricks" Department, Gracias!
by jakewills , Tuesday, September 20, 2022, 07:44 (379 days ago) @ Padrino
If you were quoted a specific exchange rate at the ATM, I think that was the ATM bank, not Schwab. It is essentially a scam some banks try... for the "favor" of registering the withdrawal in USD instead of the pesos you are getting, they offer to exchange it themselves. I guess some people think that is better somehow, but my guess is it still shows up as a foreign transaction so don't know what the point would be. And the rate is always horrible. My policy is if an ATM tries that, I avoid that bank in the future if I can. It's shady and predatory, imo. I find about half the banks do it.
The trick is to decline that conversion when offered. You can still proceed with the withdrawal at the ATM, and they will register the transaction to Visa (or Mastercard, whichever) in pesos. Visa uses the wholesale exchange rate and marks it up about 1% to convert. Schwab doesn't take anything itself, which is what is unusual and great about them (as well as the ATM fee refunds). That is about the best rate you can get anywhere... close to the Wise rate but without the fees. I did a lot of questionable math late one night and decided the Schwab/Visa route was overall a better deal than Wise to a local account, but the difference was pretty negligible.
Glad to hear Wise is working out for you! I found that after I did a few transfers, it got faster. Some even arrive in seconds now.
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Tuesday, September 20, 2022, 20:19 (378 days ago) @ Padrino
The saga continued today with me fumbling about trying to figure out exactly where the INBURSA office was. There are two across from Los Braseros and the first one I found is upstairs. That ain't the correct one. I gave the masero at Los Braseros a good chuckle.
With no option for English, the INSURSA ATM said nothing about exchange rates. It also wasn't clear to me if the withdrawal amount was in pesos or dollars so I chose $100. Out popped MXN$100 pesos and a receipt with the MXN$17.40 commission (MXN$15) and IVA de commission (MXN$2.40) dutifully reported.
Within minutes, I got a text from Schwab Bank saying that US$5.90 was debited from my account. Hmmm. That ain't a very good rate. MXN$100 pesos divided by US$5.90 is an exchange rate of 16.949 which is pretty lame.
However, I don't know yet if the MXN$17.40 will be credited back or not. If the $17.40 is credited back, then the exchange rate will be excellent.
Of course, in practice, it makes sense to take out at least a few hundred US dollars or a few thousand Mexican pesos. That way the MXN$17.40 charge is amortized over a much larger amount of money.
Users of Schwab debit cards, do you eventually receive entries in your account for credits of the ATM fees?
Many thanks to all for all your help!
From the "Teach an old dog new tricks" Department, Gracias!
by mosesk , Ojai, CA, USA, Tuesday, September 20, 2022, 21:10 (378 days ago) @ Padrino
The saga continued today with me fumbling about trying to figure out exactly where the INBURSA office was. There are two across from Los Braseros and the first one I found is upstairs. That ain't the correct one. I gave the masero at Los Braseros a good chuckle.
With no option for English, the INSURSA ATM said nothing about exchange rates. It also wasn't clear to me if the withdrawal amount was in pesos or dollars so I chose $100. Out popped MXN$100 pesos and a receipt with the MXN$17.40 commission (MXN$15) and IVA de commission (MXN$2.40) dutifully reported.
Within minutes, I got a text from Schwab Bank saying that US$5.90 was debited from my account. Hmmm. That ain't a very good rate. MXN$100 pesos divided by US$5.90 is an exchange rate of 16.949 which is pretty lame.
However, I don't know yet if the MXN$17.40 will be credited back or not. If the $17.40 is credited back, then the exchange rate will be excellent.
Of course, in practice, it makes sense to take out at least a few hundred US dollars or a few thousand Mexican pesos. That way the MXN$17.40 charge is amortized over a much larger amount of money.
Users of Schwab debit cards, do you eventually receive entries in your account for credits of the ATM fees?
Many thanks to all for all your help!
In the past I have received the total of all ATM refunds at the end of the month
From the "Teach an old dog new tricks" Department, Gracias!
by jakewills , Wednesday, September 21, 2022, 05:24 (378 days ago) @ mosesk
Same here. Last day of the month you'll get a credit labeled "ATM fee rebate" that covers them all.
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Wednesday, September 21, 2022, 08:25 (378 days ago) @ jakewills
Many Graces, JW and Mosesk! Will report back the exact conversion rate when the refund happens. It already looks like a winner, most likely somewhere around 20. That would be the "high international rate" that Talley Ho referred to.
From the "Teach an old dog new tricks" Department, Gracias!
by Rsimms , Saturday, September 24, 2022, 09:10 (375 days ago) @ Padrino
I pulled funds from ATM using Schwab debit card - which I use exclusively - last week (on two separate days) and received exchange rates of 19.78 and 19.85. I’ve done this for the past five years and when I check the exchange rate I am given against the published rate that day there’s not a lot of air between the two. It’s imperative that you decline the rate offered by the ATM at the end of the transaction, however. I think that’s what caused the confusion for some…
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Saturday, September 24, 2022, 15:27 (374 days ago) @ Rsimms
edited by Padrino, Saturday, September 24, 2022, 16:06
I pulled funds from ATM using Schwab debit card - which I use exclusively - last week (on two separate days) and received exchange rates of 19.78 and 19.85. I’ve done this for the past five years and when I check the exchange rate I am given against the published rate that day there’s not a lot of air between the two. It’s imperative that you decline the rate offered by the ATM at the end of the transaction, however. I think that’s what caused the confusion for some…
Many Graces, RSimms! How did you know the exchange rates? Did the system inform you before the transaction was submitted or did they print it in the receipt?
After Schwab reimburses me for the ATM fee, I will know the exact exchange rate because INBURSA didn't inform me beforehand and the rate was not printed on the receipt. However, I am already pretty sure that it was close to 20 pesos to the dollar. That's great!
From the "Teach an old dog new tricks" Department, Gracias!
by Rsimms , Saturday, September 24, 2022, 19:31 (374 days ago) @ Padrino
I just did the math once the withdrawals posted to my account a day or two later…
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Sunday, September 25, 2022, 07:38 (374 days ago) @ Rsimms
I just did the math once the withdrawals posted to my account a day or two later…
Then you mostly likely have gotten an even better rate because it appears that the ATM charge is included in the amount debited from your account. Of course, the more you withdraw, the less the ATM fee affects your overall exchange rate. Did you use INBURSA which only charges MXN$17.4 pesos?
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Friday, September 30, 2022, 21:09 (368 days ago) @ Padrino
UPDATE: Received my first monthly statement from Schwab. A couple of weeks ago, I was charged US$5.90 dollars for withdrawing MXN$100 pesos. (I thought I was withdrawing a US$100 dollars worth of pesos.) On the statement, I was credited US$0.87 dollars for the MXN$17.40 pesos ATM fee from INBURSA. So the charge was actually only US$5.03 for MXN$100 pesos. That is 19.8807 pesos to the dollar. That is a tad better than Wise, Xoom, and the Casas de Cambio. These were in the 19.55 to 19.65 range. Cool! I think I have found the best way to withdraw pesos when in Mexico. (I ain't giving up my BBVA account, though. No matter where you go in Mexico, there is a BBVA ATM machine.)
Thanks, Schwab! And many thanks to you folks here on Rob's forum!
From the "Teach an old dog new tricks" Department, Gracias!
by mosesk , Ojai, CA, USA, Friday, September 30, 2022, 21:55 (368 days ago) @ Padrino
UPDATE: Received my first monthly statement from Schwab. A couple of weeks ago, I was charged US$5.90 dollars for withdrawing MXN$100 pesos. (I thought I was withdrawing a US$100 dollars worth of pesos.) On the statement, I was credited US$0.87 dollars for the MXN$17.40 pesos ATM fee from INBURSA. So the charge was actually only US$5.03 for MXN$100 pesos. That is 19.8807 pesos to the dollar. That is a tad better than Wise, Xoom, and the Casas de Cambio. These were in the 19.55 to 19.65 range. Cool! I think I have found the best way to withdraw pesos when in Mexico. (I ain't giving up my BBVA account, though. No matter where you go in Mexico, there is a BBVA ATM machine.)
Thanks, Schwab! And many thanks to you folks here on Rob's forum!
I think you will find a slight advantage to Wise when you get up into higher amounts- like hundreds or thousands of dollars.
Wise takes their fee right off the top and then offers a slightly better exchange rate than ATMs.
Perhaps one day you will do the same experiment I did.
Exchange say $1000USD at both an ATM using your Schwab card and an online Wise transaction at the same time.
Then compare the amount of pesos that you get via both transactions.
And ultimately compare the exchange rate you got from both.
From the "Teach an old dog new tricks" Department, Gracias!
by Padrino , San Diego/Rosarito, Saturday, October 01, 2022, 08:04 (368 days ago) @ mosesk
I think you will find a slight advantage to Wise when you get up into higher amounts- like hundreds or thousands of dollars.
Wise takes their fee right off the top and then offers a slightly better exchange rate than ATMs.
Perhaps one day you will do the same experiment I did.
Exchange say $1000USD at both an ATM using your Schwab card and an online Wise transaction at the same time.
Then compare the amount of pesos that you get via both transactions.
And ultimately compare the exchange rate you got from both.
The Wise exchange was for US$1,000 dollars. However, as mentioned, it was a few days earlier than when I pulled the pesos out of the ATM and rates are continually changing. Can you really take US$1,000 dollars from an ATM machine in Mexico? That would be close to MXN$20,000 pesos. I don't know that I would want to walk around with that much cash!
From the "Teach an old dog new tricks" Department, Gracias!
by mosesk , Ojai, CA, USA, Saturday, October 01, 2022, 09:07 (368 days ago) @ Padrino
I think you will find a slight advantage to Wise when you get up into higher amounts- like hundreds or thousands of dollars.
Wise takes their fee right off the top and then offers a slightly better exchange rate than ATMs.
Perhaps one day you will do the same experiment I did.
Exchange say $1000USD at both an ATM using your Schwab card and an online Wise transaction at the same time.
Then compare the amount of pesos that you get via both transactions.
And ultimately compare the exchange rate you got from both.
The Wise exchange was for US$1,000 dollars. However, as mentioned, it was a few days earlier than when I pulled the pesos out of the ATM and rates are continually changing. Can you really take US$1,000 dollars from an ATM machine in Mexico? That would be close to MXN$20,000 pesos. I don't know that I would want to walk around with that much cash!
In the past I've been able to pull 19,000 pesos out of the Banorte ATM on Juarez, on my Schwab debit card of course!
I think I also did it at the Banorte ATM in the mall out by the movie theater where the Intercam Bank is.
From the "Teach an old dog new tricks" Department, Gracias!
by Talley Ho , Playa la Ropa, Saturday, October 01, 2022, 10:19 (368 days ago) @ Padrino
Yes you can. INBURSA max is 5,000 pesos per transaction. IF your personal limit in the US is 1,000 USD, just do 4 transactions at INBURSA. When asked if you want another transaction, just press yes.
Take the money home and put it in the safe.
