THERE ARE THREE DIFFERENT MONEY QUESTIONS

1. How Will You Pay for Everyday Purchases?

Possibilities include:

• Canadian credit card

• Canadian debit card

• Cash in Mexican pesos

• Mexican debit card

• A combination

• WISE Card (more on this coming)

2. How Will You Obtain Mexican Pesos?

Possibilities include:

• ATM withdrawals

• Currency exchange

• International transfer to a Mexican account

• Transfer to a trusted recipient

• Another regulated service

3. How Will You Move Larger Amounts?

Possibilities include:

• Bank wire

• International transfer provider

• Transfer between your Canadian and Mexican accounts

• Another documented and regulated method

• Global money transfer

The best method for buying groceries may not be the best method for paying a rental deposit or transferring several months of living expenses.

Compare the Total Result

When comparing a card, ATM or transfer service, consider:

• Exchange rate

• Foreign transaction fee

• ATM fee

• Transfer fee

• Receiving fee

• Payment-method fee

• The final pesos received

Do not compare only the word free.

REVIEW YOUR CURRENT FINANCIAL TOOLS

Choose one Canadian chequing account and one card.

Find:

• Foreign transaction fee

• ATM withdrawal fee

• Daily withdrawal limit

• Cash-advance fee, if applicable

• International access policy

• Replacement-card process

• Authentication method

• Customer-service number from outside Canada

Useful searches:

• “[Bank name] foreign transaction fee”

• “[Card name] foreign exchange fee”

• “[Bank name] international ATM fee”

• “[Card name] cash advance fee”

• “[Bank name] working or living outside Canada account”

• “[Bank name] replace card while abroad”

Use your bank’s current official fee schedule—not only a comparison blog.

Compare Two Transfer Options

Choose a sample amount, such as:

$1,000 Canadian

Enter the same amount into two providers’ calculators.

Record:

• Exchange rate

• Visible fee

• Payment method

• Delivery time

• Pesos received

• Whether the rate is promotional

• Whether any third-party fee may apply

Do not send the money today.

CREATE YOUR MEXICO MONEY ACCESS PLAN

Today, you will identify your likely primary and backup methods.

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Your Steps

1. Open the Notes app on your phone.

2. Open your Can I Really Move to Mexico? folder.

3. Create a new note.

4. Copy and paste the prompt below.

5. Review one Canadian account and card.

6. Compare two transfer services using the same Canadian-dollar amount.

7. Record your primary and backup plan.

Copy and Paste This Into Your New Note

DAY 8 — MY MONEY-ACCESS PLAN

My primary way of paying for everyday expenses in Mexico would be:

The foreign transaction or ATM fees I need to check are:

My backup payment method would be:

If my Canadian phone number is used for banking verification, my plan for keeping access is:

Compare the cost of transferring one sample amount:

Amount: $________ CAD

Option one and pesos received:

Option two and pesos received:

T

he option that currently gives me the better result is:

When I first arrive, I expect to pay rent or larger expenses using:

One money-access detail I still need to confirm is:

My next action is:

OPTIONAL DEEPER QUESTION

If you lost access to your primary Canadian bank account for one week, could you still pay for housing, food and transportation in Mexico?

REFERENCE EXCHANGE RATES

Use the Bank of Canada’s daily rates as a reference:

Bank of Canada: Daily exchange rates

These are indicative rates. Your bank, card, ATM or transfer service may offer a different rate and charge additional fees.

Banco de México also publishes official exchange-rate information:

Banco de México: Exchange rates

International Transfer Comparisons

Examples of services currently offering Canada-to-Mexico transfers include:

Wise: Send money from Canada to Mexico

*** I currently work with WISE under their influencer program and that means you get special treatment when you use my link. I’ll provide those details at the end of todays page if you’d like to plan ahead for your next travel, Mexico or worldwide! ***

OFX Canada: Send money to Mexico

Remitly Canada: Send money to Mexico

These links are provided for comparison—not as endorsements.

Fees, rates, delivery methods and limits can change. Compare the live quote and final pesos received before every transfer. Also compare your existing Canadian bank.

Verify a Mexican Financial Institution

Mexico’s financial consumer-protection agency maintains an official register called SIPRES.

It can help confirm whether a financial institution is registered within Mexico’s financial system:

CONDUSEF: Verify a financial institution through SIPRES

Registration confirms information about the institution. It does not guarantee that every product is suitable for you.

Mexican Bank Account Research

Search:

• “[Mexican bank] account requirements foreign resident”

• “[Mexican bank] cuenta extranjeros requisitos”

• “Abrir cuenta bancaria extranjero México”

• “Cuenta bancaria residente temporal México”

• “[Bank] pasaporte residencia comprobante domicilio RFC”

Confirm the requirements directly with the bank and, where possible, the branch where you intend to apply.

Requirements can vary between institutions, products and applicants.

Dynamic Currency Conversion

When an ATM or card terminal offers to convert the transaction into Canadian dollars:

• Read the rate and markup

• Understand that the ATM or merchant may be setting the conversion

• Look for the option to continue in Mexican pesos

• Remember that declining the offered conversion does not eliminate your own bank’s fees

Useful search:

“Dynamic currency conversion ATM local currency versus home currency”

Security Checklist

Before leaving Canada:

• Update your phone number and email with your financial institutions

• Turn on account alerts

• Confirm how two-factor authentication works abroad

• Save international contact numbers

• Carry a backup card

• Review daily limits

• Check card-expiry dates

• Decide how replacement cards could reach you

• Avoid storing every payment method together

• Use strong, unique passwords

• Never share one-time security codes

• Let you bank know you will be using your card out of country so they don’t automatically flag international transactions and render your card useless.

Today, you created a primary and backup plan for accessing your money in Mexico.

You know which current fees require attention, how to compare transfer options and whether a Mexican bank account may eventually be useful.

Tomorrow, we will look at the financial connections that may remain in Canada:

• Tax residency

• Provincial healthcare

• Property

• Investments

• Pensions

• Canadian accounts

• The questions that belong in a conversation with a cross-border professional

A Little Extra: My Wise Referral Link

Wise can be a helpful way to transfer money between Canadian and Mexican accounts, convert currencies and see the exchange rate and fees before completing a transaction.

If you’re opening a Wise account, you can use my referral link below.

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You’ll receive a free cross-currency transfer up to CA$800 when you sign up.

I receive CA$50 when you sign up and make card payments or cross-currency transfers totalling over CA$300.

We both get preferred rates from Wise.

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There is no additional cost to you for using my link—it’s simply a way for us both to receive a little something extra.

CLICK HERE TO EXPLORE WISE