Payments

Currency Exchange Considerations

Exchange rates between the U.S. or Canadian dollar and the Mexican peso can fluctuate significantly. Some families take advantage of favorable exchange rates by:

• Purchasing Mexican Certificates of Deposit (CDs) in pesos with staggered maturity dates.
  This approach helps ensure:
  
  • Liquidity when needed
  • The ability to draw funds when exchange rates are less favorable
  • A modest return on idle funds

Speak with a financial advisor or bank with cross-border experience if this is of interest.

Common Payment Methods

1. Postdated Checks (U.S. Dollar Denominated)

• Many facilities in Mexico accept postdated checks written in USD.
• Caregivers can issue a series of monthly rent checks and a separate estimate for supplies or medications.
• This method is straightforward, especially if you plan to visit regularly and can replenish checks in person.

2. Wire Transfers

• This is a secure and commonly accepted option, though there may be fees depending on your bank.
• Some banks, such as Charles Schwab, offer free international wire transfers.
• Be sure to confirm recipient details carefully to avoid delays or errors.

3. Digital Payment Platforms
   Some progressive facilities in Mexico now accept modern payment methods, including:

• Zelle
• Venmo
• PayPal
• Credit cards

These platforms offer:

• Fast transfers
• Transparent records
• Options for recurring payments

Keep in mind that fees may apply, and exchange rates may vary based on the platform.

Looking Ahead

As part of a “total assistance” philosophy, some facilities are exploring even broader payment options. In the near future, you may see assisted living providers accept:

• Apple Pay
• Cryptocurrency (e.g., Bitcoin)
• Multi-currency online wallets

While these methods are not yet widespread, the industry is clearly moving toward greater flexibility to accommodate international families and modern financial tools.