Payment for services in another country, such as Mexico is a little more complicated than just dealing with the currency exchange rate, although that is something to consider as well. When the exchange rate is particularly good, some people buy CDs in Mexico with various maturity dates. The idea is to get a good return on the money until you need it, yet have it available when needed. Typically, this money is drawn upon when the exchange rates are not as favorable.
One very simple approach towards payments is to write future dated check in US dollars for each month’s rent until your next visit. The same is done for an estimated additional cost covering supplies, prescriptions and so on.
Another approach that is a little more complicated and usually has a fee associated with it is to pay via wire transfer. Some banks, like Schwab, do not charge for wire transfers.
Some thoughtful Mexican assisted living facilities recognize the challenges presented in paying for services in another country. As such, and as part of their ‘total assistance’ philosophy, they are starting to offer other more flexible payment avenues such as Zelle, Venmo, PayPal and credit card. Perhaps they will even accept Bitcoins and Apple Pay in the future.
Download the Expatriate Guide for Senior Living in Mexico – For your convenience, the entire 50-page guide is available for download as a PDF. Additionally, give us a call at +1.888.406.7990 or email us at information.cielitolindo@gmail.com. We would love to hear from you.