Ready to Move to Mexico? Check out the COMPLETE Mexico Relocation Guide bit.ly/3SICdD0 Qroo Paul's Top Pick to Learn Spanish kzread.info/dash/bejne/gK6Xk9GLg6S2gZM.html

@nucreation9833

9 ай бұрын

Hi Paul, loved this video!!! is there an update video coming soon? Have you have found other options??? Thanks

@shawnacton759

2 ай бұрын

Will this work fron Canada in Canadian dollars? ?

I would also urge cation in the balance you leave in this system/app. Do your transfers and conversions and get your funds back into a deposit insured institution. Read the fine print! Only maintain a balance you can afford to lose. Don’t chase the yield…. Just ask Voyager, Celsius and other “crytpo banking customers”. Proceed with caution.

Thanks again for doing all of the leg work for us, amigo.

GREAT video! TY for all the awesome info you share. I also like your personal humor style that often has me chuckling. WELL DONE AND GRACIAS!!

Great info! I really love watching your videos. They are always so informative.

Paul -- this is way cool!! Thank you so much for explaining this and sharing it!!

Thank you for presenting the information Paul, we appreciate you!

Absolutely fantastic video. Thank you

Another episode of great information...thank you..hasta luego...

Excellent info, thanks Paul!

Great video. Thanks so much for these tips.

Signed up and transferred money for the first time today. Worked beautifull. Thanks Paul.

Hey super freaking helpful video. brother. Keep em coming!

Awesome video!, thanks, just what I was looking for.

Thanks Qroo!

Thank you! This was extremely helpful 👍🏾

This is very useful. Thank you, Paul.

I'm definitely going to look into this! Just in time.

@allanzfs

Жыл бұрын

Try remitly instead

Great video Paul - thanks for posting !

Paul, thanks for another great info-video, you are the best!!

Always great info, Paul, thanks!

Very valuable information, thank you sir.

Great video. Thank you so much

Paul, in my opinion, this is the best tip you have given on KZread. Thank you ✌️

@qroo

Жыл бұрын

Thanks, Luyz. :)

This man gives out alot of useful information

@JRspeaking

3 ай бұрын

* a lot

Once again thank you.

I cannot wait to get this APP! Perfect!! :)

Very informative content about US & Mexico money transfers and usage of funds. Dollar app makes it easier.

This is awesome!

Thanks for the great info. We have been using Wise but will check this out and compare. Can't wait to get back to PV in 3 weeks.

The best source of information I have found, by far. Thank you for what you do.

Thanks will check it out Paul.!

@allanzfs

Жыл бұрын

Try remitly instead

That's great information. Thank you.

Thanks Paul! I’m always looking for a better, faster, cheaper way to send money to mi familia in Mexico. I will look into this.

Careful. Your money likely isn’t insured and they could be using their (your) assets for risky loans or investments that put you at risk you aren’t even aware of. See cases like Voyager, Celsius.

@user-bb2yw1mh6j

Ай бұрын

Correct, your money is not insured; however, your assets are not being used for risky investments. DolarApp is not a bank, so they do not have the ability to invest, lend, or hold fiat (cash). The way they make money is through markups on currency exchanges and transaction fees. They still offer some of the best rates available, and the transaction fees on purchases are minimal. One important consideration for users is that you are required to purchase USDC, a type of stablecoin cryptocurrency. This means DolarApp uses a custodial wallet model, where they control the wallet and hold your USDC in a centralized manner. The security of your assets depends heavily on DolarApp’s security measures and the strength of your password. Given these factors, it's advisable not to hold large amounts of USDC on this app for extended periods. Transfer and exchange what you need promptly, and move the funds to your bank account as soon as possible to minimize potential risks.

Thank you Qroo Paull this is one of my favorite channels. Newly retired L.E. looking at all of our options.

@jortega456

Жыл бұрын

Congrats on making it!

@g.moreno6252

Жыл бұрын

Congratulations on making it to retirement. If you are considering moving to Mexico, look into establishing South Dakota residency and save hundreds on state income taxes. SD has easier requirements than Texas or Florida. That is assuming you are coming from a state like California.

@allanzfs

Жыл бұрын

. Try remitly instead

Be advised that USDc did lose it's dollar peg for a short period of time due to Circle lost a considerable amount of money when SVB went belly up. It sank to about .88 for a couple days before rebounding back to 1.00.

Great informative video. The Volaris video would be great not just for the community but as a video to get a lot of views. I'm live in southern California my whole family uncles, aunts, freinds rather travel to Tijuana aeroport for cheaper deal to go to MX and the holidays are coming great timing for the video. We need this video 📹 .

I think usdc is under fire and not safe to have.

Great video. I am about to start to move to Mexico journey and this looks great. Thank you.

@dianaferreda6789

5 ай бұрын

Is work for Canada?

Great info

You're a very useful fellow. Thanks.

@qroo

Жыл бұрын

Thank you.

Híjole Paulito!! Que buena onda y noticia! Mereces un montón de estrellitas doradas en tu frente 🌟👍😃 Gracias

Great information 👍

@qroo

Жыл бұрын

Glad it was helpful!

THANKYOU BUD, YOUR VERY HELPFUL.... SUPER HELFUL.

Thanks!!❤

@qroo

Жыл бұрын

You're welcome 😊

Thanks

Thankyou paul.very good advice saludos. California.

@bmyra

Жыл бұрын

It's not advice. It's a paid endorsement. Important distinction.

great vid!!!

Lots of us Canadians moving down here EH? Been in PDC 2 months and LOVE IT

Thanks ❤

Interesting I will have to check this out.

Thanks!

@qroo

Жыл бұрын

Thank you so much, Alex.

Thank you. Hola from Queretaro.

Thanks so very much! The information you provided and continue to provide is priceless. Truly appreciate you and Linda.

We have lived in Morelos for the last 5 years from Colorado and transferring has always been a pain. I can’t wait to get this, huge thank you

@glassnfire_art

Жыл бұрын

@@allanzfs remitly was one of the big pains I mentioned

THANK YOU SO MUCH for the recommendation for this DolarApp. I have signed up and already moved some money super smoothly and will now be saving $43.00 USD each time I transfer money as my US bank was charging me $45.00 for every wire. Thanks again Paul.

@qroo

Жыл бұрын

You are so welcome!

You may want to investigate some of the companies largest investors. You may find it interesting.

@RedroomStudios

Жыл бұрын

why dont you just tell us?

@DrAJ_LatinAmerica

Жыл бұрын

@@RedroomStudios not my channel. I'm not the one getting paid to bring the info. Plus in all honesty no one ever believes it they see it for themselves. Check, very interesting stuff.

you defintely should do a video on the volaris deal lol :) thank you always for all the info! yall are awesome

@qroo

Жыл бұрын

I'm working on it now. :)

Wow, I was using Paypal / Zoom to transfer them, but this sounds way better, thanks for the video, very good info.

I would urge people to perform their due diligence before signing up. The 4% cash back using the optional “credit card” is only on monthly purchases “up to” 10% of their USDc balance, so if they have $2500 USDc, they would receive $10 USDc cash back on the 1st $250 spent then 1% cash back after. Also, the “credit card” operates like a ¨pre-paid” credit card, so purchases are limited by the users current USDc balance. Also keep in mind, that since it is a “Mastercard”, there is a “foreign transaction fee” of 1% for all purchases made with this card in Mexico. The 4% cash back becomes 3% and the 1% cash back become 0%. You will note that Paul’s purchases were in USD at US restaurants, so there was no “Foreign transaction fee” included. Personally. I’m sticking with WISE and timing my transfers according to the exchange rate to my Mexican bank account. YMMV.

@qroo

Жыл бұрын

Hi Wise owl. I just checked with the Dolarapp folks. They assured me that there is no 1% foreign transaction feebeing charged when using the card in Mexico. The account holders will receive that amount.

@WiseOwl-1

Жыл бұрын

@@qroo Yes, but Dolarapp doesn’t charge that fee, Mastercard or Visa charges the fee. Both companies act as foreign currency retailers. It is the same with using my Charles Schwab “Visa” card in Mexico, even though Schwab rightfully claims to charge no foreign transaction fee, the Visa exchange rate hides the fee. It’s how those cards make money. They hide the fee by using the current official Mastercard or Visa exchange rate. There are times when the credit card fee is comparable to the interbank or mid-market rate, other times the fee can average 1%.

@qroo

Жыл бұрын

If the fee is charged, it is not passed on to the Dollarapp account holder. You get the rate shown on the app and you will till get 4% or 1% cashback. I spoke with one of the founders of the company and he said that is one of many things that is setting them apart from the competition. I like that it is earning 3% in the account as well, but I would use it for the exchange rate even if it wasn't doing either of those things. I just present the info. In the end, it's up to each invidual to decide what is best for them.

@WiseOwl-1

Жыл бұрын

@@allanzfs Remitly’s exchange rate is not great. Even though they claim $0 fees, when you factor in exchange rate, you end up with less after transfer compared to Wise.

@WiseOwl-1

Жыл бұрын

@@qroo If they absorb the network fee that’s great. Are there different exchange rates to buy and sell USDc? They need to make a profit somewhere.

Hi Paul, congrats on your videos. Just for your info, my CIBC Aventura (canadian) credit card let's me send up to 3,000 dollars a day to Mexico (i.e. 90,000$ a month!) with no transfer fee, and payable at the end of the month like it was any other purchase. Good exchange rate too. I find this deal hard to beat. By the way, I pay just about everything there is in Mexico with this credit card (food, gasolina, restaurants, home depot and Cosco...) and continue earning points. I am not aware if this service is available from any other credit card suppliers.😉

Well done as usual! Concise and to the point.

Great content! A great topic would be for residents that live in Mexico but work full-time (W-2) online for a US company that does not have a presence in Mexico. Specifically, the tax implications with the IRS and SAT. Thank you!

Thanks Paul and Linda for doing research and bringing info. To your viewers. Always great stuff, I would appreciate a video on volaris, as folks move (retire) to mexico we begin to travel a lot more and I have not encountered videos on airfare or airlines within mexico. Cheers, Ed

@folridaone1

Жыл бұрын

This app dollar is great no but when I download the app I gave him all the information and my code to get into 4 digit doesn't take it I have no way to call them up no way to communicate with them so what good is it for me anybody know

Thanks! Super thankful for your knowledge sharing. I am relocating in July, and have just recently opened a Charles Schwab acc. But … this sounds much more advantageous-

Great info as usual, gracias!

Not familiar with the account details of the program paul is speaking about, but just wanted to tell everyone to research the details. If you are earning on usdc, it could be that your usdc is being staked for you and because of that you will have to report and pay taxes on staked crypto earnings. Also, circle (usdc), has in the past and at any time can in the future freeze-confiscate all of you usdc coins if they are suspicious of account activity or are ordered to by any govt authorities.

@jjuancito

3 ай бұрын

Details, details… Not to mention the crypto in your account is uninsured. Unfortunately most people don’t want to hear any of this.

I noticed that in all of the comments here, he didn't respond to the insurance risk at all.

@qroo

Жыл бұрын

Sorry, Keith. I don't always get to all the messages. There is no insurance that I am aware of.

@bmyra

Жыл бұрын

That's because he was paid to endorse this app, so he doesn't discuss the risks and downsides. Caveat Emptor.

Installed, US account linked and verified. Now waiting for my first loading of USDc. Thanks Paul for the suggestion and research.

@landesmm

Жыл бұрын

On Friday 28-Oct I did a full transfer into the USDc account from my bank (after the micropayments were approved) and today (Monday 31-Oct) the funds arrived. So it was either 4 days or 1 working day. Not sure which yet.

@erikforstreuter1926

Жыл бұрын

My US account is in Franklin, Tennessee, with Lineage bank. I live in California. Bothers me some to be transferring money to an out of state bank, that I have no history with

@yestohappiness2721

6 ай бұрын

@@landesmm hi. Have you used it to transfer a bunch of money from usdc to pesos when the rate was favorable? I want to use dolarapp as credit card but when the conversion is so bad like now, I don't want to be paying on this horrible rates. When we pay with the dolarapp card it seems to convert on the spot, which is not good for us now. I'd like this card to be like Wise where I can make conversions when dollar is high vs pesos, and then use those converted pesos to pay at stores... any pointers? thanks!

Thanks Guvna

@qroo

Жыл бұрын

Haha, you're welcome. Thanks for watching.

THANKS! great timing and it resolves one of my issues. How to pay rent in Mexico :).

@RedroomStudios

Жыл бұрын

cash is the way to go!

@allanzfs

Жыл бұрын

Try remitly instead. Just send the money to the clabe number of your landlord

Another great video! Any idea of how Canadians can do the same?

I now use Wise (formerly Transwise) to tranfer money to a bankaccount in Mexico. You get a good rate low charges and the money arrives in seconds. So you know exactly how many Pesos will arrive (in seconds). The same should work with the bank N26.

One thing you failed to mention is that USDc is crypto and not risk free.

@bmyra

Жыл бұрын

Right. It's just a paid promotion, a commercial for dolarapp. Presumably that's why he wouldn't mention downsides and risks.

Hey Paul - many thanks for your great videos and happy new year! I am the founder and past president of a Rotary club located between Tijuana and Ensenada. I would love to have you speak with our club, either virtually or in person if you’re ever on this side of Mexico. Please let me know if you would be available to do that.

Thank you Paul & Linda, this is great info. Do you know if this app works for CAD $ ?

SUCCESS.fratelo.

If it were FDIC covered it could be a great option. The parent company does not appear to be either.

Interesting concept but be wary of coins and these crypto based companies managing them, a lot of these disappear overnight or the coins plunge in value. I think for direct transfers or daily spending money it could be useful but not sure of the reporting burden come tax time. I still use Wise and Albo and works pretty well.

Well fellows , my take: I do like the capsule.. Inquiries: Can i stake my usdc with dolarapp? If so what % rate r they offering? -who is behind dolarapp? -has dolarapp been audited? -r they certified by any financial entity anywhere in the world?

Thank you, I've been quite frustrated not being able to use my US issued cards that I use all over the world here in Mexico. I've been looking for a "prepaid" card to skirt the issue, but this will do the trick. As always, you're vids are informative and straight to the point. Really enjoying the Spanish lessons too!

@josephsmith961

Жыл бұрын

Where have you had trouble using US credit cards? I live here and use a US credit and debit card, no problem.

@7beauties161

8 ай бұрын

@@josephsmith961 The only place I have had a problem is Coppel when I tried to buy furniture. They would not allow me to charge more than 1500MX pesos on my US based credit card

Making money doing advertising.

@bmyra

Жыл бұрын

Qroo Paul built up a reservoir of trust with years of vlogs and advice, and is now disappating it by being a paid mouthpiece. Gross.

As these USDc's are crypto I assume you will be answering YES to this question on next year's return ? "At any time during 2022, did you receive, sell, exchange, or otherwise dispose of any financial interest in any virtual currency?"

@RedroomStudios

Жыл бұрын

who are you - the IRS?

Bitso offers an 8% interest if you hold your USDC whiting the exchange

This looks good so I tried to get it set up. But I am missing something and the help chat people do get my issue. How about a video on the set up of this?

Thank you. This is very interesting, particularly for me to have smoother electronic purchases and for things like utility bills. Question, does a Dolarapp account constitute a “foreign account” for US income tax purposes?

The ultimate best way is to open up a premium account ( different names with various banks; will require 30 to 50k deposit)… then transfer money bank and forth with no fees and at the best exchange rates…. For example with banks like these: Bank of America in the U.S. is affiliated with Scotiabank in Mexico. HSBC in the U.S. is affiliated with HSBC Mexico. Santander, in the U.S., is affiliated with Santander Mexico

@Dragon-kf5sb

Жыл бұрын

Absolutely correct! We get our pensions' check's deposited to Bk of America and then we transfer it to our Banorte or Banamex's account when rates are at its best. CERO transfer fees from either bank. Our SS pensions' check's directly to our Mexican bank, SSA gives the highest rates ( from them via Banco de México -Mexico's central bank to my account... Hence why the best exchange rate). Also, we use our Mexican debit cards on our Mexican bank's ATMs ... No fees there either. Works well for us.

@1879gym

Жыл бұрын

@@Dragon-kf5sb It works well for me as well... Respectfully, I do recognize that some of these premium accounts may be a challenge for some ; however, another benefit that I like is the fact that many of these banks assign a personal rep. to address any concerns ( with the representative there is no need to reinvent the wheel ) which adds a layer of security & added peace of mind

@Dragon-kf5sb

Жыл бұрын

Thanks 👍, our BoA account actually is the regular checking account that we'd have since long before retirement, and when our golden date to sale all and move to Mexico arrived, we discussed with the bank and they said "no problem you are a customer and will continue to be our customer with a foreign address (as they work with the military personnel overseas)... That was just fine with us. We don't pay any fees because BoA has a selection of transferring the amount of dollars as "pesos equivalent " instead of transfer dollar amount. Nice talking to you!

First of all, I love your channel and know nothing about this particular company. I. would worry about using such an app because it sounds like you are buying crypto. So unless the app is guaranteed by the government through deposit insurance or you have personally verified and continually verify that the company is sufficiently capitalized, I would be wary about using it. We hate the fees Banks charge us, but sometimes for the regulations and government protection, it is worth it.

@RedroomStudios

Жыл бұрын

omg... you sound hilarious trusting the government at this time in history. the government is about to totally collapse the entire financial system.

@ryanm7171

Жыл бұрын

@@RedroomStudios Well if you believe that, fine, you should be buying physical gold, rations, supplies, guns, and a system to protect your stuff from everyone else. Once the financial system collapses, everything loses value. Crypto has no other real worth other than what the last person is willing to pay you for it. Regardless, when our government falls apart, I'm pretty sure we all will be suffering. At least you seem to be preparing for it. Good for you.

Oh man we have been waiting to move $$$ from Canada as the dollar is so bad. One of the first things we did is open a Mexican bank account. Thanks for sharing Paul I should get a part-time job making USD hahaha take care friends Cheers from 2 Canadians living in the Yucatan J&D

@2GringosOnTheGulf

Жыл бұрын

@@ddavidson5 absolutely brother ✌️🐶🙏

@RedroomStudios

Жыл бұрын

dont panic... it looks like the trend on the exchange rate is starting to reverse the last few days.

@RedroomStudios

Жыл бұрын

@@ddavidson5 you can get those options if you use Wise. you can also convert your money to any local currency to pay for things using their debit card.

@2GringosOnTheGulf

Жыл бұрын

@@RedroomStudios no panic here here life is to short for that stress 😬 lol Muchas gracias amigo ✌️

@lb9007

Жыл бұрын

@@RedroomStudios it's related to the BOC to raise rate today.

Thank you, I'll be checking if it's available in Nigeria it's a nice app,, btw have you seen the designs?

this is the third time I've watched this video. Thank you so much. But I have a very important question. Is the money guaranteed? FDIC or their Mexican counterpart?

@cammrn

Жыл бұрын

No guarantee. If the company goes bankrupt you can lose it all

Good stuff man! We are planning on purchasing in 2023 somewhere in Baja Ca Sur, just doing homework now. Video is great, but when I went to the app store to take a look at it, there's only 7 reviews, with a 3.7 rating. Can't read the reviews (odd), and it says the app is 4+ years old. Am I looking at the right app? Dolarapp? I would also enjoy a Volaris video....already been looking at their flights and they seem a lot more reasonable!

Wow Paul! Brilliant video. I currently use WISE but this is a much better deal, and the credit card option is a pure gift. So, i have 2 questions : a. Can I download this fron the playstore? B. What is the interest rate?

@qroo

Жыл бұрын

Yes, you can download it from the playstore and there is no interest rate because it is a secured credit card. You are sending the money you have in the account.

Hello from Canada and thank you for this video. My question is, can this card only be used from a USA bank account to fund the Dolar App credit card or is this also possible from any banking institution in Canada??

Thanks Paul. Curious follow up question… because the USD transferred to DolarApp transfer as USDc, does the user have to report this as money in a foreign bank account, or as a cryptocurrency investment to the IRS? I ask because the limits allowable for money transferred to foreign bank accounts without having to report to the IRS or paying an additional tax on the transferred money are relatively low. Thanks for any additional information and thanks for all your hard work and insights!

@mikebon1182

Жыл бұрын

Lol

For vacationers☝️ Transfer from home bank account- which charges fees to pull from ATM’s . I suggest opening a Capital One 365 bank account bank account. And transfer and pull from ATM. Remember.. when asked the Question : If you except the exchange rate on the ATM screen. Hit - NO

I love your videos, could you talk about what good banks are in Mexico. I am Mexican would the dolarapp work for me too or is only for Americans?

Thanks! This will save me this in my first transfer!

@qroo

Жыл бұрын

Thanks, Jason. :)

Do you still recommend this?