This is from Patti Crawford:
You may know this, but just in case, last year, the Government instituted a fee of 2% on any CASH Bank deposit in excess of 25,000 pesos per month.
They call this “Impuestos a los Depositos en Efectivo” or I.D.E, and this action was aimed at the “Informal Economy Sector” which generally tends to evade taxes.
This year [ 2010] they are tightening the knot and the fee will be 3% on Cash Deposits in excess of 15,000 pesos.
I mention this to you guys because you may inadvertently fall in the trap. It happened to me last year, were I was helping one Charitable organization, paid some event arrangements with my Credit Card and got reimbursed with a large sum in cash which I innocently deposited in the Bank. The next month, as I was reviewing my monthly statement , I saw a large fee titled IDE…You live and learn!
Some of you may be withdrawing funds with your ATM cards and depositing them in your bank for one reason or another. You will be penalized 3% on any quantity in excess of 15,000 pesos per month. Keep an eye on your deposits…
From Kris… A clarification. This is an effort to cut down on money laundering and applies only to walking into a bank with a fistful of cash. It does not apply to bank wires or checks.