Moving your money for closing — without the scare
The wire is the part of the process that causes the most nerves. With the right order of steps, it is the simplest.
Money always travels to escrow — never to a person
In Florida, purchase funds go to the escrow account of the title company or closing attorney — a regulated fiduciary account. Never wire to the personal account of a seller, an agent, or anyone who asks by email.
The typical flow: an initial deposit when the contract is signed (1–10% of price) and the balance one or two days before closing via international SWIFT wire. Between Latin American banks and escrow, allow 2–5 business days and budget for intermediary bank fees.
The golden rule against closing fraud
The most common fraud in US real estate is wire fraud: criminals intercept email threads and send fake wire instructions with perfect logos and signatures. Once money lands in the wrong account, recovery is nearly impossible.
The rule that protects you: ALWAYS confirm wire instructions by phone, calling the title company yourself at an independently verified number (not the one in the email). Do it before the first wire and after any last-minute "account change" — last-minute changes are red flag number one.
Document your source of funds
US banks apply anti-money-laundering rules (AML/KYC): your money needs a documented story. Prepare in advance:
- Bank statements showing the funds and how long they have been there
- Origin documents: sale of a property, dividends, salary, inheritance — with the paperwork
- If money moves across several accounts or countries, the full trail of each hop
- Letters from your bank or accountant when the structure is complex (companies, trusts)
Exchange controls and country-specific routes
Every country has its own rules for moving capital out: Argentina and Venezuela with strong restrictions, Colombia with FX registration at the central bank, Brazil with its own remittance regime. Specialized FX services (Wise, OFX, regulated currency brokers) sometimes beat bank rates — but verify they issue the documentation your escrow and your country require.
The right strategy is defined weeks before closing, not the day before. Paola coordinates with the title company from the start so the funding calendar and the contract calendar match.
Educational information. Banking and FX rules change frequently by country; confirm your case with your bank, your accountant, and the title company before moving funds.
Frequently asked questions
Can I pay for the house in physical cash?
No. Closings are funded with documented bank transfers (or local certified checks). Large physical cash triggers mandatory reports and no serious escrow accepts it.
How long does a wire from Latin America take?
Usually 2–5 business days via SWIFT, depending on intermediary banks. For closing, send with at least a week of margin.
What if my country limits how much I can transfer?
It gets planned: staged wires during the contract period, already-declared offshore accounts, or authorized FX services. What matters is that every step is documented for escrow and for your local tax authority.
Do I need a US bank account?
To buy, no — escrow receives international wires. As an owner it helps: paying HOA, insurance, and taxes is much simpler from a local account, and many banks open accounts for foreigners with a passport and visa.
