The best ways to send money from the US to Mexico
In this article we will tell you eight ways that the Mexican authorities recommend money transfers from the American Union to Mexico. The methods can be for migrants and visitors.
Whether you live in the United States or travel, there is a situation where you have to send money to Mexico. You know how to do it! According to the National Commission for the Protection and Defense of Users of Financial Services in Mexico (Condusef), these are the best options for the money to reach its destination.
1 Directly to Mexico
It is given through banking institutions. The customer pays small fees, generally less than $ 5 per transfer between bank accounts, and the service takes one business day to make the money available to beneficiaries in Mexico. You need to open a bank account with a direct agreement to Mexico in the United States and know the account details of the person to whom the money is sent.
2. Cash transfer.
It is done through a company and banks in the United States that have agents to make payments in Mexico. To make the shipment, you must go to an institution that provides the service with the money and pay a commission to be transferred to the desired destination.. Places where you can collect money in Mexico can be from a pharmacy, exchange offices, self-service shops, among others. Between the most used companies are Western Union, MoneyGram and Vigo.
3. Bank transfer.
Some North American banks work with Mexicans to make shipments in the country, lThe best known are Citibank, Wells Fargo and Bank of America. Shipments are made through a savings account that a person has in the United States, from where the resources will be taken and will reach an account in a Mexican bank.
4. Accounts for sending money.
Some banks have exclusive account service to send money to Mexico by debit card which is delivered to the beneficiary. In order for the transfer to take place, the deposit must be made at a US branch or ATM.
5. Internet transfer
It is used by companies that use a website as a means of operation. You must first make the payment online and, in some cases, pay a commission. These companies have agreements with banks and agents in Mexico that deliver the money sent to the beneficiary, either through a window, deposit or home. A widely used company is Xoom.
6. Prepaid cards.
With this option lThe only thing you need to do is buy a card in the United States and make a deposit and then give it to the recipient. and that resources can be used in Mexico. It can be purchased in various units in the American Union.
7. Bank transfers.
This option is mainly used by people who live in rural areas and do not have a banking institution nearby. To make the shipment, you need to go to a company that has an agreement with Telecomm telegraph office and make the deposit plus the payment of a commission for the service.
8. International payment order.
These are documents issued by money transfer companies, banks or exchange offices, they are also known as “Payment orders„And the shipment is made by regular mail or certified mail, which makes the delivery time longer.
CONDUSEF recommends that you consider the following tips:
If you send money:
● Before deciding on a service, ask about the commission they will charge you and check if there are no other fees to cover.
● If your shipment is not urgent, consider non-immediate delivery options, which are cheaper than options within minutes.
● Compare between different shipping companies.
● Consular registration is accepted as identification, with which you can open accounts in various banking institutions. Ask the consulate how to process it.
● Contact relatives in Mexico and choose the best option to send money together.
If you receive money:
● Find out about the amount and time it takes to receive it.
● Tell the person abroad which companies have payment points in your area.
● Do not allow the company where you ship your cargo to condition the service, force you to buy goods or accept payments in kind.