Transfer Money to Mexico Using Either a Debit Card or Specialized Service
Transmitting cash to Mexico is a common occurrence in the United States. With over 8 million of this country\’s residents having Mexican descent, it is no wonder that the ability to send money to Mexico is crucial. When you need to transfer money back home, you should not have to pay high costs. Doing so constantly can take up not only a lot of time, but also excess funds in fees. Finding alternatives to these costs is crucial if you want to save money, and locating a financial institution or special program that offers transfers for free or very inexpensive can be just what you need.
Luckily, several popular banks now have specialty programs just to permit you to send money to Mexico. Chase Bank boasts Rapid Cash, which allows consumers to send three different remittances of up to $1500 each every billing cycle. The cash is sent Banorte bank in Mexico, either directly into your recipient\’s account or to be picked up by them. Taking into account that most financial institutions without such programs charge up to $45 per transfer, you can save a lot of money this way if you want to send money to Mexico three times or less per month.
Bank of America has a corresponding item called SafeSend. As long as you have a personal checking account and enroll in the program, you can send money for free to your relatives. Similarly to Chase, you can send money to Mexico up to three times each billing cycle, up to $1500 every instance. However, the total you can send in 30 days is $3000, so be sure to keep that in mind. Additionally, $1 USD equals about 13.4 pesos, which you should keep in mind when sending money. Just keep in mind that the exchange rate changes often, so check it just before you send money to Mexico.
These choices will work if you have to send a lot of funds a few times a month. However, what if you simply need to transfer some funds weekly? The fees may add up. Instead, consider mailing your recipient a prepaid debit card. You could then add funds as often as you like, for any amount you need, for a flat charge of $5. You do not have to have an account with any specific bank, and neither does your recipient. They could use the card at shops for a small charge of about 13 pesos, or they could withdraw cash out of any ATM in Mexico for less than 40 pesos. If they want to avoid charges as much as possible, they could withdraw the money all at once and pay the small fee just once.
You should decide on the pathway that works best for you. For one-time payments, or just one transfer per month, a bank could work best if you already have an account there. But if your family needs cash regularly and you are not sure of the amount every time, sending them a prepaid debit card could be the smartest option.
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