Transferring Money to Mexico: The Numerous Ways to Remit Money
No matter the circumstance – whether you need to wire funds to a friend or family member for an emergency or if you wire monies to Mexico on a continuous basis to support your family, there are several alternative ways you can achieve this.
Debit/Cash Cards – There are many companies that offer debit cards. each company will send the receiver a cash card, while the sender will have the means to load funds on the card either online or via the phone. The receiver can claim the monies at most ATM locations. It is important to reiterate that this card is reusable and funds can be added however frequent as needed.
To begin this process, the sender would register for the service either online or via telephone. First, the sender would load the card with the appropriate amount of money via credit card or bank account. Then, the sender is provided with a security PIN number before the recipient is actually sent the ATM card via rapid mail transfer service. The sender then provides the recipient with the PIN number and when the card arrives, they can withdraw the funds at an ATM location. As another reminder: It is imperative before choosing a firm, that you study the details disclosing the associated rates, as they vary with each card company.
If you choose to wire money through a money transfer service, it typically can be picked-up in a matter of minutes. Service charges are determined either from a flat rate standpoint or a percentage basis. In addition to sender service fess, the recipient can also charged a fee (at the receiving end) of upwards of 10 percent. International Banks have standing relationships with Mexican banks and send billions of dollars to Mexico annually.
If wanting to send funds to arrive via a bank, it is significant that you know which wire transfer services exist and the cost of their services. There are numerous wire transfer/bank outlets to wire monies to those in Mexico. As a result of competition, several of these firms are dropping their rates, which vary drastically, so it is vital to do some comparison shopping. Depending on the type of service wanted, the money is usually available anywhere from within 15 minutes to 24 hours.
In the event of an emergency situation only, monies may be sent through the consulate. The most protected way to do this is by establishing a State Department trust fund. This service is available US citizens and on an emergency basis only. Depositors must first create a trust account in a recipients name. Upon receipt of the monies, the State Department then authorizes payout to the recipient from the appropriate US consulate. This course takes approximately one business day to complete and monies are always disbursed in local currency.
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