Sending Money to Mexico: The Various Methods to Transfer Funds by Money Transfers

No matter the situation - whether you need to transfer money to a friend or family member for an emergency or if you send monies to Mexico on a habitual basis to support your family, there are several alternate ways you can accomplish this.


Debit/Cash Cards - There are numerous firms that offer debit cards. Any company will send the recipient a cash card, while the sender will have the means to load monies on the card either online or via the telephone. The receiver can withdraw the monies at most ATM machines. It is important to reiterate that this card is reusable and funds can be added however often as needed.



To initiate this procedure, the sender would register for the service either online or via telephone. First, the sender would load the card with the wanted amount of money via credit card or bank account. Then, the sender is provided with a security PIN number before the receiver is actually sent the cash card via rapid mail transfer service. The sender then provides the receiver with the PIN number and when the card arrives, they can withdraw the money at an ATM location. As another reminder: It is important before selecting a company, that you read the fine-print disclosing the associated fees, as they vary with each card company.



If you decide to wire monies via a money transfer service, it usually can be retrieved in a matter of minutes. Service fees are determined either from a flat rate standpoint or a percentage basis. In addition to sender service rates, the recipient is 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 important that you know which wire transfer services exist and the cost of their services. There are numerous wire transfer/bank companies to transfer money to people in Mexico. As a result of competition, many of these firms are dropping their fees, which vary drastically, so it is best 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 secured way to do this is by establishing a State Department trust fund. This service is available U.S. citizens and on an emergency basis only. Senders must first set-up a trust account in a receiver's name. Upon receipt of the monies, the State Department then authorizes payout to the recipient from the appropriate American consulate. This course takes about one working day to complete and funds are always disbursed in local currency.




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