Sending Money to Mexico: Is There An Easier Method?
The United States and Mexico has seen an increase in remittance transfers these last ten years. It is to be expected given the rate of immigrants from Mexico to the US. With this increase in immigrant populations comes an ever-growing need to send money cheap and efficiently back across the border. One of the biggest reasons for immigrating to the US in the first place is the hopes of finding employment that will allow someone to better both the lives of them and their family. Unfortunately when it comes to money transfers to Mexico most options can be quite expensive and may charge exorbitant fees.
Setting up an account with a banking institution or using a pre-established account if your provider offers international services such as these, will be the fastest way to get the money where it needs to go. However, in most cases a person is allowed a maximum number of transfers a month (2 to 5) and with each transfer comes a fee of $12 to $45. The pros of course are quick and efficient transfers, security of funds, and the ability to send a larger sum of money at one time. So, if a person is only expecting to send three large sums of money a month and they require security in their transactions then this system would be the best to use. The sender pays all of the fees and has control over what is deposited and when while the recipient simply needs an account with one of the partnered branches or accepted banks of Mexico. The funds can then either be transferred directly into the recipient’s account or can simply be picked up and then manually deposited. In some instances US institutions will have a direct deposit program that will allow an individual to set up a deposit schedule.
If per say an individual needs to send funds to Mexico over 3 times a month, on a weekly basis for example, then using the banking method will become an expensive endeavor and it would suit them better to check out other available resources. One such resource comes in the form of a prepaid debit card. These debit cards can be mailed to the recipient one time and funds continuously placed on them by a phone call, direct deposit, or stopping in at the supplying branch. There will be a set fee each time monies are placed on the card; however this fee is no more than $5. The recipient will also pay a small fee each time they remove money but this fee will be no more than 14 pesos ($1 USD). The recipient could then withdraw the whole sum of money that first time and only pay a dollar.
There are varying ways to go about sending remittance to Mexico but it can definitely be done. It just takes some time, a little bit of money, and the wherewithal to go through all of that red tape. If you are looking to do such a transfer just make sure to research your options so that you best decide the option for you.
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