How to send money from the United States to Mexico?
Remittances are one of the main sources of foreign exchange in Mexico, so it is important to know the alternatives to sending money from the United States.
With the abundant U.S. population with relatives in Mexico, one of the most common doubts among U.S. residents is how to send money from the U.S. efficiently, so here we tell you the available methods to do it correctly.
According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), there are eight different ways to send money from the United States to Mexico, so the choice will depend on the user's preferences.
The most popular methods for transferring money from the United States to Mexico
Directo a México: a tool provided by the Bank of Mexico (Banxico), which serves as an intermediary between a U.S. bank and a Mexican bank. The service takes one business day and you only need to have an active account at one of the participating banks.
Cash transfer: This method, as its name indicates, is carried out in person and with cash, since the migrant must go to an institution that accepts this method, such as Western Union or MoneyGram, deposit the money and pay a commission. Subsequently, the recipient may pick it up at different points, such as self-service stores, pharmacies, or exchange houses.
Bank transfer: To use this method both the migrant and the receiver must have an account in a bank since this is where the money will be sent and received digitally.
Additionally, Condusef points out five other less popular methods that work to send and receive money from U.S. territory:
Money transfer accounts: banks in the United States offer specific accounts to send money to Mexico through debit cards that the migrant gives to his or her beneficiary.
Internet transfer: This way of sending money is done through companies that use a web page as a means of operation. You make the payment online, plus a commission through a checking account, debit, or credit card in your name in the United States.
Prepaid cards: Here you are not required to have a bank account and can be purchased at various establishments in the United States without the need to identify yourself. The card is given to the beneficiary so that he/she can use the funds in Mexico.
Telegraphic money orders: These are mainly used by people living in rural areas. The national must go to a remittance company in the United States with which the Telecomm telegraph office has an agreement.
International money orders: These are documents issued by money transfer companies, banks, or exchange houses; they are sent by regular or certified mail and take longer.
Tips for sending money from the United States to Mexico
Similarly, if you are going to send money, Condusef establishes a series of recommendations to avoid mishaps:
Ask what commission you will be charged and verify if there are no other charges to cover. If your remittance is not urgent, consider non-immediate delivery options, they are cheaper than the options in minutes.
Compare different remittance companies.
Contact your relatives in Mexico and choose together the best option for sending money.
