Sending money to Mexico is now easier than ever. Several money transfer companies are active in the Mexican market, with thousands of locations spread across the country. Despite the fact that there are numerous companies to choose from, there are only a few ways for the recipient to receive the money in a secure manner. Unless you want to send an envelope full of cash through the mail (which you don’t), you’ll be paying the money transfer company to allow the recipient to pick up cash locally or have the money deposited into their bank accounts.
Method 1 Sending Money Person to Person
1. Inquire with the recipient about how soon they will require it. Some types of transfers will take longer to complete than others. Check to see if the person you’re sending money to doesn’t require it sooner than your chosen method of transfer allows.
If you pay with a debit or credit card, all of the money transfer services offer quick transfers. The transfer will take three to four business days if you use a bank account.
2. Drop cash off in person. If you want to send cash, you’ll need to find a Western Union or Moneygram location. This should not be a problem if you live in a small town. There are literally thousands of locations for each in the United States and Mexico. Western Union’s fees, on the other hand, are two dollars lower than Moneygram’s ($8.00 vs. $10.00).
3. Use a credit or debit card to make the transfer. You can send money using credit or debit cards via a variety of services. Many online money transfer services also have cash pickup locations in Mexico. Because Western Union, Moneygram, Ria, Remitly, and Sharemoney all have cash pickup locations in Mexico, the deciding factor is price. To send $1000 using a debit card, Remitly, Ria, and Sharemoney all charge a fee of around $4.00. The fees for using a credit card are significantly higher—$33.00 with Sharemoney and $35.00 with Ria. Credit cards are not accepted by Remitly. Western Union and Moneygram, on the other hand, charge a fee of $15.00 for both credit and debit transactions.
4. Make a bank-to-bank transfer. Sending money through a bank withdrawal is always the cheapest option—companies rarely charge more than $4.00, and most charge a little less.
Take note, however, that while bank-to-bank transfers are the cheapest option, they also take the longest.
5. Select a service. Choose a service based on its cost as well as its convenience and proximity to you and the recipient.
If you are unfamiliar with the location where the money will be sent, make sure to inquire with the recipient about the safety of the surrounding area. Just because it’s nearby doesn’t mean it’s the best option.
Moneygram, Western Union, and Ria all provide home delivery. Naturally, having the cash delivered takes longer than picking it up, but a credit, cash, or debit transfer will usually arrive the same day.
6. Finish the transaction. You’ll need the recipient’s first and last name as they appear on their driver’s licence or ID, their email or phone number, and their address to complete the transaction. Make a note of the transaction number. You must hand it over to the recipient so that they can complete the pickup.
The recipient must show their ID and know the transaction number for the transfer in order to pick up the money.
If you send money online, you will also need to open an account with the transfer company. If you want to send money using your bank account, you must first enter your account information and verify your account.
Method 2 Sending Money to a Bank Account
1. Collect your account or credit card information. If you want the money deposited directly into the recipient’s bank account, you can do so either online or in person. You’ll need your credit card, debit card, or the name and address of your bank, as well as your bank account number and routing number, to do so.
You can also go to a physical Western Union or Moneygram location, pay cash, and have the money deposited into the recipient’s account if you prefer.
2. Obtain the account information for the recipient. Any international monetary transfer necessitates the receipt of specific information from the recipient. You will need the recipient’s account information, including their full name, account number, routing number, and the name and address of their bank, in order to send money via a bank to bank transfer.
3. Select a service. Choose a service based on its location, speed, and cost. Deposits into bank accounts always take longer than cash pickups, but using a debit or credit card is faster than a bank-to-bank transfer (one business day vs. five business days).
Western Union transfers into bank accounts are free if you send more than $500. If you send less, the fee ranges from $1.00 to $7.00, depending on the amount and method of payment. Remitly never charges a fee for a transfer from your bank account to the recipient’s bank account (regardless of the amount), but it does charge a flat fee of $3.99 for using a debit card. All of the other services charge between $3.00 and $104 depending on the amount sent and the method of payment, with Ria charging the most for credit card payments.
4. Finish the transfer. After you’ve decided on a service, create an online account. You must verify your account if you are making a bank-to-bank transfer. Typically, the verification process entails the company making a small deposit into your account and you confirming the amounts of the deposits. All you have to do now is give final approval to the transfer after you’ve verified your account.
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