How to Send Money to Mexico From the USA
Sending money to Mexico is necessary for a majority of families living in the United States. Many families’ relatives in Mexico rely on constant support for their day-to-day living. With many options of money transfers, it can feel time-consuming to find the best option that is fast, safe, and cheap.
Pricing that seems good for an international money transfer can get more expensive based on the so-called hidden fees. The exchange rate, fees for the transfer, and the time it takes for the transfer to arrive are all important for a transfer. Knowing each of these before you walk into a money transfer location can save on time and fees so the money arrives to your family in Mexico quickly and with the intended amount.
Understanding Your Options for Sending Money to Mexico
There are many services designed to send money to Mexico. This includes bank wires and international money transfers that are available at stores. Bank transfers take more time and charge higher fees. Most in-person transfer services promise low fees and same-day money transfers. Before making a decision, researching a service’s posted fees and the exchange rate is necessary in order to know how much you’ll actually be sending.
1. Choosing Between Cash Pickup and Bank Deposit in Mexico
Most transfer companies that cater to Mexico have two options for money transfers: cash picked up at the branch or a direct deposit to a Mexican bank account. For people without banking services, the cash pickup option sounds familiar or is reminiscent of American customers who make payments using money orders when direct banking services are not available or convenient.
Bank deposits tend to be slower to process, but for customers who have banking services and are looking to avoid a trip to the bank, they can be very convenient. Cash pick up is a much faster option, which makes it convenient for time-sensitive transactions.
2. Comparing Fees Before You Send Money to Mexico
Fees vary from one money transfer service to another. Sometimes, the transfer with the lowest advertised fees isn’t the cheapest. Some providers charge lower transfer fees but make up for the lost income in foreign exchange. The total cost is more important when a quote is received and compared to the payment statement. Transfer fees that seem insignificant add up quickly over multiple transactions.
The best way to see the true value of a money transfer service is to ask for the total amount that the receiver will receive in pesos and not just the transfer cost. A single cost comes with a value that goes beyond any price advertised or service promoted.
Step-by-Step Guide to Sending Money to Mexico from the USA
To send money, people must have cash available first, which is the reason so many people use cash checks. People who have a paycheck and need to send money will need to cash their check, but after that, the process is to choose a financial services provider, fill in the information of the recipient along with their location, and choose a method of delivery. Attention to these steps is vital to a successful money transfer that reaches Mexico; otherwise, it can have unnecessary delays.
1. What Information You Need Before Sending Funds
Transfers across borders take more effort than transfers within the U.S. You may be asked for the recipient’s exact name as it is on their ID, their city and state, and may even be required to provide the branch location to pick up cash.
Incorrect spelling or missing information delays transfers due to long lines at the pick-up counters. A misspelt name could throw a delay of several hours or days on a transfer that is time sensitive for payment of rent or medical bills.
2. Tracking Your Transfer and Confirming Delivery
After an international money transfer is completed, you will have a receipt that contains a tracking or reference number. You need to give this number to your receiver to allow them to make the branch pick up. Most money transfer companies require a valid photo ID and the reference number to process a branch pickup.
Having a receipt with a tracking or reference number is like having a physical record of the transfer. It is recommended to hold on to your receipts until the transfer is picked up. It is a lot easier to resolve a delayed transfer, or any issue for that matter, if you have the reference number.
Conclusion
Sending money to Mexico gets easy once you know your options, compare exchange rates honestly, and provide your information correctly. Cheque Express has simple and fast transfer services, which are convenient for sending money to your family, where it arrives quickly and safely with minimal fees.
Regardless if you’re sending money a single time or repeatedly, it only takes a few minutes to compare money transfer services to check the prices. Knowing the details beforehand will help you send the amount you wanted your family to receive.
Frequently Asked Questions
Cash pickup transfers can be done in minutes, and some banks process cash pickup transfers within an hour. Funds sent using bank deposits take one to two days, depending on the bank and the intermediary bank. Cash pickup is the best option for transferring money to someone to cover an urgent expense.
The lowest transfer fee combined with the best exchange rate will ultimately be the cheapest money transfer service. The only way to find the best available exchange rate is to compare a few different services and see how much your recipient is able to receive in pesos.
No, having a bank account does not prevent you from sending money internationally. Cheque Express and many other companies give cash-pay options so recipients have cash pickup options and senders do not need a bank account to use the service.
We require a valid government-issued photo ID. Acceptable examples include a driver’s license, a state ID, or a passport. The transfer recipient in Mexico must also have valid identification with the same name as the funds transfer to pick up the funds at their local pickup location.
Yes, many people cash their paychecks and send money on the same day. After cashing a check, there is no need to wait for funds to be available; thus, international money transfers can be done the same day to send money to a needy family member.
