Depending on the method you use, the amount you send and the amount the other party receives can differ when you send your money to Mexico.
This is precisely why we are sharing five different yet easy ways to send money along with insightful details regarding each method that you would want to know before sending money to Mexico. –
1. Bank Transfers
One way to send money over to Mexico is to do it with a bank. These financial institutions have been transferring money from one bank to another for a long time.
Part of the reason many choose to go with a bank instead of any other option is simply because banks are trustworthy institutions, and this matters, especially when sending a lot of money. Banks, here and in Mexico, take a number of precautions to ensure all money is delivered to the right person in Mexico. Now, bank transfers can take a few days to be complete, and some of them don’t offer great exchange rates, so you might end up transferring less than you could have elsewhere.
2. Money Transferring
Another option worth exploring are plain money transfers, which can be done without the assistance of a bank. The price to transfer money varies from company to company, so it might take time to figure out which company to use for this money transfer. It should also be pointed out that this money transfer is little different from the one just mentioned.
Of course, a bank transfer can take days, so those who want to transfer money directly into a bank account but also need it to get there quickly should look for money transferring though these services do cost more than regular bank transfers. These transfers occur online, and the service does not accept cash so that is a bit of a drawback, so the choice is yours.
3. Transfer and Pickups
Sending money to Mexico could also be done using a transfer company that focuses on transferring money to different places around the world. This is one of the best options because it not only ensures that the money is sent and received immediately, but these companies actually offer good rates since money transfers are their bread and butter.
One of the perks of going through one of these companies is that the person the money is being sent to can pick up the money at the company’s sister location in Mexico. It is important to choose a well-known company because that means the likelihood that the person you are sending the money to will find a location nearby is high. You don’t want to make the recipient travel far just to collect the money.
4. App Option
Those who are willing to use apps to send money to Mexico can do so because there are a number of apps out there that offer this option. There are a few drawbacks, such as the fees vary from transfer to transfer with each app.
It may take a person some time to figure out which app will give them the best deal, so be prepared to research until the right one is found. Money could be transferred to a bank, but that may end up taking one to two days. Some apps do have the ability to transfer the money to a place where it can be picked up in person, but that does vary from app to app. You could also transfer mobile money, but the receiver must have the app and must have internet.
5. Old School but Secure
Another way to send money internationally is to do it with an international cheque. The cheque has to be made payable to the recipient, and these cheques can be obtained from a bank.
Sending a cheque does feel safe, which is probably one reason many people still choose to send one, but there are limitations like the check is probably going to take a while to get to its destination. It should also be pointed out that the funds are probably not going to be available for a few days. You should also know that exchanging a cheque may come with a fee itself, but it is an option worth considering, especially if you don’t like sending money electronically.
These are five ways you can easily transfer cash to Mexico. Each has its benefits and each has a few drawbacks, so the choice is yours. We just think you should consider all options before making a decision.