Want To Send Money From The USA To Mexico? Here’s How!
As the banking world continues to grow in the digital world, there have never been more options to send money abroad. With that being said, this additional access comes with a cost. If you’re looking to send money to a different country – back to Mexico, for example – what services will provide you with the most ease of use and value? Here are 5 of the most popular options to send money from the USA to Mexico!
Why Send Money From The USA To Mexico?
So why would someone want to send cash to Mexico in the first place? There’s a number of different reasons why someone might decide to do that. Firstly, they could be sending gifts to people they know there. They might have debt in Mexico they need to repay. There may be overseas bills and rent to pay. There’s also the possibility that they’re buying overseas property or putting money into foreign investments.
It’s clear that sending money back to Mexico is more popular than ever. According to Reuters, a full 3.8% of Mexico’s GDP came from remittances. Of these, 95% of them came from the United States.
5 Best Options To Send Money From The USA To Mexico
If you want to send money to Mexico for one of these reasons, you might be wondering how to do it safely. Here’s some of the best companies globally that can take care of the transfer of money to a Mexican bank account.
If you’re looking for a way to get money to Mexico without paying large transfer fees, Remitly is the way for you. If you’re sending less than $500, the transfer rate will be just $3.99, no matter how fast you send it. Remitly offers two options for you when transferring money. There’s the option to send money in minutes, as well as the standard option, where the money will arrive in three to five business days. It’s important to note that if you’re sending more than $500, you will have to pay a bit more if you opt for the fast option.
As one of the most user-friendly options on the market, TransferWise is ideal if you’re looking to send money to Mexico. They have both desktop and mobile versions of the program, meaning you can send money on the go.There are absolutely no hidden fees, and with its use of the market exchange rate, you’ll get the best deal available to you at the time of converting your cash. Usually, any transaction you send with them will cost $ 1.59 + 0.61% of the amount you’re sending.
Owned by PayPal, this is an especially secure method to deposit money to Mexico. No matter how much you pay, this company will deliver the money the same day it’s transferred. It’s also important to note that their customer support team speaks Spanish. Available during office hours from Monday to Friday, they’ll help you out no matter which language you’re more comfortable with. Xoom can also be used to directly pay utility bills in Mexico, making it one of the most convenient options on this list.
MoneyGram distinguishes itself from others on this list for allowing cash transfers to both Mexican bank accounts as well as allowing cash to be taken out at ATMs. With over 43,000 locations across Mexico, it’ll be easy to let someone take out cash in any area of the country. Like Xoom, they offer customer support in Spanish. However, they can have slow response times. With a $5 transaction fee, this is definitely one of the cheaper options on the market.
If you’re not under time pressure when sending money to Mexico, this could be the platform for you. With a transfer rate of just 0.5 to 2%, they have some of the most competitive pricing around. Meanwhile, they have no additional fee and no minimum amount, making them highly convenient. While they aren’t the fastest, they offer tons of flexible options. Their website will also keep you constantly updated on currency exchange rates.
Of course, when it comes to making international financial decisions, it’s always best to do your own research. Take your time, shop around and figure out if you want to send cash to Mexico, how much to send and what method works best for you. But this is a great place to start with your research. Look into these companies, and leave your international financial woes far behind.
- “The 5 Best Companies To Send Money To Mexico From The United States”, Cotizator, accessed 6th July 2021, https://cotizator.com/us/guias/mejores-companias-para-enviar-dinero-a-mexico-desde-estados-unidos/.
- “These are the best companies to transfer money from the United States to Mexico”, XPat Capital, accessed 6th July 2021, http://xpatcapital.com/companias-transferir-dinero-de-usa-a-mexico/.
- “Mexicans defy pandemic blues with record remittance surge”, Reuters, accessed 6th July 2021, https://www.reuters.com/article/us-usa-immigration-mexico-remittances-idUSKBN2A12CI.
- “Top 10 Reasons Why People Transfer Money Overseas”, The Money Cloud, accessed 6th July 2021, https://www.themoneycloud.com/news/2016/10/top-10-reasons-why-people-transfer-money-overseas.