Send Money to Mexico from the United States (USA)
You may have just arrived in the US, and you need to send money to your family in Mexico. You may get confused and not know what to do, or you may wonder which money transfer company to use.
Mexicans abroad need to support their family for daily expenses, it may be to support a relative with their medical expenses, or there may be a need to pay off debts.
Itâ€™s a good thing that for every type of money transfer, there are corresponding days or hours the recipient can receive it. Some can be credited in minutes, others can receive the money within the day, while for some, it will take two to five days.
Here, it is said best to avoid using banks if there are other options because of the fees they require transferring money to Mexico, and there is also a hidden currency exchange charge made. But if you want a bank transfer, then it is also up to you.
You may get the service of some remittance company instead to do the sending of money for you at a lower rate and also securely.
Since you have an option when sending money to Mexico from the US, you need, to only choose which transfer method you like. The speed of transfer will also depend on the amount you send cause a bigger amount gets questioned most of the time.
Larger amounts remitted are being regulated in Mexico, and IRS require as well to report any transfer over 10K, and not filing or failing to do so may mean a large penalty for you, not to mention jail time.
Transfer money from the United States to Mexico with the bank
If you donâ€™t want to get inconvenienced, then bank transfer can be your choice. If you already have a bank account where transferring from your account may be the fastest way for you, and if you donâ€™t mind about the added fees, then you may do so.
Also, some banks may not offer you the best exchange rate, and this is the reason you need to check your other options.
If you are also thinking of the fast money transfer, some banks also take time to transfer the money where others do it in 3 to 5 banking days. But some banks offer money transfer at a lesser time.
One good thing about using a bank to transfer money is that they allow large amounts of money transfer as long as they legit check everything.
Transfer money to Mexico with a money transfer provider
If you are to use a money remittance company, there are options as well. If you are to prefer a pick up to branch location in Mexico, there is a money transfer company that has been in operation for decades who have over 24K locations worldwide, so finding one in Mexico may not be difficult.
Some money transfer companies focus on how fast they can deliver the money to the recipient.
Another remittance company has the option to have the money delivered to your recipientâ€™s doorstep, or it can be picked-up from their branch location too.
Another remittance company in competition with the other big-money transfer company also boasts of strong exchange rates, so your recipient will be able to receive more.
The maximum amount allowed for sending to Mexico varies for every remittance company. Some allowed a 5K maximum transfer, others accept up to 10K while there is also a money transfer company that allows up to a million, but of course, there is an addition to the processing fee for it.
In reality, if you want to have your money received the fastest time, there are remittance companies who can do it for you for a certain fee.
Choosing another venue to send your money gives you the slowest at a cheaper rate and the smallest allowed amount.
The option of receiving money can be via direct transfer, cash pick up, or mobile wallet deposits.
Getting a reputable money transfer company is simple, as everyone will take care of their reputation wherever the country they are in. It is just a matter of choosing which method to take, in sending the money to Mexico.
Sending money gets easier, and faster nowadays. The vast improvement and the development made to the process keeps getting better.