Find Out Why it Could Be Best to Use a Prepaid Debit Card to Transfer Money to Mexico

Find Out Why it Could Be Best to Use a Prepaid Debit Card to Transfer Money to Mexico

It is called the prepaid debit card, and allows you to add funds to an account whenever you need to so that your relatives can use it to purchase products or pay bills. Since Mexico is a popular tourist destination, you probably already know that most areas accept credit and debit cards, which means it may be the perfect choice for you.

One of the main details to ask your relatives about is whether there are opportunities to use the card in their city. If they live in a small town, such as Martnezde la Torre or San Luis de la Paz, you should double-check that there are plenty of ATMs and merchants that accept debit cards. Otherwise, it could be more convenient to transfer money to Mexico using a bank, as long as your relative has an account. If they live in a major area like Mexico City, or near a tourist town like Cancun, it will be very easy to find ATMs and shops that welcome and even expect cards.

Of course, the other downside of using a bank to send money is that the fees are typically much higher than the $5 it takes to add money to a prepaid debit card. Bank of America charges about $35 to transfer money to Mexico through them, which could clearly get expensive over time. Some banks, such as Wells Fargo, do have special programs that allow you to send money to Mexico for free, but you typically have to have an account, which sometimes either costs money each month or sets limits on the amount you can send for free. A prepaid debit card's only limits usually include a maximum of $1000 per day, which most people do not reach.

Another bonus with this method is that your relatives in Mexico will not have to pay any fees to receive the money. They can rest assured that the money is on their card without paying anything. There is a small fee if they want to withdraw cash from an ATM, but it is equal to $1.50 USD, or less than 20 pesos. Therefore, nearly anyone can afford to take money out of an ATM using a prepaid debit card. For those days that they cannot, they can buy groceries and gas and usually even pay bills by either swiping the card at shops or entering in the number online. In this way, your relatives in Mexico will likely appreciate having a card in their possession instead of just cash, especially if they do not have a bank account.

If this sounds like it will be the perfect way for you to transfer money to Mexico, you can get started by choosing the company to go with. This will usually be the one with the lowest fees. You can then send your relatives a card in the mail, and once they receive it, tell them the PIN over the phone for security reasons. Then you can start adding funds over the phone or through the Internet. It's that simple.

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