subject: Send Money to Mexico Through Myriad Methods [print this page] Send Money to Mexico Through Myriad Methods
Many banks employ the government program Directo a Mxico to help immigrants send money home as fast and inexpensively as possible. All fees are paid by the sender, not the recipient, and the money can be received as early as the next day. Some banks have their own specialty programs, such as Bank of America, which allows account holders to send money to Mexico for free through Safesend. With Wells Fargo's ExpressSend service, you can send up to $2500, or about 32,500 pesos, for a fee of $5 to $7. The money will be transferred to BBVA Bancomer, Banorte, or HSBC Mexico.
Another way to send money to Mexico is to use a money transfer company. If you go this route, you will simply locate a service, pay a fee of anywhere from $5 to $20, and either transfer to a bank account or provide the name and location where your recipient will pick up the money in Mexico. The fee is usually a percentage of the money you are sending, though some companies charge a flat fee. Your recipient would then need to supply either a password, identification, or both to show that the money is for them, and would not have to pay a fee. Most money transfer companies provide the options of sending money from your bank account, credit card, or from cash, and allow the recipient to choose between getting the money in their account in the form of pesos, or picking it up at a location near them.
If you plan to send money to Mexico often, a prepaid debit card should do the trick. If you go this route, you will simply select a prepaid debit card company, have a card sent to your family, and then add money either online or by phone. Once your relatives in Mexico receive the card, money transfers will be instant. You will usually be charged $5 to $8 no matter how much you send. Each time your family members use the card, they will be charged a small fee, usually a percentage of what they buy. If they want to get money from an ATM using the card, they can expect to pay less than a couple dollars, or about 25 pesos. Checking the balance on the card is free.
You will likely want a way to send money to Mexico that is easy and inexpensive for you, and also instant. You have many options when helping your family out financially from the United States, and most of them are quite convenient since they are available online or by phone. Select based on what you think you and your relatives will need. For example, if your family members do not have a bank account, perhaps sending a prepaid debit card would be easiest. If they live in a small village with no ATMs around, sending a debit card might not be a good idea. Consider such aspects when committing to a money sending method.
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