subject: Send Money to Mexico Through Either a Specialized Program Or a Debit Card [print this page] Send Money to Mexico Through Either a Specialized Program Or a Debit Card
Doing so regularly can take up not only a lot of time, but also excess money in fees. Finding alternatives to these fees is important if you want to save money, and locating a bank or special program that offers transfers for free or very cheap can be just what you need.
Fortunately, many popular banks now offer specialty programs just to allow you to send money to Mexico. Chase Bank has Rapid Cash, which allows customers to send three different transfers of up to $1500 each every billing cycle. The money is sent Banorte bank in Mexico, either directly into your relative's account or to be picked up by them. Considering that most banks without such programs charge up to $45 per transfer, you can save a lot of money this way if you need to send money to Mexico three times or less per month.
Bank of America has a similar program called SafeSend. As long as you have a personal checking account and enroll in the program, you can send money for free to your relatives. Similarly to Chase, you can send money to Mexico up to three times per billing cycle, up to $1500 each time. However, the total you can send within 30 days is $3000, so be sure to keep that in mind. Additionally, $1 USD equals about 13.4 pesos, which you should keep in mind when sending money. Just remember that the exchange rate changes often, so check it right before you send money to Mexico.
These methods will work if you have to send a lot of money a few times per month. However, what if you just need to send some money weekly? The fees could add up. Instead, consider mailing your family a prepaid debit card. You could then add funds as often as you like, for any amount you want, for a flat fee of $5. You do not have to have an account with any particular bank, and neither does your family. They could use the card at retailers for a small fee of about 13 pesos, or they could withdraw money out of any ATM in Mexico for less than 40 pesos. If they want to avoid fees as much as possible, they could withdraw the cash all at once and pay the small fee only once.
You should choose the method that works best for you. For one-time payments, or just one remittance per month, a bank might work best if you already have an account there. But if your family needs cash regularly and you are not sure of the amount each time, mailing them a prepaid debit card could be the smartest move.
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