No matter the situation - whether you need to transfer funds to a friend or family member for an emergency or if you transfer funds to Mexico on a regular basis to support your family, there are multiple different ways you can do this.
Debit/Cash Cards - There are many companies that offer debit cards. each company will send the receiver a cash card, while the sender will have the means to load funds on the card either online or via the phone. The receiver can claim the monies at most ATM locations. It is important to reiterate that this card is reusable and funds can be added however frequent as needed.
To initiate this process, the sender would register for the service either online or by phone. First, the sender would load the account with the desired amount of money via credit card or bank account. Next, the sender is provided with a security PIN number before the recipient is physically sent the ATM card via rapid mail transfer service. The sender then provides the recipient with the PIN number and whereupon the card arrives, they can withdraw the money at any ATM location. As another reminder: It is imperative before choosing a company, that you study the fine-print disclosing the associated charges, as they vary with each card company.
If you choose to wire money through a money transfer service, it typically can be picked-up in a matter of minutes. Service charges are determined either from a flat rate standpoint or a percentage basis. In addition to sender service fess, the recipient can also charged a fee (at the receiving end) of upwards of 10 percent. International Banks have standing relationships with Mexican banks and send billions of dollars to Mexico annually.
If wanting to send funds to arrive via a bank, it is significant that you know which wire transfer services exist and the cost of their services. There are numerous wire transfer/bank outlets to wire monies to those in Mexico. As a result of competition, several of these firms are dropping their rates, which vary drastically, so it is vital to do some comparison shopping. Depending on the type of service wanted, the money is usually available anywhere from within 15 minutes to 24 hours.
In the event of an emergency situation only, funds may be sent through the consulate. The most secured way to do this is by establishing a State Department trust fund. This service is available U.S. citizens and on an emergency basis only. Depositors must first create a trust account in a recipients name. Upon receipt of the money, the State Department then authorizes payout to the recipient from the appropriate U.S. consulate. This procedure takes approximately one business day to complete and funds are always disbursed in local currency.
Debit/Cash Cards - There are many companies that offer debit cards. each company will send the receiver a cash card, while the sender will have the means to load funds on the card either online or via the phone. The receiver can claim the monies at most ATM locations. It is important to reiterate that this card is reusable and funds can be added however frequent as needed.
To initiate this process, the sender would register for the service either online or by phone. First, the sender would load the account with the desired amount of money via credit card or bank account. Next, the sender is provided with a security PIN number before the recipient is physically sent the ATM card via rapid mail transfer service. The sender then provides the recipient with the PIN number and whereupon the card arrives, they can withdraw the money at any ATM location. As another reminder: It is imperative before choosing a company, that you study the fine-print disclosing the associated charges, as they vary with each card company.
If you choose to wire money through a money transfer service, it typically can be picked-up in a matter of minutes. Service charges are determined either from a flat rate standpoint or a percentage basis. In addition to sender service fess, the recipient can also charged a fee (at the receiving end) of upwards of 10 percent. International Banks have standing relationships with Mexican banks and send billions of dollars to Mexico annually.
If wanting to send funds to arrive via a bank, it is significant that you know which wire transfer services exist and the cost of their services. There are numerous wire transfer/bank outlets to wire monies to those in Mexico. As a result of competition, several of these firms are dropping their rates, which vary drastically, so it is vital to do some comparison shopping. Depending on the type of service wanted, the money is usually available anywhere from within 15 minutes to 24 hours.
In the event of an emergency situation only, funds may be sent through the consulate. The most secured way to do this is by establishing a State Department trust fund. This service is available U.S. citizens and on an emergency basis only. Depositors must first create a trust account in a recipients name. Upon receipt of the money, the State Department then authorizes payout to the recipient from the appropriate U.S. consulate. This procedure takes approximately one business day to complete and funds are always disbursed in local currency.
About the Author:
Finding the best information about transferring money to Mexico can be overwhelming at times. One of the best places we found online to get the straight facts is sending money to Mexico
