Send Money to Mexico Through Either a Specialized Offer or a Pre Paid Card
Transmitting cash to Mexico is a common occurrence in the United States. With over 8 million of this country’s residents having Mexican descent, it is no wonder that the ability to send money to Mexico is crucial. When you need to transfer money back home, you should not have to pay high costs. Doing so constantly can take up not only a lot of time, but also excess funds in fees. Finding alternatives to these costs is crucial if you want to save money, and locating a financial institution or special program that offers transfers for free or very inexpensive can be just what you need.
Coincidentally, several popular banks now have specialty programs just to allow you to send money to Mexico. Chase Bank boasts Rapid Cash, which allows consumers to send three different transfers of up to $1500 each per billing cycle. The money is sent Banorte bank in Mexico, either directly into your relative’s account or to be picked up by them. Taking into account that most banks without such services charge up to $45 per remittance, you can save a lot of funds this way if you want to send money to Mexico three times or less each month.
Bank of America has a similar program called SafeSend. As long as you have a personal checking account and enroll in the service, you can send money for free to your relatives. Similarly to Chase, you can send money to Mexico up to three times each billing cycle, up to $1500 every time. However, the total you can send in 30 days is $3000, so be sure to keep that in mind. In addition, $1 USD equals about 13.4 pesos, which you should remember when sending money. Just remember that the exchange rate changes a lot, so check it right before you send money to Mexico.
These choices will work if you have to send a lot of funds a few times a month. However, what if you simply need to transfer some funds weekly? The fees may add up. Instead, consider mailing your recipient a prepaid debit card. You could then add funds as often as you like, for any amount you need, for a flat charge of $5. You do not have to have an account with any specific bank, and neither does your recipient. They could use the card at shops for a small charge of about 13 pesos, or they could withdraw cash out of any ATM in Mexico for less than 40 pesos. If they want to avoid charges as much as possible, they could withdraw the money all at once and pay the small fee just once.
You should decide on the method that works best for you. For one-time payments, or just one transfer each month, a bank could work best if you already have an account there. But if your family needs money constantly and you are not sure of the amount every time, mailing them a prepaid debit card could be the smartest move.
Finding the best information about sending money to Mexico can be overwhelming at times. One of the best places we found online to get the straight facts is send money to Mexico
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