Sending Money to Mexico from the USA Securely
If you want to send money to Mexico from the USA securely, pay attention to the following recommendations.
Money transfers made by Mexicans residing in the United States and Canada to their families living in Mexico are an important source of income for many families and are often used to cover basic needs such as food, housing, education, and healthcare.
In August 2023 alone, there were $5.563 billion in remittances sent to Mexican territory from the USA.
Sending Money to Mexico from the USA Securely
There are several ways to send money from the United States to Mexico. Using international bank transfers is one of the safest and most reliable methods to send money to Mexico.
To send money from the United States to Mexico through a bank transfer, the complete banking details of the recipient are required, including the account number and the CLABE code (Standardized Banking Key).
The fees for bank transfers may vary depending on the issuing and receiving banks, as well as the amount of money being sent. Typically, these transfers can take 1 to 3 business days to complete.
Online money transfer services have gained significant popularity in recent years, such as PayPal, Wise, and others.
These services allow senders to transfer money through an online platform, with options to transfer funds to a bank account or collect cash at a local service point in Mexico.
These services often offer competitive exchange rates and faster delivery times than traditional bank transfers.
Sending money through financial institutions is one of the traditional methods, with specialized remittance companies like Western Union and MoneyGram.
These companies have an extensive network of agents and locations throughout Mexico, making it convenient for beneficiaries to collect cash.
Another secure way to send money to Mexico from the USA is peer-to-peer transfers, which allow senders to send money directly to the beneficiaries’ bank accounts in Mexico using mobile apps or online services.
Platforms for P2P transfers include Venmo, Cash App and Zelle.
Fees may be minimal or nonexistent, but it’s important to ensure that both parties have access to the same platform and a valid bank account.
Another method is sending checks, although less common in the digital age, some senders still send checks to their relatives in Mexico.
The beneficiary must deposit the check in a local bank account, which can take time and be subject to processing fees.
Physical checks can be vulnerable to loss or security issues, so they are not typically the most efficient option.
Also read: #03Nov. Mexican Peso Advances Against the Dollar.
