Tips for Sending Money to Mexico
There are several ways to send money from the U.S. to Mexico, one of which is to have a relationship with a US bank that is also present in Mexico.
Money being sent between accounts within the same bank is often processed more quickly. Therefore it might be a good idea to open an account locally with the same bank so that the recipient can get access to funds faster.
Transfers between two banks are also pretty easy, but can take much longer with substantially higher costs.
You can initiate wire transfers to Mexico through banks. A wire transfer gets the money there fast, but there must be a corresponding bank to receive it. Fees can be high for international wire transfers, but this is a good option if the money needs to get there fast.
Another way to send money to Mexico is through either an ATM card or a pre-paid debit card. In an emergency this may not be the best method, since it takes time for the card to be sent to the person receiving the funds, but for people who send money regularly to family in Mexico, the pre-paid debit card or ATM card is a good option.
Sending a debit card with the PLUS or CIRRUS logo on the back will ensure that money can be withdrawn from a large network of ATMs in Mexico. If using an ATM card, you need to be confident that the cardholder is not accessing funds without authorization. A pre-paid debit card is the more secure way to send the exact amount of money intended for the recipient.
Online payment services such as ATM Cash are also a good way to send money to Mexico. These kinds of services allow you to inexpensively send money 24/7 from your own computer.
Above are some of the most efficient and safest ways to transfer your money to Mexico.
