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If you’re looking to send money to Mexico from the United States, there are a lot of options, but these are the three main ways to send money: International Wire Transfers, Cash Pickups and Bank Transfers. Depending on the method you choose to send money, the transfer can take up to 5 days.
International transfers usually take some time because of the process involved regarding security and fraud prevention.
What do I need to send money?
To send money you will need this information:
- Recipient’s full name and address
- Your ID
- Your Social Security Number
- Name and location (country) of recipient’s bank
- Routing number
- Recipient’s SWIFT or BIC code
- Recipient’s account number
How much does it cost?
Overall, there are two main costs that are implied when you are sending money:
- Fees: These are charged by the provider. They can be seen as a percentage of your transfer or it can be a flat fee where you pay a certain amount every time you are sending money to Mexico.
- Exchange rates: This cost is the most costly variable. This is the value of a currency against another. Exchange rates are changing all the time, so keep an eye on them to choose the best timing for your transfer.
After you send the money
All providers are required to give you this information after you make a money transfer:
- The amount you sent
- The exchange rate
- What to do if there is any mistake or error
- The amount expected to be received
- When the money will be available
- Information on how to contact CFPB
Time to choose
Crediverso has partnered with some great providers to send money:
The money transfer service from Western Union is one of the most accessible out there. They have 500,000 locations in over 200 countries.
With Western Union you can transfer money in both domestic and international operations. You can send money with a debit card, cash, both Visa and Mastercard and your bank account through different channels, including both mobile apps and their website.
The money will be delivered directly to a bank account or if you want, it can be picked up at an affiliate location.
This company has a large variety of options from desktop to mobile apps making your life easier. With WorldRemit you will get your first 3 money transfers for free, depending on the country you are sending money to. You can also send money to a huge amount of countries, including most of Latin America. There are different methods that you can choose to send money: cash withdrawal, bank transfer, mobile money or even putting credit on your phone.
The Skrill Money Transfer is a service provided by PaySafe Limited. They connect consumers across 70 payment types in over 40 currencies. With Skrill you can send money from: credit cards, debit cards, Sofort and Rapid transfer. You can receive the money through a bank account or mobile money.