The Best Ways To Send Money From The United States To Mexico

Without these remittances, family members living in Mexico may not have all the money they need to cover their most essential needs.

This article teaches you the best ways to send money from the United States to Mexico, including the different ways you can send money. With so many ways to send money, the process can be confusing and overwhelming, as it is difficult to choose the most convenient way and company for every situation. For that reason, we also review the operation of some of the best companies that offer these services.

Ways To Transfer Money

In general, there are two ways to send money that are the most common, bank transfer or sending cash for withdrawal in person, known as "pickup cash". Depending on the time available for the money to reach its destination, and the particular situation of the person who receives it, you can choose one option or another.

So before we talk about the best companies that you can use to send money to Mexico, we tell you more about the different ways to make those shipments.

Wire transfer

In international bank transfers, the recipient of the remittance receives the money directly into their bank account. It is a very easy way to do it within the same country, especially if the two people use the same bank.

If the bank transfer is international, things get a bit complicated. Normally, the process is done through an international electronic transfer , which can take three to five business days. There is usually a fee for the service (which can vary from bank to bank), in addition to currency conversion fees.

International bank transfers are safe and very common; most banks offer them. There are other financial services companies in addition to banks that may also offer international wire transfers.

To send and receive money through the bank, both the sender and the recipient must have a bank account. That can be a problem, since, in Mexico, many people do not have a bank account.

Companies to Consider

We are going to talk about the best companies to send money to Mexico; therefore, we are not going to consider all the companies that exist. There are too many companies that send money to Mexico.

We are going to show you how the most recognized and interesting companies work for sending money and remittances. We explain what are the advantages that each one offers and what you should consider.

Remitly

Remitly allows you to send money to 21 banks. If you make a cash transfer, there are more than 20,000 locations where you can make a withdrawal.

Remitly offers two main types of services:

Express: Send money through your debit card and the money will arrive within minutes. You can also do it through your credit card, but that will cost you 3% more commission.

Economy - This is a standard procedure and takes three to five business days to complete the transfer.

Both services charge a fee of $ 3.99, which is suspended if you send less than $ 500. Express service costs a bit more, which is to be expected.

The company's reviews on sites like TrustPilot are very positive, averaging 4.5 stars from over 30,000 reviews. Remitly is very popular and the most economical option for cash pickup withdrawals.

WorldRemit

WorldRemit is at the top of many lists of money transfer companies. They are well known for having low fees, being safe, and satisfying the customer.

Their services offer international bank transfers and cash withdrawals, in addition to some types of money transfers sent to mobile phones. Sending money to mobile phones is good for sending small amounts of money.

The main problem of this company is the transparency of the fees charged in the shipments, which are not always totally clear.

Although WorldRemit is often the cheapest company, this is not always the case if you send large amounts of money or make a wire transfer instead of sending cash. If any of those situations apply to you, it's best to compare shipping rates with other companies before doing so.

Also, opinions about this company are very different. Many people think that it is a service that can be trusted, but others say that there is always something wrong. If you want to try WorldRemit services for the first time, you can try a small amount to make sure the procedure goes well.

OFX

If you want to make bank-to-bank transfers, OFX is the way to do it. The service has low transfer service fees and also keeps currency conversion rates low. Of course you have to pay some fees, but they are lower than anywhere else.

You can even set alerts so you know when is the best time to send money to Mexico. The transfer can be tracked either with a phone app or from the web page.

But this company also has limitations.

You need to send at least $ 1,000 USD each time through OFX. Most other companies don't have such a high minimum.

Both the sender and the recipient must have a bank account.

Transfers take two to five business days, which is not convenient when money is urgently needed. Business days do not count weekends or holidays, so depending on the date you send money, it may still take more days for it to arrive.

TransferWise

TransferWise is another very popular service. The company claims that it serves more than 10 million people around the world and has a great rating of 4.7 on TrustPilot for customer reviews.

TransferWise fees are normally specified within the transaction, and are relatively low. Still, various other fees are charged and the currency conversion rates are not as good as at other companies.

As a result, TransferWise is sometimes cheaper and sometimes more expensive. When you are ready to send the money, you should find out if it is convenient for you to use TransferWise's services.

Western Union

Western Union continues to be the choice of choice among many people, basically because it is so well known and trusted. Western Union has an extensive network of agencies, which makes sending and receiving money fairly easy.

Main advantages:

More than 55,000 locations in the United States to send money.

Submissions can also be made online or through the app; the app has good reviews and makes the process easier.

There are more than 35,000 locations in Mexico to make withdrawals and agreements for transfers to a local bank.

Transfers are fast. The money will be available in minutes.

Western Union also offers a bill payment service.

Main problems:

Transfer fees and currency conversion rates are not always specified and clear.

Customer service is limited.

There may be limits on the transfers you make depending on your history and where you send the money.

MoneyGram

Like Western Union, MoneyGram has a very large agency network and is also well known. There are about 43,000 locations for cash withdrawals throughout Mexico. That is much more than other competing companies.

Transfers are fast too; in cash, it may only take a few minutes. And regular transfers take a few hours.

However, you may be paying more for these services than with other agencies. That makes choosing MoneyGram not a good option for you, unless the other companies are not suitable for your particular situation.

PayPal

PayPal is a service that works differently. Instead of sending money to a bank or a cash pickup location, remittance recipients receive the money in their PayPal account. The PayPal service was designed with a focus on international transfers, and it is fast and easy to use.

The biggest impediment to choosing Paypal is how its mechanics work. The recipients of the remittance have to use the money that comes to them from their PayPal account; there is no way to withdraw the money in currency. The money can be used to pay directly for products, services or even invoices online, but always from your Paypal account.

PayPal also gives you the option of sending money from your PayPal account to a local bank, which is usually the best option. While this option is a good alternative, adjusting the settings the first time can be a bit confusing.

Once the process of adding your bank account to your PayPal account is complete, sending the money to your bank account is quite easy. But you have to consider that setting up your account takes a little time and you need to have some knowledge to use the computer.

The fee that PayPal charges can also be a problem. Their fees add up quickly - and the service is many times more expensive than other competitors.

Xoom

Xoom is owned by PayPal and is a better option for sending money to Mexico than the PayPal platform itself. You can make a deposit in a bank account, send money for cash withdrawal, or even send the money to the door of the beneficiary's home.

It is one of the fastest services; money is often available within minutes of sending it (a few hours for wire transfer). But consider that the time at the pick-up location influences the time it takes for the transfer to arrive.

The transaction fees are reasonable, but Xoom's currency conversion rates are among the highest in the international transfer industry. That may mean that it costs you more to send money.

Even so, Xoom is fast and has many locations from which to manage. Those advantages may be more advantageous to you than the disadvantage of paying a little more expensive for these services.

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