Money Transfer to Mexico Through Either a Specialty Service or a Debit Card
January 17, 2010 by Susan Brown
Filed under Credit Card
Remitting money to Mexico is a common occurrence in the United States. With over 8 million of this country’s residents having Mexican heritage, it is no wonder that the capacity to send money to Mexico is crucial. When you need to send money back home, you should not have to pay large fees. Doing so regularly can take up not only a lot of time, but also extra funds in fees. Finding substitutes to these fees is crucial if you want to save funds, and locating a bank or special program that provides transfers for free or really inexpensive can be just what you need.
By chance, several popular banks now advertise specialty programs just to help you to send money to Mexico. Chase Bank has Rapid Cash, which allows customers to transmit three different remittances of up to $1500 each every billing cycle. The money is transferred Banorte bank in Mexico, either right into your recipient’s account or to be picked up by them. Considering that most financial institutions 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 parallel item called SafeSend. As long as you have a personal checking account and enroll in the program, you can send funds for free to your family members. Similarly to Chase, you can send money to Mexico up to three times per billing cycle, up to $1500 each instance. However, the total you can transfer in 30 days is $3000, so be sure to keep that in mind. Additionally, $1 USD equals approximately 13.4 pesos, which you should keep in mind when transferring funds. Just keep in mind that the exchange rate changes a lot, so check it just 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 pathway that works best for you. For one-time payments, or just one transfer per month, a bank could work best if you already have an account there. But if your family needs cash regularly and you are not sure of the amount every time, sending them a prepaid debit card could be the smartest option.
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