How to Transfer Money to Mexico
There are several options when it comes to sending money to Mexico, including Xoom and PayPal. Besides these online money transferring companies, Bank of America has added advanced features to its "SafeSend" service. This method allows customers in the U.S. to transfer money to friends and family members in Mexico without paying any fees. With this service, you can transfer the money with a phone call.
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Instructions
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Through Bank of America
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1
Visit the nearest Bank of America branch and open a personal checking account.
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2
Sign up for "SafeSend," which is a free service for transferring money abroad. You will need valid identification for registering for this service. Bank of America accepts the Mexican Voter Registration ID and Mexican Consular ID.
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3
Dial (800) 432-1000 and provide the instructions to the Bank of America representative regarding the amount of money you want to send to Mexico. You will be given an authorization code.
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4
Call the recipient in Mexico and have him write down the authorization code. The recipient can pick up the money the same day at an agent location of Bank of America. The recipient will be asked to provide a valid ID along with the authorization code.
Through Xoom
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5
Log onto Xoom.com and register on the website. Enter your personal information (name, address, email address) as well as payment information (credit card/bank account).
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Select the country (Mexico) and the amount you want to transfer. You can send any amount for a fixed fee of $4.99 as of 2010.
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Choose how you want the recipient to receive the money. You have the option of choosing between "Direct Deposit and "Cash Pickup." For the latter, the recipient will have to pick up the money from an agent location (13,591 locations in Mexico). If you choose "Direct Deposit," the recipient will receive the money directly into his bank account.
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Select a method of payment and confirm that you want to transfer the money. You can pay using Visa, MasterCard, Discover, e-Check or debit card.
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Inform the recipient that the money is on its way. If you have chosen the "Cash Pickup" method, you will be provided a reference number from Xoom, which you will have to give to the recipient. The recipient will give this number to the agent to receive the funds.
Through PayPal
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10
Log onto PayPal.com and sign up for a free account. You will provide PayPal with your personal and credit card/bank information.
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Select the country that you want to send the money to (Mexico) then enter the amount that you want to send. PayPal will calculate the fee for transferring this amount.
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Enter the recipient's email address and send the money. The recipient will receive an email prompting them to register with PayPal to receive the money.
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Tips & Warnings
There are 4,500 paying agent locations of Bank of America throughout Mexico. The recipient can find the nearest location by visiting Bank of America's website.
