When you need to send money to friends or family in other countries from Mexico, there are a couple of methods to keep in mind. A wire transfer company or a Mexican bank will send money from Mexico to recipients in other countries. A wire transfer company will send small sums of money, while a Mexican bank can send larger amounts. Both options will change a fee for this transaction. The amount of money will determine which is best for you.
Things You'll Need
- wire transfer company or bank account
- valid identification
Chose your sending method. You will need an account with a Mexican bank to use the bank wire option. Mexican banks have large minimum balance requirements. A wire transfer company will only require the amount of the money to send plus a transaction fee.
Send the money. The Mexican bank will require the wiring instructions. The wiring instructions include: the name and address of the bank; the transfer routing number or American Banker's Association (ABA) number; the account number of the recipient. The wire transfer company will require the name and address of the recipient. You will need to go to a branch location.
Receiving the money. The recipient will go to her bank and withdraw her funds for a bank wire transfer, as these funds have been directly transferred to her account. The wire transfer company will give the recipient an address to collect her money. She will need valid identification to collect the money from the wire transfer company location.
Tips & Warnings
- Shop around. Wire transfer companies fees vary widely. Use the Internet to find the best deals. Some wire transfer companies will let you send money from Mexico on-line using a major credit card. Choose a bank with international branches. Bancomer and Banamex are the largest banks in Mexico. They all operate along the border and have offices in the U.S. and Canada. Using pesos will increase the cost of transferring money from Mexico. Exchange the pesos for currency of the destination before sending the money out of Mexico. The banks and wire transfer companies will charge higher exchange rates.
- Use only reputable wire transfer companies. Beware of scams using low transaction fees as bait.
- Photo Credit pesos image by StephenD from Fotolia.com
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