Ways to Transfer Funds to Mexico

There are multiple ways to send money to Mexico, each with its own set of standards that determins how the cash is sent. Service costs, security and security levels and even the amount of time it takes for funds to be sent and retrieved can vary.

On occasion though, time becomes an central concern, needing the money to arrive in a rather immediate timeframe. When an emergency arises and time becomes the most important factor in completing a wire money transfer, it is rather important to know what options might work best for you and your situation.

The most important thing to remember in a hurried situation of this kind is that there is no need for alarm or panic. There are many methods available to you that will get the job done quickly and effortless.

If you are in an different situation, where time is not an issue, preparing before the need arises is always a good idea. For instance, if you have a son or daughter that will be spending summer vacation in Mexico, it would be a fine idea to have the framework in place so that a fund transfer can be made with very short notice, if at all required.

The ATM card is a great option for this kind of situation and for this kind of traveler. For some, you may trust the recipient enough to have a non-denominational card issued to their name, which is connected to your savings or checking account.

As long as they have the card in their possession and the corresponding PIN number, they will be able to withdraw the monies through any ATM machine, as often as needed. If you choose the later of the two previously discussed options, remember that the cardholder will have access to your account at all times (and they may not wait for an event that you would deem an emergency situation, to access funds).

The reality is that in many cases, we in fact, do not want the card recipient to have entire and unmonitored access to the funds in our account(s). Because of this fact, prepaid debit cards are the ideal solution.

A prepaid debit card is a card is just like a traditional ATM card except for the fact that it is pre-loaded with a precise amount of money, thus, holding a limit. Once all the money has been withdrawn, the cardholder no longer has access to any more money, unless the person refills the prepaid ATM card with more money.

With any option that you choose, opening an account with a bank that has branches both in Mexico and in the United States will help to make a transfer between accounts trouble-free. Taking this precaution, along with everything else previously mentioned, will ensure a secure and timely transaction.

How to and Facts on Banking and Money in India

With a population of over 1 billion, India is an exciting environment for finance, with cutting edge technology bringing the Indian financial scene into the future. India has over 32-thousand ATMs as of December 31, 2007, but an increasing number of customers are finding that the need to visit a bank branch or ATM location is not what it used to be, thanks to stellar technological advances.

Banks are moving toward granting users to complete banking transactions using mobile phones and other handheld technologies. Banks, in the past, have used technology such as text messages to advertise promotions for customers, but electronic transactions will likely replace several types of cash transactions in India within the next couple years. The utilization of technology in banking reduces transaction costs and lessens the need for quick branch expansion. Currently, nearly 10% of all banking and money transfer transactions in India are completed online.

This idea of handheld bank technology is called Mobile Banking, and it is assumed that mobile banking will change the bank industry in India and soon all over the world. Already, 85-90% of mobile bankers do not use ATM or credit cards; they simply use their cell to complete transactions. The technology utilized to make this style of banking possible is the same technology that runs ATM machines, although it is much cheaper to maintain. India is really on the forefront of this rapidly growing area of finance.

An increasing number of Indians are also utilizing the web for bank purposes, although the majority of banking customers utilizing the World-Wide-Web limit their activites to checking statements and assuring whether or not transactions have been completed. The Internet also allows bank customers to interact with bank employees to ask questions and inquire about bank goods and services, although this is not tremendously used so far by Indian bank customers.

Generally, Indians have not carried a great deal of debt, with consumer debt making up just 4% of the nation’s Gross Domestic Product, compared with over 60% for countries such as South Korea and Taiwan. Banks are willing to join in the increasing debt loads of Indian consumers. Like China and South Asia as a whole, India is one of the largest increasing areas for credit card, debit card, and cash card services, and surveys predict that the credit card market in this area will change by 15-20% over the next few years. Indian houses currently save 28% of their disposable income.

The banking presence is expanding in India, as more global banks and financial companies rush to compete for the changing banking needs in the country. Demographically speaking, half of India’s 1.2 billion populace are below the age of 25, so throughout the next many years, a big generation of people will be entering their earning years and will have many banking needs. The banks which find a way to give the services Indian banking customers enjoy a influx of new customers and profit in the years to come.

How to Transfer Cash to Brazil

There are several ways to transfer funds from the US to Brazil. One of the simplest ways to do this is to develop a relationship with a US bank that is well represented in Brazil, such as Bank of America, Wells Fargo or Citibank.

If the recipient of the monies has an account with one of these banks, it is a great idea to open an account locally as well with the same bank, seeing as how account transfers within the same bank are repeatedly processed at a quicker rate and with little or no extra cost. Bank transfers between two differing banks are also relatively simple; however, transferring money from one bank to another can involve a waiting phase of up to 5 business days with substantially higher processing costs.

Fees can be quite high for international wire transfers. If, however, the money needs to arrive quickly, this is the best possible option.

Other than the bank transfer, another way to send funds to Brazil is through the pre-paid debit card. In an emergency this may not be the best means, since it takes some time for the card to physically be sent to the person in need of funds; but for those who perhaps often send money to family in Brazil, the ATM debit card is a terrific option.

Upon activation, sending a debit card with the PLUS or CIRRUS logo on the back will certify that money can be withdrawn from a immense and far-reaching system of ATMS located throughout Brazil and all over the globe. If choosing to use an ATM card, you need to be certain that the cardholder is not accessing money without prior authorization, for these are not pre-paid and hold no specific limit.

A pre-paid debit card is loaded with a determined amount and cannot be overdrawn, making it a very secure option. If more money is needed at a later date, the card can be reloaded as many times as needed.

In addition to these methods, online payment services are becoming the most popular way to send funds abroad. This method moves the funds swiftly and the fees are relatively low, however, the reciever must have a banking history in Brazil in order to access the funds.

One advantage of sending funds this way is that the funds can be used to buy goods and services electronically without ever needing to convert the sent money into actual cash. On the other hand, if the recipient does wish to turn these electronic funds into cash, it is more difficult than with other proven methods, due to processing rules.

With either method you choose, money transfer between the US and Brazil is now an easy process. Be it via bank transfer, ATM debit card or online transfer, funds can be transferred faster than ever.

Send Money to the Philippines

Money being sent home by millions of Filipino workers living and working abroad rose 9.4% from a year earlier to $1.4 billion dollars in March, the Bangko Sentral ng Pilipinas (BSP) said in a recent interview; also noting this was the highest monthly level to date. This brings the inflows for the first three months of the year to $4.0 billion, 13.2 percent higher than the year-ago level.

The higher inflows “reflected the rising number of Filipino workers abroad, the shifts in skill composition as well as the growing efficiency of banks and other financial institutions as remittance channels,” said BSP.

According to the BSP, more than eight million Filipinos, out of the national population of 90 million, work abroad. The United States, Britain, Saudi Arabia, United Arad Emirates, Italy, Canada, Japan, Singapore, and Hong Kong were the major sources of remittances.

Moody’s Investors Service, said significant remittance inflows from overseas Filipino workers have been a stable source of banks’ income. In a Global Banking report, the credit rating company said banks produced $185 million to $380 million in gross revenues from remittances last year mainly through delivery charges and the spread charged on foreign exchange rates.

It has been noted that overseas Filipino workers sent home on average $350 million, while the average remittance cost stood at $8 per transaction. The average transaction fee reached $3.50 and foreign exchange revenues, $144.50.

The BSP expects remittances to grow to $15.7 billion this year from $14.449 billion last year as more professional Filipinos go abroad to work in higher paying jobs such as medical workers, engineers, and marine officers and crew.

”In addition, the combination of rising remittance flows and the renewed interest of banks in building consumer financial services has helped revive domestically retail banking products, which have grown faster than other types of loans,” Lung said.

The sharp rise in housing and auto loans over the past four years has been driven by the rising demand from overseas Filipino workers and their beneficiaries, he added.

Lung said the Philippine banks face the difficult task of following their clients overseas as it entails possible higher compliance costs as regulatory requirements can differ in each jurisdiction. “Regulatory barriers as well as differing business environments in the past have limited the ability of some Philippine banks to offer full services to OFWs in their host countries,” he said.

Moody’s estimates that banks account for 79 percent of remittance transmissions. However, new entrants and new technology will erode banks’ dominance and the profits they derive directly from the remittance business. Wireless phone service providers have launched lower-cost remittance services via text messaging through mobile phones.  However with an increasing number of online choices for sending money to the Philippines Filipino workers abroad now have more and better options for sending money home.

Moody’s said that if governments allow temporary Filipino workers to become more permanent residents, such a development could impact the flow of remittances as earnings directed to purchasing durables in the Philippines could be increasingly spent in host countries.

REMITTANCES

Definition: Remittances are the money that immigrants send to their home country while working abroad. There are 2 types of remittances:

1. Family Remittances: This is money sent by individual immigrants to family and friends back home. These remittances are often used to meet their most basic needs. Family remittances dwarf development aid and foreign investment. They are said to be the single most important factor fighting poverty in the world today.

2. Community Remittances: This is money sent by individual immigrants and by hometown associations to communities in their home country. This money has traditionally been used for infrastructure, like parks, roads and churches. Increasingly, it is destined for government coffers. Mexico has a ‘Tres por uno’ program, which matches 3 tax dollars for every 1 dollar donated to a regional government.

Remittances Worldwide:

–          1 in 10 people around the globe is directly involved with remittances.

–          The U.S. is the largest source country, with $42 billion of remittance outflows annually.

–          Latin America is the region with the largest and fastest growing remittance flow. It received nearly 40% of the $126 billion in remittance sent to developing countries in 2004.

–          Remittance to Latin America exceeds foreign investment and development aid.

–          Were remittances to stop flowing, Latin America’s economies would collapse in an estimated three months.

–          This rapid growth in remittances is slowing as more Latin American immigrants blend into U.S. society and send less money home.

–          Remitters come disproportionately from the working poor and many times are in the United States illegally.

–          Migrants remit on average 12.6 times a year, typically $150/200/250 each time. These remittances constitute approximately 10% of their household income.

–          A quarter of remitters send money home first, even before paying their own bills.

–          Remittance rates increase every year despite drops in the U.S. economy.

–          Remittances tend to increase when the home country’s economy slows, making it a particularly effective anti-poverty tool.

–          Remittances promote economic growth, increased investment and community development.

–          Remittances can also result in higher interest rates and inflation.

Remittance Statistics:

–          46% of all Hispanics born outside the U.S. regularly send money to their country of origin.

–          57% of immigrants from El Salvador send remittances

–          60% of U.S. remittance senders are male

–          63% are under the age of 40

–          59% are married

–          59% have not completed high school

–          57% make less than $30,000 a year

–          64% of those who are employed are unskilled laborers

–          45% say they plan to move back to their home country

–          55% do not have credit cards

–          43% do not have bank accounts

Currency Rules and Regulations part 2

When traveling there are many options for transferring currency from one country to another.  One of the easiest and safest ways of traveling with currency is to use a prepaid debit card.  Prepaid debit cards can be used at ATM’s almost anywhere in the world and also help travelers to secure the most favorable exchange rate.

France

The Euro is now the official currency of France. France’s prior currency, the Franc, is no longer accepted.
It is illegal in France for retailers and hotels to accept foreign currency as payment.

Import/Export restrictions: The import and export of local and foreign currency is unrestricted. Amounts over €7600 must be declared.

Hong Kong

Hong Kong Dollars = 100 cents. Denominations: HKD1000, 500, 100, 50, 20, 10

Import/Export Restrictions: There is no fee for importing and exporting of local and foreign currencies.

Currency Exchange: Foreign currency and travelers checks can be exchanged at banks and major post offices, as well as many hotels and travel agents. A commission is charged at all hotels, banks and bureaus that provide exchange services.

Israel

Israel New Sheqel (Sheqalim) = 100 New agora (agorot). Denominations: ILS200, 100, 50, 20

Import/Export Restrictions: There are no fees for importing and exporting of currencies; however, you must declare amounts over ILS 80,000.

Currency Exchange: There are small exchange bureaus found on main streets and within some hotels and banks that will exchange money for you. ATM machines can also be used in areas throughout Israel to obtain local currency using a credit or debit card. However, commission is very high if you exchange money or travelers checks anywhere within Israel.

Mexico

Mexico Peso = 100 centavo(s) Denominations:  MXN1000, 500, 200, 100, 50, 20

Currency Import/Export Restrictions: It is free to import and export currencies; however, amounts exceeding USD10,000 or equivalent in cash or checks must be declared to customs.

Currency Exchange: Most exchange houses and banks do not charge additional fees to cash traveler’s checks or exchange foreign currency, but be careful as many will attempt to charge a commission. Many banks will only exchange money if you have a bank account in Mexico. Many of the bigger cities and towns and the ‘border’ towns will accept US dollars as a method of payment.

United States of America

US Dollar (US$) = 100 cents. Denominations: USD $100, 50, 20, 10, 5, 2, 1

The US Dollar is widely accepted in as alternative currency in many countries.

Import/Export Restrictions: The Import or export of US $ 10,000 or equivalent must be registered with customs on Form 4790. Failure to do so may result in civil and criminal prosecution, including seizure of the money. There is also a restriction on transactions with Cuba, Iran, Iraq, Libya and North Korea.

Before sending money to another country make sure you are dealing with a reputable company who does not charge hidden fees. It is also important to be aware of the rates charged on the recipient’s end.

Currency Rules and Regulations

Since currencies and conversions vary from country to country, when you are sending money to another country, it is important to know the rules and regulations recipient’s country.  Another option for for safety, security, and also for getting the best possible conversion rate is to carry a prepaid debit card such as the atmcash card.

Australia

Australia Dollar (AUD$) = 100 cents. Denominations: AUD$100, 50, 20, 10, 5
The Australian Dollar is used in Australian Antarctic Territory, Christmas Island, Cocos Islands, Heard and McDonald Islands, Kiribati, Nauru, Norfolk Island, Territory of Ashmore and Cartier Islands, Territory of Coral Sea Islands and Tuvalu.

Import/Export Restrictions: There is no fee for importing and exporting of currencies; however any amounts over AUD$10,000 must be reported to the Australian Transaction reports and Analysis centre (AUSTRAC).

Currency Exchange: There are currency exchange facilities at all major airports and most hotels. There may be a small charge for cashing in Travelers Checks.

Barbados

Barbados Dollar (BD$) = 100 cents. Denominations: BD$100, 50, 20, 10, 5, 2
The Barbados Dollar is similar to the US Dollar.

Import/Export Restrictions: Importing local currency is free, however, there is a limit of BD$500 for export. The import of foreign currency is also free, however, there is a USD$1000 or equivalent limit on import.

Currency Exchange: The most popular currency exchange facilities are available at banks. There are currency exchange facilities at major airports and hotels but the rates are usually not as good.

China

China Yuan Renminbi = 10 jiao = 100 fen. Denominations: CNY100, 50, 20, 10, 5, 1

Currency Import/Export Restrictions: The import and export of local currency is limited to 6,000 Yuan. The import of foreign currency is free; however, it is required that you declare any amounts over USD $5,000 or equivalent. The export of foreign currencies is limited to the amount declared as imported.

Currency Exchange: Travelers checks, preferably in US Dollars, and foreign cash, can be exchanged in cities at the Bank of China. You will need to show proof of identify in the form of a passport and you will be charged a commission. You can also use most western currencies in the larger hotels and also in stores that cater for tourists (called ‘friendship’ stores).

Dominican Republic

Dominican Pesos = 100 Centavo(s). Denominations: DOP2000, 1000, 500, 100, 50, 20, 10

Import/Export Restrictions:  The import and export of local currencies are limited to DOP20,000 in notes and DOP100 in coins. Any amount of foreign currencies over USD $10,000 must be declared as well if this amount is to be re-exported. Exporting foreign currencies are free up to USD $10,000 or equivalent. Larger amounts require approval from the Central Bank.

Currency Exchange:   The Dominican Peso is available to purchase outside of the Dominican Republic and it is not illegal to carry the local currency into the country. Dealers completed money exchanges must be approved by the central bank.

Egypt

Egypt Pound = 100 Piastre(s). Denominations:  Piastres5, 10, 25, 50 EGP1, 5, 10, 20, 50, 100

Import/Export Restrictions: The import and export of local currency is limited to EGP 5,000. The import and export of foreign currencies is free.

Currency Exchange: If you take Travelers checks it is advisable to take them in US Dollars to avoid additional costs. The private exchange bureaus, called ‘Forex’, are open daily and banks in major hotels are open 24 hours to exchange currency.

Send Money to Inmates

The Commissary at Federal institutions was established by the Department of Justice in 1930. This Commissary was developed to create a savings account for the money that inmates receive not issued from the Federal State Penitentiary.

The purpose of these accounts was to allow the Bureau of Prisons to maintain accountability for monies inmates receive while incarcerated. Funding sources can be from family, friends, or other sources.

Funds can be sent to Federal inmates by way of the U.S. Postal Service or a money transfer service through the Quick Collect Program. The inmate must be housed at one of the Federal prisons before money can be received. If the inmate is not physically housed at one of these facilities, the funds cannot be posted and it will be returned or rejected.

Anyone can send money to inmates through the mail. There are strict rules that must be followed or the funds may be rejected.

Guidelines for Sending Funds

Money should be mailed to:

Federal Bureau of Prisons
Inmate Name
Eight Digit Inmate Registration Number
Post Office Box 474701
Des Moines, Iowa 50947-0001

The funds must be in a form of money order. The money order must be made out to the inmate’s full name and eight-digit registration number. Cash and personal checks will not be accepted for deposit.

The name and address of the sender must appear in the upper left hand corner of the envelope. This is a necessity in case the mail needs to be returned to the sender.

The deposit envelope cannot contain anything other than the deposit. If this happens, the Bureau of Prisons will dispose of all items included with the deposit.

If the funds are not received, it is the sender’s responsibility to trace the funds through the establishment where the money order was purchased.

It is important that the sender is aware of the specific instructions of sending money. If the inmate number is incorrect and funds are inadvertently posted to another inmate’s account, the funds may not be returned.

Internet Money Transfers

As families are branching out to other areas of the globe, and migrants travel abroad in search of a better life, more people are sending money, and the need for quick, easy, and inexpensive ways to transfer money continues to be an issue.

Whether you are sending money to support your family back home or sending money to a child or relative studying abroad or traveling, you want the process to be a smooth one. Internet money transfers can be done effortlessly and with a few clicks of your mouse and money can reach the recipient in no time.

Why Transfer Online?

Transferring money online has several advantages.

1. Since the transaction is done online, there is no need to carry large sums of cash.
2. There is no need visit to a money transfer agent’s location.
3. You can transfer money to any place in the world.
4. You can transfer money from your bank account or credit card.
5. The recipient receives money faster than waiting for traditional checks or money orders to arrive.

Choosing an online money transfer provider

New online money transfer services are appearing almost daily, so it is important to select a company that will suit your personal needs.

1. Make sure that the company services the area in which you wish to send money to.
2. Choose a company that offers safe secure transactions.
3. Review the times the funds are available for the recipient.
4. Review all of the fees before signing up with a company, including reloading fees.

Note: Never use a public computer to send money (your bank information may be at risk).

How to sign up

You will need to register online to open an account. Your account is linked to a credit card and/or bank account. Once you have signed up, you can start sending money. The recipient will have to have a bank account or a credit or debit card to retrieve the funds. Some companies allow you to make transactions via mobile phones or even email.

Companies like ATMCASH make your money transfers effortless when sending money online. After signing up, ATMCASH will FedEx a debit card to the recipient, so there’s no long waiting period for a card to arrive.

You simply supply the recipient with the security PIN number and they will be able to access funds. When it’s time to send money again, you simple go online and specify the amount. With ATMCASH, funds can be transferred for as little as $5.

Online money transfers are becoming increasing popular for day-to-day transactions around the world. This type of money transfer is an excellent choice for sending money to families and friends on a recurring basis.

International Money Transfer Services

A common dilemma which faces Australians, South Africans, Canadians, British, New Zealanders, as well as citizens of smaller countries is sending money internationally. An array of choices does exist for international money transfers, but finding a quick, secure and inexpensive money transfer service is not always easy.

Money Transfer Options

Everyone has heard of the top money transfer companies. Most of the companies have locations throughout the world. Secondary countries have small copycat locations in various locations. The problem with these money transfer service is that you almost always have to perform transactions in person and you must use cash.

This presents a safety issue on both sides, as you become easy prey to those undesirables waiting in the shadows. Some money transfer services will allow you to transfer cash to a bank account, but those are few and far between.

Money transfer services seem to be a better option for people in remote locations who have no bank account and no local address. This service is also suitable for overseas travelers who need quick cash sent from their home.

There are advantages and disadvantages to using money transfer services:

Pros:

1. Multiple locations even in remote areas.
2. Internet access is not required.
3. No bank account is required to send or receive cash.
4. Money reaches the recipient quickly, depending on the location.

Cons:

1. You must pick up cash in person.
2. You cannot transfer money from a bank account or credit card.
3. This is a not a quick fix and not a solution if you send money on a regular basis.
4. Fees can be extremely high.

Cost

When transferring money through a money transfer service, the companies usually charge a percentage of the total amount transferred or a set fee for certain amounts. The amount the recipient receives will depend on the exchange rate and transaction fee that the money transfer agent charges.

This type of service is the best way to send small sums of money, such as on an emergency basis. Considering the fees and the exchange rates, this is not the best option if you need to transfer money frequently.

Other Options

1. If you have to send money to friends or relatives, consider making a payment to their credit card.
2. Consider gift cards. You can purchase them at retail stores or online. Many of them bear the VISA or MasterCard logo. The recipient can use them where these logos are displayed.
3. Consider an ATMCASH card. The recipient is sent a debit card. You load funds whenever the need money.

When you have to send cash to others, there are many options available. While money transfer services are quick and easy, the fees involved often put less money in the pockets of the recipient. Gifts cards are great for one-time emergencies.

Debit cards are easy to obtain and can be used on a recurring basis as they are reloadable. This is an excellent option for people who are unable to travel to pick up money, such as the elderly. Debit cards also work well for students traveling abroad or anyone who relies on money sent from someone in another country.