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 Once all the money has been withdrawn, the cardholder no longer has access to any more money, unless the person refills the prepaid ATM card with more money.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.

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.

Cash Transfer Options

There are four major ways to transfer money from the United States to someone in another country.

1. Cash Transfers – Money wiring services.
2. Money Orders – U.S. Postal Services, Banks, Various Retail Stores.
3. Banking Transfers – Checks, Foreign Drafts, Wire Transfers.
4. Pre-Paid Debit Cards – Gift Cards, Reloadable Cards

Cash Transfers

Money wiring services are commonly used because of their ability to rapidly send money to anyone worldwide, including the ability to transfer money online or by phone using a credit card or debit card.  You will need to locate a sending agent and a receiving agent.

Each transaction has a specific control number, which makes it easier to collect funds for the recipient.  Funds are normally available within the hour (depending on the business hours of the agent), and proper identification is required.

Money Orders

Money orders are one of the cheapest ways to send money.  They can be purchased at Banks, United States Post Office (issues international money orders), and local retail stores.

They cost anywhere from $1.00 to $8.50 and you must fill out the recipient’s name before mailing.  You will have a carbon copy for your records.  Money orders are traceable by a unique number located on the bottom of the money order.  U.S. money orders can be cashed in banks or post offices in most countries.

Although this is a cost-effective method or transferring funds, there is a maximum of $700 (U.S. Postal Service) and other retailers set limits on the amount of a money order.  Most banks have a limit of $1,000 and the fee can be as much as $10.00.  There is a delay in the recipient receiving the funds due to mailing, although you can pay extra to have delivery expedited.

Banking Transfers

Not all banks operate in the manner so you should check with your local bank for details.

Sending a Check Abroad

Sending a check to a recipient is quick and easy, but check clearing, especially in other countries may takes 4-6 weeks.  The recipient can be charged a fee of up to $50 for check processing.  Some countries do not honor foreign-drawn checks.

Foreign Drafts

Depending on your location, it can sometimes take a few days to a week for a bank to prepare a draft.  The money comes out of your account when the draft is prepared.  There is a fee of up to $25 for this service.  The recipient must wait until the draft is delivered via mail and they must have access to a corresponding bank.

Wire Transfers

Wire Transfers are quicker than Foreign Drafts since they are usually done immediately.  You are charged a fee of up to $40 and if you are not a customer, it could be as much as $60.  The recipient again, must have access to a corresponding bank.

Pre-Paid Cards

Pre-paid debits cards and gift cards can be purchased online or at most retail stores.  Most of them have either the MasterCard VISA Maestro or Cirrus logo.  You load the card with funds – some gifts cards can be purchased in different denominations.

You then mail the card to the recipient and notify them of the PIN number.  (It is important to do this separately since anyone who retrieves the card and has access to the PIN can then use the card).  The recipient can then use the card to withdraw cash at an ATM, or use it anywhere VISA MasterCard Maestro or Cirrus are accepted.  Some cards are reloadable (for a small fee), so you can add funds when needed.

Sending Money to Mexico part 2

Sending funds to Mexico by bank wire transfer:  This process may take 1 to 3 days. You must tell the bank that you want to wire the desired amount plus $32 to:

NationsBank, Department of State Branch, 2201 C St. NW, Washington, D.C. 20520, at 202-624-4750, via ABA number: 114000653; account number: 7476363838; account name: Pupid State Department; Special Instructions: OCS/Trust for Benefit of (Recipient’s Name), U.S. Embassy/Consulate (City, Country); and include the sender’s name and telephone number.

The wire instructions must include the recipient’s full name and overseas location. NationsBank notifies the State Department when funds are received. The $32 fee includes the $20 Department of State fee and NationsBank’s $12 wire fee.

Sending funds to Mexico by overnight or regular mail:  The sender obtains a cashier’s check or money order for the desired amount, plus the $20, made payable to the Department of State. A letter must be attached with the sender’s name, address, and telephone number, as well as the name and location of the overseas recipient.

Mail to:
Overseas Citizens Services, CA/OCS, Rm. 4811, Department of State, 2201 C St. NW, Washington, D.C. 20520.

Important notice to those who receive funds at the consulate: To request funds from a trust account, office hours are between 8 and 11 a.m. The person collecting the money must present a government-issued form of identification.

If the person collecting the money is other than the recipient, a written request specifying the name of the person authorized to receive the funds from the recipient to disburse the funds will be required.

Wells Fargo has a deal with Banamex whereby someone in the United States opens an account for an annual $10 fee and then pays $10 for each wire transfer. Banamex automatically opens an account for the recipient. The transfer can take from a day, which is unlikely, to five days at the outside.

A simple bank-to-bank transfer can vary in cost from $25 to $45 and take between one and three days.
There are many methods in which you can transfer money to Mexico. While money transfer services appear to be the quickest, they are often the most expensive.

Debit/ATM cards appear to be the most inexpensive with the added benefit of being able to reload funds from the convenience of your home or office at anytime.

Comparing Money Transfer Methods (Part 2)

The final two factors we will look at when comparing money transfer options are safety and convenience.

Safety

As technology has become more advanced, one of the benefits involving money transfers has been that security has increased in every available method.  Most companies that facilitate money transfers who hope to be competitive take every possible measure to ensure the safety and security of each dollar than is transferred.

Banks handle security with thoroughly protected computer systems that encrypt customer data and require government issued identification to send and receive money.  Banks are responsible to account for every dollar entrusted to their care, and they do a great job with security.

Both money transfer companies and online companies that offer prepaid debit cards provide adequate safety for their customers.  Over the course of the past decade, internet security has advanced to the point that it’s very difficult for hackers or others with malicious intentions to access protected information.

A security breach for a money transfer company is a serious problem, not just because of the loss of money, but also because of the damaged reputation that will result.  Today, with so many companies competing for a piece of the money transfer market, security is a top priority for successful companies.

Prepaid debit cards send money with the added security measure of a PIN number, ensuring that a card that is lost or stolen will remain protected until a new card can be issued.

Convenience

Technology has also provided more convenient money transfer methods today than ever before.  Banks have made money transfers more convenient by providing customers with the ability to initiate transfers over the telephone or the internet.  Customers don’t necessarily have to walk into a bank branch anymore.  For the recipient of the funds, each foreign bank has its own set of rules for accessing the money that is sent, so it’s important to make sure that the bank receiving the funds will be a convenient option for your recipient.

Money transfer services can also be very convenient, depending once again on the destination of the cash.  The biggest complaint about sending money through money transfer companies is the person receiving the funds has to find an agent of the money transfer company to access the funds.  In developed areas, this can be simple.  However, when sending money to people in more rural areas, this can become a major hassle as they attempt to access the funds.

By far the most convenient money transfer method is the prepaid debit or ATM card.  An internet connection and valid social security number is really all that is required to get started.  The person sending funds initiates the transfer online, and a prepaid debit card is sent via Fed Ex to the recipient.

The person sending funds then provides a PIN number to the recipient, who can access the funds at any ATM machine.  This prepaid debit card can be reloaded with funds by phone or online anytime once the recipient is holding the prepaid card, the ultimate in money transfer convenience.

Comparing Money Transfer Methods

The world is getting smaller, and it’s becoming more and more common for people to have the occasional or frequent need to send money to people in other countries.  There are several methods available now for people who wish to send money—the options are more plentiful than ever before.

Some of the most common methods of sending money to other countries include direct bank transfers, sending money through a money transfer company, and prepaid debit or ATM cards.

There are several factors that people sending money consider important when deciding which method is best for their money transfer.  Some of these factors include speed, cost, security, and convenience.

Speed

Speed is an important factor in money transfers when the money needs to arrive prior to a set time and date.  It used to be that sending money quickly meant paying a hefty fee for a speedy delivery.  This is no longer the case, as each of the above methods can have money sent relatively quickly.  The slowest of these methods is the bank transfer, which generally takes a minimum of a day and can take up to several days while banks on either end of the transaction facilitate the transfer.

Prepaid debit cards take a few days the first time you use the method as the card has to be sent to the recipient.  However, once the card has been sent, funds can be loaded onto that card and accessed very fast.  Aside from the first time funds are sent to the recipient, this is generally the fastest method of sending money overseas.

Money transfer companies usually allow people sending money to pay more if they want money sent quickly.  For a larger fee, money can usually arrive within an hour.  As someone sending money, if there is no hurry for the money to arrive, you’ll save money by allowing the transfer to take a few days as opposed to a few hours.

Cost

Sending money can range in price from almost nothing to very expensive, depending on the method you use to send funds.  A few of the factors that can affect the costs include the destination of the money and the speed with which the money needs to arrive.

The greatest variation in money transfer fees comes from banks.  Some banks allow money transfers that are free, offering the service to attract and retain customers.  Other banks charge between $25 and $50 to wire money to a foreign bank.  Your bank will be able to tell you what their fees are, but remember that when sending money through banks, there could be a fee on the receiving end as well.

Money transfer services have become more affordable as viable competitors have threatened to take market share with more convenience and lower prices.  People sending money through a money transfer company will generally pay between $5 and $15, depending on the country money is being sent to and how quickly the money needs to arrive.

Prepaid debit cards are usually the cheapest way to send money, with fees in the neighborhood of $5 per transfer.

Sending Money to India

In 2006, India was the largest recipient of funds being sent overseas, with over $23 billion being sent internationally to India alone.  There are many options available today for transferring money to India.  The money transfer business is growing at a rate of over 10% each year, and India is a country where a large portion of this money is being sent.

Like any country, the cost of sending money to India depends on the method you use and how quickly you need money to arrive.  Generally speaking, you will pay more to get the money there faster with most companies.  For example, the cost of sending $500 fast from the US to India can be as a little as $5 with www.atmcash.com, or as much as $14.99 with other companies.  Some companies have options that allow the person sending money to pay less if they’re willing to have the cash available in 3-4 days instead of the same day.

The internet has given rise to a number of good companies for sending money, each with their own fees, terms and conditions.  Some people have turned to Paypal, for instance, as way to send cash.  Although the money will be received almost instantly by the recipient, it’s not necessarily easy to turn that money into cash, as it can take up to 5 days for funds to be deposited into a bank account.  This is a great example of an “instant” money transfer that is not really instant.

One fast money transfer method that truly does make funds available to the recipient is the prepaid debit card.  This method takes a few days the first time you try it, as the debit card has to be delivered to the recipient.

Once the card is in the possession of the person receiving the funds and you have shared the PIN number with them, the money can be accessed instantly at any network ATM machine, of which there are thousands worldwide.  Once the person receiving funds has the ATM or debit card in their possession, funds can be loaded onto the card online and be available very quickly, all for a lower fee than most competing methods.  There is much more information on this service at www.atmcash.com.

Online money transfers are a great option for sending money to India because there are many competing for their share of this quickly growing business.  Consumers benefit from this competition as companies try to make their service more convenient, more secure, and more affordable than their competitors.

The amount of money being sent to India is sure to continue growing.  It’s a great idea to go online and get familiar with some of the newer methods of sending money to India fast.  You’ll likely find that you will save both time and money in going online for your money transfer needs.

Using a Bank to Send Money Overseas

When looking to transfer money overseas, there are many options available to choose from.  Each option has several pros and cons that need to be considered in order to ensure that your goals are met in completing the money transfer.  There are several characteristics of a money transfer that need to be evaluated to determine how important they are to the sender of the funds.

Some of these variables include the amount of time it takes for the recipient to have access to the funds, the costs of making the transfer, the method used to determine exchange rates, the ease and convenience of initiating the transfer, and the level of security and protection from fraud that is provided.

For decades, consumers had relatively few options for sending money.  They could do it the old fashioned way, sending cash or a check through the mail and hoping it arrives in one piece, leaving it up to the recipient to convert it to the local currency.

There were money transfer services, which come with high fees and limited areas of feasibility since an agent must be present for the sender and the recipient.  And finally, banks could facilitate the transfer.  This article will present some of the pros and cons of using banks as an intermediary in sending money.

Most banks in North and South America, Europe, Australia, and many parts of Asia will allow customers to transfer funds to banks overseas.  Generally, customers must be citizens of the originating country with an active bank account and valid identification.

Customers will usually need to know the address of the bank to which the funds are being sent, including an international bank ID number called a SWIFT code.  The exchange rates are determined by the bank and change daily, so it’s a good idea to ask your bank about the methods they use to determine the exchange rate of the funds being sent.

There are several pros in using banks to facilitate money transfers.  First, there are very few restrictions regarding which countries you can choose to send money to as long as you have the information required for the receiving bank.  Second, many of these transfers can be initiated online, without even having to set foot inside a bank branch.  Next, there is no middle man to act in behalf of your recipient, increasing the security and safety of the transfer.  Finally, there is usually less paperwork involved in a direct bank transfer than in some other methods.

There are a few negative aspects of using banks to send money that need to be considered.  First, the costs associated with sending money through banks can be substantial.  Usually both the originating bank and the receiving bank charge fees for the services provided.  Also, it can be difficult to find information on the exchange rates being used by banks on the Internet.  This option is good for occasional transfers, but the high costs should inspire people who transfer funds regularly to find a more effective method.

Finally, the advent of debit cards has greatly changed the way we can now send money.  Debit cards can be sent and used almost anywhere in the world with money loaded onto the card.