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 Once all the money has been withdrawn, the cardholder no longer has access to any more money, unless the person refills the prepaid ATM card with more money.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

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.

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.