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 Once all the money has been withdrawn, the cardholder no longer has access to any more money, unless the person refills the prepaid ATM card with more money.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

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.

Sending Money without a Bank Account

With today’s families spanning across the globe and family members depending more and more on each other for financial help, many are faced with how to send money securely, quickly, and inexpensive. In today’s economy with everything on the rise from gas prices to airfare, sending money can be quite costly if you do it on a regular basis.

Another dilemma may arise if the person you are sending money to does not have a bank account. It may be hard to believe, but a national government study conducted revealed that 13% of people do not have bank accounts. For some that is unheard of, but the truth of the matter is that many people function perfectly fine without bank accounts and surprisingly, it is being done everyday.

If you send money on a regular basis and you are faced with the dilemma of the recipient not having a bank account, you do have options:

Gift Cards

This is perfect for the infrequent need to send money to someone. You simply purchase a gift card from a store or online for a specified amount. The card is then sent to the recipient. When they have used upon the dollar amount, the card is void. The downside to this is that you have to either pay extra for expedited delivery or they have to wait for delivery.

Bank Checks (Drafts)

These are checks made out by the bank specifically to the person you would like it to go to. There is usually a small fee for this service ($5.00 or so). When the person receives it, they may be able to take it to a check cashing service or have someone else cash it at their bank.

Money Wiring Services

These are often located various places throughout the community – convenience stores, drug stores, grocery stores, or stand alone locations. Probably the fastest and most convenient way to send money, same day, it is also the most expensive, often charging “x” of dollars per $100 being sent. In addition, the recipient has to find specific locations to retrieve the money.

Pre-Paid Debit Cards

This is the most convenient option if you send money to someone at regular intervals. Let’s say, your elderly aunt in another country, or even a college student in another state. These cards are re-loadable, which makes it easy to add money.

There are several different cards available. Before obtaining a pre-paid debit card, check the fees involved as they vary significantly from card to card. What makes these cards so great is that the recipient can go to an ATM and withdraw funds. They can make purchases online, or even pay bills. You, as the sender, can usually load funds from your credit card or bank account. Many times, you can do it from the comfort of your own home.

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.