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.

Sending Money to Mexico

Whether you need to send money to a friend or family member for an emergency or if you send money to Mexico on a regular basis to support your family, there are different ways you can accomplish this. Wells Fargo, Citibank and Bank of America all have branches in Mexico. You can still pick up money at the U.S. Consulate.

Alternate Ways to Send Money

Debit/Cash Cards – There are numerous companies that offer cash cards or debit cards. Cards such as ATMCASH will send the recipient a debit card and you will have the capability to load funds on the card either online or via telephone. The recipient can retrieve the funds at most ATM machines. This card is reusable and you can add funds to it when necessary.

The sender would sign up for the service (ATMCASH.com) either online or by telephone. They would load or fund the account with the desired amount of money via credit card or bank account. The sender is provided with a security PIN number.

ATMCASH would then FedEx the debit card to the recipient. The sender provides the recipient with the PIN number and when the card arrives, they can retrieve the funds at an ATM location.
It is important before choosing one that you read the fine print disclosing the fees as they differ with each card company.

Money Transfer Services – This is still a popular way to transfer funds

If you send money through a money transfer service, it usually can be picked up in a matter of minutes. Some of these services charge rates of up to $10 to send $300 or a flat fee of $30 to send up to $30. The recipient is also charged a fee at the receiving end of about 10 percent.

Bank Transfers

Bank of America and Wells Fargo have relationships with Mexican banks and transfer billions of dollars to Mexico annually.

If transferring money to arrive through a bank or to a different destination other than the consulate, it is important that you know what wire transfer companies exist and the cost of their services. There are several wire transfer businesses or bank services to send money to people in Mexico.

Many of these places are reducing their fees, which vary considerably, so it is best to do some comparison shopping. The money is normally available from 15 minutes to one day, depending on the type of service requested.

Sending Money through the Consulate

In emergency situations only, money may be sent through the consulate. The most protected way is by establishing a Department of State trust fund. This service is available only to U.S. citizens and on an emergency basis. Depositors must establish a trust account in a recipient’s name.

The department, upon receipt of these funds, authorizes payout to the recipient from the appropriate U.S. embassy or consulate. Overseas Citizens Services Trust (OCS) takes approximately one working day and funds are disbursed in local currency. The State Department has a $20 processing fee for this service.