No matter the situation – whether you need to send cash to a friend or family member in an emergency or if you send money to Mexico on a continuous basis to support your family, there are many different ways you can do this.
Debit/Cash Cards – There are many firms that offer ATM cards. Any firm will send the recipient a ATM card, while the sender will have the ability to load money on the card either online or via the telephone. The receiver can claim the funds at most ATM locations. It is important to reiterate how this card is re loadable and money can be added however often as needed.
To initiate this process, the sender would sign-up for the service either online or via phone. First, the sender would fund the card with the appropriate amount of money via credit card or bank account. Then, the sender is provided with a security PIN number before the receiver is then sent the debit card via rapid mail transfer service. The sender then provides the recipient with the PIN number and whereupon the card arrives, they can withdraw the money at an ATM location. As another reminder: It is important before choosing a outlet, that you read the fine-print disclosing the associated rates, as they change with each card company.
If you choose to send money via a money transfer service, it typically can be accessed in a matter of minutes. Service charges are determined either from a flat rate standpoint or a percentage basis. In addition to sender service fess, the receiver is also charged a fee (at the receiving end) of upwards of 10 percent. International Banks have reputable relationships with Mexican banks and send billions of dollars to Mexico yearly.
If wanting to send money to arrive through a bank, it is imperative that you know which wire transfer companies exist and the cost of their services. There are numerous wire transfer/bank outlets to transfer money to those in Mexico. As a result of competition, many of these outlets are reducing their charges, which vary drastically, so it is necessary to do some comparison research. Depending on the type of service wanted, the money is usually available anywhere from within 15 minutes to 24 hours.
In the event of an emergency situation only, money may be sent through the consulate. The most secured way to do this is by establishing a State Department trust fund. This service is available US citizens and on an emergency basis only. Depositors must first set-up a trust account in a recipient’s name. Upon receipt of the money, the State Department then authorizes disbursement to the recipient from the appropriate US consulate. This course takes about one working day to complete and funds are always disbursed in local currency.
