Remitting money to Mexico is a common occurrence in the United States. With over 8 million of this country's residents having Mexican heritage, it is no wonder that the capacity to send money to Mexico is crucial. When you need to send money back home, you should not have to pay large fees. Doing so regularly can take up not only a lot of time, but also extra funds in fees. Finding substitutes to these fees is crucial if you want to save funds, and locating a bank or special program that provides transfers for free or really inexpensive can be just what you need.
Coincidentally, several popular banks now have specialty programs just to allow you to send money to Mexico. Chase Bank boasts Rapid Cash, which allows consumers to send three different transfers of up to $1500 each per billing cycle. The money is sent Banorte bank in Mexico, either directly into your relative's account or to be picked up by them. Taking into account that most banks without such services charge up to $45 per remittance, you can save a lot of funds this way if you want to send money to Mexico three times or less each month.
Bank of America has a parallel item called SafeSend. As long as you have a personal checking account and enroll in the program, you can send funds for free to your family members. Similarly to Chase, you can send money to Mexico up to three times per billing cycle, up to $1500 each instance. However, the total you can transfer in 30 days is $3000, so be sure to keep that in mind. Additionally, $1 USD equals approximately 13.4 pesos, which you should keep in mind when transferring funds. Just keep in mind that the exchange rate changes a lot, so check it just before you send money to Mexico.
These options may work if you have to send a lot of money a few times every month. However, what if you just need to send some funds weekly? The fees could add up. Instead, consider sending your recipient a prepaid debit card. You could then add money as often as you need, for any amount you need, for a flat charge of $5. You do not have to have an account with any specific financial institution, and neither does your family. They could use the card at retailers for a small fee of about 13 pesos, or they could withdraw cash out of any ATM in Mexico for less than 40 pesos. If they want to avoid fees as much as possible, they could withdraw the cash all at once and pay the small fee just once.
You should decide on the pathway that works best for you. For one-time payments, or just one transfer per month, a bank could work best if you already have an account there. But if your family needs cash regularly and you are not sure of the amount every time, sending them a prepaid debit card could be the smartest option. - 30313
Coincidentally, several popular banks now have specialty programs just to allow you to send money to Mexico. Chase Bank boasts Rapid Cash, which allows consumers to send three different transfers of up to $1500 each per billing cycle. The money is sent Banorte bank in Mexico, either directly into your relative's account or to be picked up by them. Taking into account that most banks without such services charge up to $45 per remittance, you can save a lot of funds this way if you want to send money to Mexico three times or less each month.
Bank of America has a parallel item called SafeSend. As long as you have a personal checking account and enroll in the program, you can send funds for free to your family members. Similarly to Chase, you can send money to Mexico up to three times per billing cycle, up to $1500 each instance. However, the total you can transfer in 30 days is $3000, so be sure to keep that in mind. Additionally, $1 USD equals approximately 13.4 pesos, which you should keep in mind when transferring funds. Just keep in mind that the exchange rate changes a lot, so check it just before you send money to Mexico.
These options may work if you have to send a lot of money a few times every month. However, what if you just need to send some funds weekly? The fees could add up. Instead, consider sending your recipient a prepaid debit card. You could then add money as often as you need, for any amount you need, for a flat charge of $5. You do not have to have an account with any specific financial institution, and neither does your family. They could use the card at retailers for a small fee of about 13 pesos, or they could withdraw cash out of any ATM in Mexico for less than 40 pesos. If they want to avoid fees as much as possible, they could withdraw the cash all at once and pay the small fee just once.
You should decide on the pathway that works best for you. For one-time payments, or just one transfer per month, a bank could work best if you already have an account there. But if your family needs cash regularly and you are not sure of the amount every time, sending them a prepaid debit card could be the smartest option. - 30313
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