Hello, my name is Oscar. Welcome to my site about money services. When I first started my job in a new state, I had to lean on payday loans to establish residency and make it through the first pay period. I am thankful for the ability to secure these loans and pay them off in a reasonable time frame. I hope to use my experiences to help other people secure the financial help they need to make it through difficult times. I will explore all of the different money service options in each region. I hope you will visit again soon to learn more.
Whether you have a family member taking a trip to Mexico, or you have family living in Mexico, it is a good idea to find out the best way to send money to Mexico. You do not want to get caught in a situation where someone needs money fast, and you simply take the first option that presents itself. Your two main choices for getting money to Mexico fast are wiring money or doing a bank transfer. Each option has its strengths and weaknesses.
Wire Transfers
The main advantage of sending a wire transfer is that you are not dependent on a banking service. Instead, you are working through the transfer service. While it used to be that you had to go to a physical location, today's services work by putting your money in an online account that can be accessed by whoever needs it and transferred to their account. The main disadvantage of these wire transfer services is that they can cost a lot of money. For example, to send $20, you might pay as much as $5. On the other hand, it should be quick to set up an account with a wire transfer service. Thus, this a good option for the occasional transfer, but if you will be sending money often, you should look at other options.
Bank Transfers
Many people do not realize that at least some of the banks in Mexico are owned by banks in foreign countries. For example, the Banamex bank in Mexico is owned by Citibank, which is a company in the United States. This is good news for those sending money to Mexico because if you have an account with a bank in the United States that has an affiliate bank in Mexico, it is a simple matter to send money from your account. Furthermore, there is no cost for such transfers. If your are sending money to someone who is traveling in Mexico, you will likely not want to go through the hassle of setting up an account, but if you have someone who will be living in Mexico for months or years, then the bank transfer option is a good choice.
In the end, your choice of method for sending money to Mexico should depend on whether you are able and/or have time to set up an account with a bank in the states that has affiliates in Mexico. If you need to send money for a quick trip or you are unable to set up an account at a bank in the U.S. or Mexico, then a wire transfer service is the better option.
Share14 March 2016
