Top Ways You Can Send Money Online To Mexico
These days there are more options than ever for converting and sending money to someone in any country around the world, and Mexico is no exception.
Maybe you have a relative or friend traveling in Mexico who quickly needs money from you in an emergency. Maybe you need to pay a client or an employee who lives in Mexico. Or maybe you’re going to be traveling to Mexico for a while and need to send yourself money so you can get a better exchange rate.
Regardless of the reason, any of the methods that we are going to cover will work. Here are the top ways you can send money online to Mexico:
Bank Wire Transfer
The first option will be to use your bank to complete a wire transfer, which you can either do online or in person. Regardless, the bank wire transfer is actually going to be the slowest and most expensive option for you, even though it is undoubtedly very secure.
Wire transfers can take up to five business days to complete, and furthermore, you can expect to pay a flat rate to complete the transfer that can be anywhere from forty to eighty dollars. Nonetheless, as long as you’re willing to pay the high fee and wait a while, bank wire transfers are one of the best options available.
The next choice will be to use a remittance service, which is much cheaper than using the bank wire transfer method as well as much faster. You can easily create an account with remittance services either online or through an app, and then send the funds to your designated recipient.
When using remittance services, you’ll have to pay a percentage based fee rather than a flat rate as you would with a bank wire transfer, which can help you to save money. You should also expect to pay a margin of the exchange rate as well, though some remittance services will offer you a guaranteed rate in a quote you can request from them.
Credit Card or Debit Card
Another option for you will be to use a credit card or even a debit card to send the money. Another choice in this arena as well will be to send a prepaid debit card, which basically means that you load money onto the debit card and then send that to your recipient. The recipient will then use the card just like any other debit card and money will be deducted from it with each transaction.
Prepaid debit cards will usually cost around $20 to set up and they usually have a small fee that will be assessed for each transaction as well, so it is something to be aware of.
Sending Money Online To Mexico
When you need to send money internationally to someone in Mexico, any one of the above methods will work for you.