Transfer Money to Mexico Using Either a Debit Card or Specialized Service

By Susan Brown

Transmitting funds to Mexico is a common happening in the United States. With more than 8 million of this nation’s residents having Mexican heritage, it is no wonder that the capacity to send money to Mexico is important. When you need to transfer funds back home, you should not have to pay high costs. Doing so regularly can take up not only a lot of time, but also extra funds in fees. Finding alternatives to these costs 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 similar program called SafeSend. As long as you have a personal checking account and enroll in the service, you can send money for free to your relatives. Similarly to Chase, you can send money to Mexico up to three times each billing cycle, up to $1500 every time. However, the total you can send in 30 days is $3000, so be sure to keep that in mind. In addition, $1 USD equals about 13.4 pesos, which you should remember when sending money. Just remember that the exchange rate changes a lot, so check it right before you send money to Mexico.

These possibilities may work if you have to send a lot of funds a few times per month. However, what if you simply need to send some money weekly? The charges could add up. Instead, consider mailing 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 particular bank, and neither does your family. They could use the card at shops for a small fee of about 13 pesos, or they could remove cash out of any ATM in Mexico for less than 40 pesos. If they want to avoid charges as much as possible, they could withdraw the money all at once and pay the small fee only once.

You should decide on the method that works best for you. For one-time payments, or just one transfer each month, a bank could work best if you already have an account there. But if your family needs money constantly and you are not sure of the amount every time, mailing them a prepaid debit card could be the smartest move.

We scoured every corner of the internet to find everything you ever wanted to know about sending money to Mexico. Here is the absolute best source we uncovered, send money to Mexico. This article, Transfer Money to Mexico Using Either a Debit Card or Specialized Service has free reprint rights.

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