How Mexicans Send Money Home

Sending money internationally is simpler than ever, thanks to all the digital services that facilitate seamless money transfer to Mexico. However, the transaction costs, exchange rates, and the time it takes to get your money to the intended receiver greatly vary depending on the platform you choose to make the payment.

To help you save some stress, we have put together a list of the most economical, fastest and trusted modes of sending money to Mexico that can help you maintain strong ties with your family and friends back home.

Ria money transfer

Ria Money Transfer is a global money transfer service that allows users to send money online to more than 149 countries. Providing a flurry of payment options, transfer services, and a very simple transfer process, Ria sure knows how to win the hearts of its customers. And above anything else, Ria offers great exchange rates and low transaction cost with no hidden charges. So, if you're looking for money transfer service that is cost-efficient, quick, and reliable, Ria money transfer should be your go-to destination. No wonder why so many Mexicans in the United States prefer this mode of payment over bank transfers.

Bank wire transfers

Most banks in the United States offer international money transfer services, but they are comparatively costlier than online services focused only on money transfers. According to the World Bank's report, "The most expensive way to transfer funds overseas is through banks." Besides, bank transfers can take a number of days. That said, bank transfers are considered more secure and reliable, so it's still one of the most preferred ways to move large sums of money to Mexico.

PayPal

PayPal is an online financial service that allows users to send money online from one PayPal account to another. While PayPal doesn't charge any fees from the sender, the receiver is charged a small fee in order to cash the amount. There could be some restrictions on the amount you're allowed to transfer, but it's quick, easy and relatively cheap, especially for small payments.

Money orders

Money orders are considered as the old-fashioned way of transferring funds to Mexico, but at times, this method of money transfer is the most practical one. In situations where time is not the most important consideration, and payment needs to be guaranteed, money order seems to be the best option. Plus, it's easy to track down money orders in case it gets lost or is stolen.

Final thoughts

Look around and investigate your alternatives in order to get the best money transfer deal. Invest some time in comparing various options. The most economical method for sending funds to Mexico in one situation might not be the same in another. Therefore, make sure to do your research first and ensure you're not giving away your hard-earned cash to banks and other financial institutions. Here's how you can decide on the best choice:

• Get in touch with your bank and know the transaction fees and exchange rates. Though banks usually offer the worst rates, it's still a good idea to get a basic quote so that you have something to compare against.

• Google the different ways to transfer money to Mexico and compare various services based on the transaction cost, exchange rates, security and reliability of payment, and of course, speed. Also, keep in mind to take into account any hidden charges.

• Once you're sure of the transfer means that best suits you, you can initiate the transaction.

• Follow up on your money transfer. Ensure that the funds have reached where it needs to. If not, get in touch with the provider and sort things out.