How much is your transfer really costing you? When considering which service to use for your money transfer, don’t just take into account the exchange rate or the flat fee. Combine these to see how far your money truly reaches. Make sure to throw in the convenience that Pangea offers as an extra bonus!
To understand how far your money goes, there is a simple calculation that you can use. Don’t worry, no complicated math here! Take the amount of money that you want to send, lets say $500 to keep it simple. You can then subtract the transfer fee from that number, which at Pangea is always a flat rate of $4.95, when you pay with a debit card. That leaves us with $495.05, which you can then multiply by the exchange rate. If you’re sending money to Mexico, today 1 USD = 21.20 MXN, which means you’ll send home $10,495.06 MXN.
It is important to consider that a company like Xoom will raise their commission depending on the amount of money you send. Lets run the same calculation. Sending $500 will cost you a fee of $12.99, when you you pay with a debit card. When subtracting that brings you down to $487.01. Multiply that by the exchange rate mentioned before and you get $10,324.60 MXN. Why lose out on $170 pesos for exactly the same service? As you increase the amount of money you transfer, you will incur a higher fee reaching $50.99 per transfer and beyond. No thanks!
We at Pangea know what those hard earned dollars mean to your family back home. In Mexico, this can help with purchasing milk, eggs, and bread. With the rise in gas prices, known as “el gasolinazo”, it now costs on average $80 pesos more to fill a 40 liter tank. If you send money 4 times a month, this can total an entire tank of gas! These are the important necessities that your family needs on a daily basis. Why lose that money to a commission? Pangea offers an affordable flat rate that will remain the same, whether you send $100 or $1,500.
If you ever have any questions about the Pangea Money Transfer app, please visit our Support Center or call us at +1 866-858-9928 at any time! We’re always here to help, and of course, ¡hablamos español!
#HappySending
