If you live in the United States, you will probably want to send money to Mexico or any other Latin American country. Sending remittances to Mexico is common among Mexican immigrants in the United States. Other nationalities with relatives in the Aztec country also carry out this type of operation.
It is easy to do, as long as you know the process to take into account and how to maximize the security of each transaction. The reliability that your money will arrive, the protection of the laws, and the simplicity of the transaction are the main objectives.
Security, because you don’t want your money to get lost along the way. You also don’t want the recipient, especially if it is a family member or someone close to you, to run the risk of making the withdrawal.
Reliability, because when you make the remittance with a serious company, you will be able to solve any inconvenience or inconvenience. It is not bad if a remittance company makes a mistake. The negative thing is if they do not take responsibility for the mistake.
Legal protection, because if something unexpected happens, it will be easier to solve it with a formal and legally established company than with a “money changer” of dubious origin.
If you cover each of these aspects, your transfer will go smoothly. So, to help you with this task, we invite you to read these brief tips on security and preparation for your money transfer to Mexico.
How to prepare your money transfer to Mexico
The first thing to do is to prepare the money transfer. To do this you need to know:
- Sending method
- Remittance company you will use
- Service provider requirements
- Applicable exchange rate
- Communication with the recipients
Let’s evaluate them one by one.
1. Sending method
Will you be sending cash, wire transfer, e-wallets, or credit card? It is important that you decide this soon, as you will be able to hire the right supplier for the transaction.
Likewise, choose how you want the money to be received, since sometimes you can cross methods. That is: send by credit card and the receiver receives cash.
2. Remittance company you will use
Once you have decided on the remittance method, you have to choose the provider you will use to send the money to Mexico. You should check that the company you choose works with the remittance method you plan to use. You should also check if the company allows cross-money transfers, in case you want to use it.
Remittance companies work by charging you a commission for each transaction. So when choosing a provider, check their fees. We recommend you not to always choose the “cheapest” one, as sometimes it is worth paying a little more if the service is safe and reliable in return.
3. Requirements of the service providers
To send money to Mexico, the remittance company will ask you for some requirements. Sometimes they ask for an identity document, and some ask for certain tax documentation, especially for large amounts.
In addition, the provider may have time requirements. That is, they may ask you to make the transaction in advance so that it can be received on the date and time you want.
The point is that you should know what are the requirements that the money transfer company to Mexico asks for so that you know if you have them. If you do not have them, you can look for a company that is more flexible and does not have so many requirements.
4. Applicable exchange rate
Just as you have to calculate the commissions, you also have to calculate the exchange rate. Consider that there may be a variable exchange rate, especially in these times of global currency volatility.
The person receiving has to be clear, at the time of withdrawal, what amount will be paid to him/her. For this to happen, you have to inform them of the exchange rate that was used at the time of sending.
5. Communication with the receivers
Those who receive the money must be informed of the remittance. Among other things, the person should know:
- What the exchange rate was
- How much commission is applied to the remittance (and if this was paid when sending or is deducted when receiving)
- Time of receipt
- Withdrawal method (cash, transfer, etc.)
- The tracking number of the transaction
This information will facilitate the withdrawal of the money. It can even be useful to the receiver when making a claim.
As we can see, it is a simple process. Only the variables, the communication, and the security elements must be well managed. By doing so, we will be able to do our good in a fast and simple way.
Sending money to Mexico does not have to be a headache. Neither you nor your relatives have to suffer with a transaction that should be simple. Follow the steps we have just given you and you will have no problem with your remittances.
