Sending Money To Mexico, Receiving Money In Mexico
Getting Emergency Money In Mexico
Need an emergency money transfer to Mexico? Want to send money to Mexico for a friend or relative with a cash emergency? Here are ways to transfer money to Mexico. There are better alternatives than Western Union and Electra stores.
There are now several companies that offer cash cards or debit cards that you can send to your friends or relatives in Mexico. There seems to be a new one every month, so I have given up recommending one as best. Just read the fine print and see that you don't pay a fortune in fees.
The old standbys like Western Union, the US Postal Service and others are still a popular way to get money to people in Mexico, though they do take a literal mordida out of the total.
After you send money to Mexico, you might want to get an inexpensive cell phone or landline program to tell your friend you sent them money in Mexico.
In 2004, $9.3 billion dollars were sent from the United States to Mexico. Fees, however, ate up $1.86 billion. The cost of a wire transfer to Mexico has dropped from about $20 to $30 to about $11. A wire transfer to Mexico from the United States can take from one to three days.A wire transfer from Canada to Mexico can take longer.
Your best bet is to have a friend deposit the money in your home account and retrieve it via an ATM. International U.S. Postal Service money orders are honored, and this is how most Mexicans working in the United States send money back home.
If you receive money on a regular basis from investments, have it deposited to your U.S. or Canadian bank account.
Traveler’s Express has relationships with Banorte banks in many cites and smaller agencies in small towns (www.moneygram.com). However, their fees are exorbitant. One hundred dollars costs $15, which isn’t so bad. But $500 costs $40, and it gets worse from there.
You can get money sent to you by Western Union, and it can be picked up in a matter of minutes at 2,700 telegraph offices or 400 Electra department stores, which are open from 9 a.m. to 9 p.m. Western Union charges the sender a flat fee of about $30 for up to $1,000. However, your recipient is charged a fee at the other end that can amount to about 10 percent. It’s fast but expensive.
Bank of America and Wells Fargo have relationships with Mexican banks and transfer billions of dollars to Mexico annually. The whole process is a lot easier than it used to be.
If you wish money to arrive through a bank or to a different destination other than the consulate, it is important that you know what wire transfer companies exist and the cost of their services. There are several wire transfer businesses or bank services to send money to people in Mexico. Some of them are Ace America Cash, Armed Forces Bank, Bank of America, Bank of the West, Check In–Cash Out, Dinero Seguro, International Money Exchange, Money Gram, Order Express, Valuta Corporation, Wells Fargo Bank, and Western Union. These are reducing their fees and vary considerably, so do some comparison shoping. The money may be available in a time frame ranging from fifteen minutes to one day, depending on the type of service requested.
To send the money, you must contact the company directly. You will need a completed application, the money, and an official form of identification. To collect the money, the person will also have to present an official form of identification.
The Mexican government offers a monthly updated consumer’s report on wire transfer companies through PROFECO. You may contact them free of charge from the United States at 877-868-8722 or from within Mexico at 01-800-903-1300, or you may check their Internet page at www.profeco.gob.mx.
In emergency situations only, if you wish, money may be sent through the consulate. The most secure way is by establishing a Department of State trust fund. This service is available only to U.S. citizens on an emergency basis. Through this, depositors establish a trust account in a recipient’s name in order to send funds overseas. Upon receipt of these funds, the department authorizes disbursement to the recipient from the appropriate U.S. embassy or consulate. Overseas Citizens Services Trust (OCS) takes approximately one working day and funds are disbursed in local currency. The State Department has a $20 processing fee for this service. The forwarding of funds will be delayed if the sender fails to provide the recipient’s overseas location. There are several options to make these arrangements.
Sending funds by Western Union: If the sender has a major credit card, he or she may telephone Western Union at 800-325-6000 (or 4176). Likewise, they may tell the local Western Union office that they wish to purchase a money order for the desired amount, plus $20 (State Department’s fee), made payable to the Department of State. A message with the sender’s name, address, and telephone number, as well as the name and overseas location of the recipient, must accompany the money order. Western Union charges a fee based on the amount sent. The money order and message are sent to: Overseas Citizens Services, Department of State, Washington, D.C. 20520. Funds are normally received electronically at OCS within several hours. The Department of State has a Western Union check writer in their office and an officer is available to receive funds during business hours.
Sending funds by bank wire transfer: It may take one to three days to process a bank wire transaction. If the sender chooses this option, they must tell the bank that they want to wire the desired amount, plus $32 to: NationsBank, Department of State Branch, 2201 C St. NW, Washington, D.C. 20520, at 202-624-4750, via ABA number: 114000653; account number: 7476363838; account name: Pupid State Department; Special Instructions: OCS/Trust for Benefit of (Recipient’s Name), U.S. Embassy/Consulate (City, Country); and include the sender’s name and telephone number. The wire instructions must include the recipient’s full name and overseas location. NationsBank notifies the State Department when funds are received. The $32 fee includes the $20 Department of State fee and NationsBank’s $12 wire fee.
Sending funds by overnight or regular mail: The sender obtains a cashier’s check or money order for the desired amount, plus the $20, made payable to the Department of State. A letter must be attached with the sender’s name, address, and telephone number, as well as the name and location of the overseas recipient. Mail to: Overseas Citizens Services, CA/OCS, Rm. 4811, Department of State, 2201 C St. NW, Washington, D.C. 20520. Regular mail can take seven to ten workdays before it is received, and even overnight mail may not reach the department for several days.
Important notice to those who receive funds at the consulate: To request funds from a trust account, office hours are between 8 and 11 a.m. The person collecting the money must present a government-issued form of identification. If the person collecting the money is other than the recipient, a written request specifying the name of the person authorized to receive the funds from the recipient to disburse the funds will be required. Should you have any further questions, please do not hesitate to call the American Citizen Services Section of the U.S. consulate in Ciudad, Juarez, at 011-521-613-1655.
Bancomer has a deal so that you can transfer money from U.S. post offices in California and Texas to their 2,400 branches in Mexico.
Wells Fargo has a deal with Banamex whereby someone in the United States opens an account for an annual $10 fee and then pays $10 for each wire transfer. Banamex automatically opens an account for the recipient. The transfer can take from a day, which is unlikely, to five days at the outside.
A simple bank-to-bank transfer can vary in cost from $25 to $45 and take between one and three days.
My personal advice while you are just traveling around, looking for your spot to land, is to take about $600 in cash, $1,000 in traveler’s checks, and use the ATM card for anything else. Don’t bother with the aggravation of a bank to change money. Use a casa de cambio, or exchange house (similar to a bureau de change in Europe). These independent businessmen have stands in every town of any size; find one that does not charge a commission. In small towns, I have changed money at hardware stores and pharmacies. On the road, I have gotten varying rates at Pemex gas stations.
Need more help? If you need more guidance about moving to or working in Mexico, contact me. I make a living from offering these services, so only call if you are serious and willing to pay me for my time.