Learn About the Common Payment Options Before You Transfer Money to Mexico
The need to transfer money to Mexico to family members is quite common. It is one of the top destinations for remittance from the United States, but if you have not been there in a while, you might not be up-to-date when it comes to payment options. Obviously, sending your relatives money that they cannot use would be a shame, so learn about whether they might prefer Mexican currency, United States dollars, traveler's checks, a prepaid debit card, or some other option.
The currency of Mexico is the peso, which you likely know. However, the exchange rate often changes, which is good to know before you transfer money to Mexico. As of this writing, $1 USD equals about 12.77 pesos, but the peso is considered a free floating currency rather than being fixed to anything. Peso notes come in varieties of 20, 50, 100, 200, 500, and 1000 pesos. They can be exchanged at airports, banks, and grocery stores. If your relative needs to exchange U.S. dollars for pesos, they can also look for a casa de cambio, which usually has the best exchange rate. Many large retailers do accept U.S. dollars, so sometimes exchanging money is not necessary. However, it is always best to have at least some pesos since the majority of stores in smaller cities do not accept foreign currency.
Since there are several banks in Mexico, there are also plenty of ATMs. The most common banks include Banorte, Bancomer, Scotiabank, and HSBC, to name a few. The abundance of ATMs in most cities, especially the larger ones like Mexico City, means that sending a prepaid debit card to your relative could be a great option. Rather than transfer money to Mexico through a bank or money transfer service, you would mail a prepaid debit card to your relative's home. You would then pay $5 to add up to $1000 to it, and they could use it at myriad retailers in Mexico. They could also withdraw cash from ATMs using the card, for a fee up typically about 20 pesos. Some ATMs charge an additional fee of about 2 percent of the transaction, but the machine should spell out any extra fees. Your relative could avoid them in most cases by simply using a different ATM in the area since there is no shortage of them.
If your relative does not have a bank account or does not live in a city where they are a lot of ATMs, you might consider sending cash in the mail. This is never a good idea, since it can easily get lost or stolen. This is especially likely if you have no way to cover up the fact that the envelope encloses money. Another alternative you might think of is to send traveler's checks. These are also not recommended to send in the mail, though they can be convenient in any country since they cost nothing to cash. However, like cash, they can get stolen while in transit or even once your relative receives them, and they may have trouble cashing them on Sundays when banks are closed anyway.
Before you find a way to transfer money to Mexico, you need to look at all your options. Even if you have never been to Mexico, or at least not lately, you can still find out some of the best ways to send money simply by researching first. Your relatives will thank you when they get their money safely and quickly.
The currency of Mexico is the peso, which you likely know. However, the exchange rate often changes, which is good to know before you transfer money to Mexico. As of this writing, $1 USD equals about 12.77 pesos, but the peso is considered a free floating currency rather than being fixed to anything. Peso notes come in varieties of 20, 50, 100, 200, 500, and 1000 pesos. They can be exchanged at airports, banks, and grocery stores. If your relative needs to exchange U.S. dollars for pesos, they can also look for a casa de cambio, which usually has the best exchange rate. Many large retailers do accept U.S. dollars, so sometimes exchanging money is not necessary. However, it is always best to have at least some pesos since the majority of stores in smaller cities do not accept foreign currency.
Since there are several banks in Mexico, there are also plenty of ATMs. The most common banks include Banorte, Bancomer, Scotiabank, and HSBC, to name a few. The abundance of ATMs in most cities, especially the larger ones like Mexico City, means that sending a prepaid debit card to your relative could be a great option. Rather than transfer money to Mexico through a bank or money transfer service, you would mail a prepaid debit card to your relative's home. You would then pay $5 to add up to $1000 to it, and they could use it at myriad retailers in Mexico. They could also withdraw cash from ATMs using the card, for a fee up typically about 20 pesos. Some ATMs charge an additional fee of about 2 percent of the transaction, but the machine should spell out any extra fees. Your relative could avoid them in most cases by simply using a different ATM in the area since there is no shortage of them.
If your relative does not have a bank account or does not live in a city where they are a lot of ATMs, you might consider sending cash in the mail. This is never a good idea, since it can easily get lost or stolen. This is especially likely if you have no way to cover up the fact that the envelope encloses money. Another alternative you might think of is to send traveler's checks. These are also not recommended to send in the mail, though they can be convenient in any country since they cost nothing to cash. However, like cash, they can get stolen while in transit or even once your relative receives them, and they may have trouble cashing them on Sundays when banks are closed anyway.
Before you find a way to transfer money to Mexico, you need to look at all your options. Even if you have never been to Mexico, or at least not lately, you can still find out some of the best ways to send money simply by researching first. Your relatives will thank you when they get their money safely and quickly.
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