The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF), presents several alternatives to send remittances from the United States to Mexico.
Most Mexican immigrants in the United States need to send money to Mexico on a regular basis. Therefore, it is necessary to know what types of service work best for each situation and to know what the available options are.
There are different alternatives for sending remittances to Mexico and each one works differently. The most important thing when choosing an institution that receives and sends remittances is to know the locations in Mexico. In this way the beneficiary can withdraw the money without problems. In the same way, it is necessary to consult the exchange rate that each institution handles.
Likewise, cash transfer institutions generally charge commissions from 4 to 10 dollars. However, the cost of commissions can also vary in the same institution depending on the type of service used.
It is also necessary to become familiar with some concepts when sending remittances to Mexico:
- Shipping Commission: The cost charged by the financial company that makes the shipment.
- Exchange rate: amount in Mexican pesos that the beneficiary will receive in Mexico.
- Sending time: The time that the company will take to deliver the money to the beneficiary in Mexico. The faster, the higher the commission.
- Limit on the amount of sending: Some companies have maximum limits, if it is the case you can divide the sending in two parts paying twice the commission.
Another of the most common services is direct shipping to Mexico, which, through banking institutions, credit unions or community banks, it is possible to open an account to make shipments. Generally this option has low commissions, from 1 to 9 dollars. There are even agreements between credit unions and banks in Mexico that do not charge commission on sending money to Mexico.
The Federal Consumer Protection Office has enabled the tool "Who's Who in Sending Money”, which calculates and buys the exchange rate, the commission for sending, and the type of service according to the amount you plan to send to Mexico. In addition, you can select from the city where you are going to do it to obtain a more precise result and choose the option that seems most convincing to you.
Similarly, Condusef has created the Financial Mailbox for Mexicans abroad. In this tool you can consult more information and clarify doubts about financial services, in addition to receiving advice in case of a problem with a financial institution: https://webappsos.condusef.gob.mx/buzon/servlet/com.buzongx3.wpprincipal.
