Do you have family or friends in Mexico who want or need you to send them money? Or are you considering investing in a startup in Mexico? If you’ve never sent money internationally before, you’re probably wondering how to do it.
Sending money across the border is a lot different than mailing money to a friend in another state. Instead of writing out a check and sending it through your local post office, it’s best to send your money through an international money transfer program like Ria Money Transfer. Before you get started, here are a few things you should know about sending money to Mexico.
You May Need To Send a Minimum Amount
Some transfer companies don’t allow you to send money to Mexico unless you meet a minimum transfer amount. It’s best to steer clear of companies that have very large minimum transfer requirements, especially if you only need to send a small amount of money to loved ones. Fortunately, Ria Money Transfer does not have a high minimum transfer limit, so you can freely send money in small increments to whomever you want.
There Are Maximum Transfer Limits
To prevent fraud, many companies impose maximum daily, weekly or monthly money transfer limits. It’s important to understand the maximum amount you can send so you can split your payments into smaller chunks, if necessary.
Fees Are Part of the Deal
When sending a money transfer to Mexico, you should expect to pay fees. Different companies charge different fees, so do some comparison shopping before deciding which money transfer company to use. Ria Money Transfer bases their fees on three factors:
- The amount of money you’re sending
- The country you’re sending money to
- The speed with which you send your money transfer
The speed of your money transfer depends on your payment method. Sending money through your bank account is the slowest option (around four banking days) but it is also the least expensive option. It’s slower because it takes the bank an average of four days to verify that you have the funds to send the money.
If you send money through your debit or credit card it will cost a little more than sending it from your bank account. However, the transfer will be available to your recipient in a matter of minutes. When choosing a Ria Money Transfer payment method, it’s important to decide whether speed or cost is most important to you.
Exchange Rates Affect the Value of Your Transfer
The exchange rate refers to the amount one country’s currency is worth in another country’s currency. Changing a strong currency to a weaker currency will yield more money in the weaker currency. For example, a single U.S. dollar was worth just over 19 Mexican pesos in January 2018. Before you send money to Mexico, it’s important to understand the current exchange rate so you know exactly how much you’re really sending.
Not All Companies Provide the Same Level of Service
Some money transfer companies provide excellent customer service, while others are extremely difficult to contact if you ever have a question about a transaction. Before choosing a money transfer company to work with, make sure they have reasonable customer service hours. That way you’ll be able to contact someone quickly if you run into any problems with your transfer. Ria Money Transfer has generous customer service hours from 5 AM to 6 PM PST Monday through Friday, and from 6 AM to 6 PM PST Saturday and Sunday.
Now that you know the basics of sending money to Mexico, you can make the most informed decision about which company and payment method to use. Make sure you know the minimum and maximum allowed transfer amounts, understand the fees and exchange rates associated with your transfer, and choose a company that offers exceptional customer service.