When living in Mexico you may need to
know how to send or receive money,how long funds take to clear,and what are
the safety and security implications.
It's also important to know about
any service charges and there are several options that are available; this guide
will assist you in finding the right one for your situation.
If you or
your family are spending time in Mexico for a longer period of time than the
standard one or two week vacation it may be worth having a structure in place so
a money transfer can be made at short notice. Parents find this particularly
comforting if their children are exploring the country.
With an ATM card
you can access your money from any cash point while living in Mexico,although
do check with your bank before leaving what charges will occur as these vary
from bank to bank. If you are worried about having a lot of money in your
checking account and carrying your debit card while travelling a pre-loaded
debit card may be the solution,ideal for those on a budget or parents wanting
to keep an eye on the spending of offspring enjoying a spring break or summer
vacation in Mexico.
This card works like any other ATM card,however it
is loaded with a specific amount of funds,once all the money has been used the
card can be easily loaded with more funds from your checking account,but once
the funds have gone the card it will no longer have access to ATM money until
more money has been issued.
Open an account with a bank when you are
living in Mexico that has branches in your home country too; this is the best
way to ensure speedy transfers between accounts.
There are also internet
companies such as xoom.com and xe.com that offer to send money online from
funds deducted from your checking account,PayPal or credit card to be deposited
in the recipient's bank account or for them to collect from banks such as
Banorte,Bancomer,HSBC or even Soriana supermarkets.
With 8,035 cash
pick up locations throughout Mexico offered by xoom.com,money available in an account in as
little time as an hour,and cash collections ready within 24 hours,this is a
great option. You can even send money to Mexico if you are not close to a bank
Fees vary depending on the method and amount used,and maybe
even where you are living in Mexico. However,they are very competitive. Another
online banking method very similar to this is offered by Western Union,they can
also deliver money to an address in certain parts of Mexico.
one rule is not to panic if a situation arises and your friend or loved one
needs money sent to Mexico in an hurry. This can be done quickly and relatively
hassle free,but of course it will be subject to a service fee.
Visit the guide pages on our website for more about
living in Mexico.