There are a lot of people living in Mexico who have money transferred to them on a regular basis. This can be from friends and family or through employers in another country. If you send money to Mexico it is important to learn about the different methods of doing so in order to make sure that you are using the best possible method. Not only that but when you transfer money to Mexico there are certain charges that you could be hit with, you need to know how to avoid them.
Whenever you withdraw money from a bank in Mexico you can expect to be charged around 2% of the total transaction value per withdrawal. If you are withdrawing Mexican currency using a foreign bank card you may also be charged a foreign exchange charge that can be up to 3% of the total value of the transaction. This is one reason alone why using a currency transfer to Mexico is such a widely used method.
Think about a Prepaid Credit Card
One alternative to a money transfer to Mexico is loading a prepaid credit card with Mexican currency. Once this has been done you can simply send the prepaid credit card to your recipient and they can then use the card in Mexico. Any time you wish to add more currency to the card you can simply go online to top it up. Your recipient will then have the money in Mexican currency when they need it.
Exchanging Currency in Mexico
There are various ways to exchange currency in Mexico and not all of them follow the currency rate Mexico Casa de Cambio use. For example, if you exchange foreign currency for Mexican pesos in a bank you should expect to be charged a high rate of exchange. As the Mexican peso is a free floating currency, which means its exchange rate varies daily, it makes sense to exchange when the rate is good. It is far better to use a Casa de Combio who will give you a better rate for your currency.
