Any person residing in Mexico will need to make money transfers day and night. Businesses cannot run without money being send from one person to another.
What is the best way of making a money transfer in Mexico? The best way one can use to transfer money in Mexico will vary depending on a number of factors. The total amount of cash one needs to transfer will affect the choice. One will also make a choice depending on how frequently he or she wants to send the money. There exist a number of ways for making money transfer in Mexico.
There are three main options available, among others. One can choose to use a bank to transfer money. Money can also be send using a sending bureau and foreign exchange agencies or specialist such as Xendpay. Using a bank to transfer money can be an attractive way as one can accomplish the process by prompting a phone from his place of stay. This hence brings the ease of transfer in Mexico. But what is the challenge of using a bank? Using a bank is accompanied by some cost one has to incur. The varying exchange rates poses some challenge. Restrictions also exist on receiving of foreign currency into Mexican banks. Documentation is the reason behind this challenge.
Money sending agencies become useful where one cannot use a bank to transfer cash in Mexico. This is used to send money to a certain location where can easily pick it. One of the greatest difficulty with this method is the poor rates of exchange used in the whole process.
This two methods make money transfer in Mexico expensive as they amount up to 15% of the total value transacted. The third way can hence be used. Using a provider for foreign exchange. This method offers a very competitive way of sending money in Mexico.
There exist other ways of sending and receiving money, these are just some of the best ways available for many people in Mexico.
ATM Charges in Mexico?
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.