Are you looking for a faster and cheaper way to send money to Mexico? You don’t need to worry because there are several options available. Technology, mainly the internet has made it easy for people to transfer money across the world at any time and from anywhere.
Although there are several options you can use to transfer money to Mexico; some methods are more expensive than others.
You definitely want a transfer service that’s both reliable and affordable at the same time. Different providers use different factors to determine how much you should pay as transfer fees.
Table of Contents
Here is how to send money to Mexico without extra charges:
1. Compare Different Services Providers
This is one of the best ways of sending money without incurring extra charges. There are several online money transfer companies, and each one of them charges different transfer fees. Some are moderate, and some charges are exorbitant.
It would be good to get a list of various companies and try to compare their rates. From there, you can decide which service provider is best suited for your financial situation. However, you should not only focus on the cost of sending the money but also the quality of service provision.
2. Understand how currency conversion works
If you are sending a specific amount of money and you want the recipient to get that exact amount, then you need to pay close attention to the exchange rate. Find out how many Mexican Pesos are equal to one U.S. dollar, and do your calculations well.
The dollar amount you send will probably not be the same that the person in Mexico will receive. This is because the currency value can fluctuate at any time and either increase or decrease the amount of money you sent. It is therefore good to pay attention to all these factors.
3. Ask the service provider if there are hidden charges
Some online transfer services won’t tell you the exact amount of fees they charge because they want to attract customers. You will only realize hidden charges after sending the money to Mexico. The best way to avoid this is to talk to them in advance and find out how much exactly they will charge you to send the money. This will help you to understand if their rates are high or standard.
4. Use mobile transfer wallets
This is another way of sending money to Mexico without extra charges. Unlike wire transfers, mobile wallet transfers are instant and almost free. The recipient will be able to receive the exact amount you send without any additional charges.
5. Deposit directly to the recipient debit or credit card
Last but not least, you can also decide to deposit the money directly to a debit or credit card of the recipient in Mexico. This means you won’t incur any transfer charges.
Bottom line
There are many ways of sending money to your loved ones in Mexico. However, you should try to find options that are less costly without extra charges.
