Whether you need to send money to a person in an emergency situation or on an ongoing basis, there are several ways you can go do this. Utilizing debit/cash cards, money transfer services, bank transfers or consulate services, are feasible options.
There are many different companies that offer cash and/or debit cards. These cards are reusable and re loadable, and can be accessed whenever necessary from any number of ATM locations.
To facilitate this option, the sender would first need to sign up for the service by either going online or via telephone, as previously discussed. After registration is granted, the sender can then load the account with the desired amount of money via credit card or bank account.
The sender is then provided with a secured PIN number. The company then, via rapid mail service, sends the debit card directly to the recipient.
Once the recipient receives the debit card, the sender can provide them with the access PIN, so they can begin to access funds at any number of ATM machine locations. It is important though to remember, that before choosing a specific ATM location, the recipient needs to read the fine print disclosing any additional fees.
If you choose to send funds via a money transfer service, it usually can be picked up in a matter of minutes, once setup is complete. Sender flat-service rates can range anywhere between $10 and $30 typically, depending on the company being used, while recipient fees usually incur about 10% processing fee.
There are several wire transfer businesses and/or bank services available to send money to people in Mexico and it is important that you know what wire transfer companies exist and the cost of their services. Since many of these places are reducing their fees, it is best to do some comparison shopping.
In an emergency situation only, and given that you are also US citizen, money can be sent through the Mexican consulate. The most efficient way to do this is by establishing a State Department trust fund.
With this option, depositors must first establish a trust account in a receiver's name and then upon the receipt of these funds, is authorized payout. The Overseas Citizens Services Trust (OCS), the bureau that overseas these transaction types, takes approximately one working day to process and can incur a $20 processing fee from the State Department, before funds are given out in local currency.
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