No matter the circumstance - whether you need to wire funds to a friend or family member in an emergency or if you transfer money to Mexico on a regular basis to support your family, there are multiple alternative ways you can accomplish this.
Debit/Cash Cards - There are numerous companies that offer debit cards. each outlet will send the recipient a debit card, while the sender will have the means to load monies on the card either online or via the phone. The recipient can retrieve the monies at most ATM machines. It is important to reiterate that this card is re loadable and monies can be added however often as required.
To start this process, the sender would register for the service either online or by phone. First, the sender would load the card with the desired amount of money via credit card or bank account. Next, the sender is provided with a security PIN number before the receiver is physically sent the debit card via rapid mail transfer service. The sender then provides the receiver with the PIN number and whereupon the card arrives, they can withdraw the monies at an ATM location. As another reminder: It is key before selecting a outlet, that you study the fine-print disclosing the associated rates, as they vary with each card company.
If you choose to send funds through a money transfer service, it usually can be retrieved in a matter of minutes. Service charges are determined either from a flat rate standpoint or a percentage basis. In addition to sender service fess, the recipient can also charged a fee (at the receiving end) of upwards of 10 percent. International Banks have standing relationships with Mexican banks and send billions of dollars to Mexico yearly.
If wanting to send funds to arrive via a bank, it is important that you know what wire transfer companies exist and the cost of their services. There are several wire transfer/bank outlets to wire funds to citizens in Mexico. As a result of competition, several of these companies are dropping their charges, which vary drastically, so it is best to do some comparison shopping. Depending on the type of service requested, the money is typically available anywhere from within 15 minutes to 24 hours.
In the event of an emergency situation only, money may be sent through the consulate. The most secured way to do this is by establishing a State Department trust fund. This service is available United States citizens and on an emergency basis only. Depositors must first establish a trust account in a receiver's name. Upon receipt of the money, the State Department then authorizes disbursement to the recipient from the appropriate U.S. consulate. This course takes about one working day to complete and funds are always disbursed in local currency.
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