There are over 1 million registered American expats living in Mexico today. It is quite obvious to think that these expats are sometimes in the need to transfer or wire money to and from the USA and Mexico. Whether it’s for an emergency, sending money to a friend or relative, or receiving money from a friend or relative, this is a service that is often used by people around the world.
Additionally, since many of these American expats live in Mexico part-time, they still use and manage American bank accounts. It is sometimes necessary for them to be able to transfer money easily between both countries. Bank fees tend to be high, and figuring out SWIFT and other numbers can sometimes take a long time. If the transfer needs to be done immediately that is usually not an option.
So, if you find yourself in a situation where you need to send or receive money from the United States in a matter of minutes, where or who do you turn to? Many Americans choose to use the services of companies such as Western Union or MoneyGram to transfer or wire money. These companies offer an efficient and reliable service and money will be transferred and received on the same day. Keep in mind that they usually charge a small commission fee, which depends on the amount sent and the urgency with which it is sent. Before transferring make sure you ask if the receiver will also be charged a fee.
When using these services make sure you always ask for a receipt as proof of transfer and send a copy to whoever will be receiving the money. Don’t forget that you will need to provide a specific location to which your money is being sent (an exact address). Additionally, you will probably need to present your passport as proof of identity, so make sure you carry it with you on the day of transfer.
Some of these companies will limit the amount of money you can send or receive per day; this could be $500, $1,000 or even higher, depending on the company and the service requested. MoneyGram and Western Union are usually found Walmart, Aurrera, Superama, Coppel, Elektra and others.
For immediate, fast and reliable transfers nowadays there are many electronic and trustworthy services available such as PayPal, TransferWise or even the online versions of Western Union and MoneyGram.
In order to transfer or send money immediately through PayPal both you and the receiver, or the sender and you must have an account each. Your account is then linked or connected to any bank account of your preference. You can have more than on account linked, all you have to do is type in the e-mail of the receiver and the amount to be sent.
Transferring money online is increasingly popular and safe through any of these portals, as well as efficient and immediate for emergencies.
Once you’ve received your dollars, how and where can you change them? There are many money exchange houses throughout the Riviera Maya. It is recommended to shop around before exchanging money as many will give you much less than the actual exchange rate. Although dollars are accepted as an unofficial currency in the Riviera Maya region, I recommend you change to Mexican pesos as prices will always be lower and you will always receive your change in pesos regardless.
Avoid exchanging money at the airport, as it tends to be much more expensive. Shop around and find the fairest exchange rate. If you have a Mexican bank account, you can ask if you can change currencies there. Keep in mind that many bank accounts do not allow exchange if you are expecting to receive cash. Sometimes you have to deposit the dollars into your debit account and then withdraw from your card. Whether you live in Mexico, in the USA, or both transferring and exchanging money has become increasingly easier and should pose no problem whatsoever.
If you have any further questions about these services or are planning on moving to Mexico, feel free to contact one of our Top Buyer Representatives who will gladly explain any queries you have and, if you’re looking to invest in a property in paradise, they will guide you through the process.
And remember, here at Top Mexico Real Estate…
We Make It Happen!