Breaking! Transferwise Limits Transfers to Mexico

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By Two Expats Mexico

Money Transfers Options

Transferring Money To and From Mexico

If you find yourself in Mexico and need to wire money back home, or if you need money wired to you in Mexico, a network of agencies who specialize in doing just that are established in Mexico. You can also consider wiring money to accounts in Mexico using electronic funds transfer services, provided via the Internet.

How over-the-counter money transfer works

If you are transferring relatively small sums and want to use over-the-counter money transfer services, here’s the general process:

The person sending you money goes to their nearest money transfer agency and makes the payment plus associated charges, telling their local branch what city the money should be sent to. The money is wired to that city and, to claim it, the recipient goes to an establishment that represents the agency (e.g. Western Union), shows a photo identification, and claims the transferred amount using the reference number provided to them by the sender.

To send money from Mexico to a destination overseas, it’s the same process in reverse.

Electronic Money Transfers to Mexico

When the amounts involved are larger, for example when you are purchasing a home or other “big ticket” item in Mexico, or when you are making regular payments, the over-the-counter option will not work. Fortunately, with the advent of internet banking and finance services, specialized companies now exist that offer the capability of transferring money between banks electronically from one country to another using internet-based systems.

These services offer fast and secure money transfers from one bank account to another and offer better exchange rates and lower transaction charges than over-the-counter money transfer services as their operational costs are lower.

If you have a bank account in Mexico—or if someone you with a bank account in Mexico needs you to transfer money to them—these international money transfer services can offer very good value for money and expedite the funds much more quickly than sending checks, which need to be negotiated by the foreign bank before they can be cleared—a process that can take days or weeks.  They also tend to offer better exchange rates and lower charges than using a bank-to-bank transfer.

Money Transfer agencies can found with a Google Search online.

Note about money transfer from Mexico: If you transfer money TO Mexico you can use a money transfer agency instead of a bank to make the transfer, which will probably be less expensive than using a bank-to-bank transfer.  However, when you want to send money FROM Mexico to a foreign bank, you will only be able to use the bank’s own sending services as the major intermediary agencies, like Transferwise, do not currently offer currency transfer out of Mexico, only into Mexico.

Mexico Daily Post

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