When you think of money, the bank probably comes to mind, and for good reason. A bank allows you to save, maintain multiple accounts, and pay other people using debit cards and checks. Banks will even allow you to transfer, or wire, money.
When banks offer such complete money services, why would you want to go anywhere else? Aside from the fact that money transfer services allow you to send money whether you or your loved one has a bank account or not, there are other reasons why it’s the most popular way for people to send money to Mexico.
You Can Get the Cash Almost Anywhere
When you send money through a bank, you have to start with the bank, of course!
If you don’t have an account, you’re already in trouble. However, even if you do have an account, the person you’re sending money to may not. Even if you both have accounts, that means you must send the money from your bank to their bank.
What if they aren’t currently near a branch of their bank?
When you use a money transfer service in Mexico, you can send and receive cash almost anywhere. For example, if you decide to send money to Mexico, your loved one can get the cash from many different banks and locations that include:
- Bank of America
- And many more
Transfer Fees Are Lower
When you send money, whether through the bank or a money transfer service, that establishment is providing you with a service. Because they’re providing you with a service, you can plan on paying fees.
Banks will often charge a percentage of the amount you’re exchanging, which means they can end up charging quite a bit, the more money you send. Because wiring money isn’t their primary service, they may decide to charge a large flat fee.
In general, a dedicated money transfer service has lower fees than banks do. Some will even waive the fee altogether for payments that are large enough.
Exchange Rates Are Better
Sending money would be a lot easier if one Peso equaled one American Dollar. Unfortunately, it doesn’t work that way. Instead, there’s an exchange rate, and that rate can fluctuate.
In addition, not every establishment will use the same exchange rate. You have to do your homework to find which money transfer service is offering the best exchange rate.
Usually that’s a dedicated money wiring service. Because all they do is exchange currencies all day, they have the most up-to-date rate and strive to give their customers the best deal.
You Can Do It Quickly and Easily Online
Not all banks make it easy to transfer money. Unless you and the recipient use the same establishment, both of you are going to have to go into the bank in order to send and receive your money.
That can be a huge pain because it means finding transportation to your local bank, and it means trying to go during business hours, which are usually pretty limited.
Dedicated money transfer services want to make it as easy as possible for you to send your money to Mexico. Instead of going into a physical location, most allow you to fill out forms online to wire your cash any time of the day. You may also be able to create a profile on their website that will make it even easier for you to send money in the future.
Your Money Can Be Transferred Almost Instantly
Sending money sounds simple. You decide how much you’re going to send and your loved one goes and gets what you sent. Unfortunately, there’s a lot more to it than that.
One thing that first-time money senders don’t always think about is how long it takes the money to get there. When you use a bank, you can expect the money to take at least a day. Because they have short hours and multiple holidays, it could take multiple days before the money is transferred.
Although you’ll still get the best deals with a dedicated money transfer service if you aren’t in a rush, they do offer options that allow your money to be sent within seconds.
Don’t think you’re stuck waiting in line at the bank if you want to send money to a loved one in Mexico. These benefits make it clear that it’s more worth your time to use a dedicated money transfer service instead!