How can I send money to Mexico?

21 Dec 2020 - Category: Blog /
send money

If you’re looking to send money to Mexico for the first time, or have done so before, it’s good to know all your options. Maybe you’re sending money regularly to support your family or maybe you’re surprising your relatives with a gift over the holidays? At Small World, we understand that life can be hectic and our goal is to make your life as easy as possible.

What are your options? 

Small World offers two options for those who want to send money to Mexico:

These methods are quite different, and each has its’ advantages. So, let’s have a look at these in more detail.

Sending money to Mexico for cash pick-up

According to a recent article by the Economist Mexico is still predominantly ruled by cash. Unlike many other South American countries, which have moved towards digital payments only 37% of Mexicans over 15 years old have a bank account.

Also, a massive 86% of all payments in Mexico are in cash.

Even online shopping is often cash-based, with people placing orders online, but paying for their goods in cash at a local convenience store.

Therefore, Small World’s cash pick-up service is ideal for a friend or loved one without a bank account.

How does cash pick-up work? 

The cash pick-up option simply means that the money you transfer — in person via an agent or digitally using the Small World website or app — will be available in cash for your beneficiary at a location of their choosing.

Taking advantage of this is easy.

If you’re new to Small World you will need to register with us and create an account. This can be done easily on our website, by downloading our app, or by visiting a Small World agent near you. To set up an account, you will need to provide a mobile phone number, a US address, your bank details, and a form of valid ID.

You will also need a cell phone number for your beneficiary, but they do not need to have access to a bank account.

Once your Small World account is set up, simply:

  1. Select the country you want to send to
  2. Select “Cash Pick-Up”
  3. Enter the amount you want to send
  4. Choose a location that is convenient for your recipient
  5.  An SMS containing a secure passcode will then be sent to your beneficiary
  6. They can then go to the location you have chosen and access their cash by giving the code

Why choose cash pick-up?

  • Cash pick-up is the best way to send money to an unbanked recipient
  • There are over 11,337 cash pick-up locations across Mexico. Small World understands that around 20% of Mexico’s rural population lives more than 10km off the nearest paved road, town, or city so we are continually looking to increase the number of cash-pick-up locations that are available.
  • To make it even more accessible, cash can be picked up from branches of Elektra, which offer more than 7,000 additional locations across Mexico and Central America.

Sending money to Mexico via Bank Deposit

For those who do have access to a bank account, a bank deposit might be a better way to receive your money transfer to Mexico.

The time it takes for the money to arrive depends on the countries of origin and destination and the agreements between the banks of both users. It’s often instant, rarely more than 24-48 business hours, and quicker than cash pick-up.

How does bank deposit work?

Bank transfer allows you to transfer money from your bank account directly to your beneficiary’s bank account.

Once your Small World account is set up:

  1. Select the country you want to send to
  2. Select “Bank Deposit”
  3. Enter the amount you want to send
  4. Enter your recipient’s bank details and confirm
  5. You can then track your transaction in real time

Why choose to send money via bank deposit?

  • Bank deposit means your beneficiary can have access to their money in minutes.
  • With money being available in their bank, your recipience won’t have to take time out of their day to collect their money in person.
  • Your money is safe when you use a regulated money transfer company such as Small World.
  • With the world still dealing with the impact of the COVID-19 pandemic, bank transfer means that you and your recipient do not have to leave your home.

Why choose Small World?

There are three main reasons to choose a money transfer site like Small World:

  • We are cheaper than the banks, offering lower fees and better exchange rates
  • Your first online transfer is fee-free
  • We understand that life can be stressful and we work to make money transfers as easy as possible

The most popular ways to send money to Mexico:  

  1. Cash pick up
  2. Bank deposit

Our main partners in Mexico are Elektra, Bancoppel, BBVA Bancomer, Banorte, Soriana, Aurrera Walmart, and Bansefi.

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