Plan to send money to Mexico? Here’s what you need to know...
Where Mexico is concerned, predictions that remittances would dramatically decrease due to the Covid-19 pandemic have turned out to be false.
In fact, the exact opposite has happened and money transfer to the country has actually increased, with people living abroad (mainly the US) so concerned about loved ones back in their home country that they are sending more than ever before.
The Los Angeles Times reports that Mexico received $3.53bn in remittances in July which was an increase of 7% compared to the same month in 2019 and the third highest month on record, the highest being in March this year.
Why the increase?
Quoted in Reuters, Goldman Sachs economist Alberto Ramos puts this rise down to: “Generous wage/income support fiscal transfers in the US, a very competitive MXN/USD level, and a deep contraction of activity and employment in Mexico may have acted as both push and pull drivers of dollar remittances from the US to Mexico.”
To put it in even simpler terms, many Mexicans in the US are working in jobs that are deemed as essential – such as in catering and agricultural positions that are vital for keeping the country running. Even though unemployment has soared in the US it has not impacted these sectors as heavily as other parts of the economy.
This means that people can continue to send money and support communities who have been struggling. So, we want to make sure that any customers here in the US who are looking to make a money exchange to Mexico, know exactly what their options are.
How can you send money to Mexico?
The good news for anyone planning to send money to Mexico is that it has never been easier to do so. Whether your recipient would rather collect their money in person or have it deposited directly in their bank account, Small World can make it happen. Signing up for a free digital account with us is a quick and easy process. Whether you prefer to do so online or via our cell phone app, our blogs will walk you through the steps that you need to take.
Once you’re setup, you are ready to use either of the following options:
1. Cash Pick-Up: From Baja California to Yucatan, we have over 11,000 locations across Mexico where your recipient can collect their money from, this is particularly useful if they do not have a bank account.
2. Bank Deposit: You can also send money straight to the bank account of your beneficiary, meaning that pesos will reach them in just a few minutes.
One thing to remember is that you will be charged a transfer fee for each individual transaction. Therefore, if you have a large amount to send, your recipient will receive more money if you send it in larger chunks rather than lots of smaller ones (which will each incur transfer fees).
Adding to this is the fact that your first transfer with Small World is fee-free, so it makes even more sense to make the most of this offer by sending one large transfer rather than several small ones.
Why Small World?
Between the banks and other money transfer companies we know that you have several options, but we firmly believe that the value for money and problem-free service we provide make us the ideal choice.
Some of the key reasons to use us to send money to Mexico include:
- Great rates and low fees – constantly checked against other money transfer companies, we can also beat the rates offered by banks.
- We provide local support operating during local hours who speak fluent Spanish, therefore we understand the needs of your friends and family.
- Our secure systems handle over one million transactions every month and, as a regulated financial services company, your money is completely safe.
This is why over 15m customers worldwide trust us with their global money transfer needs and why we can help you support your friends and family in Mexico.
The most popular ways to send money to Mexico
- Cash Pick-Up
- Bank Deposit
Our main partners in Mexico are Elektra, Bancoppel, BBVA Bancomer, Banorte, Soriana, Aurrera Walmart, Bansefi