Mexico is a country where people predominantly rely on cash. According to The Little Data Book on Financial Inclusion, 2018, 63% of Mexicans are unbanked, compared to 31.5% of adults globally who do not have bank accounts.
Small World is aware of this, and understands the importance of cash when you send money to Mexico from the US. Therefore, we are always trying to make it easier and more efficient to do so.
How can I send cash to Mexico?
Many people assume that cash must be picked up from the main Mexican banks, or agent branches of these, but this is not the case. Cash pick-up is actually far more accessible than most people think.
For example, did you know your beneficiary can pick up cash from branches of Elektra? Read on to find out just how easy picking up cash in Mexico can be.
Cash pick-up locations in Mexico
There are over 11,337 cash pick up locations across Mexico. With around 20% of the rural population living in isolated localities (not within 10km of a paved road, a town or a city) Small World is continually looking to grow its network of cash-pick up locations.
How Small World is making cash pick-up more accessible
Through relationships with popular brands like Elektra we are making cash pick-up in rural parts of Mexico simple and easy.
Elektra operates more than 7,000 points of contact across Mexico and Central America, and works to connect the more underserved social classes, such as those living in more isolated rural areas. Operating in rural areas where people don’t necessarily have access to financial institutions and providing customers with much-need services
By working with Elektra, Small World is able to make money transfer to Mexico that little bit more accessible for people living rurally.
Why is cash pick up important to those in rural locations?
While much of the world is going digital, the spread of online financial services to rural areas is slow, and not always initially welcomed.
Rural communities tend to rely on cash for everything. Furthermore, they often don’t have reliable access to smartphones or internet, making digitalization difficult.
However financial inclusion — the availability and equality of opportunities to access financial services — is becoming more important than ever. For now, in some places, that simply means better access to cash.
And remittance, as cash or otherwise, can make all the difference to loved ones. It can mean better educational and professional opportunities as well as access to much needed medical care.
So how can you make sure your family receive the money they need?
How does cash pick-up work?
Sending money to family and loved ones in Mexico for cash pick up couldn’t be easier with Small World.
First, you will need to register and create an account if it’s your first time using us. You can do this via the Small World app, on the Small World website, or by visiting a Small World agent near you. It’s quick and easy and requires a mobile phone number, a US address, your bank details and a form of valid ID.
For cash pick up, your beneficiary does not need a bank account.
Once your Small World account is set up, simply:
- Select country you want to send to
- Select “Cash Pick Up”
- Enter the amount you want to send
- Choose a location that is convenient for your recipient
- Small World will send the recipient an SMS containing a secure Passcode
- Your beneficiary can then go to the location you have chosen and pick up their cash, by giving the code
The best 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
