In the modern world, sending money to a friend or family member in another country is easier than it’s ever been before. While international money transfers are relatively straightforward, there are a few notable mistakes that a person can make if they’re not careful. Before you think about sending money to Mexico, there are several things you should remember that will help you avoid making a costly mistake.
Input the Correct Details
Likely the biggest mistake that you can make when sending money to another country is inputting the wrong details for the transfer. The majority of international money transfers will require the routing and bank account numbers for the receiver and sender of the money. However, these numbers can differ from country to country. While banks in America use routing numbers of nine digits, other countries like Mexico have a 32-character code that needs to be input correctly. Even one wrong digit will cause the transfer to fail. In order to avoid the hassle and frustration of needing to perform the transfer a second time, it’s recommended that you check and recheck and routing and account numbers for yourself and the receiver of the money before you begin the transfer.
Understand Currency Conversion
If the person that you’re sending money to is expecting a specific amount of money, you need to understand how currency conversion works from the US dollar to the Mexican peso. The dollar amount that you input at the beginning of the transfer likely won’t be the amount that the receiver is provided with. The foreign bank could also convert the money at a much higher exchange rate than you expect. At times, these issues could cause delays with the delivery of the money or could lead to the recipient getting less money than they expected. To avoid these headaches, you should understand how currency is converted before starting the transaction.
Check Delivery Times
When you’re sending money to Mexico, it’s very important that you check the delivery time associated with the transfer in question. While transfers from one state to another in the U.S. can be performed in less than a day, the same doesn’t always apply when sending money to a different country like Mexico. However, there are certain payment methods that can speed up the process regardless of where the money is being sent. For instance, a debit card is typically able to quicken delivery speeds. On the other hand, using a debit card usually comes with higher fees than a direct transfer from a bank account, which means that there are pros and cons to both options. Some transfer providers are able to complete these transactions in a matter of minutes no matter which payment method you use.
Consider Extra Fees
There are two primary costs that you’ll need to be aware of when sending money from the U.S. to Mexico. The upfront cost is the amount of money that you need to pay as a service fee for transferring money. While this fee is straightforward and should appear before you send the money, extra fees are possible for the conversion of dollars into pesos. The total cost depends on the provider that you select as well as the foreign exchange rate. Knowing what these fees are before the transaction begins should keep you from being surprised once the transfer has been completed.
Now that you know how to avoid making mistakes when conducting an international money transfer, you should be able to send money to a friend or family member in Mexico without making a mistake.
