Ask anyone in a financial institution which country sees the most in money transfers and, hands down, it will be Mexico. In terms of monetary movement and wealth transfer, the extended familial and friend networks that move cash through money transfer from countries like the U.S., Canada, and even Europe are gigantic versus any other destination. Even India and China combined don’t come close to what Mexico represents in regular financial value movement on a regular, monthly basis.
The U.S. is a Money Transfer Powerhouse for Mexico
No surprise, 9 out of 10 transfers come from the U.S. with that country having the most Mexican immigrants within its borders. And the practice has been well-established for decades, with numerous businesses and channels available to handle the service. Mexico-destined money transfers today run in two main categories: using a bank wire, or using an international service.
Choosing a Smart Transfer Channel
Banks are probably the worst choice for the consumer. While they are extremely safe in terms of risk, the related bank fees are astronomical. Essentially, unless one is moving more than $5,000 at a time in a bank wire transfer, the cost of doing so simply doesn’t make sense. Some banks, with fees combined and additional charges, can end up costing as much as 20 percent of the wired amount, especially with non-regular, private customers who have no or little savings or business with the bank.
There are other options for sending money between the Americas, like using cryptocurrency, but they have no safety whatsoever. If an address is written wrong or an exchange is faulty, crypto can disappear in seconds without any way of getting it back. Furthermore, unless one has a working exchange, converting regular currency to crypto can be challenging as well. It’s not the easiest tool to learn on the fly if one hasn’t already been using cryptocurrencies regularly.
Predictably, the most consistent and reliable method for money transfers to Mexico has been and continues to be money transfers via a transfer service provider. Companies like Ria and similar have regularly handled frequent transactions with no issues, reliable service, and consistent delivery to locations all over Mexico, even small towns and locales. Now, with online money transfer options, services can be utilized 24/7 as well versus having to go to an in-person office during normal daytime business hours.
Singular Advantages with Trusted Providers
Additionally, utilizing a trusted money transfer provider comes with certain advantages as well. When you send money to the Mexico party intended via a trusted provider, multiple controls are in place to make sure it gets from point A to point B correctly and safely, including verification of the receiving party as well. None of that happens with crypto, for example. And, given the fact that Mexico has differing levels of security and systems, depending on where a destination is located, working with a reliable international service that consistently delivers money transfers without problems is a huge relief. The same advantages are possible whether the money transfer is arranged in person or a customer utilizes the provider’s online transfer app. In fact, transactions might even be a bit more secure electronically without having to handle any cash in hand at all.
Finally, trusted money transfer providers in Mexico provide convenient currency exchange for money transfers as well. That simple detail makes it easy to send U.S. dollars from one destination and provide Mexican pesos at the receiving destination without a second trip and more fees to an exchange booth or bank. Recipients have ready cash in the currency format they can use right away for groceries, medicine, bills, and support. This is a critical point since almost 1 out of 2 residents in Mexico don’t use a bank at all and handle everything financial in paper cash.
In short, there are multiple options for moving money to Mexico, but the safest remains the trusted money transfer approach with providers like Ria Money Transfer and similar. These time-tested services reliably deliver and do so internationally every day. It’s why people keep going back to them over other choices.
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