Living In Mexico: Sending Money

When living in Mexico you may need to know how to send or receive money, how long funds take to clear, and what are the safety and security implications.

It's also important to know about any service charges and there are several options that are available; this guide will assist you in finding the right one for your situation.

If you or your family are spending time in Mexico for a longer period of time than the standard one or two week vacation it may be worth having a structure in place so a money transfer can be made at short notice. Parents find this particularly comforting if their children are exploring the country.

With an ATM card you can access your money from any cash point while living in Mexico, although do check with your bank before leaving what charges will occur as these vary from bank to bank. If you are worried about having a lot of money in your checking account and carrying your debit card while travelling a pre-loaded debit card may be the solution, ideal for those on a budget or parents wanting to keep an eye on the spending of offspring enjoying a spring break or summer vacation in Mexico.

This card works like any other ATM card, however it is loaded with a specific amount of funds, once all the money has been used the card can be easily loaded with more funds from your checking account, but once the funds have gone the card it will no longer have access to ATM money until more money has been issued.

Open an account with a bank when you are living in Mexico that has branches in your home country too; this is the best way to ensure speedy transfers between accounts.

There are also internet companies such as xoom.com and xe.com that offer to send money online from funds deducted from your checking account, PayPal or credit card to be deposited in the recipient's bank account or for them to collect from banks such as Banorte, Bancomer, HSBC or even Soriana supermarkets.

With 8,035 cash pick up locations throughout Mexico offered by xoom.com, money available in an account in as little time as an hour, and cash collections ready within 24 hours, this is a great option. You can even send money to Mexico if you are not close to a bank yourself.

Fees vary depending on the method and amount used, and maybe even where you are living in Mexico. However, they are very competitive. Another online banking method very similar to this is offered by Western Union, they can also deliver money to an address in certain parts of Mexico.

The number one rule is not to panic if a situation arises and your friend or loved one needs money sent to Mexico in an hurry. This can be done quickly and relatively hassle free, but of course it will be subject to a service fee.

Visit the guide pages on our website for more about living in Mexico.