A Simple Guide on Foreign Payments to The Philippines
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Also known as the United Mexican States, Mexico is a federal republic in North America. San Miguel de Allende, Uxmal, and Isla Mujeres are some of Mexico’s most famous destinations that many people know about. Apart from its amazing sights and sounds, Mexico also has a $1.26 trillion economy, which makes it the 15th largest economy in the world. Today, Mexico’s economy comprises both modern industrial and service sectors that are developing at a rapid pace.
It is not surprising to find many Mexicans emigrating and working abroad because it has been taking place in the country since the early 20th century. Individuals have sought career opportunities in countries such as the United States, Japan, the United Kingdom, Italy, Germany, Spain, Canada, and more. Some have been hired as temporary agricultural workers and even to work in scientific research facilities.
The United States and Mexico have one of the largest remittance corridors for sending money, which has a value of over $25 billion. Although a financial crisis in the U.S. occurred in 2008, the volume of remittances from the U.S. to Mexico is steadily growing and approaching peak levels as we speak. If you are a Mexican, who is working in the United States, and is looking to send money online from the U.S. to Mexico, here are some tips to keep in mind so that you can get the best value for your money when sending remittances online to Mexico!
Watch Out for Dollar Exchange Rates and Timing
If you are attempting to time exchange rates, you will find the task difficult, if not impossible. You can’t know when exactly the dollar will fall or when the peso will increase in value. With that in mind, you should look at timing money transfers and there’s a practical approach to that. For starters, you need to take note of the foreign exchange (FX) markup. It is the difference between an exchange rate that you get from a provider versus a peso-dollar exchange rate.
You should remember that every remittance provider applies a unique FX markup, and that markup can change on a daily basis to maximize profits. Some providers are known to apply varying markups for different sending-receiving methods. So how can you use this knowledge to your advantage? You should look at the fluctuations in FX markups across different providers for the United States to Mexico money transfers. Providers that significantly change their FX markups every couple of weeks are a no-no.
What you need to do is to decide on your favorite provider, and then compare its FX markup to its average from previous months. If you discover that their FX markup is consistent or below the average trend, it is safe to proceed with sending money using that service.
Choose a Reputable Money Remittance Provider
Everyone’s preferences on customer service, convenience, speed, and cost are different, and that’s why there is no ‘best’ provider. You should focus on finding a platform that’s the most ideal for your needs. For instance, you may like a provider that allows you to enjoy greater savings or one that can expedite a transfer so that your recipient receives the money within hours.
Get to Know Sharemoney
For starters, Sharemoney is the online money transfer platform you can trust for all your remittance needs in the US. Since our inception, we have partnered with a wide range of banks and remittance centers, ensuring your loved ones can receive money when and where they need it. When you need to send a remittance to Mexico, you will be able to choose from two delivery methods, including cash pickup locations and bank deposits.
Transferring Money to Mexico is Always Easy with Sharemoney
When you transfer money to Mexico via Sharemoney, you never have to deal with hefty transaction fees. We only charge a standard fee of $3.99 for online transactions. On top of that, there are no hidden charges, period. That’s why your recipients will be able to receive the money you have sent them in full. Aside from the cheap fees we offer, you will get very competitive exchange rates from US Dollar to Mexican Peso. Do you have a loved one who has not opened any bank accounts in Mexico? They can collect the money at one of these cash pickup locations!
What You Need to Know When Starting a Transfer
Before you start transferring money online to Mexico, you are only required to first create your account with us. It is a hassle-free process and the information you have provided us will be used to facilitate repeat and new future transactions with us in a smooth manner.
So, how does one fund his or her transfers? Your options are simple: bank deposit, credit card, and debit card. If you are looking for a faster method of funding your transaction, it is definitely a debit card. You will be able to avoid additional fees from a credit card issuer and save on verification time. With that in mind, it is often possible to complete a transaction within minutes!
Just finished sending money to your loved ones in Mexico? Simply inform them to use Sharemoney’s global website to track the progress of the remittance. Remember to give them the Money Transfer Number (MTN) that’s tagged to your transaction.
