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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 U.S. occurred in 2008, the volume of remittances from the U.S. to Mexico is steadily growing and approach 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 value for 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 that the task difficult, if not impossible. You just won’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 for that. For starters, you need to take note of the 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 as 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 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. In some cases, you may have to wait one or two weeks for your provider’s FX markup to return to its average level.
Choose a Reputable Money Remittance Provider
Everyone’s preferences on customer service, convenience, speed, and cost is 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.
At Sharemoney, we are a leading remittance provider that offers a fast and cheap way to send money online to Mexico. What’s more, we offer a wide range of cash pick-up locations and home delivery solutions so that your recipient does not need to leave his or her home.
We have been in the business for many years and you can rest assured that your maintain consistency in both our services and prices. We do not prioritize profit maximization over interests of consumers by changing prices every time you use our services for sending money online to Mexico.
A trait that distinguishes us from our competitors is that you can easily send money from your computer, laptop, tablet, or smartphone. We understand that you may face time constraints as a busy working individual and that’s why we make it possible to let you transfer money on the go. You can even make use of our “Quick Send” capabilities to send money online even faster. To find out how that works, you can check out our “How It Works” page for more information.
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