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In the most recent World Bank 2022 data, it shows that over 61 billion dollars in personal remittances were received in Mexico. If you're one of the 37 million Mexicans living in the U.S., here's a question you probably think about a lot: When you send money back to your family & friends living in Mexico, you want it to be cheap, fast and easy. You also want to find the best deals with good exchange rates and low fees.
Also, for your family and friends, you want them to receive the funds on time and be able to spend those funds on paying bills, rent, and purchasing goods. This article will show you a new way of how TruBit can help you send money back to Mexico.
LATAM countries have benefited from remittances as a great opportunity for economic growth.
Currently, the process of sending money from the United States to Mexico (and many LATAM countries) involves the work of many agents.
For that reason, traditional options usually take a few days to complete and commissions are a little higher, due to the fact that each participating agent has to perform maintenance to the network.
To help you find the cheapest way on how to send money to Mexico from the US, we checked the current fees and processing times of different money transfer providers. Keep in mind that the fees and amounts received vary depending on the current exchange rate, mode of payment, and delivery option.
Send money to the top cash pickup locations and banks throughout Mexico, such as Oxxo, Elektra and BanCoppel. Transfer money directly to Mercado Pago mobile wallets. Make bank deposits to all major banks, including BBVA (Bancomer), Bancoppel, Banco Azteca and Banorte.
Choose cash pickup and your money is typically available in minutes at convenient locations throughout Mexico. Transfers to mobile wallets are typically completed in minutes. Select bank deposit and your money will typically arrive in hours to all major banks in Mexico.‡
Xoom makes it quick and easy to start sending money today. Step 1: You can log in with your PayPal credentials or easily create a Xoom account, starting with your name and email address. Step 2: Simply enter how much money to send, who it’s going to, and where they’ll receive it in Mexico. Step 3: Conveniently pay with with PayPal, bank account, credit card, or debit card and you're done! Sign up now to get started
To determine the best money transfer services, we considered different providers and compared them by fees, exchange rates, speed offerings and delivery options. Providers’ security measures were also checked. We excluded services that don’t cover states with large numbers of Mexican immigrants.
The money transfer providers considered:
We chose providers that had a competitive edge in at least one category: low transfer costs (factoring in exchange-rate margin and fees), fast speeds and extensive delivery network. All providers are government-regulated.
Of the five providers featured, four offer delivery as cash available for pickup at Mexican locations such as banks and convenience stores. Only 44% of Mexican adults have a bank account, according to the country’s recent National Financial Inclusion report or Encuesta Nacional de Inclusión Financiera.
For this reason, the process of sending money from the United States is no longer something democratizing and free of borders. Despite having secure options, there are unbanked people who are left adrift from receiving their full remittances month after month.
Thanks to the Internet, banks began to use new services that avoided the previous procedures. By sending an international payment order, the banks would manage the services and deposit the money a few business days later, with internal charges and taxes applied by country (such as VAT, in the case of Mexico). It might be a bit more expensive than traditional methods, but the remittance comes to you as a wire transfer.
What is the new way of sending remittances? Cryptocurrencies. Thanks to digital currencies, sending these types of payments can avoid many of the disadvantages we have seen above, as they can be cheaper, faster and more accessible.
Cryptocurrency remittances offer an innovative solution to several drawbacks present in conventional remittance systems. Thanks to the robustness of Blockchain technology, these transactions are not only more secure than those carried out through banks, but also bring a number of significant benefits:
This is where TruBit comes in. This app is changing the game of remittances and sending money from the U.S. to Mexico (and anywhere else in the world).
Using the TruBit app is one of the easiest ways to send money to Mexico. Just follow these step-by-step instructions:
Learn how to buy cryptocurrencies
Learn how to deposit digital currencies to TruBit
But one of the great advantages of TruBit is that it is not just an app for sending or receiving money from the United States.
The company has gone beyond being a bridge for your money. Now it also has its own card, which allows you to spend, buy, withdraw money at ATMs and everything as if it were a traditional banking product.
Some of the advantages of combining the TruBit Wallet service with TruBit Card are as follows:
An alternative way of sending money to Mexico is to buy prepaid minutes for your family members through Telcel, Movistar and AT&T
Use our app, website or agents to pay billers in Mexico, including CFE, Telmex, Telcel and more.
Do your family and friends have accounts with Banorte, Banco Azteca or Bancoppel? Transfer money to these Mexico banks directly.
Every purchase or payment you make with TruBit card, will give you Cashback in Bitcoin, a digital asset that increases its value every day.
TruBit and cryptocurrencies have enabled people to get remittances without paying high fees or waiting a long time, as it becomes instantaneous
MoneyGram sends money to Mexico quickly, but the speed depends on how you want the money to arrive. Transfers to a bank account take an hour or more, while transfers for cash pickup at one of about 43,000 locations in Mexico usually arrive in minutes. The timing can depend on the retail location or bank hours. You can pay with cash if you send money from U.S. MoneyGram locations.
MoneyGram’s convenience comes at a price. You’ll pay at least $5 to send with cash, plus the exchange rate and markups. Sending from bank account to bank account is free aside from the markup.
This online and mobile provider combines low transfer costs and a considerable network of cash pickup locations in Mexico. Remitly has competitive exchange rates, and its overall costs are lower if you choose to have your transfer delivered in three to five business days. A transfer delivered within minutes will cost you a little more, but both have a $3.99 fee if you’re sending less than $500 (it’s $0 if you’re sending more than that). You can also pay with a credit card for an extra 3%.
You can send money to a bank account or to one of Remitly’s more than 21,000 cash pickup locations in Mexico. Customer service includes phone support in Spanish, available every day.
Remittances have been a fundamental pillar of the world economy for decades. Sending money from the USA to Mexico is a fundamental part of the purchasing power of Mexican and LATAM families. For that reason, finding ways to make it easy, fast and cheap should be a priority right now.
However, with the emergence of cryptocurrencies, we are facing a radical transformation in the methodology of sending international funds. Cryptocurrencies emerge as a promising alternative to the traditional system, standing out for facilitating streamlined transactions, reduced remittance costs and expanded financial inclusion, which represents a significant advantage for millions of people around the globe.
The selection of a reliable and secure platform for remittance transfer is crucial. TruBit, with a special focus on the Latin American market, complies with all relevant regulations and adopts rigorous security measures, ensuring reliability and security in every transaction.