No matter the circumstance – whether you need to wire funds to a friend or family member for an emergency or if you wire monies to Mexico on a continuous basis to support your family, there are several alternative ways you can achieve this.

Debit/Cash Cards – There are several outlets that offer debit cards. each company will send the recipient a ATM card, while the sender will have the means to load money on the card either online or via the telephone. The recipient can withdraw the money at most ATM locations. It is important to reiterate how this card is re loadable and money can be added however frequent as necessary.

To initiate this process, the sender would register for the service either online or by phone. First, the sender would load the account with the desired amount of money via credit card or bank account. Next, the sender is provided with a security PIN number before the recipient is physically sent the ATM card via rapid mail transfer service. The sender then provides the recipient with the PIN number and whereupon the card arrives, they can withdraw the money at any ATM location. As another reminder: It is imperative before choosing a company, that you study the fine-print disclosing the associated charges, as they vary with each card company.

If you decide to transfer funds through a money transfer service, it usually can be accessed in a matter of minutes. Service fees are determined either from a flat rate standpoint or a percentage basis. In addition to sender service rates, the recipient is also charged a fee (at the receiving end) of upwards of 10 percent. International Banks have reputable relationships with Mexican banks and transfer billions of dollars to Mexico yearly.

If wanting to transfer monies to arrive through a bank, it is important that you know what wire transfer companies exist and the cost of their services. There are several wire transfer/bank companies to transfer funds to people in Mexico. As a result of competition, several of these firms are dropping their rates, which vary drastically, so it is necessary to do some comparison research. Depending on the type of service requested, the money is usually available anywhere from within 15 minutes to 24 hours.

In the event of an emergency situation only, funds may be sent through the consulate. The most secured way to do this is by establishing a State Department trust fund. This service is available U.S. citizens and on an emergency basis only. Depositors must first create a trust account in a recipients name. Upon receipt of the money, the State Department then authorizes payout to the recipient from the appropriate U.S. consulate. This procedure takes approximately one business day to complete and funds are always disbursed in local currency.

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