Choose from multiple options in sending money from the UK to Mexico.
Trade between UK and Mexico has increased considerably after Mexico signed a Free Trade Agreement with the European Union in 1997. In 2014, trade between these two regions crossed USD4.3 billion.
Given the current scenario, instances of people sending money to Mexico are becoming increasingly common. Fortunately, you get multiple options from which to choose.
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Jose Ramirez had to relocate to the UK on account of work, and his wife and child accompanied him. His wife’s parents are old and continue to live in Mexico, and to help them get by comfortably Jose has helped them financially since he got married. After moving to the UK, Jose had to look for a suitable way to send money directly into father-in-law’s bank account.
He had an account with a prominent bank in the UK, and he could use the said bank’s service to transfer money to Mexico, but he wanted to compare his options first. He did, and this is what he found.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||GBP1 = MXN23.8289||GBP1 = MXN25.2039|
|Amount received for £1,000||MXN23,614.43||MXN25,203.88|
|Transfer time||Three to five days||One day|
|Transfer options||Bank account||Bank account|
Jose planned to send £1,000 every two months, and by choosing the second service provider over the first, his parents-in-law stood to get around MXN1,500 extra each time.
How do I compare transfer companies when transferring money to Mexico?
While banks and money transfer services let you send money to Mexico, it is ideal that you compare them across various parameters. Here’s what you need for know.
- Exchange rate and fees. Exchange rate and fees vary from one service provider to the next, and you should look at both to arrive at a decision. This is because low fees won’t do you any good if you end up paying a poor exchange rate, and the reverse holds true as well. An easy way is to find out which option is better is to look at how much money the recipient will receive.
- Methods to send money. Many online money transfer companies don’t have physical outlets, and with these you have to initiate transfers using the Internet. If you wish to send money across in person, you can turn to banks or some money transfer companies like MoneyGram and Western Union.
- Methods to receive money. Transferring money into the recipient’s bank account is always an option. In the absence of a bank account, you can turn to a money transfer service that allows cash pickup at stores.
- Processing time. Not all businesses process international money transfer as quickly. If you go the cash pickup way, the transfer can take place almost immediately. With bank account transfers, the recipient can have to wait in between one to six days, or even longer.
- Customer service. Transferring money internationally can be tricky at times, and if you ever end up needing help it should be available easily. The business you choose to work with should ideally provide support via phone, chat and email.
How to send money to Mexico from UK
Anyone who wishes to send money from UK to Mexico can choose between banks and non banking money transfer companies. Details of these options are as follows:
- Banks. Most prominent banks give their customers the ability to transfer money to Mexican bank accounts, and they charge fees for their services. How long such a transfer takes depends on the bank you deal with, and transfers initiated through banks typically take in between one and six days. Banks also let you issue cheques and money orders, which you can send by mail.
- Non banking businesses. Some money transfer companies have physical outlets that let recipients collect cash, and some others operate online, allowing you to transfer money to bank accounts. Businesses like MoneyGram and Western Union have outlets in Mexico. With a business like PayPal, you can only send money online, and the recipient needs a bank account to withdraw transferred funds.
Emergency cash transfers in Mexico
If you’re in Mexico and end up losing your money and cards, the first thing you should do is report your cards as lost or stolen. Next, you can work on getting emergency funds, and your options include the following:
- International funds transfer. Ask someone in the UK to send money through a money transfer service that offers cash pickup facility. Before you do, find out which service provider has the closest location to you.
- Cash advance. American Express, MasterCard and Visa credit card holders can consider getting emergency cash advances. In such a scenario, you would have to go to a participating local bank to get money, which would automatically add to your account.
- Travel insurance. Travel insurance can help in more ways than one. Some travel insurance covers let policyholders avail of emergency money to deal with a range of untoward circumstances.
Cash pickup locations in Mexico/ Western Union / MoneyGram branches in Mexico
Western Union and MoneyGram have a number of outlets spread across Mexico, which is good for anyone looking at receiving cash from overseas. Before getting money the recipient should present a valid form or ID along with a reference number. Some cash pick locations in Mexico include the following
- Modatelas 67 AP Cash
C Norte 45 No 1104 Loc 17
Mexico, Distrito Federal 2300
Open 08:00am to 08:00pm Monday to Sunday
- Modatelas 70 AP Cash
Av Ignacio Zaragoza No 3254 Loc 1c
Mexico, Distrito Federal 9170
Open 08:00am to 08:00pm Monday to Sunday
- Bancoppel 84 16 De Septiembre
16 De Septiembre 325
Col Centro Guadalajara, Jalisco 44100
Open 10:00am to 08:30pm Monday to Saturday, 10:00am to 06:00 pm Sunday
- Farmacias Guadalajara Magnolia
Carretera A Tesistan 6351
Praderas De San Antonio
Guadalajara, Jalisco 45200
Open 08:00am to 08:00pm Monday to Sunday
- Telecomm/Telegrafos Mercaderes
Plaza De La Const. 7 Mezanine
Colonia Centro De La Ciudad De Mexico Area 2
Cuauhtemoc, Df 06010
Open 08:00am to 07:30pm Monday to Friday, 09:00am to 04:30pm Sunday
- Banco Azteca – Centro
Venustiano Carranza 91
Venustiano Carranza, Df 06060
Open 09:00am to 09:00pm Monday to Sunday
- Bancomer Transito Alcalde
Av Alcalde No 1960 Esq Felix Palav Icini Jardines Alcalde
Guadalajara, Ja 44290
Open 08:00am to 04:30pm Monday to Friday, closed on Sunday
- Banorte – #555 – Gdl Gonzalez Gallo
Av Gonzalez Gallo 557 Esq Jazmin San Carlos
Guadalajara, Ja 44460
Open 09:00am to 08:00pm Monday to Friday, 09:30am to 04:30pm Saturday, closed on Sunday
Tips for picking up cash in Mexico
As per travel advice issued by the UK government, crime is a serious problem in Mexico, and foreigners should be cautious. Research your destination carefully, and stick to travelling during daylight. Take particular care when exchanging or withdrawing money and it’s in your best interest to use ATMs and money transfer outlets located inside malls.
Exercise caution when using public transport as well as at bus stations and airports. If possible, limit travelling in first-class buses on toll roads. If you’re driving on your own, use toll roads and avoid using isolated roads. Keep your windows rolled up and doors locked, especially when you stop at traffic lights. With taxis, try sticking to authorised cab providers.Back to top
How do I send money to Mexico?
Sending money from UK to Mexico requires that you provide some information, which varies depending on the method you chose.
- Bank account transfer. Transferring money to a Mexican bank account requires that you provide the recipient’s name, the recipient’s account number, the bank’s name, the bank’s SWIFT code and the bank’s address.
- Cash pickup. If you want the recipient to collect cash, you’ll have to register with a money transfer company first. Doing this is easy, and requires no more than providing your name, email address, phone number and mailing address. To initiate a transfer, you’ll have to provide the recipient’s name and a pickup location.
If you wish to send a cheque or a money order, you simply need the recipient’s name and address.