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How to send money to Mexico
How to send a fast, secure and affordable money transfer to Mexico from South Africa.
If you need to send money to Mexico from South Africa, there are plenty of money transfer companies that can help. Do your research to find the best deal for you.
Banks versus money transfer companies
Sending money to Mexico via your bank may be a convenient option, but it is not usually one of the most affordable ones. Banks offer exchange rates which are much lower than the mid-market rate, but they also charge some of the highest transfer fees around.
This is why you can save yourself a whole lot of money if you send funds using a specialist online transfer company. TransferMate, for example, offers convenient online transfers at a more cost-effective rate. It offers better exchange rates and lower transfer fees than the banks, so comparing your transfer options always makes good financial sense.
Case study: Sam sends money to Mexico
Sam is spending two years living and working in South Africa. He sends money back home to his parents in Mexico whenever he can, but he has decided his bank is offering a raw deal. To see if he can find a cheaper option elsewhere, Sam compares his bank’s transfer service with a specialist money transfer company when sending R5000.
As you can see in the table below, Sam can send an extra MXN852.45 using the money transfer service and also save ZAR150 in fees.
|Bank||Money transfer company|
|Exchange rate||ZAR1 = MXN1.063||ZAR1 = MXN1.203|
|Transfer method||Bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in MXN)||MXN5,102.40||MXN5,954.85|
- Exchange rates. Compare exchange rates to check if you are getting the best available rate. Some companies may have slightly lower exchange rates but don’t charge any fees.
- Transfer fees. Check to see how much each company will charge you in fees every time you send a transfer.
- Transfer methods. How can you place a transfer – online, at the branch, over the phone? Does the company offer a dedicated transfer app for smartphones and tablets?
- Transfer options. Does the company offer one-off spot transfers only or can you place forward contracts, limit orders and schedule regular payments as well?
- Processing time. Processing times range from a few minutes to several business days.
- Transfer limits. Some companies impose minimum and maximum limits per transaction, so check to see whether these limits suit your transfer requirements.
- Pick-up options. Will the funds be sent to your recipient’s bank account or made available for cash pick-up?
- Customer service. If you ever have a question, will the company offer prompt and helpful customer support?
- Specialist transfer companies. Companies such as WorldRemit offer this service.
- Cash pick-up transfer companies. Western Union and MoneyGram both operate large international money transfer networks.
- Bank transfers. Bank transfers are convenient but not one of the most affordable options.
- International cheques. If your recipient is not in need of the money immediately, you could also consider approaching your bank to have an international guaranteed cheque drawn up.
- Specialist transfer companies. Start your search to find out which companies allow transfers from Mexico to South Africa.
- Cash pick-up transfer companies. Search online to find your nearest Western Union or MoneyGram location.
- Bank transfers. You can receive a bank transfer into your South African bank account sent from a Mexican bank account.
- International cheques. Check with your bank to see how much you will be charged when you cash an international cheque.
Emergency cash transfers from South Africa to Mexico can be completed in as little as 10 minutes, but be aware that these types of transfers tend to cost more. Lower exchange rates and higher transfer fees usually apply, which can add a significant expense to your transfer amount. Take a few moments to review the transaction details before you hand over any money.
Western Union/MoneyGram branches in Mexico
Western Union and MoneyGram are the two largest money transfer providers in the world, with a vast global cash transfer network. Some popular cash pick-up locations in Mexico are listed below. Make sure you take along photo ID and a transaction ID number to pick up cash. Phoning ahead to confirm operating hours is also a good idea.
Modatelas 69 AP Cash
C Venustiano Carranza No 125
Mexico Distrito Federal 6060
Open 8am–8pm, seven days a week
Interior Palacio Nacional Centro
Mexico Distrito Federal 06000
Open 8am–7pm, Monday to Friday
WALMART 16 De Septiembre
Avenida Calzada Independencia Sur 916
Colonia Barragan Y Hernandez
Open 7am-11pm, seven days a week
OXXO Alemania GDL
Av Alemania 1475
Plaza De La Const.
Colonia Centro De La Ciudad De Mexico Area 2
Open 8am–7:30pm, Monday to Friday; 9am–4:30pm Sunday
Venustiano Carranza 91
Venustiano Carranza, df 06060
Open 9am–9pm, seven days a week
Calz Independencia Sur 744
Open 9am–9pm seven days a week
5 De Febrero 567
Open 8am–10pm, seven days a week
Here are a few simple tips to keep in mind to help you stay safe when picking up cash:
- Phone ahead to confirm the agent’s location and opening hours.
- Only visit an agent location in an area where you feel completely safe.
- Ask a friend to accompany you.
- Don’t show your cash in public, and never carry large sums of money for any longer than necessary.
- If travelling alone, ask for assistance from a person in authority at your hotel.
- Register for an account. Most providers offer free accounts that you can sign up for online by providing your full name, contact details and proof of ID.
- Provide your transaction details. The next step is to specify where you are sending the money, in what currency and the amount you are sending.
- Finalise your transfer. The final step in the process is to review the details of your transaction and pay for the transfer. You may also be able to use the company’s online tracking service to monitor the progress of your funds.
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