Send Money To Mexico
Officially known as the United Mexican States, Mexico is a federal republic in North America, bordering the United States. With an area of almost two million square kilometers, Mexico is the fifth largest country in the Americas and the 13th largest independent nation in the world. Mexico has a population of over 113 million, making it the most populous Spanish-speaking country in the world and the eleventh most populous country in the world. As the tenth largest oil producer and the largest silver producer in the world, Mexico has one of the largest economies in the world and is considered to be a regional power and a middle power. A member of prominent institutions such as the UN, the World Trade Organisation, and G20, Mexico is widely predicted to become the world’s fifth largest economy by 2050.
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Currency and Foreign Exchange
The currency in Mexico is the Mexican Peso (MXN), which uses the currency symbol $. The Peso is divided into 100 Centavos. Some merchants close to the border with the US border and within popular tourist destinations also accept the US Dollar, the Canadian Dollar, and the Euro, however the local currency tends to offer much better value for money. The Mexican Peso is the most traded currency in Latin America, the third most traded currency in the Americas, and the 8th most traded currency in the world.The original Mexican Peso is one of the oldest currencies in North America and was legal tender in the USA and Canada until 1857 and 1854 respectively. In 1993, the Bank of Mexico updated its monetary policies and introduced a brand new currency known as the Nuevo Peso (the new peso), with one Nuevo Peso being equivalent to 1,000 old Pesos. In 1996, three years after its introduction, the ‘Nuveo’ was dropped and the currency is now simply known and the Mexican Peso. Mexico’s central bank, the Banco de Mexico, is responsible for issuing coin and paper money. Banknotes are issued in values of 20, 50, 100, 200, 500, and 1000 Pesos and coins are issued in values of 5, 10, 20, and 50 Centavos, as well as 1, 2, 5, 10, and 20 pesos.
Money Transfer Regulations in Mexico
If you are sending money to Mexico, you will be pleased to hear that the country imposes very few controls on international money transfers where the quantity is less than US$10,000. The Mexican Peso is fully convertible and transferring money in or out of the country is not restricted. Personal money transfers and funds related to investment may be freely remitted at market exchange rates but there are a number of restrictions when it comes to bulk cash payments, there are a number of restrictions.The amount of money that can be transferred to (or sent out of) Mexico at any one time is capped at US$10,000 or the equivalent in a given currency. This is an attempt by the authorities to combat organised crime, which is a major issue in the country. The Bank of Mexico is responsible for monitoring the health of the country’s financial system, issuing the national currency, and sustaining the country’s foreign exchange reserves and price stability. The Foreign Exchange Commission, which is comprised of officials from the Bank of Mexico and the Ministry of Finance, is responsible for setting foreign exchange policy
When transferring money to the Mexico, there are a number of different payment options available to you. Each of these options offers different benefits and the best option for you will depend heavily upon the amount you wish to transfer, how regularly you will be making transfers, and how quickly you want the funds to be available to the recipient. The most commonly used, and often easiest, payment method is bank-to-bank payment via wire transfer. The two main options when it comes to transferring money via wire transfer, these are via a high street bank or through a specialist international money transfer company.In addition to bank-to-bank payments, you can also send money to Mexico using a cash-collection payment method, via a service such as MoneyGram. This approach allows money to be transferred directly from your account and collected from the pre-determined destination in Mexico, in cash by the recipient. However, it is worth remembering that this can be a relatively costly option and is generally used in instances where you need to make money available quickly or send funds to a recipient that doesn’t have a bank account within Mexico.
Potential Difficulties of Sending Money to Mexico
As regulation surrounding the international transfer of funds into Mexico are relatively relaxed, the main difficulties you may encounter when sending money to the country are potential fees, hidden charges, and variable exchange rates. Whether they are high street banks or specialist providers, most international transfer providers charge a number of fees, charges and commissions to the sender, and sometimes also to the recipient of the funds. These can prove quite costly so it’s definitely worth shopping around and comparing the various providers before sending money to Mexico.Fluctuating exchange rates are another thing to look out for. Just as when you buy foreign currency for travel abroad, when you transfer money into Mexico (or into any foreign country for that matter), your transaction will be affected by the ever-changing exchange rate between your currency and the MXN. The larger the amount you are transferring, the greater impact a poor exchange rate will have, so it’s highly advisable to shop around and make sure that you’re getting the best conversion rate possible. Using a comparison service such as sendthatcash.com will allow you to compare all available exchange rates in a simple click, ensuring that you can access the very best rates.
Why use sendthatcash.com?
Often, when a business or individual is looking to transfer funds from one country to another, they automatically turn to their bank. This may not be the most cost effective or efficient option, however. There is a wide range of international money transfer services that provide faster and cheaper transfers without many of the associated high fees and hidden costs that many banks apply to international transactions.If you’re looking to send money to Mexico without spending a great deal of time and money, sendthatcash.com will allow you to compare a host of transfer methods and services in order to identify the very best deal with a trusted and secure money transfer provider - we make the whole process as simple and straight forward as possible.