Whether a loved one lives in the USA or you’re considering travelling there, it is a good idea to know how to send money to the US should you need to.
If you think that at some stage in the future you might need to transfer money then it is recommended that you do your research now and start to look into your options.
If you leave it until when you actually need to do it you’re going to feel much more rushed, which means that you might not be in the right frame of mind to look for the best deal or you simply might not have the time to research your options.
Sending money abroad can be expensive, especially if you need to do a last-minute transfer. By knowing your options now, you could save yourself some costs when it comes to the time you actually need to transfer funds.
Money Transfer Companies
Using money transfer companies is often a good idea because they allow you to send money to any country no matter where you are. One of the things you need to consider is the cost involved as these will vary massively from company to company. Another reason why you should do your research now in order to find the company which will work out the most cost-effective way for you. This is why if you transfer money internationally with Remitfinder.com and other similar platforms, it’s just practical to always compare remit rates to make the most of your hard earned money.
There are several things to check when you are considering using a money transfer company. One of them being how long the money transfer is likely to take.
Of course, there are often options for an instant money transfer but you will pay a premium for this. If you know in advance how long a transfer is likely to take, you can arrange a money transfer in a timely manner, to ensure that it reaches the intended participant when it is needed.
MoneyTransfers.com for example offers different options for sending money to the USA from Mexico, as well as many other routes so you can check the options out in advance and make sure you’re in a position to choose the right package.
PayPal / E-Wallet
When it comes to completing transactions and buying things online lots of us are used to paying with PayPal. Peer to peer sending is also a way to use PayPal, so that could be an option if you are looking to send money from the USA to Mexico, or elsewhere!
One thing you need to be aware of is that the person you are sending money to will need a PayPal account or an account with the e-wallet company you are choosing to use. When you transfer the money from your account to theirs, it will go to their e-wallet balance rather than direct to their bank account.
Not a problem, as you can usually withdraw money to a linked bank account but something to be aware of. If they haven’t already linked a bank account to their PayPal account then this can slow down the process of getting their hands on the money you have sent.
Once an account is set up and verified you can often withdraw money to a bank account instantly, but be aware that PayPal can sometimes delay this process for up to 12 hours for security reasons. PayPal, or indeed another e-wallet provider can be a good option. Sending people you know money comes without a charge, but you should be aware of the restrictions just in case.
Cryptocurrency
Although it is a relatively new way of buying, selling and trading funds, cryptocurrency can be a really great way to send money to the USA from Mexico. One of the best things about using digital currency is that it is untraceable. So you can send money to anyone, from anywhere and there won’t be a record of it as there might be if you used a more traditional method.
Of course, you do need to take into account that cryptocurrency is a new way of sending/receiving money which means that not everyone will have a way to receive this. Before you decide whether or not you are going to use this method, make sure that the person you’re intending to send it to is equipped to receive it.
It is also worth keeping in mind that cryptocurrency can fluctuate in value; so you might send money that is worth less when it is received, or of course, vice versa.
Methods To Avoid
Traditionally people have used bank transfers to send money to others and this doesn’t have to be a bad thing. Certainly, if you are sending within the same country it can work well – often with low costs associated with it and money instantly being received.
However, if you are sending money internationally then this process can be a bit more complex; using IBAN numbers and a process that is much longer. One of the things to bear in mind with using a bank to send money internationally is that the costs associated with this method can be high and if you have to send money regularly this is certainly something that you want to avoid!
When it comes to sending money to or from the USA, the good news is that there are plenty of options. This means that whatever you’re looking to do, there will be a service to suit and likely at an affordable cost. However, the options do vary in terms of how long the transfer is likely to take, the costs associated and what the person on the other end needs to do in order to access their funds.
So, in order to make sure that you’re not rushing when the time comes and forced into using a service that works out expensive, do some research now so that when you do need to send a money transfer you’re already informed enough to be able to do it without too much hassle.
Kim Marks