Sending money across the world has never been easy. There are many online transfer companies that offer these services at affordable rates.
Unlike in the past where people had to wait for days or even weeks before receiving money, today, things have changed. The money hits the recipient’s account almost instantly.
If you want to send money to Mexico, then all you need are the details of the person you want to send the money to. You can send the money directly to their bank account or use a mobile wallet if they don’t have a bank account.
But sending money to Mexico comes with its own share of risks. Sometimes the money may delay or bounce back. Most of these issues are attributed to not paying close attention while sending money.
Here are five common mistakes to avoid when sending money to Mexico:
1. Focusing only on the upfront fees
When sending money to an overseas bank account, you need to find out about the fees being charged by the service provider as well as the dollar conversion cost into your local currency. In most cases, the overall cost you will end up paying will depend on the foreign exchange rate between the U.S. dollar and the Mexican Pesos.
Different service providers charge differently. For this reason, it would be a good idea to check out several transfer services and try comparing their rates.
2. Failing to verify the details of the recipient
Sending money overseas requires maximum attention when entering payee details. If you miss the details of the pay even with one word, that transaction will either go to the wrong person or will bounce back.
Ensure that you enter the correct details of the payee, including his or her bank account number, name, and other relevant details. After that, cross-check all the details before pressing the send button.
3. Forgetting to convert U.S dollars to foreign currency
This is another mistake that many people make. If you are sending money to a loved one in Mexico, you need to ensure that you start by converting U.S. dollars into Mexican Pesos before proceeding with the other stages. If you fail to do this, the transaction might fail or incur higher conversion fees.
4. Misunderstanding delivery details
It is important to understand that not all online transactions occur at the same speed. There are several factors that affect the delivery time, including the transfer method you are using, the recipient’s bank, business hours, among other factors.
5. Thinking that all transfer services are the same
Some people assume that all online transfer services operate in a similar way. This is a big mistake because each service provider has its own terms and conditions. For example, every service provider charges transfer fees according to their own risk assessment.
Online transfer services have made sending and receiving money easier than ever before. The fact that there are several providers means you have the advantage of choosing the best. However, you should avoid common mistakes that could lead to transaction failure or delays.