Foreign remittances ease the economic burden of many Mexican households
The United States is a popular destination for immigrants from Mexico and Central America, so it is only logical that Mexico is one of the countries that receives the most remittances from abroad and most especially from its northern neighbor.
In fact, in the last year, the amount of money sent by Mexicans from abroad increased significantly. If you are thinking of sending or receiving money from the United States to Mexico, it is important that you take into account some tips to make the transaction safe and smooth.
PROFECO, Mexico’s consumer protection agency, shares these tips for those who want to send or receive remittances between both countries:
- Be sure to carefully read the characteristics, terms and conditions of the money transfer service you choose. It is essential that you know all the details of the transaction to avoid unpleasant surprises.
- Remember that only the person you indicate at the time of the transaction will be able to receive the money. Therefore, it is important to have the official identification and all the necessary information about the transaction at hand.
- Maintaining constant communication with your relative or acquaintance who will send or receive the money is essential for everything to go smoothly. Make sure you know the details of the transfer, the exact amount to be sent, how long it will take to arrive and how much you should receive in Mexican pesos.
- Verify the guarantees offered by the company for sending the money, as well as their return and cancellation policies. If something goes wrong, it is important to know how to protect your rights as a consumer.
- If you decide to use a Fintech company to send money, make sure it is registered with the CNBV (Mexican National Banking and Securities Commission). This way you can be sure that you are dealing with a reliable company.
- Do not share your financial and personal information with third parties and much less on social networks, as they could misuse it.
- Take into account the exchange rate with which the transaction will be made. If it changes a lot in a short time, it could affect the amount of money you receive or send.
- While immediate delivery alternatives may be convenient, they are also more expensive.
Remittances are important assets in the lives of many Mexican households.
Vital source of income
It is important to mention that foreign currency remittances from abroad are vital for a large number of households in Mexico and elsewhere. According to data from the Bank of Mexico, remittances from Mexicans to their country of origin have experienced sustained year-over-year increases for 31 months.
These remittances are an important source of income for many Mexican families, and can be used to cover basic needs such as food, clothing and education.
In addition, they can also be invested in the business or home, which can contribute to the economic development and well-being of the people who receive them.
That is why it is important that you take into account the above tips when sending or receiving money from the United States to Mexico, to ensure that the transaction is safe and smooth. By doing so, you can contribute to the well-being of your family and the economic development of your country.