Avoid These Five Mistakes When You Send Money To Mexico

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When you are ready to send money overseas, you need to understand the process. There are five mistakes listed below that you need to avoid so that you do not lose money or put the recipient in a bad position. You can do your research before sending the money to a friend, family member, or business. Plus, you can walk into the transfer office knowing precisely what you need to do.

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1. Sending Money To The Wrong Office

Sending money to Mexico is much easier if you know where the money should go. You must work with your friend or family member to find out which transfer office they can visit. Tell the company you want money to go to that particular location, and let your recipient know you have selected that location. If you do not know which location to use, you could cause quite a lot of confusion.

2. Not Checking The Exchange Rate

You need to know the exchange rate before sending money to another country. If the exchange rate is favorable, you can send money without accounting for any extra cash that may be needed. If the exchange rate is poor, you may need to send extra money so that your recipient gets what they need. You can check the exchange rate online before going to the transfer office, and you should ask the transfer agent for a receipt that shows the rate you got.

3. Not Accounting For Sender Or Recipient Fees

You should account for fees that the transfer company will request. You will pay a fee when you send the money to your friend or family member. However, you need to ask if the transfer office will require a second fee when the recipient picks up the money. You can add that money to the cash that you send, and you should let the recipient know that they will be expected to pay this fee.

4. Sending The Money On The Weekend

When you are sending money to another country, you want to make sure that you are sending the money on a weekday whenever possible. There are times when you need to run to the transfer office on the weekend so that the money will arrive as soon as possible. However, banks and financial institutions move much slower on the weekend. You may be surprised to find that the transfer office is closed, or the office where your friend will pick up the money is closed. Check the schedule for each office so that you do not run into any issues.

5. Not Asking For A Receipt

You must ask for a receipt when you send the money. The receipt will show how much money you sent, how much you paid in fees, and how much your recipient needs to pay. You will see the exchange rate on the receipt, and you will have a transaction ID that can be used if the transfer is somehow lost or delayed. You cannot get customer service if you do not have the receipt.

Conclusion

Anyone who is sending money to Mexico needs to know what to do when they set up the transfer and choose the amount they will send. Ask the transfer office to send the money to the right place, check the schedule for each office, and ask for a receipt. You can research the exchange rate before you send the money, and you need to account for fees that you might need to pay. Someone who is sending cash overseas will lose money when they have not used the tips listed above.

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Summary
Title
Avoid These Five Mistakes When You Send Money To Mexico
Description
When you are ready to send money overseas, you need to understand the process. There are five mistakes listed below that you need to avoid so that you do not lose money or put the recipient in a bad position.

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