Look at the Recent Statistics Before You Transfer Money to Mexico
Money transfers to Mexico are the country's second largest source of income. Considering how many Mexicans work in the United States and send money home, and how many of them are out of jobs, it should not be shocking to know that remittances have plummeted. 2008 was the first time in several years that the number of money transfers declined. In 2009, it got worse, with the number dropping by about 19 percent for the month of April from the same month in 2008.
The typical amount sent to Mexico is in the billions. However, the number is falling fast, from $26 billion in 2007 to $25 billion in 2008. In fact, the drop exceeded the amount that officials expected it to fall, even after putting much research into the issue. It likely has to do with the lack of available jobs in the Untied States compared to years ago. Not only are many Mexicans in this country either out of a job or suffering from fewer hours, but the lack of jobs has also discouraged many from emigrating from their home country in the first place. Important industries like tourism and manufacturing have also been crippled by the economy recently, adding to the country's woes.
Though knowing statistics on the remittance trends can be enlightening, it does not negate your need to transfer money to Mexico. The good news is that there are several routes to send money, and many are free or very cheap. A lot of banks transfer money to Mexico for free if you have a qualifying account with them, so look for special programs that boast such abilities. Virtually every money transfer service sends funds to Mexico, so compare fees and transfer times before you choose.
If you need to send money regularly and do not want to open an account at a specific bank in order to send money cheaply, consider the use of a prepaid debit card. It costs only $5 to add funds whenever you need to by phone or Internet, and your relatives will have access to the money immediately. This is likely the cheapest way to transfer money to Mexico regularly, as you can send as much as you need to at once for the same low price. Your recipients can then withdraw money or use the card at retailers that accept debit cards.
Clearly, you have many options when sending money to Mexico despite the fact that less money is sent to the country now. Eventually, when the economy improves, more people will likely start sending money home again. Knowing your choices for remittance can help you be ahead of the game.
Questions and Answers
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