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Tuesday, March 21, 2023

Remittances Friday, September 16: How to send money from the United States to other countries and how much does it cost

Are you looking for options to send them to Mexico and other countries? Remittance, that money migrants send to their countries of origin, are an important source of income in the economy of many families. below you will find Bid in Western Union for this Friday, September 16One of the most used platforms and one of the largest coverage in Latin America as well as other available options.

In July, Remittances to Mexico reached the largest amount on record And three months have already accumulated in which it exceeds the historical mark. Money transfer from relatives abroad The total in the country was $5,297 million, which is the maximum and only above the figures reported in May and June of this 2022.

According to the Bank of Mexico, The amount of remittances sent in July was 16.5 percent higher Which was registered in the same month as 2021.

Guerrero (Mexico) is the main state of origin of the returnees, while Hidalgo ranks as the second entity in the country, with the largest number of Mexican federations abroad.

In 2021, just over $54 billion in remittances were sent to Mexico and was placed as the second country to occupy the most, was overtaken only by India, which had an inflow of 89.4 billion. In this 2022, the BBVA projected that foreign exchange earnings for remittances to Mexico would grow by 13.4% and reach a historical maximum of $58,500 million.

Dispatch for Friday, September 16, 2022unsplash

Remember that, before choosing any service, you need to ask what commission they will charge you or if there are other fees involved. If shipment is not urgent, non-urgent options are cheaper.

The companies most commonly used to send remittances from the United States are Western Union, MoneyGram and Vigo,

Quotation for dispatch to Mexico by Western Union on Sep 16

In case of collection in agency:

The transfer fee is $2.99.

In bank account:

Quotation for dispatch to Colombia by Western Union on Sep 16

In case of collection in agency:

The transfer fee is $2.99.

In bank account:

1 dollar = 4343.9631 COP.

Rates for remittances from Western Union to Argentina on 16 September

In case of collection in agency:

The transfer fee is $15.99.

In bank account:

Money transfers from the United States to Latin America can be found at this link.

Other options for sending money from USA to Mexico.

Western Union and Mercado Pago presented an alternative so that Users in Mexico can receive money from the United States, People who are in that country can visit a branch, as well as access the organization’s website and application. If you wish to do the shipment physically, the issuer must share the recipient’s data on the window as they appear in your Mercado Pago account and no commission should be paid to receive the funds, as only The issuer in the North American country will have the fee. The limit is $4,999 and can be shipped from other parts of the world.

There are also other options for sending money from the United States to Mexico via cryptocurrency, such as the new Bitso wire remittance option and Coinbase, with the option to make withdrawals at Oxo.

There is an option enabled by the Ministry of External Affairs and Telecommunications, Through the Remesas Paisanos card with which money is sent without any commission. It is available in cash for Mexico, Colombia and Argentina.

This service allows you to open a savings account and send money to your family in a Mexican bank account. The client pays a low commission and it takes one business day for the service to be available to beneficiaries in Mexico. You must open an account in the United States of America at a financial institution with a direct agreement with Mexico.

Some North American banks work with Mexican banks to send money. There are options like:

The migrant must have a checking or savings account with a bank in the United StatesWhereas the beneficiary must have one in a Mexican financial institution in which the resources will be kept.

Some banks in the United States have specific accounts for sending money to Mexico on debit cards.

This method of sending money is done through companies that use a page as a means of operation. They have agreements with banks and agents in Mexico that deliver remittances to the beneficiary by cash pickup, deposit or home delivery.

An account is not required, it can be purchased at US stores without identification and is given to the beneficiary.

They are known as money orders, documents of money transfer companies. Shipping is done by mail.

Remittances Are An Important Source Of Income For Many Families.
Remittances are an important source of income for many families.unsplash

According to the Mexican Tax Administration Service (SAT), If you receive income through remittances, you will have to pay Income Tax (ISR). However, Article 93 of the federal income tax law considers several exemptions, as they would be counted as donations and should not be included in the annual declaration if:

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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