We live in such a diverse border region that sending money to Mexico and other countries is something many families do regularly or in the event of an emergency. Doing this through your bank might be your first option, but it’s not the only one — and it may not be the cheapest one either.
Sending money to another country is a bit more complicated than sending money to someone in the U.S. There are limits, fees, time constraints and pick-up locations to consider.
On a typical Friday, there is quite the wait to send money over at Prospera Gonzalez.
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The day NBC 7 visited, Adrian Rocha was waiting his turn in line. He works in the U.S. throughout the week and said that being able to send money quickly to his family in Tijuana has helped him many times from falling behind on bills.
Miguel Gonzalez Reynoso is the co-founder of Prospera Gonzalez. He told NBC 7 that depending on what time of the day the transaction is made, they can collect that money the same day.
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He added that not all companies that offer this service are transparent with their fees.
“Sometimes they will tell you, 'You’re going to pay only $5 for the transaction,' but the peso exchange in Mexico, that’s where they gouge our customers,” Gonzalez said.
He makes the case for brick-and-mortar locations specializing in international wire transfers by pointing to the people behind the glass.
Carmen Rolon is the director of financial services at Prospera Gonzalez. She said agents can help you find your best option to send money according to your needs. Immediacy and distance are often factors in what you will end up paying. The staff is also trained to keep you from falling for a possible scam.
“Sometimes, the customer might get upset because we didn’t do the transactions,” Rolon said. “We stopped the transaction, and later on, they’ll come back and say, 'Thank you for not sending the money. It turned out to be a fraud.'"
But brick-and-mortar locations are not the only way to send money internationally. You can also send money immediately at a low cost by using your smartphone.
“There are a lot more options to send money abroad these days, and the best one for you will depend on your goals, how much money you want to send, how fast you want to send it, for instance,” Melissa Lamarena with NerdWallet said.
Lambarena is a personal finance expert at NerdWallet and told us they compared these seven apps you can use to send money outside of the U.S.
NerdWallet found they all have pros and cons, depending on your needs, and said that, generally, the apps have better pricing, more pickup locations, and are quicker than wire transfers made through a bank.
“The important thing is to compare the cost across the board, look at the different tools that they offer and play with those to sort of figure out and plug in numbers to find out the most cost-effective for your goals,” Lambarena added.
The convenience of sending money when you want from wherever you might be sure sounds appealing to Rocha, who didn’t know about these options before we met him.
“Especially on Friday, payday, so there is a big line. I think that a phone app is going to save me time,” Rocha said.
Remember that international wire transfers are a common way scammers will take your money, so make sure you check in with someone you trust before you send money to anyone you have never met, regardless of what they may tell you.
