What to look for in a money transfer company when sending money to Mexico?

Table of Contents

• What factors should I look for in a money transfer company?
• Security
• Convenience
• Affordability
• Which money transfer company should I choose to send money to Mexico?
• How can Panda Remit help me send money to Mexico from the US?
• Does Panda Remit provide secure money transfers?
• Is it convenient to use Panda Remit?
• Is Panda Remit an affordable way to send money overseas?
• Conclusion
• Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

Mexico is the second largest remittance market in the world. In 2021, USD 54 Billion were remitted to Mexico, and 94.9% of this money was sent from the US by Mexicans living in and settled in America.

In this era of e-commerce, a variety of new ways to send money have sprung into existence. Most importantly, they are all much more convenient than the old methods like sending money at stores and malls. These new electronic money transfer methods have also cut transfer times from days to minutes. However, with all of these new options available on the market, it is only natural that some are superior to others.

Especially in the case of Mexico, market research shows that 70% of money transfers to Mexico are done offline. Additionally, from a consumer's standpoint, offline money transfer remittances are often subject to unfavorable rates and higher fees. Additionally, they tend to be slow and inefficient. Western Union for example often has an exchange rate markup of 2%-4%.

Using online services would make these transfers so much quicker and more favorable to consumers by lowering fees and providing favorable exchange rates.

What factors should I look for in a money transfer company?

There are many spectrums on which you should compare remittance companies, but some are totally non-negotiables that you should look at first.

In our opinion, security, convenience, and affordability are key indicators to look for when deciding which money transfer services to use. These indicators are important to look for in your search because of they contribute significantly to your overall experience of sending money overseas.

Plus, these factors, if favorable, also ensure that your money is received quickly and safely.

Security, convenience, and affordability are some of the most important factors to evaluate money transfer companies on.

We will discuss these factors in more detail in the sections below.

Security

When looking for a money transfer company to send money to Mexico, safety and security should be your number one priority.

You want to ensure that your money is not stolen and that your private and confidential information is not shared with anyone. Avoid in-person remittances from untrustworthy services as it is insecure in general, and in the worst case, you may lose your funds altogether.

The most important thing to check is whether the business is regulated properly or not. To do this, you can go to a company's website to check for proper regulations from the Federal Reserve Bank and Banco de Mexico and US agencies like FinCEN as well.

You should also look at customer reviews and feedback on the company. Other customers often share valuable feedback, and if the company if now safe in any way, you will likely see that information in their reviews.

Do thorough research on security when evaluating a company to ensure your money and information will be safe with them.

Convenience

One of the biggest advantages of online remittance is how fast money can be sent. However, all remittance services have varying transfer speeds taking anywhere from minutes to hours or even a couple of days.

Therefore, depending on your needs and time constraints it might be better to select a fast yet safe service. Also, depending on the service it may take a very long time to not only sign up but have your identity verified so even after signing up for the service you may have to wait days before you can start sending money.

Even if you decide to take time out of your day to go to an in-person remittance service, it is important to note that many times you will need to wait in line in order to receive assistance from a representative. This takes time and eventually cuts into your overall time to send money overseas.

With online remittance, this kind of wait is nonexistent which is something to consider when deciding between an in-person remittance service and an online remittance service.

Pay attention to convenience when choosing between money transfer companies.

Affordability

Affordability of your international money transfer is another important thing to consider. You work hard for your money, so every penny you can save means a bigger return on your remittance, and more payout to your recipient in Mexico.

You may often find that many traditional remittance companies will charge you huge amounts in fees that significantly reduce the amount of money received by your overseas recipient. It is best to find a company that offers low fees so you get more out of your transaction.

Furthermore, it is important to look at the exchange rate. Most companies offer floating exchange rates where the value of the money you are sending changes in transit so oftentimes you could lose money in your transaction as you might get an exchange rate that is lower than what you expected. It is best to have a fixed exchange rate that locks in as soon as you send your money so that you know exactly how much money is going to be received by your recipient of choosing.

Pay attention to both exchange rates and transfer fees as they both have a direct impact on the cost of your money transfer.

It is best to compare the fees and exchange rates of different services and to choose the most favorable rates along with lower fees.

Which money transfer company should I choose to send money to Mexico?

Overall, all of the aforementioned factors - security, convenience and affordability - contribute greatly to your experience with money remittance companies. So, what options are out there?

You may come across many companies, but after doing some basic research, you will discover that many of them fall short on one or more of the aforementioned critical factors. It can also be disheartening sometimes to read reviews where money is sometimes lost in transfer. In worst case scenarios, some customers may lose hundreds or even thousands of dollars due to company errors.

That said, there are many good options that meet our criteria of security, convenience and affordability as well.

There are many good money transfer companies that provide secure, convenient and affordable money transfers.

One such modern remittance company is Panda Remit.

In the sections below, we will list their strengths so you can see if they could be a good choice for your next money transfer to Mexico.

How can Panda Remit help me send money to Mexico from the US?

Panda Remit is a relatively new company in the global remittance market that has grown rapidly in the last few years.

At its core, Panda Remit strives to help shorten the distance between families around the world by providing them with a secure, convenient, and affordable money transfer service. Providing services to not only Mexico but 30+ other countries, Panda Remit represents a worthy choice when it comes to online remittances.

When looking for a money transfer company to send money to Mexico, Panda Remit seems to meet all of our aforementioned criteria of security, convenience and affordability.

Let us evaluate Panda Remit's match with our key criteria of security, convenience and affordability further in the sections below.

Does Panda Remit provide secure money transfers?

Secured by Symantec, Panda Remit uses the same security system used by 96 of the 100 world's largest banks as well as 90% of the Fortune 500 companies around the world. By using Panda Remit, you are getting a similar level of security as if you were using a bank to send money abroad.

Furthermore, if your money gets lost in transit for any reason, or if a transaction is rejected by the receiving bank, there is a 100% refund guarantee. Panda Remit has 24x7 friendly customer service available to help you with any issues regardless of where you are sending money from in the world.

Panda Remit takes the safety of your money and information very seriously.

Panda Remit also enables you to track your transactions in their mobile app, thereby offering 100% transparency in the process of sending their customer's funds internationally.

Is it convenient to use Panda Remit?

In terms of convenience, Panda Remit is one of the fastest if not the fastest international remittance services out there. Recipients can expect to receive their money in as little as 2 minutes after it is sent when using a debit card.

To add to that, it is incredibly easy to sign up for Panda Remit. After installing the app from the Google Play Store or Apple App Store, simply follow the below steps to complete your money transfer to Mexico:

• Step 1: Complete your profile and submit your verification documentation. You can simply upload a picture of your document, and the Panda Remit all will auto-fill fields as much as possible.
• Step 2: Create a recipient profile, and select the delivery method you want to use to send the funds to them.
• Step 3: Choose your payment method to fund your money transfer.

Panda Remit is a quick and convenient way to send money overseas to Mexico.

That's it. You are done. Panda Remit will take it on from there, and if all goes well, your money could reach your recipient as quickly as within 2 minutes.

Is Panda Remit an affordable way to send money overseas?

Panda Remit provides one of the most affordable ways to send money internationally. Their exchange rates tend to be very competitive as compared to other money transfer companies. Panda Remit's FX rate markup tends to be pretty low, generally in the 0.02% to 0.62% range.

Furthermore, you will receive a guaranteed rate so you know exactly how much money your recipient in Mexico will be receiving. This is because the live rate will be locked in as soon as the money transfer is sent.

Finally, Panda Remit's transfer fees tend to be pretty low. As a RemitFinder customer, you also get access to many Panda Remit promotions and discounts to save even more on your money transfers with them.

Panda Remit provides highly competitive exchange rates and low fees. This helps you maximize the payout on your money transfer.

Given this, Panda Remit can be a strong contender for your next money transfer to Mexico from the US.

The below graphic shows some of the key advantages of using Panda Remit for your remittance to Mexico.

Conclusion

In our analysis, Panda Remit meets all of our 3 important standards of security, convenience and affordability for international money transfers. Panda Remit definitely seems to be a safe, fast, and inexpensive way to send money abroad to your loved ones, business partners, or whomever you are sending money to.

Do You Need To Find the Best Remit Exchange Rate for Sending Money Internationally?

RemitFinder is an online service that helps you track remit exchange rates. By checking and comparing the latest remit exchange rates, you can get the best exchange rate for your money transfers. RemitFinder, thus, helps you to get the best return for your hard-earned money.

Find the cheapest rate to transfer your hard-earned money - visit our site or download the app on Google Play or Apple App Store now.