Will you get money from the United States? This you should know

If you are about to receive money from the United States, check out these recommendations made by the authorities. Photo: Agence France-Presse

If you are one of those who will receive money from abroad this season, because at Christmas and New Year, remittances sent by citizens of the country to their relatives in Mexico are increasing, it will be appropriate for you to take into account these suggestions made by National Committee for the Protection and Defense of Financial Services Users (Condosev) and Profico.

What are remittances?

According to Condusef, sending money from people who live in another country to their home country is considered a transfer. For example, money that Mexicans living in the United States send to their families who live in Mexico.

This year, according to official figures, between January and September a Increase in remittances sending by 24.6% with the addition of historical figures. In this season, the season of Christmas and New Year is also expected to increase.

If you are the one who sends money from abroad

Consider these Condusef recommendations, which are valid not only this season but all year round:

  • When choosing a shipping service, check the possible commissions and fees
  • If your shipment is not urgent, check if the options other than immediate delivery are cheaper
  • Compare different companies and their commissions
  • Consular registration is accepted as identification
  • Tell your relatives in Mexico that you will send money

Keep in mind that the institution to which you will be sending money to Mexico is duly established, it is close to your home or business. Remember to take into account costs, commissions, and the exchange rate so you can calculate how much your relative will receive in Mexico.

Source: Condusef

Also, the following aspects should be considered:

  • Commission per shipment
  • exchange rate
  • Shipping time
  • Determine the shipping amount
  • Transfer cost to make the shipment

Thinking of sending money from the United States?

Whether this season you will receive money from the United States or if you know someone who is considering sending remittances to their relatives in our country, consider also the recommendations made by the Federal Consumer Prosecutor’s Office (Profeco) so that this economic amount reaches good protection and has no complications.

  • Funds can only be received by the person you indicated at the time of the shipment transaction. Remember that you must provide official proof of identity
  • Have constant contact with your family members, whether in Mexico or the United States, about transfer data, exact amount, times and total in Mexican Peso.
  • Learn about the guarantees provided by the company and the policies of return and cancellation
  • Do not disclose your financial and personal information to third parties because they may misuse it

Tips if you are receiving money from abroad

  • Sending remittances is a constant for Mexicans abroad which is why Condusef offers these recommendations so you can hit the target on these dates and get the best return on your money.
  • Know the quantity It will be sent to you and the time it will take to arrive
  • Attention To your relative abroad about companies that have payment points in your area
  • dont let That the company you ship its consignment has terms of service that compel you to purchase merchandise or accept payments in kind.

Don’t forget that Profeco has its program Who’s Sending Money. It wouldn’t hurt to check it out. Either way, if you have any doubts during the procedure, the authorities can advise you. If you are a sender or recipient of money transfers, you can go to your organization’s emails: [email protected], [email protected], [email protected]

data:

According to information from the Bank of Mexico, during the period from January to October 2021, 99.1% of remittance revenue was via electronic transfers, while cash and in-kind transfers accounted for 0.5% and 0.4%.

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