The growing need to send and receive money from abroad has encouraged the creation of new methods designed specifically for Latin American users. Here are the fastest, easiest and safest options to receive your money without complications.
You will learn all about how to receive money from the U.S. and Latin America: key aspects such as costs and security, requirements to open an account and different applications to send money. applications to send money from the from the United States. By the end of the article, you will know exactly which option is right for your needs.
5 key aspects to consider when receiving money from the U.S.
Thanks to technological advances and financial openness, sending and receiving money digitally is becoming easier and more accessible.
However, Latin American families still face a number of obstacles, such as high shipping fees, bank restrictions and weak security measures.
This is certainly not a decision to be taken lightly. Before agreeing to the terms and conditions of any operator, pay attention to the following key aspects:
Transfer Speed
Having cash available quickly is one of the indispensable needs of users receiving money from the United States. Receiving time varies depending on the sender and other important factors:
- Type of bank: if the operation is done through a traditional bank, it may take up to 5 business days. Therefore, it is advisable to choose a company specialized in international transfers.
- Holidays or non-business days: may also affect the speed of receiving money.
- Conditions of the receiving bank: each financial institution establishes its own rules for receiving remittances, so it is advisable to consult the specific conditions of your bank.
Cost/Commissions
A fundamental aspect to take into account when receiving money from the United States is the commissions, which could exceed 10% of the total amount and represent a significant reduction in the household's contribution. Consider an option that offers affordable costs and a favorable exchange rate.
Safety and Reliability
Personal data theft, better known as phishing, is the main risk in international money transfers. To avoid becoming a victim of these frauds, make sure you use a reliable means through an official website or application. Additionally, avoid giving passwords and sensitive information to third parties.
Ease of Use
According to the study Remittances to Latin America and the Caribbean 2024, 60% of migrant workers in the United States send money to their mothers. It is important to choose a provider that understands your needs and offers reliable, secure and easy-to-use platforms.
Reception Options
If for some reason you cannot receive money through bank transfers, look for an option that offers money transfers near you, in different establishments such as Oxxo and Walmart.
What do you need to receive money from the United States?
Regardless of the bank you choose, the requirements to receive money are summarized in your basic personal data:
- Beneficiary's full name
- Account number
- Name and address of receiving bank
- SWIFT/BIC code of the receiving bank
- Beneficiary's address
- Name of intermediary bank
The data requested may vary depending on the receiving country, so you may be asked for more or less information. Remember that no reliable institution will ask you for passwords or access information to make transfers and money transfers.
3 methods to receive money from the U.S. without hassle
If you need to send and receive money from the United States to Mexico, you can choose from the following options:
Receive money to your account
It is a simple way to receive money from the United States, since it allows you to do it from the comfort of your home, through a mobile application.
In the case of Mexico, most traditional banks tend to receive transfers from the United States, under their own terms and conditions. This means that commissions and exchange rates vary from financial institution to financial institution.
For Banorte and BBVA, the cost per international transfer is US$30 plus VAT, regardless of the amount sent.
Receiving money through traditional institutions can be costly, fortunately there are cheaper alternatives.
Receiving money through Comun
Comun allows you to send money from the U.S. to Latin America with no fees on your first transfer and affordable fees on subsequent transfers. It is the favorite option of the Latin American public, with a common language, interests and objectives: to bring families together through accessible and secure financial solutions.
Open your account in Comun and start sending money from the United States to your home without complications, your family will be able to receive it in bank accounts in your country or with physical withdrawal in branches.
Receive money on other platforms
Wise
Wise is another platform that offers international money transfers. It is oriented to freelancers from all over the world who receive income from the United States, so it does not target Latin American users.
Although it is a frequent alternative for receiving electronic money from abroad, it does not have physical reception options, which could represent an inconvenience for migrant families.
Western Union
Western Union is one of the most popular options among migrant workers in the United States, as it allows them to send cash without a bank account to rural or hard-to-reach areas.
It is a suitable option for certain circumstances, but you should consider that the commissions imposed by Western Union are usually high, in addition to the fact that it uses a lower conversion rate than the market.
The shipping cost depends on several factors, such as the means used and the country of destination. But the commission can reach up to 6%, without taking into account the exchange rate difference.
Moneygram
Finally, Moneygram is an international money transfer service that operates in more than 200 countries, including Mexico.
Your family gets more for less: send money with Comun from the U.S. Fast, secure and with Latino documentation!
As you can see, sending and receiving money from the United States does not have to be complicated. Today there are financial services that seek to reduce the gaps that hinder communication between companies and individuals.
Comun is an affordable option that offers the best benefits for families in Mexico and Latin America:
- Debit card access and mobile app
- Opening an account with Latin American documentation
- Lowest commissions for money transfers for only $2.99
- No set-up fees or monthly commissions
Compare and choose the option that best suits your needs. Remember that you have an ally in Comun to receive money from the United States without complications.
Frequently asked questions
How long does it take to get money from the U.S. to Mexico?
With Comun, your money arrives in minutes through bank transfers. While cash transfers to establishments arrive in as little as 1 hour.
What are the typical fees for receiving money?
Generally the commissions to be received depend on the amount and country. Comun offers a flat fee of only 2.99, regardless of the amount of money.
Do I need a bank account to receive money?
Comun offers a bank account that includes a debit card and mobile application. But it is not indispensable, since you can receive money in physical establishments.
Is it safe to receive money through digital platforms?
Of course, Comun is backed by leading financial institutions. The funds in your Comun account are FDIC insured up to $250,000 per ownership category through Community Federal Savings Bank (CFSB), member FDIC, in the event of CFSB's failure.
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