For Latin American migrants in the United States, it is essential to send money back to their home countries on a regular basis. For this reason, it is important to have accessible and low-cost financial services.
If you want to know how to make an internationalmoney transfer, it is crucial that you first compare the different providers of this service and find the one that offers the most advantages to you and your family.
Comun stands out as a popular choice among immigrants because it allows them to send money abroad from the United States, with advantages with respect to cost, speed and other important factors.
Below, we provide a comparison with a table that includes Comun and traditional banks in the United States, such as Bank of America and Wells Fargo.
How does an international money transfer work?
The first thing you should know is the types of bank transfers that exist, since the final costof sending money to Mexico or another country in the region depends on this.
In the United States, there are two types of international money transfers: through traditional banks or through services specialized in sending money out of the country.
International transfers through traditional banks
- They are backed by official U.S. financial institutions and the following security measures:
- Identity verification (KYC/CIP) and continuous monitoring for money laundering prevention (BSA).
- Review against OFAC sanctions lists for senders and recipients.
- Consumer protections for remittances under Regulation E (prior disclosures, right of cancellation and error resolution).
- Network and messaging security standards (e.g., SWIFT Customer Security Program).
- Multifactor authentication and encryption for digital banking access.
- A bank account with a U.S. bank is mandatory.
- They work through the SWIFT code
- Generate more commissions by using intermediaries
- Shipping time can be up to 5 business days.
International transfers through specialized applications
- They operate through digital networks connected to banks or physical branches in each receiving country.
- Commissions tend to be lower because they do not use intermediaries and the exchange rate is more competitive.
- Money transfers are made in a matter of minutes or hours
- It is not mandatory to have a U.S. bank account to use these services.
Before paying unnecessary fees, make sure you choose the best international transfer provider and make the most of your money.
Steps and requirements to make an international money transfer
Here's what it takes to make an international bank transfer from the United States easily, whether you choose a traditional bank or an application specialized in this type of service.
Choose a supplier
Some banks you can turn to are Chase, Bank of America, Capital Bank, Citibank and Wells Fargo. If you do not have an account in a U.S. bank, you must make sure you have the requirements to do so, such as the SNN (Social Security Number); in the case of the banks mentioned above, it is possible to present the ITIN instead, along with an official identification.
Another aspect you should consider is how long an international money transfer takes, since traditional banks usually take longer, due to the intermediaries involved in the operations.
In case you prefer an application specialized in international money transfers, due to the flexibility they offer compared to banks, an excellent alternative is Comun, because it allows you to transfer money from your cell phone, without complications or intermediaries.
Create an account
If you wish to open an account in a traditional bank, you must have the following documents:
Requirements to open an account in a U.S. bank
- Valid passport or immigration document
- Social Security Number (SSN)
- Individual Taxpayer Identification Number (ITIN)
- Proof of U.S. address
- Some banks require an initial deposit of approximately $25 USD.
Depending on the bank, you will be able to complete the opening process through the web page or you will have to go to a branch to verify the information.
Requirements to open an account at Comun
- Android or iOS compatible cell phone
- E-mail address
- Qualified foreign official identification
- Have a U.S. residential address
In both cases, you will have access to a debit card and a mobile application that will allow you to make international transfers and other transactions from the palm of your hand.
Enter transaction details
Once you activate your provider's application, you must enter the required data for international money transfer:
- Your recipient's full name, as it appears on his or her official identification card
- Your recipient's phone number
- Your recipient's address (only if you send money to a bank account)
- Your recipient's account number (only if you are sending money to a bank account)
- SWIFT code (in case of making the transfer through a traditional bank)
Next, enter the amount you wish to send.
Comun and other specialized applications also allow you to transfer money with cash withdrawal at physical branches, so it is not mandatory for your recipient to have a bank account.
Check costs and fees
Next you should check the international shipping fees, as well as the exchange rate, which could have an impact on the final amount to be received by your recipient.
The cost of an international money transfer depends on several factors that we will detail below.
Send the money
Once you verify that the information entered is correct, confirm the shipment, as well as the additional costs for commissions generated.
Comun allows you to track your transfers through your application, as the first transfer fee is waived or you choose the cash withdrawal option at a physical store.
Remember that the speed of delivery depends on the platform and traditional banks can take up to 5 business days to complete these transactions.
Confirm receipt
Finally, confirm with your recipient that the transfer has been received within the stipulated time. You can generate a receipt of the transaction in the same mobile application.
All about the cost of sending money abroad from the U.S.
Making international transfers is a common habit among Latin American migrants in the United States.
That is why it is essential to detail the factors that affect the cost of remittances, as well as the best options for getting remittances to your family quickly and smoothly.
These are the main factors to consider when calculating the cost of your international transfers.
Shipping commissions
International transfers generate a fee, which varies depending on the platform, whether it is a traditional bank or a specialized application.
Another factor that affects the amount of commissions is the means used to send the money. The price may vary depending on whether the operation is carried out through the website, the application or in a physical agency.
Upfront fees at traditional banks vary by financial institution.
- Bank of America: $45 USD
- Wells Fargo: from $25 to $40 USD
- Citibank: $25 to $35 USD
- Truist Bank: $65 USD
On the other hand, mobile apps have shipping options for less than $3 USD, which is much more beneficial to the economy of foreign workers.
Exchange rate
The exchange rate is also very important in the final amount that your recipient will receive. It refers to the value of the local currency that the platforms take to convert the amount into dollars.
Traditional banks usually take less than the official amount. For example, if the price of the Mexican peso is 18.00, banks take an approximate 17.20 MXN.
This means that, in case you send 300 USD, your beneficiary will receive approximately 13 USD less (240 MXN less); without considering the cost of commissions which, in the case of traditional banks, raise the cost much more.
Hidden commissions
In addition to the initial fees, which start at $25 USD, some banks may charge extra fees in case they require the participation of intermediaries to make international transfers.
We suggest you check all shipping costs involved and choose a competitive option that does not affect the total amount your family members will receive.
Comun is an excellent alternative to make international transfers, since your first transfer is free of additional costs and after that you only pay 2.99 USD per transfer, up to the applicable limits, with no hidden commissions or intermediaries.
See our comparison table between traditional and Comun banks, at the beginning of this article, and choose the best option for your money.
Do you want to make secure transfers abroad? Make it easy with Comun
In this article, we will show you how to make an international money transfer from the United States, through traditional banks or specialized applications such as Comun, an excellent option for immigrants.
Comun is the ultimate solution to bring Latino families closer together through affordable, low-cost remittances.
Why choose Comun for international wire transfers?
- Open your account easily, with official documentation from your country.
- Send money to your family for a flat rate of $2.99 USD, up to applicable limits.
- Your money will be received in a matter of minutes or hours.
- Access to a mobile application and Visa debit card for better control of your finances
Discover an easy and secure way to access the financial services you deserve, open your account at Comun and forget about complications.
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