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Juanito, a Mexican national, has been given the opportunity to work as a Spanish teacher in Australia. Wanting to take the job, he worries that his parents will suffer financially without his help.
Figuring out his estimated living expenses and salary, Juanito believes he would be able to send $1,000 Australian Dollars home each month. He decides to check online to see what type of money transfer options he will have, and how many Mexican Pesos (MXN) that would convert to.
Money Transfer Service
$1.00 AUD = $10.82 MXN
$1.00 AUD = $11.24 MXN
Amount received in Pesos
Three to five business days
Bank to bank transfer
Bank transfer or cash pick up
How to compare transfer companies when transferring money to Mexico
If you look carefully at Juanito’s research, you may assume that there is a big difference in the value between the two options until you look closely:
Exchange rate. There is a clear difference in the exchange rate when applied to $1,000 AUD. Juanito’s family will receive more money with the money transfer company then with the bank.
Fees. An initial look at the fees charged shows that the bank offers lower prices, but when calculated against the difference in Pesos received both services are almost identical in price.
Pick up methods. Both allow for direct deposits into a Mexican bank account, but the money transfer company also allows for a cash pick up at an agent office.
Transfer methods. Both allow for the sender to do so online, but only the money transfer company has specialised agencies that the sender can use to transfer cash.
Transfer time. The overseas transfer company is able to complete the transaction more rapidly in comparison to the bank.
With the increasing amount of Australian tourism to Mexico it is a good idea to consider what your options are if you were to be robbed or lose your cash while visiting there:
Money transfer service. You do not need to be resident of Mexico to pick up cash with a cash transfer company. Only ensure that you have a photo identification document with you before going to the agency.
Travel insurance. Whenever planning a trip abroad, it is recommended that you purchase travel insurance. Many of these policies will offer provisions to get cash to you in the event that you are robbed.
Credit card covers. Credit card companies often have complimentary international travel cover provided you purchase your travel accommodations using that credit card.
Before making arrangements to have cash wired to you in Mexico from Australia it is a good idea to make sure there is an agent close to where you are staying. Here you will find listings for a few agencies found in Mexico:
6042 San Angel Alvaro Obregon DF
Av Rey Cuauhtemoc 30 Esq Av Revoluci
Mexico D F
Mexico, Districto Federal 1000
Open seven days a week from 8am until 10pm.
6101 Aragon DF
Cal San Juan De Aragon No 530
Gustavo A Madero
Mexico, Districto Federal 7450
Open seven days a week from 8am to 10pm.
Banorte Cancun Avenida
Lopez Portillo S N
Benito Juarez, Quintana Roo 77516
Open Monday through Saturday from 9am to 5pm. Closed on Sunday.
Miguel Hidalgo No 85 Centro
Xcalak, Quintana Roo 77940
Plaza De La Const. 7 Mezanine
Colonia Centro De La Cuidad De Mexico Area 2
Cuauhtemoc, DF 06010
Open Monday through Friday 8am to 7:30pm. Saturday closed. Sunday 9am to 4:30pm.
Coppel 5 de Febrero T354
Calle 5 De Fevrero 26Y28 Centro de la Cuidad de Area 3
Cuauhtemoc, DF 06020
Open Monday through Saturday 10am to 8pm. Sunday 10am to 2pm.
Even though there is a large number of Australians making the trip to Mexico each year, the Department of Foreign Affairs and Trade (DFAT) still recommends that you exercise a high degree of caution when travelling there. This is especially true when needing to travel to a cash pick up agency.
Ask the management of your hotel to arrange for car service and always travel with a trusted friend. Upon returning to the hotel you should secure the cash and only carry with you what you need for that time.
Using a money transfer company to forward cash from Australia to Mexico will require you to have the following:
Recipient name. For security purposes, the name you give the agent must be the exact same name as it appears on the beneficiary’s identification.
Address. The agent will need to know the city or state that the person will be picking up the money.
Identification. For large amounts of money transfers you may be required to show identification.
Tracking number. The agent is going to give you a paper with the tracking number of the transaction. You will have to share that number with your recipient before they can pick up the money.
History with Australia and Mexico
A double taxation agreement exists between Australia and Mexico, and Australian airlines have increased the number of Mexican cities they will fly to. These moves make it easier for workers from Mexico to spend time in Australia earning a living.
The 2011 census saw an increase of 80.5% in the number of Mexican nationals living in Australia, taking that number to over 3,000. Travel has also increased with over 60,000 Australians making Mexico a vacation destination every year.
Be sure that you retain the receipt for your transaction until you receive word that the cash has been picked up. If there is a dispute with the transfer you will need that receipt to resolve it.
Mexican workers and immigrants living in Australia work hard to be able to send money home. Protect that money as best you can by finding the money transfer company that offers you real value in their rates, fees, and options.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
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