Jump to content
Chapala.com Webboard

electronic funds transfer methods in Mexico


InChapala1

Recommended Posts

NOB, I've used different electronic funds transfer methods, such as Zelle or Venmo, and apps such as PayPal or Cash App, to pay individuals, without a commission. Besides using my Mexico bank's SPEI transfer method, are there other funds transfer methods in Mexico, similar to the ones I've used in the US? I don't use Dolar App, but anyone know if it offers a way to pay an individual?

Link to comment
Share on other sites

14 hours ago, InChapala1 said:

NOB, I've used different electronic funds transfer methods, such as Zelle or Venmo, and apps such as PayPal or Cash App, to pay individuals, without a commission. Besides using my Mexico bank's SPEI transfer method, are there other funds transfer methods in Mexico, similar to the ones I've used in the US? I don't use Dolar App, but anyone know if it offers a way to pay an individual?

Yes. Works like Zelle. Although I have not used it like that. 

  • Like 1
Link to comment
Share on other sites

If you are paying someone in Mexico sending using your Mexican bank's app to send to their account is easy. If they don't have a bank account they should get a debit card from Oxxo and you can send to them to be picked up at Oxxo.  Of course you can send to Oxxo using USA ccard or bank account using many different services that are USA based

  • Like 1
Link to comment
Share on other sites

I often BBVA's Retiro sin Tarjeta. Select an amount (up to $8,000 pesos). The program generates a 12 digit number and a 4 digit pin. Take a screenshot and send it to the recipient using Whatsapp. They go to a BBVA ATM, enter the numbers and receive their money. 

The withdrawal code is only good for a few days before expiring. 

  • Like 1
Link to comment
Share on other sites

I have been able to send Pesos from my BBVA account to others here if they have a Mexican bank account (does not have to be a BBVA account) in quantities much larger than $8,000 Pesos without a fee charged on my side at least.

I have also used my Dolar App account to send a large amount of money to an individual with a BBVA account without a fee.

  • Like 2
Link to comment
Share on other sites

For paying individuals (and sometimes stores, if the amount isn't huge), look at Xoom, now a PayPal service. If you can configure the source in PayPal, you can use it with Xoom. I use it to pay our rent (still looking for a house to buy) in San Antonio and also for a sofa sleeper from the Ibarra brothers. Fees are reasonable; exchange rate could be better -- but the net on transactions of reasonable size won't kill you.

LQ

 

  • Like 1
Link to comment
Share on other sites

16 hours ago, Lou Quillio said:

For paying individuals (and sometimes stores, if the amount isn't huge), look at Xoom, now a PayPal service. If you can configure the source in PayPal, you can use it with Xoom. I use it to pay our rent (still looking for a house to buy) in San Antonio and also for a sofa sleeper from the Ibarra brothers. Fees are reasonable; exchange rate could be better -- but the net on transactions of reasonable size won't kill you.

LQ

 

Xoom has a very poor exchange rate.  XE transfer will offer a better rate,     https://www.xe.com/

  • Like 2
Link to comment
Share on other sites

37 minutes ago, Mostlylost said:

XE transfer will offer a better rate

Generally correct. For example, my MXN $12,000 rent payment would cost USD $703.99 to send with Xe and USD $708.01 with Xoom -- considering exchange rate + fee, if done at this moment. Xoom would arrive in one or two business days; Xe quotes three business days.

Maybe one of these days I'll switch, and save the four bucks.

LQ

 

Link to comment
Share on other sites

13 minutes ago, Lou Quillio said:

Generally correct. For example, my MXN $12,000 rent payment would cost USD $703.99 to send with Xe and USD $708.01 with Xoom -- considering exchange rate + fee, if done at this moment. Xoom would arrive in one or two business days; Xe quotes three business days.

Maybe one of these days I'll switch, and save the four bucks.

LQ

 

My XE transfers usually arrive in 30 minutes or less. 

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...