Do you send/receive remittances? Who to pay money to?
Do you expect to receive or send a remittance? When it comes to sending money, we'll fill you in on who's who.
If you live abroad and you are going to send remittances to Mexico, the Federal Consumer Protection Agency (Profeco) has for you and your family the program Who's Who in Sending Money (QQED), where you can find out the best option both in cost and security for your money. Currently, this program is present in 9 cities in the United States: Chicago, New York, Los Angeles, Dallas, Houston, Miami, San Jose, Indianapolis, and Sacramento.
How does QQED work?
The program has two central axes:
to look after the interests of consumer-users of money transfer services.
informs consumers about the exchange rate, commissions charged and the amount to be received in pesos.
Every week, you can find information at www.gob.mx/profeco about the services offered by traditional remittance companies, banks, fintech companies, and the Direct to Mexico System, which lets you send money from an account at a U.S. financial institution that uses the service to any bank account in Mexico.
It also offers you the remittance calculator to determine the cost of a remittance according to the amount requested, which you will also find:
Frequently asked questions to clear the sender's and receiver's doubts.
Collection points in Mexico of the participating companies.
Statistics of the remittance sector.
Exchange rate and commission history.
Institutions related to remittances.
Money transfers involve different actors and stages, such as:
First, choose the type of service (cash or account deposit), then send the money at the exchange rate available with the agent or transmitter of your choice by paying a commission.
Paying agent or payment channel (financial institutions or merchants)
They do not charge commissions to the beneficiary; they only pay the amount sent by the sender.
On the portal: https://qqed.profeco.gob.mx/, you will find monthly information on the characteristics of a money transfer of USD 350 for a cash collection and a deposit on account, as well as information on the services offered by the payers.
Will you send or receive money from the United States to Mexico?
We recommend the following:
Read the characteristics, terms, and conditions of the service. The money can only be received by the person you indicated at the time of the transaction; this person must have official identification and information about the transaction.
Maintain constant communication with your family member, either in Mexico or in the United States, about the transfer information, the exact amount to be sent, the time it will take for the money to arrive, and the total amount to be received in Mexican pesos.
Find out about the guarantees offered by the company for the money transfer, return, and cancellation policies.
Never disclose financial and personal information to third parties, as they may misuse it.
Plan your shipment. Non-immediate delivery options are cheaper than delivery within minutes.
If the remittance company is in a distant place for the sender or receiver, the cost of transportation can "eat" any amount saved. Look for a closer one.
Ask about the minimum and maximum amount you can send and how many times you can do it each month.
Before using a shipping service through a fintech company, verify that it is registered with the National Banking and Securities Commission (CNBV).
Find out about internet and mobile device requirements for using the app.
Keep track of your transfers. The app provides information to the sender at the moment the receiver receives the remittance.
Some fintechs only work when you are an employee of the companies that make payroll payments through the app.
If you have any doubts, investigate the options and hours of customer support so that they can help you.
Together with your family member, keep a record of any transaction reference number to review its progress and in case of any clarification.