The Best Way to Move Money to Mexico in 2024

about a year and a half ago I did a video about a company called dollar app you may have seen that one in that video I described it as the best way to move money to Mexico and get the most pesos on the other end well since that first video I have heard from numerous viewers who have emailed me to ask if I'm still recommending dollar app and I am it's still my preferred method to move funds to Mexico and I also use it to move money from my Mexican bank account back to my US bank account it's really easy to do it that way since so many people have been asking if I still recommend this company I decided to partner with them one more time and make an updated video explaining the service and benefits now this is a sponsored video but like I said this is a product that I've been using for the last year and a half and well I recommend so here we are the product I'm talking about is called dollar app but it's really called dollar app because it's in Spanish see there's only one L there but you know for the purpose of this video since we're do it in English I'm going to be calling it dollar app well dollar app is a company that that operates in Mexico Argentina and Colombia and it allows people to convert pesos into digital dollars which are called usdc and then back again so how is that a benefit to folks following this channel most of whom already have accounts in US Dollars well here's the short answer there are really three main reasons and I'm not really sure how short these will be all right I like to put a lot of detail into things number one dollar app allows you to transfer funds to Mexico at a top exchange rate as I said this is my preferred method to move money to my Mexico based bank account let's go ahead and talk about exchange rates and transfer services things like that when it comes to comparing transfer methods you can't determine which one is best just by looking at what their fees are for example your bank may not charge you any fees at all to send money abroad but you can rest assured they're making money by giving you a subpar exchange rate and sometimes when you're looking exchange rates they look so close you're thinking oh that's not a very big difference but when you're moving thousands at it's a big difference the only true way to know if it's the best exchange rate is to look at the bottom line if x go in how many pesos do you get period the rest is just Fuzzy Math here's a comparison that was done on August 3rd 20123 showing the different um transfer services if you moved $4,000 through all of those at that same time right what would You' have gotten on the other end and right up there on top is dollar app look how many pesos you're getting and then look over to the right and you're talking about it cost you $3 to get these pesos you're getting a top exchange rate and as you start to look at what some of the other fees and different things and how much money you're losing on these other services dollar app comes out on top now it's important to point out that that's just one snapshot in time but this has consistently been my experience with dollar app so I mean I'll look at some of the other services but I keep coming back to them anytime I want to move money this is the main main reason I use dollar app but dollar app is also useful for people who do not have a Mexican bank account but do business in Mexico want to pay people in Mexico you see paying people in Mexico when you don't have a bank account can often be a challenge because that's well how people pay a lot of times you'll just give you their clave or sometimes leave people even show you their bank card and they're just like send me the money because it's done through the Mexican banking system well when you have dollar app you can easily pay those folks through the app through a peer-to-peer part or direct to their bank account as if you actually had a Mexican bank account I think for many people this could be an alternative to actually getting a Mexican bank account especially for those folks who just can't get one because they don't have residency or citizenship so they don't have a curp or RFC let me talk about that real quickly the curp and RFC because you're like I don't know what that is you will hear me talk about that in other videos and you'll hear those come up in Mexico what those are are alpha numeric um population and tax designators that you can get if you have residency legal residency in Mexico or you're a citizen and curbs and rfc's are required to get a lot of things done in Mexico and one of those things is to open um an account at a financial institution so you're out of luck if you don't have one however you do not need to have one to open a dollar app account now you will come to the section that will ask you know uh what's your RFC and you just have to click I don't have one the third reason I recommend dollar app is that they going to provide you with a mexico-based credit card it's like a secured credit card right because you can only spend the money you actually have in the account but you know you can use it like a credit or debit card anywhere well that one may not seem that important because we all have credit cards however one thing I discovered when I moved to Mexico is that not every business in Mexico accepted foreign issued credit cards we found this when we first started going to AT&T and getting you know the Mexico plan they were like no foreign-based credit card you'll have to use cash or a Mexico based credit card Lyndon and I have seen the same thing with some other companies and even like uh government services like CFE the electric bill a lot of times people had trouble paying with a foreign credit card you won't have to worry about that because you're going to have this credit card right let's talk about setting up your account this is going to be super easy all you have to do is download the app and it's available for Android and iOS and then just follow the instructions and fill in your data once you have it all set up it works works like this you can transfer money from your us account to Dollar app via an ACH transfer or wire transfer dollar app charges $3 for the transfer from the US account regardless of the amount so don't do it for like $10 $10 $10 you know the default limit is $115,000 a month however you can get approved to transfer more by providing additional documentation once the money enters dollar app it is converted into USD coin which which is abbreviated usdc now I know some folks may not know what usdcoin is so let me explain that it's a type of cryptocurrency that is known as a stable coin the value of the USD coin is pegged to the US dollar meaning that one usdc will always be the same value as the US dollar this peg this value is maintained through reserves of the US dollar or equivalent assets held by the issuing company ensuring that the usdc can be redeemed for US dollars at a 1:1 ratio once the money is in your dollar app account you can do a few different things with it option number one if you have a Mexican bank account you can transfer money via dollar app directly to that account there's no fee to do that transfer whatsoever and the exchange rate they're giving is excellent you can actually check the exchange rate in real time via the app so you can time your transfer when it's the best benefit to you option number two you can leave the money in dollar app if you don't have a Mexican account to send it to this is probably what you're going to end up doing if you become a premium user under dollar app the money in that account will earn 4% to learn more about becoming a premium user just check with dollar app oh one more cool thing about earning interest in dollar app it is calculated in real time to the second and I think that's pretty cool you can always see exactly how much money you've got in there if you are planning on just leaving the money in dollar app you can use dollar app to pay for things just like you would with any credit or debit card you're going to receive a Mexico based MasterCard from Dollar apppp but just FYI those are only mail to addresses inside Mexico sorry about that folks however Apple pay and Google pay users can link their card on their iPhone and smartphones as soon as they sign up and start paying without having to actually have the card that's kind of nice right that's something new some additional features that might interest folks dollar app has price alert which allows the user to set reminder when the price of USD versus one of the other currencies reaches a price you previously said that way you won't miss out on the best time to move your money P2P payments which allow users to send instantly and for free between dollar app users between countries so you got somebody else says dollar app you can pay them easily you know I occasionally hear from an expat who has a Mexican bank account and wants to send money to their us account well dollar app can help you do that too you can send MXN to your from your Mexican account to app at no cost and then it will be converted into usdc at the same rate shown in the app and remember that's a stable coin it's pegged to the US doll at that point you can transfer it to your us account for just $3 or just keep it in your dollar app right either way so there you have it folks that's dollar app I think I covered it pretty well if you have any other questions you can always check with those nice folks and um thanks for watching the video and until next time a

Channel: Qroo Paul & Linda

Views: 22,855

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Id: JXogvF6uoh0

Length: 8min 59sec (539 seconds)

Published: Mon Mar 04 2024