Protect your remittances with these recommendations from Condusef

More than 39 million Mexicans live in the United States, and millions of them maintain a vital connection with their families through remittances. Every dollar sent not only represents a financial effort, but also a demonstration of affection and commitment to those back home.

However, that money doesn't always arrive in full. Along the way, it can lose value due to excessive fees, unfavorable exchange rates, or hidden costs. Therefore, whether you send or receive remittances, it's essential to protect that effort.

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1. Compare before sending Not all banks or remittance services offer the same terms. Always compare the exchange rate, fees, and delivery times. Sometimes, a small difference can mean a lot to the recipient.

2. Take care of the time of shipment The value of the dollar against the peso fluctuates. Avoid sending remittances on weekends or holidays, when exchange rates tend to be less favorable. Check the exchange rate published by the Bank of Mexico to make more informed decisions.

3. Evaluate the urgency Some platforms deliver money in minutes, but they charge more. If you're not in a hurry, choosing a slower option can be cheaper and leave more money in your family's pocket.

4. Always check security Make sure you use authorized services. You can check whether a company is regulated on the Condusef's SIPRES portal. This way, you can be sure your money will arrive safely.

Look: Dollar is DROWNED by the Mexican peso

An increasingly popular alternative is Banco del Bienestar, which offers specific services for migrants and their families. People living in the U.S. can open an account with their consular registration card or passport, while their relatives in Mexico only need an official ID, proof of address, and CURP (Currency Card Number).

This bank allows you to receive remittances at the official exchange rate of the day, which can represent significant savings and more pesos for every dollar.

With information from MiBolsillo

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AO