Riviera Maya, Q.R. — During his weekly Consumer Report, Ricardo Sheffield Padilla shared his findings on Mexico money transfers. During the July 11 morning press conference, Padilla who is the head of the Federal Consumer Protection Office (Profeco), reported uLink as the country’s best option.
He reported that for those sending money to Mexico from the U.S., the company uLink continued to be one of the best top options. He reported that sending $350 USD to Mexico using uLink delivered 7,105.00 peso (July 4 exchange rates).
He said uLink was the best option, providing a good exchange rate of $20.30 peso per U.S.D. and without commission charges. He reported that Pagaphone SmartPay ranked the next best, which delivered 6,987.00 peso for the same $350 USD and with a $10 USD commission charge and an exchange rate of $20.55.
Xoom, he said delivered less in Mexican money with 6,847.54 peso and a $3.99 USD commission fee with an exchange rate of $19.79. Ria Money Transfer was also evaluated and for $350 USD, delivered 6,873.72 peso, charged a $7.00 commission with an exchange rate of $20.04.
For an account deposit, uLink again topped the Profeco (Procuraduría Federal del Consumidor) Consumer Report list by paying the most (7,105.00) without a commission charge and offering an exchange rate of $20.30.
Padilla said that Moneygram came in second best for deposits with 7,070.00 peso, an exchange rate of $20.20 and no commission fees.
Pangea Money Transfer paid less, he said, depositing 6,835.44 Mexican peso with a $4.95 fee and an exchange rate of $19.81. Golden Money Transfer deposited 6,869.15, with a commission charge of $4.99 and an exchange rate of $19.91.
On the Mexican side, Telecom continues to have the greatest coverage around the country with 1,730 branches in 1,210 municipalities, while Elektra, Bodega Aurrera/Walmart and Caja Popular Mexicana offer theft insurance.
Ricardo Sheffield Padilla stressed the importance of reviewing money transfer companies that offer the best exchange rate and charge the lowest (or zero) commission fees since by choosing the remittance company in the United States, more pesos can arrive in Mexico.
He added that during the month of May, Mexico received over $5.1 million USD in remittances, exceeding the previous four years.