How to send money to the USA? This is not the most common question. Doubts usually appear ‘upside down’. One of them is how to transfer from the United States to any other nation?
Remittances destined for the American Union are more frequent than many might think. The reasons are varied. The same as the options to fulfill this task. Each with its advantages and disadvantages.
American immigrants?
It is not common to talk about American immigrants. At least in Latin America, this seems to be an atypical phenomenon. But it is not.
There are many people born in the United States who decide to settle below the border line that marks the Rio Grande. Work or retirement plans are the most frequent reasons. Mexico, with more than a million and a half immigrants from its neighbor to the north, are top in the list. Brazil and Costa Rica complete the top three.
These are people who must eventually send remittances to their families. They also do it to protect their savings from the volatility that Latin American currencies sometimes show.
Immigrate to the USA, send the money first
This is another reason that leads to the question: how to send money to the USA? People who decide to emigrate to the country of the stars and stripes and seek to leave with backing capital. When the amounts are not very high, traveling with cash is the first option. But when it comes to figures with five digits or more, other ways must be found.
If you have trusted family or friends who can receive the money in their bank accounts, moving the money is not a hassle. The same if the migrant has their own financial instruments in a US institution.
It’s not that simple when none of the above options are available. To open an account in a US bank, the applicant must be physically in the country.
Traditional remittance companies have important limitations. The money must be sent to someone with a postal address and must be withdrawn within generally no more than 72 hours.
How to send money to the USA from Latin America? Some options
In recent years, Paypal has become one of the most popular ways. Although the exchange rate used by the platform and the commissions it generates in each operation often raise voices of protest, its ease of use and accessibility has just convinced many of those who wonder how to send money to the USA.
Wise is another digital option. In addition to usability, their rates are more competitive. Although its international presence is more limited.
Remittance companies such as Western Union or MoneyGram are also very well positioned. They operate in almost the entire region, they have extensive networks of offices and allies. In the same way, they offer solutions through the web and mobile applications, so it is not always necessary to go to a branch to carry out the operation.
Depending on the rush, the amount corresponding to the intermediation in sending the money will vary. Similarly, each company has a limit on the amount that can be sent weekly and monthly.
Bank transfers
Most US banks receive wire transfers from foreign financial institutions. This is the option available when amounts are high.
Transfers typically take three to five days to complete. As mentioned above, a number of requirements must be met. Name, identification number and postal address of the recipient. The sender must demonstrate that the funds have a legitimate origin.
