Sending money to my parents!

October 20, 2011 12:59 PM

How can I send money to my parents in the cheap (and easy?)

I currently use Wells Fargo's ExpressSend, but due to the recent OWS stuff, I want to close my accounts with them and move my money elsewhere. However, I use ExpressSend at least once a month to send my parents money. They live in Tijuana, Mexico.
It's cheap and easy to use, but it's Wells Fargo. Everywhere I've looked I've seen prices of ~$30 per transaction. Are there any places I have overlooked? Please note I don't want to open another account with a big bank. Thanks!

posted by cobain_angel to Work & Money (15 answers total)

How much money do you want to send to them? Can you do it using PayPal somehow? (Do they have access to American banks/bank accounts that can get them actual cash if you send something electronically?)
posted by Madamina at 1:04 PM on October 20, 2011

Is there any way to open a joint checking account with some bank with branches where both of you live? You can simply transfer money into the account for them to withdraw.
posted by curious nu at 1:09 PM on October 20, 2011

Best answer: I checked out the websites of a few credit unions in the state where you say you live, and it seems like wire transfers are a relatively regular service they provide. I'd call up the local credit union (one by your work or your house, preferably) and ask them how much it costs to wire money to Mexico.
posted by carsonb at 1:16 PM on October 20, 2011 [2 favorites]

My credit union, BECU in Washington State, offers international wire transfers for $15 (compare that to $45 at BoA).
posted by halogen at 1:17 PM on October 20, 2011 [1 favorite]

Wire transfers are easy. Seconding going to a credit union, opening up an account and inquiring about their wire service. Very easy and usually really cheap.
posted by handbanana at 1:25 PM on October 20, 2011

Best answer: I haven't used it but Xoom seems to be pretty popular and seems to charge a flat $5 for transferring up to $2,999.00 to Mexico.
posted by ghharr at 1:29 PM on October 20, 2011

Looks like Western Union has various options ranging from $8-22 depending on the type of service. Moneygram looks like $10-20.
posted by mullacc at 1:31 PM on October 20, 2011

I opened a second checking account with my bank in my name, intended for my mother overseas. She uses the ATM card for that account to withdraw money any time she needs it. There's a small fee for the withdrawals, but it's certainly cheaper than any of the wire transfer places charge, and my mother gets the money immediately.
posted by Dragonness at 1:45 PM on October 20, 2011

I should have explained: a second checking account with the same bank means I can transfer money into it online instantly from my main account.
posted by Dragonness at 1:57 PM on October 20, 2011

I use Moneygram to send money overseas pretty much monthly. I find it pretty much flawless. Here, I have to go to a shop to pay the funds in with cash, but in the US you can do it online with a debit or credit card. My recipient picks it up in cash on the other side in his local currency moments later. I'm not sure how we found this particular solution but it works very well for both sides.
posted by DarlingBri at 2:02 PM on October 20, 2011

I started using XE trade recently. They have good currency exchange rates and there is no fees if you use a bank-draft, i.e., your mom will receive a paper-check in the local currency and she will need to go to the local bank to deposit/cash it.
posted by jchaw at 6:13 PM on October 20, 2011

Response by poster: Wow, tons of ideas! I'll go down to my local credit union and check with them. Someone had told me that CUs are pricy when it comes to sending money, but I'll give it a try. Thank you!
posted by cobain_angel at 6:34 PM on October 20, 2011

Response by poster: Also, the amount of money I send is usually less than $500.
posted by cobain_angel at 6:34 PM on October 20, 2011

Is mailing a cheque out if the question? I guess it's a question of timeliness? Or security?
posted by TangoCharlie at 10:03 PM on October 20, 2011

Response by poster: I called my credit union and their fees are $12 at the minimum vs Wells Fargo's $6. I'll keep looking! I'm mostly concerned with timeliness.
posted by cobain_angel at 9:30 AM on October 22, 2011