The exchange rate on a BOA Safe Send transfer to Mexico this morning is 13.20 pesos/dollar. $1,500 US nets 19,800 pesos.Hook - 10-10-2008 at 07:37 AM
Bill, I can see how Safe Send could be valuable for sending money to persons in Mexico who do not have a relationship with a bank down there.
But with the monthly and daily limits imposed on this program, we find simple ATM withdrawals at a Santander to be the best way to go.
Do you use Safe Send on a regular basis or are you offering this as an indication of the exchange rate? Or are there no Santander branches in Loreto?Bob and Susan - 10-10-2008 at 07:41 AM
whats the fee for sending money "safe send"bill erhardt - 10-10-2008 at 07:57 AM
Hook...... Yes, I do use Safe Send on a regular basis. Occasionally I will butt up against the $3,000 per month limit and then will use an ATM
machine. Both Visa and the banks in Loreto charge a fee for debit card withdrawals.
B&S...... There is no fee for a BOA Safe Send transfer.patsydiamo - 10-10-2008 at 08:01 AM
...unfortunately, I believe there is a fee at the recipient's end on the "safe-send....and the percentage is quite high if i remember correctly. I
went back to wiring money to bank accounts because so much more of the money made it to the person i was sending it to!bill erhardt - 10-10-2008 at 08:17 AM
patsy...... There is no fee on a Safe Send transfer for either the sender or the recipient. I have money sent to myself by a telephone call to BOA.
BOA gives me the exchange rate and the number of pesos I will receive. I get precisely what is sent. At the 13.2 rate this morning $1500 US yields
19,800 pesos. Do the math. Telecom deducts nothing for their services.Bajaboy - 10-10-2008 at 08:49 AM
I can vouch for Bill...we use Safesend and love it. I'll call up the 800 number and the money will be available in about two hours. The exchange
rate is usually a bit below the market rate and I believe this is how they make money. But, any difference in rate is more than compensated with
convenience.
Zacpatsydiamo - 10-10-2008 at 02:36 PM
Oh, well maybe it is the exchange rate--the person i sent it to said she thought she lost about $25 out of $600 sent in the transaction. Ill check
next time i do it...toneart - 10-10-2008 at 03:01 PM
B of A SafeSend does not charge a fee to the customer. The agency on the other end, (the telegraph office in Mulege), probably gets some kind of fee
by contract from B of A. That is just my speculation. I am not sure how the agency on the Mexico end is compensated.
The program was set up so that Mexican Nationals, legal or otherwise, who are in the USA would open an account. If you think about it, that represents
quite a lot of money in deposits. It is a safe way to then send remittance money back to relatives in Mexico.
Anybody can use the service. Something you need to know: in order to set it up you have to do it in a branch in the USA. You cannot set it up from
Mexico.Hook - 10-10-2008 at 03:10 PM
Not ANYONE can use the service, in terms of sending money. You must have a personal checking account with B of A.
But they are very clear that there are no fees on either end.
