There are plenty of ways to transfer money to a foreign bank account, but many of them are expensive, inconvenient, or unintuitive. Sure, there are wire transfers, but they usually require you to fill out some nonsensical and exhausting form before they transfer your money for $35. Paypal is a lot easier to use, but the fees involved are not ideal for long–term use or scheduled transfers.
The no-brainer solution after unpacking all the options is a three-prong solution. Obviously, you retain a personal checking account from your country of origin, but it makes all the sense in the world to set up a checking account in the foreign country you plan to stay in long term.
Regardless of long or short-term stays in a foreign country, TransferWise is the best tool for world travelers.
Notable functions and features of Wise.com:
- Great for business owners who need a low-cost payment method for international subcontractors
- Instant transfers to a foreign account if the money is stashed in Wise.com. Otherwise, the transfer could take six days if it’s ACH debited from one location to another. Not the best feature if you are trying to perform a large sale of something like a car, but nevertheless, the money will eventually get there. However, it’s best to stash the money first in Wise.
- Setup of a low-cost recurring scheduled transfer between a foreign and domestic account or vice versa
How to connect your checking account to Wise
Thankfully, you don’t need to go to the bank to transfer money to a foreign bank account from Wise. As long as you have access to your checking account with a mobile app or on their website, you have everything you need.
First, establish the checking account for performing cash withdrawals. You would add your US checking account if the source of your income is from the states.
- Log into Wise – make sure you use their desktop site to do this.
- Go to your profile picture and click on it, then click Settings.
- Select the currency that your checking account uses.
- Fill in the details of your checking account/bank.
- Click Confirm.
How to set up the recipient checking account in Wise
You can use your CLABE once you have set up a Mexican checking account. A similar setup applies for whatever country you are sending money to.
How to set up a Wise Schedule to transfer money to a foreign bank account
- Select “send money” from the Wise.com dashboard after you have set up the “connected account” and the “recipient”.
- Select the “schedule transfers” button if you wish to have payment on repeat.
NOTE: You can reduce the amount of fees for recurring transfers to the foreign account if you limit the frequency of when you transfer money to a foreign bank account with Wise.
Bonus Resources for Foreigners in Mexico
Got other questions about living abroad in Mexico? Check out these articles below:
The Best Way to Transfer Money to a Foreign Bank Account Summary
Receiving and sending payments internationally comes with a lot of considerations, but the most important ones are how long it takes to transfer funds as well as how much it costs. With recurring payments, the price of doing transfers can add up quickly. After reading this step-by-step guide, you should now be able to transfer money between foreign accounts with a certain amount of ease. If you need assistance or have further questions, don’t hesitate to contact us!