Net Salary vs. Gross Salary: Differences and How to Calculate Them
In this post, we'll teach you how to convert your gross salary to net salary in Mexico so you know how much you really earn from your work.
Collaborating with clients, companies, or managing workers across the globe is typical when you're a freelancer. However, one of the most common challenges is managing international payments efficiently.
Therefore, this post aims to show you how to conduct an international transfer and provide you with the best strategies and tips for sending money to the United States.
A bank transfer from the United States to Mexico is quite common, whether you reside in the USA and send money to your family or have clients paying you from that country. But what if you need to send money from Mexico to the U.S.?
Here’s how you can make an international transfer safely:
There are several ways to send money abroad, such as:
Bank transfers through traditional banks with international options.
Online platforms.
Money transfer service companies.
Cryptocurrencies.
These are the most common methods, but you should evaluate each to determine which is best for you.
Regardless of the chosen method, it's crucial to have all the essential details on hand, such as:
Recipient's Information. Full name, address, and possibly their identification number.
Banking Details. Recipient’s bank name, account number, ABA or IBAN code, and SWIFT/BIC code.
Amount. The amount to be sent in dollars.
Ensure you know the exchange rates and applicable fees.
For instance, if you choose an international transfer via BBVA, the steps would include:
Accessing the BBVA app.
Clicking on “More” and then the three dots at the top.
Selecting “International Transfer.”
After reading the screen, clicking on “Understood.”
Choosing the destination account if it’s in your contacts or clicking on “New” to add it.
Following the instructions and waiting for the reception confirmation.
The requirements may vary if it’s for receiving an international transfer.
If you prefer using an online platform to transfer money to the U.S., DolarApp is your answer. This is one of your best options if you are looking for ease, security, and competitive rates.
Here are the steps:
1. Log in and look for send. Once you have the app on your device, log in, find "Send" at the bottom, click it, then tap on "Bank Transfer." Make sure you have previously enabled this feature to add a U.S. bank account number.
2. Add the Beneficiary. To send money, you need to add a new recipient. Enter the recipient’s first and last name, along with the routing number and bank account number.
3. Enter and Confirm the Amount. Input the amount you want to send and review all transaction details before confirming. You'll see that the service cost is $3 USD.
These are just three steps to follow to transfer money to the United States with complete peace of mind using DolarApp. Additionally, you can do it from a peso account linked to the app at the best exchange rate.
Generally, transferring money to another country takes up to 5 business days. However, this varies by method.
For example, if it’s an international bank transfer (SWIFT), it takes between 1 and 5 business days, as do systems like DolarApp and other electronic platforms.
With companies like Western Union, the transfers can take up to 2 business days, depending on the selected shipping option, though it is usually more expensive.
Tracking this type of transaction is a key process to ensure that the money reaches the correct destination. Most services will provide a reference number, link, or code to view the transfer status and track the operation.
In apps like DolarApp, you can find the transaction in the history and see its current status.
However, if it's an international transfer with BBVA, you'll need to use the Electronic Interbank Payments System (SPEI) from the Bank of Mexico, which allows you to efficiently perform these types of electronic transactions.
And of course, don't forget to inform the recipient to be alert and confirm the receipt of the money.
Whether you need to send remittances to your loved ones or pay employees in the USA, you can do so securely. For this, we suggest you consider the following:
Ensure all recipient information is correct.
Double-check the information to avoid errors that could delay the process or cause money losses.
Choose bank transfers, remittance companies, and electronic payments with good reviews to ensure your money's security.
Read the terms and conditions of the selected service.
Compare fees and exchange rates for each method.
Do not share your financial and personal information with third parties.
Track conducted transactions.
Make transfers using private and secure networks to protect your personal and financial data. Avoid public Wi-Fi networks.
Keep all emails, receipts, and communications associated with the transfer.
Maintain constant contact with the beneficiary in the U.S. about the transfer details, the amount sent, and the amount to be received, as well as the approximate operation time.
If the service offers two-step authentication, use it to add an extra layer of security.
Moreover, the Mexican government recommends verifying that the Fintech company is registered with the CNBV before sending money.
Also, the Federal Consumer Protection Agency (Profeco) can provide advice, whether you are the sender or the receiver of the money transfer.
Scams are very common nowadays, especially in electronic operations. Some tips to protect yourself from them include:
Do not send money to strangers, no matter the reason.
Verify the authenticity of the beneficiary, whether it is a person, company, or reliable entity.
Avoid clicking on links or emails that look suspicious. Do not respond to emails that request your financial information.
Be wary of supposed government employees. These agencies, no matter how reputable, never request payments in this manner.
Do not transfer money to people who pressure you to pay immediately.
Do not make payments over the phone. It is illegal for sellers to try to make you pay through money transfers.
Stay alert to actions or dubious proposals, such as the promise of making money in a very short time.
Try to recognize these and other scams and take the necessary measures to avoid falling for them.
Sending money to the United States doesn't have to be complicated or too expensive. There are many ways to carry out secure transfers without paying too high fees.
But keep in mind that every step can make a significant difference in the efficiency of the process. From selecting reliable services like DolarApp, carefully verifying the recipient's information to staying alert against possible scams, always research the pros and cons to ensure the security of your finances. This way, you can focus solely on your work and your clients.
The world has borders. Your finances don’t have to.
In this post, we'll teach you how to convert your gross salary to net salary in Mexico so you know how much you really earn from your work.
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