Why is it so Popular to Send Money to Elektra and Banco Azteca in Mexico?

How to Send Money to Elektra and Banco Azteca in Mexico

One of the most popular places for picking up remittances in Mexico is Elektra and Banco Azteca.

Elektra is a famous, Mexican-based chain of retail stores founded in 1950; it already had a reputation for serving the needs of low-income communities before it began offering money transfer services in 1993. Today, according to Grupo Elektra itself, it pays out a “substantial” portion of the $30-40 billion USD sent to Mexico from the US each year.

In 2002, Grupo Elektra added a banking unit: Banco Azteca. Banco Azteca offers a wide-range of traditional banking services, including checking accounts and credit cards. If your loved one in Mexico does not have a bank account—63% of Mexicans do not—but is familiar with Elektra stores, you may be able to encourage them to open an account at Banco Azteca.

Because of its reputation and name recognition, sending money to Elektra and Banco Azteca in Mexico—choosing an Elektra store as your pick up location—has advantages that are part of why it is such a popular money transfer location.

5 Advantages of Sending Money to Elektra and Banco Azteca in Mexico

1

There are 1,800 Pick Up Locations

There are 1,800 Elektra stores throughout Mexico, making it easier to find a location convenient for your recipient.

2

Open 365 Days

All Elektra locations are open from 9am – 9pm, 365 days a year.

3

Simple Pick Up

All your recipient needs to get the money is their ID (IFE/INE or passport) and the transaction number.

4

Theft Insurance Up to 4 Hours

Elektra offers free theft insurance up to 6,000 MXP for four hours after pick up.

5

Bank accounts and direct deposit available

If your recipient has a bank account with Banco Azteca, you can send your money directly to their bank account.

How to Send Money to Elektra and Banco Azteca in Mexico

You can send money safely and quickly to Elektra and Banco Azteca in Mexico through a trusted money transfer service like Sigue

Sigue offers three ways to send money to Elektra and Banco Azteca:
You can send between $20 – $2,999 USD per day to thousands of locations in Mexico, including all 1,800 Elektra and Banco Azteca stores.

Your privacy and security are paramount; Sigue uses encryption technology to ensure both your information and your loved one’s remains safe and private.

You need to send money to your loved ones in Mexico, but how—and where—will they receive it?

If your loved one has a bank account, you can deposit money into their account via a direct deposit. This is the safest and easiest option for both parties. (You should have a bank account, too!) You can send money via direct deposit through a money transfer service or app, and your recipient doesn’t need to leave the comfort of their own home to receive it.

What if my loved one doesn’t have a bank account in Mexico?

If your loved one doesn’t have a bank account—63% of Mexicans do not—you will likely need to send money to a money transfer location where your recipient can pick up the cash in person.
There are several factors to consider when choosing a cash pick up location in Mexico:
Assessable location — Can your recipient easily get to the pick up location?
Convenience — When is the pick up location open for business?
Safety — Will it be safe for your recipient to pick up cash at that location? To take the cash home?
Documentation — What will your recipient need to bring with them (ID or other documents) to pick up the cash?

What about sending money to Elektra and Banco Azteca in Mexico?

If you’ve just moved to the United States to live, work or study, one of the first things you should do is open a U.S. bank account. 

Yes, immigrants, foreign nationals, those on a work visas, and even undocumented immigrants can open a bank account in the U.S.

5 Reasons Immigrants Should Open a Bank Account in the U.S.

There are many reasons immigrants to the U.S. should have a U.S. bank account. Five of the biggest reasons are:

  1. It keeps your money safe from theft or loss. All U.S. banks are insured by the FDIC, meaning they cannot lose your money if they close or go bankrupt. U.S. banks will also typically work with you to replace money lost by online or electronic theft.
  2. It provides documentation of your time in the U.S, including receipts for utilities, rent, and tax payments. It can help establish your physical presence in the country as well.
  3. It helps you establish a financial life in the U.S., a first step in applying for credit and loans.
  4. It helps you better manage your money: you can pay bills via automatic payments, so that your payments are never late; you can set up a savings account; you can use the record of your spending to plan a monthly budget.
  5. It makes it easier to send money to loved ones anywhere in the world.
For step by step instructions on how to open your first U.S. bank account, see our guide for immigrants and foreigners on How to Open a Bank Account in the U.S. in 5 Steps.

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