Today, sending money to other countries has become a basic need for millions of immigrants living in the United States.

According to the IDFR ( International Day of Family Remittances) campaign in 2025, over the last decade, immigrants sent around 5 trillion dollars in remittances to their countries of origin, which are essential for food, housing, health, and other basic expenses.

To meet this need, there are applications such as Xoom, a PayPal service for transferring money using various payment methods and in a secure manner.

In this guide, we will review how to send money with Xoom step by step, its main features, and some alternatives to connect with your family outside the U.S.

What is Xoom, and is it safe to send money with this service?

Xoom is a digital transfer network owned by PayPal that operates entirely online and offers different sending options to facilitate transactions.

It has become one of the most popular options for making international digital money transfers, due to the backing provided by PayPal, which gives users a sense of security.

In addition to PayPal’s backing, Xoom has high security standards for transferring money, such as SSL encryption and the VeriSign seal.

Additionally, its services are available to send money from the United States to more than 70 countries, including Mexico, Guatemala, Honduras, Peru, among others.

7 detailed steps to send money with Xoom

To send money through Xoom, just follow the steps below.

Access Xoom (web or mobile application) and sign in or register

You can choose to log in via the website www.xoom.com or the mobile application. Once there, sign in or open an account with your email address. You can also use your PayPal account to access.

Select the destination country and the amount to send

Choose the country to which you want to send the transfer. Then you will see the sending options available for the selected destination.

Choose the sending method

Xoom offers the following payment methods:

• Bank deposit
• Cash pickup at physical locations, such as Oxxo or Elektra
• Mobile top-up
• Bill payment
• Cash delivery

Provide the recipient’s details

The information you must enter is:

• Full name, as it appears on their official ID
• Address
• Phone number
• Bank account (if applicable, depending on the sending method)

Select your payment method

Next, enter the amount you want to send and select the payment method, among which are:

• Linked bank account
• Debit card or credit card
• Available balance in your PayPal account

Review and confirm the transaction

Before confirming the transfer, Xoom will display the details so you can verify they are correct, along with the amount corresponding to fees, as well as the exchange rate used for the currency conversion.

Track your transfer with the tracking number

Obtain a tracking number and check the status of your transfer directly in Xoom’s application or website.

Key aspects to consider when using Xoom

Although Xoom is a popular alternative for making fast and secure transfers, it is important to consider several aspects before choosing this option.

Sending fees

Xoom’s sending fees are not fixed; they depend on the destination country, the amount to send, and the payment method.

Generally, the most expensive method is with a credit card and the least expensive is through an  account.

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Exchange rate

The exchange rate can be another drawback because, in addition to being calculated directly on Xoom’s platform, it varies depending on the selected transfer method.

Sending limits

Xoom imposes sending limits that depend on each account’s verification level. For unverified users residing in the U.S., the daily limit is $2,999 USD. By contrast, verified users can send up to $10,000 or $50,000 USD per day, depending on their verification level.

Receiving options

Xoom has different receiving options, but they may vary depending on the destination country.

In general, it is possible to send money for cash pickup at different payout locations, by bank deposit, top-up, or bill payment.

Security and reliability

Xoom is backed by PayPal, in addition to SSL/TLS encryption to protect your financial information and anti-fraud monitoring to ensure your money reaches its destination.

Delivery times

Generally, money transfers via debit card and cash are reflected within minutes. However, other sending methods, such as bank deposit, can take from 1 business day.

The total time will appear before you confirm your transaction in Xoom’s application or on its website.

Accessibility

Xoom is also available in Spanish and, overall, is easy for migrants in the United States to use.

Modern alternatives to sending money with Xoom: Why is Común a smart choice?

Sending money outside the U.S. is essential, as is having efficient international transfer services such as Xoom. However, there are also more innovative options that offer you greater advantages and lower costs so that your family and friends receive much more.

Común is an innovative and comprehensive financial service that meets the financial needs of users living in the United States, especially immigrants. Unlike Xoom, Común has a specialized focus and transparent fees.

With Común:

• Open your account with an official ID from your country; more than 100 identifications are accepted.
• After your first free transfer, pay a fee starting at $2.99 USD per transfer, up to the applicable limits.
• Access customer service in Spanish and English, available 24/7.
• Get a Visa debit card to make purchases at physical merchants.
• Manage your finances from Común’s mobile platform, where you can sync your external bank account and manage your finances from the Común platform.

Still unsure which option is most convenient for sending money? Discover Común and get to know the easy and safe side of finance.

Frequently asked questions

If you want to learn more, see our FAQ section

How do I send money from Mexico to the United States using Xoom?

It is not possible to send money from Mexico through Xoom, since it only allows transfers from the United States, Canada, and other European countries.

How long does it take for money to arrive via Xoom?

Depending on the sending method, it ranges from minutes to up to 3 business days.

Is it safe to use Común to send money to Latin America?

Yes, Común has the necessary security measures in place to keep your money and personal data safe.

Can I use Común even if I don’t have a PayPal account?

Yes, Común is an independent platform from PayPal, and you can open an account with official ID from your country.

Can I make cash deposits if I don’t have a bank account in the U.S.?

Yes, Común allows you to deposit cash at numerous locations near you.

In this article, we'll walk you through the advantages and requirements of having a debit account in the United States. It's worth noting that the world's financial center is New York, home to the most important payment hubs where the world's top-ranked financial institutions are connected. That's why having an account in the United States is essential if you do business globally.

Why Having a Debit Account in the United States Matters

Here are the advantages of having a debit account in the United States and what it means to have one — among the most notable benefits:

Cost: The cost to open an account in the U.S. is actually minimal, largely thanks to the digital account types available today. This gives you the ability to handle financial transactions smoothly with the people you want to do business with.

Requirements: Requirements are usually basic, as long as you're of legal age and have some form of address documentation. If you're a foreigner, it's possible to open an account in the United States without a long list of requirements or needing to be physically present.

Control: You can track fees, deductions, and payments made through the platform — for that, we recommend reading: How to Manage My Money in a Debit Account.

Ideal for Freelancers: If you do remote work, global companies typically require an account on some payment platform. For that, you'll need a U.S.-based account. That's why it's worth opening one, so you can meet the requirements of that payment platform.

Security: You get the security that comes with U.S. regulation. On top of that, funds are protected by the Federal Deposit Insurance Corporation (FDIC).

Options: There's a wide variety of ways to get a U.S. account, and among the main options is starting with a debit account, which offers alternatives for people who want an account without being a U.S. resident.

General Requirements to Open an Account in the United States

The requirements listed here are for opening a general account — keep in mind that requirements vary by account type. Among the requirements U.S. financial institutions typically ask for:

ID document: Issued by your country of residence's government (passport, national ID, or identity card depending on your country of origin).

Proof of residence: A current utility bill showing your physical address. It must include a zip code.

Email address: So the confirmation email can be sent this way if you open the account through a platform or app.

Mobile device: To authenticate transactions made through the bank's platform.

If you want to open an account in the United States, there are several options and account types available. Just choose the one that fits your needs, requirements, and that you can comfortably and securely meet the requirements for.

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How to apply for a credit card as an immigrant in the U.S. in 2026

Applying for a credit card in the United States as an immigrant is possible, even if you don't have a Social Security number (SSN) or established credit history. This guide provides general information about the process and shares helpful tips.

What do you need to apply for a credit card in the U.S.?

Applying for a credit card in the U.S. is generally a straightforward process. Issuers typically request documentation for identity verification and risk assessment purposes. Requirements may vary by issuer, but you can generally expect the following:

Identification

• Full legal name
• Date of birth (must be 18+)
• U.S. address (some institutions may accept applicants with a U.S. mailing address)
• Government-issued ID (for example, passport or driver's license)

Tax ID number

You'll typically need one of the following: SSN or ITIN (Individual Taxpayer Identification Number) issued by the IRS. It's important to note that not all credit card issuers accept ITINs. However, some financial institutions and fintech providers may offer alternatives.

Income information

• Annual income (employment, self-employment, or other sources)
• Employer name (may be requested)

Credit history

• Credit score (for example, FICO) may be reviewed
• Existing loans, credit cards, and payment history

Contact information

• Phone number and email address

Can I apply for a credit card without a Social Security number?

Yes. Some credit card issuers accept an ITIN instead of a Social Security Number. You can apply for an ITIN by submitting Form W-7 to the IRS.

It is recommended to look for service providers whose requirements match your current needs and documentation. For example, you may be able to open an account with Común using more than 100 valid Latin American IDs, which can be a helpful first step before applying for a credit card.

Step by step: How to apply for your first credit card

Step 1: Open a bank account in the U.S.

Before applying for credit, while not always required, it is generally recommended to open a debit account in the U.S. Having one may improve your chances of approval and help simplify the process. It can also help demonstrate income activity and provide a way to make payments on your credit account.

Look for service providers whose requirements align with your current documentation status. For example, some traditional banks may accept an ITIN to open a debit account. Others, such as Común, offer the ability to open a debit account online with more than 100 valid Latin American IDs. Visit comun.app to learn more.

Step 2: Build a basic financial history

To begin establishing a financial footprint in the U.S., it is often suggested to use a debit account consistently. This may include receiving direct deposits and maintaining regular account activity. While this does not create a credit history on its own, it may help establish a relationship with financial institutions and may support access to credit-building products.

Step 3: Choose the correct card type

Secured credit cards:

These cards typically require a refundable deposit, for example, $200. The deposit usually becomes your credit limit. This structure helps reduce risk for the issuer and may make approval more accessible.

Credit cards for individuals with limited or no credit history:

These credit cards are designed for individuals without an established credit history. They may not require a deposit but can have stricter approval criteria. Some issuers may offer products that accept an ITIN.

Step 4: Submit your application

To submit your application, depending on the issuer you may apply online or at a bank branch. You will typically be required to provide personal details, such as your name, address, date of birth, an SSN or ITIN and your income information.

It is generally recommended to avoid submitting multiple applications in a short period of time, as each application may result in a 'hard inquiry' which can temporarily impact your credit score.

Differences between a credit card and a debit card

Debit card:

• Uses your own money (that you deposit or transfer)
• Does not involve borrowing money
• Can help manage daily spending and receive deposits
• Does not typically build credit history on its own
• May serve as a practical and accessible first step into the U.S. financial system

Credit card:

• Uses borrowed money from a bank
• Requires repayment (ideally in full each month)
• Activity may be reported to credit bureaus
• Can help build your credit history and score over time

Tips to help reduce the likelihood of application rejection

• If possible, avoid applying for multiple credit cards at the same time
• You could consider starting with a secured card if you don't have a credit history
• It is recommended to have an active debit account before applying
• Verify that your information matches across all documents
• Try to keep your expectations realistic about your first credit limit — approval matters more than the amount

Frequently asked questions about applying for a credit card as an immigrant

How long does it take to build credit?

You may generate your first credit score within approximately 3 to 6 months after opening a credit account.

Can I apply for a credit card without documentation?

In most cases, to apply for a credit card you'll need some form of identification, such as a passport, and an ITIN. Some institutions offer options for individuals without an SSN, but applications without any documentation are generally not accepted.

What is a credit score?

A credit score is a number that reflects how you manage credit, based on your payment history and use of borrowed money.

Can I be denied a credit card because I'm an immigrant?

No. Lenders generally don't deny applications based on immigration status alone. However, an application may not be approved if you don't have a credit history, sufficient income, or the required identification requested by the issuer.

Does my credit history from another country count in the U.S.?

In most cases, no. Most U.S. lenders don't have access to international credit data, so you'll need to start building credit history in the U.S.

In summary

Starting somewhere can make the process feel more manageable. For many people, building credit in the U.S. begins with something simple such as opening a debit account. Común offers a debit account that can be opened with more than 100 valid Latin American IDs, with an app available in Spanish. Visit comun.app to learn more.

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Money transfer scams in 2026: how to identify and avoid them

Money transfer scams continue to affect thousands of families across the United States, especially immigrant communities that regularly send money to loved ones abroad. In recent years, scammers have become more sophisticated, using fake banking apps, social media impersonation, AI-generated voices, and emotional manipulation to steal money and personal information.

According to recent data from the Federal Trade Commission (FTC), consumers reported losing $15.9 billion to fraud in 2025, with impersonation scams remaining the most commonly reported types of fraud.

For Latino immigrants in the U.S., these scams can feel especially stressful because they often involve urgent family situations, language barriers, or financial pressure.

What are money transfer scams?

Money transfer scams are fraudulent schemes designed to convince someone to send money or share sensitive financial information. These scams may happen through phone calls, text messages, WhatsApp, social media, fake banking apps, email phishing, or online marketplaces.

Most common scams in 2026

Bank impersonation scams:

Scammers pretend to be your bank, sending messages that look official asking if you authorized a transaction. They then call claiming to represent the bank and instruct you to transfer funds to 'reverse' fraud.

Government impersonation scams:

Someone claims to be from the IRS, Social Security, or immigration and threatens consequences if you don't pay immediately.

Marketplace scams:

Scammers on platforms like Facebook Marketplace request payment through transfers. After funds are sent, the item may never arrive.

Overpayment scams:

A scammer claims to have 'accidentally' sent money and asks for it back. Their original payment may later be reversed or prove fraudulent.

Romance/friendship scams:

Someone develops an online relationship and then asks for money for an 'emergency'.

AI-generated voice scams:

In 2026, scammers use AI to clone family members' voices and create false urgency by claiming to be in an emergency.

Red flags: how to recognize a scam

• They ask you to send money immediately or you'll 'lose' something
• They pressure you to keep the transaction secret
• The offer seems too good to be true
• They ask you to pay with hard-to-trace methods (gift cards, wire transfers, crypto)
• The phone number or email doesn't match the official one
• They unexpectedly ask you to confirm personal information

What to do if you were scammed

• Contact your financial institution immediately
• Report to the FTC at reportfraud.ftc.gov
• Save all evidence: screenshots, messages, phone numbers
• Change passwords and enable two-factor authentication

How Común protects your money

Común uses encryption and identity verification to protect transactions. If you receive a suspicious message claiming to be from Común, contact official support directly through the app or at ayuda@comun.app. Común will never ask for your password or verification code via text message.

FAQ

How do I know if a call is really from my bank?

Hang up and call the official number on the back of your card or the bank's official website. Legitimate banks will never ask you to transfer money to 'protect it'.

Can I get my money back if I was scammed?

It depends on the transfer method and how quickly you report. P2P transfers and wire transfers are difficult to reverse. Report immediately to your financial institution.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC.

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What is the best health insurance in the United States?

Having health coverage is essential to ensure you receive care when you need it. It’s also a way to invest in your future by preventing large out-of-pocket expenses from costly procedures.

There are many health insurance options in the U.S., so there isn’t a single “best” plan—what’s best depends on your needs and budget.

Although access to healthcare is a basic need, enrolling in a plan can be confusing for immigrant communities.

Below you’ll find a comparison of the main health insurance options in the U.S., key evaluation criteria, and answers to frequent questions—so you can choose the best option to protect you and your family.

Factors to consider when choosing health insurance

Before choosing a plan, carefully assess your personal and family needs, as well as benefits, medical terms, and the features of each option.

Key points to keep in mind before signing anything.

• Coverage level. 

Some plans cover only basic services, while others offer comprehensive coverage including hospitalization, specialist visits, and prescription drugs. Review your medical needs (and your family’s) to gauge the right level.

• Monthly premium cost. Coverage level affects the monthly price. Make sure the amount is sustainable for your long-term budget.

• Deductibles and copays. 

You must understand both before enrolling. The deductible is what you pay out of pocket before your plan starts paying; the copay is the fixed amount you pay each time you use a covered service.

• Provider network. 

Check that the plan includes a robust network of hospitals and clinics near your home or work, so you can access care when needed.

• Eligibility requirements. 

As an immigrant in the U.S., note that some plans require certain immigration status, state residency, and/or income qualifications.

• Additional benefits. 

Also review extras such as preventive care, mental health, wellness programs, and maternity coverage.

Remember: a low price doesn’t automatically mean the best option—it must fit your (and your family’s) specific needs.

Health insurance options in the United States

The U.S. health insurance market includes a range of public and private plans.

Here are key options you should know.

• Health insurance via the Marketplace (ACA). 

Plans under the Affordable Care Act (ACA) are offered through federal/state marketplaces. They must include essential health benefits and prescription coverage. Income-based subsidies may lower costs.

• Medicaid. 

A public program for people with low incomes; covers children, pregnant people, people with disabilities, and families. Usually no premium; some services may have small copays.

• Medicare. 

A program for people 65+ (and some with disabilities). It’s divided as follows: 

1. Part A: hospital inpatient. 
2. Part B: medical services. Part C: Medicare Advantage (private insurers) that can bundle extra benefits.

• Private plans and employer-sponsored insurance. 

Private coverage can be purchased directly or provided as an employer benefit. These plans vary in coverage levels and typically include broad provider networks.

Comparison of common health insurance options

Remember: beyond a policy, a health plan is protection for you and your family—take the time to choose well.

Here’s a comparative table of major U.S. health plan types.

Plan type

Who it serves

Approx. costs

Primary coverage

ACA Marketplace

People without employer private insurance.

Costs vary by coverage; income-based subsidies can lower premiums.

Essential benefits: hospitalization, preventive care, prescriptions, emergency care, etc.

Medicaid

People with low incomes.

Generally no premium; small copays for some services.

Broad medical and hospital coverage nationwide.

Medicare

People 65+ and certain disabilities.

• Part A: per-period deductibles. 
• Part B: monthly premium ~$185.

Hospital and medical services coverage

Employer-sponsored private insurance

Workers (and dependents) covered by employers.

Costs include premiums, deductibles, and copays—vary by plan.

Hospital, specialists, prescriptions, emergency services, etc.

Don’t forget: as an immigrant in the U.S., verify eligibility rules related to immigration status.

Manage your finances in the U.S. with Común

In this article, we covered what to consider before enrolling, the different plan types, and how to compare benefits.

There’s no single “best” plan—it depends on your personal and family needs and budget.

Beyond medical costs, immigrants need safe financial services to manage their money.

Común is the financial platform you’ve been looking for—discover the benefits!

• Checking account with clear, competitive fees.

• International money transfers at affordable costs.

• Mobile app available in Spanish that accepts 100+ official IDs for account opening.

• Debit card for everyday purchases and payments.

Open your Común account today and manage U.S. medical bills simply and transparently.

Frequently Asked Questions (FAQ)

If you still have questions, see the section below.

What is the number-one health insurer in the U.S.?

Among the top U.S. health insurers are: 

• Cigna. 
• Aetna. 
• Blue Cross Blue Shield. 
• Ambetter.
•  Anthem.

Is health insurance mandatory in the U.S.?

It isn’t required at the federal level, but some states—like California and New Jersey—mandate coverage or impose penalties.

Where can I officially compare health plans?

Official sources include: HealthCare.gov (federal Marketplace to view/compare/enroll); Finder.Healthcare.gov (to find off-Marketplace plans); Medicare.gov (compare Medicare plans by ZIP code).

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What Today's Banking Customers Want

Today's banking consumers are no longer satisfied with just basic financial transactions. They want seamless digital experiences, personalized services, and round-the-clock accessibility. With the spread of smartphones and internet connectivity, customers expect banking services to be available at their fingertips, anytime and anywhere. They also demand transparency, security, and efficiency in every interaction with their financial institutions.

Understanding and meeting these changing needs is crucial for banks to attract and retain new customers in an increasingly competitive landscape.

Better Experiences Are Essential for Deposit Growth and Customer Loyalty

In an era where switching banks is easier than ever, delivering a superior customer experience has become essential for deposit growth and maintaining customer loyalty. Banks that prioritize user-friendly interfaces, intuitive mobile apps, and responsive customer support are more likely to succeed in building solutions integrated with customer data. Beyond the transactional aspect, customers value proactive financial advice, personalized product recommendations, and tailored communication.

By investing in emerging technologies that improve customer experiences, many banks can build stronger relationships with their customers and position themselves as trusted financial organizations for the long term.

Technological and Industry Shifts

In banking, the traditional advantages that once set institutions apart are gradually eroding. With the rise of fintech startups and tech giants entering the financial services space, banks face unprecedented competition. Legacy systems and processes that used to be barriers to entry are now being disrupted by innovative technologies and agile business models.

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Banking Is Losing Its Traditional Advantages

Historically, banks held monopolies on financial services due to their physical presence, regulatory barriers, and established customer trust. However, the arrival of digital banking and the spread of online-only banks have challenged this status quo. Traditional advantages like branch networks and long-standing reputations are no longer as significant in a digital era where convenience and efficiency come first.

Technological Advances Shaping the Banking Industry

Technological advances are driving profound change in the banking industry, redefining how financial services are delivered and consumed. From artificial intelligence (AI) and machine learning to blockchain and cloud computing, banks are leveraging cutting-edge technologies to streamline operations, improve security, and improve customer experiences.

AI and Data Advances Accelerating Transformation Possibilities

AI and data analytics are revolutionizing banking by letting institutions gain deeper insight into customer behavior, automate repetitive tasks, and personalize offers at scale. Chatbots powered by natural language processing (NLP) provide instant customer support, while predictive analytics algorithms help identify trends and proactively mitigate risk.

Seamless Technology and Platform Integration Is a Top Priority

Seamless technology and platform integration is essential for banks to deliver cohesive, omnichannel experiences to their customers. Whether through mobile banking apps, online banking portals, or in-branch interactions, customers expect consistent, intuitive interfaces that smoothly meet their financial needs across various touchpoints.

[Video embed — keep as-is: https://www.youtube.com/watch?v=V4FKKe5Zs2A]

Embracing Responsible AI (GenAI)

As banks adopt AI and automation, it's crucial to do so responsibly, considering ethical implications and potential biases. Responsible AI, often called GenAI, involves ensuring fairness, transparency, and accountability in AI-driven decision-making processes. By adopting ethical AI frameworks and governance principles, banks can build trust with customers and mitigate risks associated with AI deployment.

Innovations in AI and data analysis are driving transformative possibilities, while seamless technology and platform integration is now a top priority. Banks must also embrace responsible Generative AI (GenAI) to stay ahead.

Banking as a Service (BaaS)

As traditional banking models evolve, Banking as a Service (BaaS) is emerging as a key trend reshaping the financial landscape. This section explores the key aspects of BaaS, from emerging industry trends to competitive arenas and business models, offering insight into the future of banking.

Emerging Trends in the BaaS Banking Industry

• Collaboration Over Competition: Traditional banks are increasingly partnering with fintech startups and third-party providers to offer specialized financial services. This collaborative approach lets banks leverage innovative technologies and expand their service offerings without needing extensive infrastructure investment.
• API-Driven Ecosystems: Application Programming Interfaces (APIs) play a central role in BaaS, enabling seamless integration of banking services into third-party apps and platforms. Open banking initiatives around the world are driving the adoption of standardized APIs, fostering a more interconnected financial ecosystem.
• Platformization of Banking: Banking services are shifting from product-centric models to platform-centric models, where banks act as enablers of financial transactions rather than just service providers. Platforms offer a diverse range of financial products and services curated from multiple providers, giving customers greater choice and flexibility.

Competitive Arenas and Emerging Business Models in Banking

• Digital Challenger Banks: Digital-only banks, or challenger banks, are disrupting the traditional banking landscape with their agile operations, innovative products, and customer-first approach. These agile startups leverage technology to deliver superior user experiences and challenge incumbents in key market segments. Such is the case with the Común app, which offers financial services for immigrants living in the U.S.
• Embedded Finance: Embedded finance refers to integrating financial services into non-financial apps, like e-commerce platforms, ride-share apps, and social networks. By embedding banking functionality directly into everyday activities, financial transactions become seamless and frictionless for users.

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A Look at the Bigger Picture: Everyday Banking

• Mobile-First Solutions: Everyday banking is increasingly mobile-centric, with customers preferring the convenience of managing their finances on the go. Mobile banking apps offer a wide range of features, including account management, bill payments, peer-to-peer transfers, and financial insights, meeting customers' diverse needs.
• Personalization and Predictive Analytics: Banks are leveraging data analytics and AI algorithms to personalize their offerings and anticipate customer needs. By analyzing transactional data and behavioral patterns, banks can deliver personalized product recommendations, tailored financial advice, and proactive alerts, improving customer engagement and satisfaction.

Discover the Future of Banking: Embrace BaaS Innovations Today for Financial Evolution and Empowerment

• Enhanced Customer Experiences: BaaS lets banks deliver enhanced customer experiences by leveraging innovative technologies and partnerships. From frictionless onboarding experiences to personalized financial solutions, BaaS empowers customers to reach their financial goals more effectively.
• Financial Inclusion and Accessibility: BaaS has the potential to drive financial inclusion by extending banking services to underserved and unbanked populations. Through partnerships with fintechs and leveraging digital channels, banks can reach previously inaccessible markets and provide essential financial services to those who need them.
• Agility and Innovation: Embracing BaaS lets banks innovate quickly and adapt to changing market dynamics. By leveraging outside expertise and resources, banks can accelerate the development and rollout of new products and services, stay ahead of the competition, and meet changing customer expectations.

Everyday banking remains the biggest arena, and the future of banking will see financial evolution and empowerment through BaaS innovations.

Regulatory and Compliance Considerations

This section explores the imperative nature of investing in regulatory compliance, the importance of anticipating regulatory action, and the impact of regulatory developments on BaaS. It also discusses predictions for the future of BaaS in light of these regulatory considerations.

Investing in Regulatory Compliance Is Imperative

• Compliance Frameworks: Banks and BaaS providers must establish robust compliance frameworks to adhere to regulatory requirements and industry standards. This includes implementing Know Your Customer (KYC) procedures, anti-money laundering (AML) measures, and data protection protocols to safeguard customer information and mitigate financial risks.
• Risk Management: Investing in risk management practices is essential to navigate regulatory complexities and protect against potential threats. By conducting regular risk assessments and implementing risk mitigation strategies, banks can ensure regulatory compliance while maintaining operational resilience.

Anticipating Regulatory Action

• Proactive Compliance Measures: Anticipating regulatory action lets banks stay ahead of compliance requirements and mitigate regulatory risks effectively. By closely monitoring regulatory developments, engaging with regulatory authorities, and participating in industry forums, banks can proactively address emerging regulatory challenges and adapt their compliance strategies accordingly.
• Regulatory Engagement: Establishing open communication channels with regulatory authorities fosters collaboration and transparency, letting banks address regulatory concerns and seek guidance on compliance matters. By actively engaging with regulators, banks can demonstrate their commitment to regulatory compliance and build trust within the regulatory community.

Regulatory Developments Impacting BaaS

• Global Regulatory Landscape: Regulatory developments, like open banking initiatives and data protection regulations, have a significant impact on the BaaS ecosystem. Financial service providers must stay on top of regulatory changes across different jurisdictions and adapt their operations accordingly to ensure compliance with local laws and regulations.
• Compliance Challenges: Regulatory requirements related to data privacy, cybersecurity, and consumer protection pose significant challenges for BaaS providers. Meeting complex regulatory frameworks requires substantial investment in resources and expertise, demanding a proactive approach to effectively address regulatory concerns.

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Predictions for the Future of BaaS

• Regulatory Evolution: The future of BaaS is expected to be shaped by ongoing regulatory evolution, with regulators adapting existing frameworks to address emerging risks and challenges. Predictions suggest regulators will focus on improving consumer protection, promoting market competition, and fostering innovation within the BaaS ecosystem.
• Regulatory Harmonization: As the BaaS landscape continues to evolve, there's a growing need for regulatory harmonization across different jurisdictions to facilitate cross-border operations and ensure a level playing field for market participants. Predictions indicate regulators will collaborate to standardize regulatory requirements and promote interoperability within the BaaS ecosystem.
• Compliance Innovation: Innovations in regulatory technology (RegTech) are expected to play a significant role in driving compliance innovation within the BaaS industry. Predictions suggest BaaS providers will leverage RegTech solutions to automate compliance processes, improve regulatory reporting capabilities, and enhance overall regulatory efficiency.

Investing in regulatory compliance is crucial, since regulatory actions and developments significantly impact BaaS. Predicting future regulatory landscapes helps institutions stay prepared and compliant.

Conclusion

The future of banking services is marked by technological innovation, shifting customer preferences, and evolving regulations. Banking as a Service (BaaS) is reshaping the industry, offering new avenues for collaboration and innovation. Embracing BaaS today unlocks new opportunities to improve customer experiences and drive economic growth.

Regulatory compliance is crucial. Banks must invest in compliance frameworks and anticipate regulatory changes to mitigate risks effectively. Looking ahead, success in banking will depend on agility, innovation, and customer focus. By staying on top of trends, leveraging technology, and prioritizing compliance, banks can thrive in the digital era.

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Do you really know what remittances are? They are international money transfers made by people living and working abroad to family members or recipients in their home country.

For Latin American immigrants living in the United States, sending remittances is a crucial matter, as is having efficient financial services that allow them to send money to their families and friends quickly, safely, and at low cost.

According to recent sources, the flow of remittances from Mexico to the United States fell 12.4% year over year, which is attributed to recent immigration measures imposed by that country. For this reason, it is important that migrants have international money transfer services that understand their needs.

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Why Do People Send Remittances?

For the families of migrant workers in the United States, remittances represent much more than a simple transfer of money, as they often become the main support for millions of people in Latin America.

These Are the Main Reasons to Send Remittances:

Household expense support (rent, utilities, food)

This category includes basic expenses such as food, rent, utility payments, and everything related to daily costs, highlighting the importance of remittances for recipient families.

Education and study tools

Includes payment of tuition, school supplies, transportation, preschool fees, and computing tools such as laptops or desktop computers.

Health and family emergencies

If any family member requires specialized medical care, remittances play a central role in covering hospitalization, medications, treatments, and more.

Targeted savings (e.g., family home improvements)

It is also common for migrants to use remittances to build or renovate their family homes, thereby improving their quality of life.

Unexpected expenses during travel or temporary stays

Remittances may also be useful to cover unexpected travel expenses, related to unforeseen illnesses, flight cancellations, or unplanned charges.

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How Do Remittances Work and What Options Exist?

Currently, there are several remittance service options you can rely on to send money to your relatives.

Traditional banks, such as Bank of America and Wells Fargo, allow you to make remittance transfers through their digital banking services or directly at branches.

There are also specialized sending agencies, such as Western Union, one of the most widely used and longest-standing remittance services in the United States, with a global presence in more than 200 countries.

The information that traditional banks and agencies will generally require to send money includes:

• Beneficiary’s full name

• Beneficiary’s account number

• SWIFT code

• Receiving country

• Amount and currency

Finally, you can choose digital platforms, which allow you to send money through mobile apps and, in general, offer more competitive options regarding costs and delivery times.

Común is one of these platforms, integrating the fintech experience with various benefits, such as a digital account and an easy to use mobile app, that is available in Spanish. Común accepts more than 100 qualified official IDs from your country of origin to open an account and offers different options for receiving money: into a local bank account or cash pickup. With Común, send money to your relatives for clear and competitive rates, from $2.99 ​​USD and send up to applicable limits.

These Are the Characteristics of Each Available Remittance Sending Option:

Traditional Banks

Traditional banks are a safe option to send money through wire transfer. The advantage is that they are fully established institutions in the U.S. financial system.

However, they have certain limitations, such as high fees, which can reach 60 USD depending on the bank. Additionally, transfers also tend to be slower, taking up to 5 business days.

To access this service, it is necessary to open a bank account at a traditional U.S. bank, or resort to sending cash directly at a branch.

Money Sending Agencies

Specialized agencies for international money transfer, such as Western Union, are also a reliable alternative you can use.

However, fees are usually high and exchange rates less competitive, similar to traditional banks. Although delivery times tend to be shorter.

Digital Platforms

If you are looking for an option to make international bank transfers, digital platforms are a great option. In addition to more accessible opening requirements, they offer far more competitive fees compared to the two previous alternatives.

Remember that Común offers you a comprehensive digital platform to connect with your loved ones in a simple and fair way.

Costs, Timeframes, and How to Save When Sending Remittances

The cost of sending remittances depends on three main factors:

• Sending fee: this is the commission charged by the provider for offering its sending services. This amount varies depending on the method, amount, receiving country, and involvement of intermediaries. The fee may be variable or fixed. One option is to choose a service with a fixed fee, to avoid paying more than expected.

• Exchange rate: a common practice among remittance services is not using the real market exchange rate, but adding a margin that reduces the total amount to be received.

For example, if the dollar price is 18 Mexican pesos, and the remittance service offers it at 17.50, when sending 500 USD, the total amount to be received will be reduced by 250 pesos.

• Possible charges to the recipient: Some traditional banks may charge fees for receiving transfers from foreign countries, so it is important to also verify the recipient’s conditions.

Good Savings Practices for Sending Remittances

To ensure your family receives the maximum amount possible, we recommend following these tips.

Check if there are margins in the exchange rate

The ideal choice is a provider that uses the real exchange rate or as close as possible. Otherwise, your recipient will receive a significantly smaller amount.

Prefer fixed and transparent fees

Understanding sending fees can be confusing, since several services use ranges that vary according to numerous criteria. The recommended approach is to look for a provider that offers fixed fees and with no hidden costs.

Always compare the amount received (not just the fee)

Remember that, in addition to the sending fee, you must consider the exchange rate and how much the amount to be received is reduced after applying this margin.

Avoid data errors to prevent delivery delays

Check your recipient’s information and make sure it is written correctly.

Consider the sending time and holidays in both countries

In many cases, transfers may be delayed if they are made on weekends or on holidays in either country.

Use platforms with support available in Spanish to resolve questions quickly

It is important to choose a service capable of answering your questions in your language and understanding your needs as a migrant.

Get Ready to Start Sending Remittances with Común

Every month, millions of dollars are sent from the United States to Latin America, representing an emotional and financial bridge between immigrant families and their homes, for whom remittances are a primary source of income.

Before choosing a remittance service, don’t forget to check the total amount your household will receive, considering the fee, exchange rate, and possible receiving charges. We recommend choosing a financial solution with transparent costs, support available in Spanish, and you can open your account with qualifying official ID from your country of origin.

Discover Común, the comprehensive platform that offers you low fees, with fees starting from $2.99, and send up to the applicable limits, and support available in Spanish. Open your account today and connect with your loved ones, send them money transparently.

Frequently Asked Questions (FAQ)

What happens if I don’t claim a remittance?

Remittances usually have a validity period established by the provider. Once that period expires, the money is not lost but the transaction may be canceled. In such cases, the sender may reissue it or request a refund depending on the provider’s policies.

What is the difference between a remittance and a transfer?

The main difference between the two lies in their intended purpose. Remittances are money transfers with a personal motive, commonly used to send money to relatives in other countries, whereas the purpose of a bank transfer can vary, ranging from commercial to personal payments, among others.

If you need to make bank transfers in the United States, it will be useful to know what the ACH network is and understand its importance in the country’s banking system.

ACH (Automated Clearing House) is an Automated Clearing House that handles the processing of electronic transfers between U.S. accounts.

It is highly relevant for receiving direct payroll deposits, also known as ACH credits, and for processing recurring payments, due to several advantages compared to the traditional bank network, such as cost reduction and traceability of operations.

According to official sources, in 2024 the ACH payment network processed around 33.6 billion electronic payments, with a value close to $86.2 trillion, underscoring the importance of this method in the U.S. financial system.

On this occasion, we will explain in detail the advantages of this type of transaction and provide some recommendations so you can get the most out of them.

What is ACH and how does it work?

ACH or Automated Clearing House is a network that allows money to move between banks, credit unions, and other financial institutions in the United States, where the use of cash or checks is not necessary, because everything is processed electronically.

The central part of this system is NACHA (National Automated Clearing House Association), which oversees compliance with the rules and ensures transfers are carried out according to established security standards.

It is very likely that in your daily life you have already used the ACH system without noticing it. For example, for:

• Payroll deposits: every time you receive your salary in your bank account.

• Bill payments: to pay basic services such as electricity and internet automatically.

• Transfers between people: when you make an electronic transfer to a friend or to your own accounts.

Differences between ACH payments and other transfer methods

In the United States, there are different systems for moving money. In addition to the ACH network, you can rely on more traditional networks such as wire transfers and checks.

The main difference with other bank transfer systems is that ACH focuses on electronic, secure, and low-cost payments, which take longer than other options that tend to be more expensive; whereas ACH transfers are more suitable for recurring payments and direct deposits.

Below, we show you a comparative table so you can visualize the fundamental differences between ACH payments and other methods.

Benefits and some recommendations when using ACH payments

One of the main advantages of ACH payments is the security involved in using this system to transfer money. This is because it is regulated by an organization called NACHA, which verifies each transaction based on financial system regulations, thereby reducing the chances of fraud.

Despite the trust that ACH transfers provide, they also present some limitations.

These are the most common benefits and limitations of the ACH system:

Benefits

• It is the lowest-cost method of transferring money, as transactions are free or have minimal fees

• Transactions are protected by NACHA regulations, which guarantees their security

• It is a system well-suited for processing recurring payments and subscriptions

• It is easy to track operations, because all are recorded in the banking system

Limitations

• Transactions take longer to complete. Generally, they are reflected the next day or up to two business days later

• International money transfers cannot be made, only within the United States

• Some banks may set daily limits, so it is not advisable for moving large amounts of money

If you need an alternative for making recurring payments and direct deposits to a bank account within the United States, the ACH network is a popular alternative due to its security standards and accessibility. But if you are looking for other types of financial services, you can consider more comprehensive options.

At Común we make your ACH payments easier

As you can see, ACH payments are a reliable option for making and receiving money transfers, as long as they are scheduled transactions within the United States and within the limits set by banks.

It is very important to have a reliable and transparent partner to move your money and manage your personal finances in a comprehensive and efficient way.

Meet Común, the platform that integrates the ACH network for direct deposits, payments, and transfers, and uses a service that has clear and visible rates in the mobile app.

Discover everything Común offers you!

• Open your account with a qualified official ID from your country of origin—we accept more than one hundred of them!

• Get a debit card and make purchases easily

• Deposit cash at hundreds of locations near you

• Make international money transfers for a fee starting at $2.99 USD, up to the available limits

• Be part of a service that speaks your language and understands the needs of immigrants working in the United States

Don’t wait any longer—open your account at Común!

Frequently Asked Questions (FAQ)

If you have questions about what ACH is and what it is for, consult our Frequently Asked Questions section.

How long does an ACH transfer take?

Generally, ACH transfers take 1 to 2 business days. It is also possible they are completed the same day if the bank offers the same-day ACH option.

How much does it cost to send money via ACH?

ACH transfers are usually free up to the applicable limits. Some banks charge a minimal fee, around $3 USD. It is a more economical option than a wire transfer, which can cost more than $50 USD.

Is it safe to use ACH for personal payments?

Yes, ACH transfers are regulated by the NACHA system, so they are easily traceable and protected with anti-fraud security measures.

Can I use ACH if I don’t have a bank account in the U.S.?

No, to send money through the ACH system you need an account number from a U.S. bank or credit union. Otherwise, you can resort to more accessible alternatives such as Venmo, PayPal, and Común.

What is an ACH payment?

An ACH payment is a money transfer processed through the ACH system and managed by NACHA (National Automated Clearinghouse Association).

What is a wire transfer?

A wire transfer is a payment method that allows money to be moved from one bank to another electronically, both nationally and internationally.

How to renew your ITIN: step-by-step guide

Your ITIN may have expired if you have not used it on a federal tax return for three consecutive tax years. To renew it, you must submit Form W-7 to the IRS, which is the same form used to apply for a new ITIN. You do not need to wait until tax season to start the renewal process, and you can submit your renewal before filing a tax return.

When does an ITIN expire?

An ITIN (Individual Taxpayer Identification Number) is a 9-digit tax processing number issued by the IRS. It is designed specifically for individuals who need to report income and file taxes in the United States but are ineligible for a Social Security Number (SSN).

An ITIN expires when it has not been used on a federal tax return for three consecutive tax years. The IRS explains that the expiration takes effect on December 31 of the third year of non-use.

An ITIN does not expire because time has passed, but because it has not been used for federal tax filing. Once expired, the number remains the same and can usually be renewed rather than replaced. An expired ITIN does not erase previous tax filings or financial records associated with it.

How do you know if your ITIN has expired?

One sign that an ITIN may have expired is not having filed a federal tax return with that number for several years. If three consecutive tax years have passed without using the ITIN, the number may no longer be active according to current IRS rules.

The IRS may also send a notice informing you that your ITIN needs to be renewed. Receiving a renewal notice does not mean there is a problem with your record. It simply means the IRS has determined that renewal is required before the number can be used again for tax filing purposes.

Tax software may also indicate that an ITIN has expired when preparing a return. If you are unsure if your ITIN has expired, checking IRS correspondence or reviewing past tax filings can also be a way to confirm status.

What happens if your ITIN expires?

An expired ITIN can delay the processing of a federal tax return. According to the IRS, certain tax credits and benefits associated with a return may not be available until the ITIN has been renewed.

An expired ITIN does not cancel previous tax filings, change your tax history, or create a new tax identity. The IRS maintains records associated with the original number even if that number has expired due to non-use.

An expired ITIN also does not automatically affect financial accounts that were opened using that number. However, an active ITIN may be required when completing future tax-related paperwork or applying for certain financial products and services.

If your ITIN has expired, the most practical step can be to start the renewal process before filing your next federal tax return. Taking action early can help avoid delays and additional paperwork during tax season.

What do you need to renew your ITIN?

To renew an ITIN, you must complete Form W-7 and mark it as a renewal application.

You also need documentation that proves identity and foreign status. The IRS lists acceptable documents in its official instructions, which include: passport, U.S. Citizenship and Immigration Services (USCIS) photo identification, visa issued by the U.S. Department of State, U.S. driver's license, foreign driver's license, foreign military identification card, national identification card (must contain name, photograph, address, date of birth, and expiration date), among others.

If your legal name has changed since your ITIN was issued, supporting documentation such as a marriage certificate or court order may be required.

How to renew your ITIN: step by step

1. Complete Form W-7

Fill out Form W-7 and indicate that you are renewing an existing ITIN. Make sure all personal details match your official documents.

2. Gather required documents

Collect identification documents that prove identity and foreign status. The IRS outlines acceptable documents in the Form W-7 instructions.

3. Attach supporting documentation

Include any additional documents required for your situation, such as name change records or prior IRS notices.

4. Submit your application

You can submit Form W-7 by mail, through an IRS-certified Acceptance Agent, or at select IRS Taxpayer Assistance Centers.

5. Wait for IRS processing

The IRS reviews the application and supporting documents before issuing confirmation. Keep copies of everything submitted for reference.

How long does ITIN renewal take?

Processing times vary throughout the year, but the IRS currently advises applicants to allow approximately seven to eleven weeks to receive notification regarding an ITIN application or renewal. Processing may take nine to eleven weeks during peak tax season or when applications are submitted from outside the United States.

Submitting a complete application can help prevent unnecessary delays. Applications that are missing required documents may take longer because the IRS must request additional information before processing can continue.

Can Común help me renew my ITIN?

Yes. Común's ITIN service helps with both new ITIN applications and ITIN renewals.

Común's ITIN service costs $199 and includes guidance throughout the renewal process. The service works with IRS-certified agents who help prepare the required paperwork, explain the requirements, and answer questions in Spanish.

The process can be completed from your phone, making it easier to organize documents and track progress without visiting multiple offices. Común also offers a money-back guarantee if the ITIN application is not approved according to the program terms.

FAQ

Do all ITINs expire?

Not all ITINs expire immediately or at the same time. An ITIN expires if it has not been used on a federal tax return for three consecutive tax years.

Can I renew my ITIN without filing taxes?

In some cases, yes. The IRS allows exceptions where Form W-7 can be submitted without a tax return depending on eligibility.

What form do I use to renew my ITIN?

You use Form W-7 for both new applications and renewals.

How long does it take to renew an ITIN in 2026?

The IRS estimates about seven weeks for processing. Processing may take approximately nine to eleven weeks during tax season or for certain international applications.

Can I still use my Común account if my ITIN expires?

An expired ITIN does not erase your financial history. If you have questions about how an expired ITIN may affect your specific account, contact Común directly for guidance.

What happens to my tax refund if my ITIN expires?

If an ITIN is expired, the IRS may delay processing a return until it is renewed. Certain tax benefits may not be available until the ITIN has been renewed, which can affect the timing of a refund.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC. The Común Visa® Debit Card is issued by Community Federal Savings Bank.

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Saving on groceries without sacrificing quality is possible with simple strategies: comparing unit prices, taking advantage of seasonal deals, and using a fee-free account so you don't lose money to bank charges while you shop.

How do I save money on groceries without buying lower-quality products?

Compare the price per unit (not just the total price), buy seasonal produce, and take advantage of weekly deals instead of always buying the same items out of habit.

Do bank fees affect my grocery budget?

Yes — a monthly fee or out-of-network card charges reduce the money available for your shopping. With Común there's no monthly fee or charges for using your debit card.

What other habits help save on weekly shopping?

Make a list before you go, avoid shopping while hungry, and check your transactions after each shopping trip to catch duplicate charges or errors.

Frequently asked questions

How do I compare prices more effectively at the grocery store?

Look at the unit price (per ounce, per pound) printed on the shelf tag, not just the package's total price — sometimes the "bigger" package costs more per unit.

Is it worth buying in bulk?

Only if you'll use the product before it expires; otherwise the savings are lost to wasted food.

How do I avoid overspending on groceries?

Make a list before you leave and avoid shopping while hungry, since it increases impulse purchases.

Does Común charge anything for using my debit card in stores?

No, there are no charges for using your Común debit card on purchases.

How do I know if I was overcharged on a purchase?

Check your activity in the app after each purchase — real-time notifications help you catch errors quickly.

Does saving on groceries really make a big difference?

Yes — small weekly savings add up over time; cutting $20-30 a week can add up to over $1,000 a year.

International money transfers can be sent via bank wire, money transfer apps, or remittance services — each with different fees, speed, and delivery options. With Común, transfers to Latin America start at $2.99, with most arriving within minutes.

For immigrants in the United States, sending money to their home countries regularly is essential. Therefore, it is important to have access to affordable and accessible financial services.

If you want to know how to make an international money transfer, it is crucial to first compare the different providers of this service and choose the one that offers the most advantages for you and your family.

Comun stands out as a popular option among immigrants because it allows them to send money abroad from the United States, offering advantages in terms of cost, speed, and other key factors.

Below, we provide a comparison table that includes Comun and traditional financial institutions in the United States, such as Bank of America and Wells Fargo:

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How Does an International Money Transfer Work?

The first point to understand is the types of bank transfers available, as this determines the final cost of sending an international money transfer.

In the United States, there are two types of international money transfers: through traditional banks or through specialized services for sending money abroad.

International Money Transfers via Traditional Banks

• Supported by official U.S. financial institutions and security measures, including:
  
  • Identity verification (KYC/CIP) and ongoing AML monitoring (BSA).
  • OFAC sanctions screening for senders and recipients.
  • Consumer protections for remittances under Regulation E (pre-transfer disclosures, cancellation rights, and error resolution).
  • Network and messaging security standards (e.g., SWIFT Customer Security Program).
  • Multi-factor authentication and encryption for online banking access.
    
    
• A U.S. bank account is mandatory
  
  
• Operates through the SWIFT code
  
  
• Generates higher fees due to intermediaries
  
  
• Transfer time may take up to 5 business days
  
  

International Transfers via Specialized Applications

• Operates through digital networks connected with banks or physical branches in each recipient country
  
  
• Lower fees, as they do not use intermediaries and offer more competitive exchange rates
  
  
• Money transfers are completed within minutes or hours
  
  
• A U.S. bank account is not mandatory to use these services
  
  

Before paying unnecessary fees, make sure to choose the best international money transfer provider and make the most of your money.

Steps and Requirements for Making an International Money Transfer

Below, we outline what is needed to easily make an international bank transfer from the United States, whether you choose a traditional bank or a specialized application for this type of service:

1. Choose a Provider

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Some of the traditional banks you can use are Chase, Bank of America, Capital Bank, Citibank, and Wells Fargo. If you don't have a US bank account, you'll need to make sure you have the necessary requirements to open an account, such as a Social Security Number (SSN). For the aforementioned banks, you can present an ITIN instead, along with a government-issued ID.

Another factor to consider is how long an international money transfer takes, as traditional banks usually take longer due to intermediaries involved in the process.

If you prefer a specialized application for international money transfers due to the flexibility they offer compared to banks, an excellent alternative is Comun, which allows you to transfer money from your phone without complications or intermediaries.

2. Create an Account

General Requirements for Opening an Account at a U.S. Bank

• Valid passport or immigration document
  
• Social Security Number (SSN)
  
• Individual Taxpayer Identification Number (ITIN)
  
• Proof of address in the United States
  
• Some banks require an initial deposit of approximately $25 USD
  Depending on the bank, you may open the account online or by visiting a branch for data verification.
  
  

Requirements for Opening an Account with Comun

• Mobile phone compatible with Android or iOS
• Email address
• Official foreign identification
• Have a US residential address
  
  

In both cases, you will have access to a debit card and a mobile application that will allow you to make international money transfers and other transactions from the palm of your hand.

3. Enter Transaction Details

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Once you activate your account, enter the information required for an international money transfer:

• Full name of your recipient, as it appears on their official ID
  
• Recipient’s phone number
  
• Recipient’s address (only if sending money to a bank account)
  
• Recipient’s account number (only if sending money to a bank account)
  
• SWIFT code (if transferring through a traditional bank)
  
  

Then, enter the amount you wish to send.

Comun and other specialized applications also allow cash pickup at physical locations, so your recipient does not need a bank account.

4. Review Costs and Rates

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Next, review the international money transfer fees as well as the exchange rate, as these will impact the final amount your recipient receives.
The cost of an international money transfer depends on several factors, which we detail below.

5. Send the Money

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Once you confirm that the information entered is correct, authorize the transfer, including any additional fees.

Comun allows you to track your transfers through its application, whether you choose to send money to a bank account or opt for cash pickup at a physical location.

Remember that transfer speed depends on the platform, and traditional banks can take up to 5 business days to complete these transactions.

6. Confirm Receipt

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Finally, confirm with your recipient that the transfer was received within the stipulated timeframe. You can generate a transaction receipt directly in the mobile application.

Everything About the Cost of Sending Money Abroad from the U.S.

International money transfers are a common practice among immigrants in the United States.

That is why it is essential to detail the factors that influence the cost of transfers, as well as the best options for sending remittances to your family quickly and without complications.

These are the main factors to consider when calculating the cost of your international money transfers:

• Transfer Fees

International transfers incur a fee, which varies depending on the platform, whether it's a traditional bank or a specialized app.

Another factor that affects the fee level is the method used to send the money. The price can vary depending on whether the transaction is made through a website, an app, or at a physical branch.

International money transfer fees at traditional banks vary depending on the financial institution. Here are some examples:

• Bank of America: $45 USD
• Wells Fargo: from $25 to $40 USD 
• Citibank: from $25 to $35 USD 
• Truist Bank: $65 USD

On the other hand, some mobile applications offer international money transfer options for less than $3 USD, which is much more beneficial for the economy of foreign workers.

• Exchange Rate
   

The exchange rate also significantly impacts the final amount your recipient receives. It refers to the value applied by the platform when converting the dollar amount to the local currency.

Traditional banks generally use a lower rate than the official rate. For example, if the Mexican peso is officially 18.00, banks might apply approximately 17.20 MXN.

This means that if you send $300 USD, your recipient could receive about $13 less (240 MXN less), not counting the bank fees, which make the cost even higher.

• Hidden Fees

In addition to international money transfer fees, traditional banks may charge additional fees if intermediary banks are involved in processing the transfer.

We recommend checking all costs involved and choosing a competitive option that does not reduce the total amount your family will receive.

Comun is an excellent alternative for making international money transfers, as your first transfer fee is waived, and subsequent transfers have a fee starting at $2.99 USD per transfer, up to applicable limits, with no hidden fees or intermediaries.

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Review our comparison table between traditional banks and Comun at the beginning of this article, and choose the best option for your money.

Want to Make Secure International Money Transfers? Do It Easily with Comun

In this article, we presented how to make an international money transfer from the United States through traditional banks or specialized applications such as Comun, an excellent choice for immigrants.

Comun is the solution for bringing immigrant families closer together through affordable and low-cost remittances.

Why Choose Comun for International Money Transfers?

• Easily open your account with official documentation from your country
  
• Send money to your family with a transfer fee starting at $2.99 USD, up to the applicable limits.
  
• Your money will arrive within minutes
  
• Access a mobile application and Visa debit card for better control of your finances
  
  

Discover an easy and fast way to access the financial services you deserve. Open your account with Comun and forget about complications.

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What are the main ways to send money internationally?

Bank-to-bank wire transfers, dedicated money transfer apps, and remittance services are the three main options, each with different costs and delivery times.

What should I compare between international transfer options?

The fee, exchange rate, delivery speed, and whether the recipient needs a bank account or can pick up cash.

How does Común handle international transfers to Latin America?

Transfers start at $2.99, with your first transfer at no cost. Delivery options include bank deposit or cash pickup at locations like Elektra and Oxxo in Mexico, with most transfers arriving within minutes.

Frequently asked questions

What's the cheapest way to send money internationally?

It depends on the corridor and amount; always compare the fee AND the exchange rate, since a low fee can hide a worse exchange rate.

Do I need a bank account in the destination country to receive money?

Not always — some services, including Común, offer cash pickup options that don't require a bank account.

How long do international transfers usually take?

It varies by method — bank wires can take days, while modern remittance apps like Común often deliver within minutes.

Are international money transfers safe?

Yes, when using a licensed provider that's transparent about fees and exchange rates before you confirm.

What information do I need to send an international transfer?

Typically the recipient's name, destination country, and either their bank account details or pickup preference, depending on the method.

Does Común charge for international transfers?

Fees start at $2.99 per transfer, with your first transfer at no cost.