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Send money to Mexico from Canada

Save time and money when sending money to Mexico from Canada.

Canadian remittances to Mexico account for tens of millions of dollars every year. Digital money transfer specialists almost always beat transfers offered by banks, so shop around to make sure as much of your hard-earned money makes it to Mexico as possible.

Send money to Mexico with Wise

Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.

  • Offers around 600 routes
  • Supports 38 currencies
  • More than $500 million transfer per month
Promoted

Compare ways to send money online to Mexico

Explore how fees, exchange rates and minimum sending limits can help you pick a money transfer company.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 10 Within an hour CAD 1.99 15.698 MXN
78,457
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
Go to site Show details
CAD 1 Same day CAD 0.00 15.793 MXN
78,965
XE has fast transfers with low fees and a range of foreign currency tools. Go to site Show details
CAD 0 Within an hour CAD 3.99 15.809 MXN
78,981
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details

Compare up to 4 providers

Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.

How to send money to Mexico online

Sign up and send money with a digital money transfer specialist in four steps:

  1. Sign up for a free account. Pick a provider and sign up for a free online account using your contact information and preferred payment method.
  2. Provide transfer details. Submit your recipient’s contact information and pick a delivery method. If transferring to a bank, you’ll need their Mexican bank account details.
  3. Confirm transfer details. Double-check your payment method, expected fees and destination.
  4. Save your receipt. Record your receipt’s confirmation number to track the progress of your transfer to Mexico. Some money transfer providers send a text or email when your transfer is complete.

Tips for sending money to Mexico

Live Rate

= Mex$ 15.8723

Refreshing in: 60s | Wed, Aug 04, 03:03AM GMT

What’s the best way to send money to Mexico?

Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Mexico. ACH transfers through banks, account-to-account transfers through PayPal and other options are available but come with high fees, weak rates and long turnaround.

Blue icon representing money transfers Image: Infogram

Digital money transfer specialists

Companies like OFX and Wise specialize in foreign currencies, making them some of the most cost-effective transfers. Most offer a variety of options for your recipient to receive their money, including to bank accounts as well as in person.

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Cash transfers

Services like MoneyGram allow you to transfer cash for pickup at a local branch in Mexico — often within 15 minutes. While it’s a fast way to send money, you’ll pay for the convenience in weak rates and high fees. If a cash pickup isn’t necessary, look to digital services like WorldRemit or Remitly.

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Banks

Mexican pesos are easily accessible from banks in Canada, but beware of high fees and wide margins on the exchange rate compared to digital and other options.

Crunching the numbers: Sending $1,000 to Mexico

Let’s see what a transfer with each of these options looks like. This table uses real fees and exchange rates and is current as of 12 April 2020.

Bank transferCash transferMoney transfer service
Fee$50 + additional correspondent bank fees$15.00$4.99
Exchange rate1 CAD = 15.8983 MXN1 CAD = 16.1601 MXN1 CAD = 16.6651 MXN
Transfer speed2-5 daysMinutes1-2 days
Amount receivedMXN$15,103.39MXN$15,917.70MXN$16,581.94
Overall
  • Slowest and most expensive
  • Fastest
  • Cheapest

The bank option ends up being slow and gets the least amount of money to your recipient. If you go with the specialist money transfer service, your recipient ends up with MXN$1,478 more. However, if speed is what’s most important, the cash transfer can’t be beaten for nearly instant transfers.

Narrowing down the best option

To narrow down the best option for your needs, check out these popular money transfer providers to see which ones stand out in terms of transfer options, speed, convenience and exchange rates.

CategoryProviderStandout featureGood forLearn more
Bank deposits & competitive exchange ratesWiseDeposit straight to your recipient’s bank account. Offers the mid-market rate on exchanges in over 45 currencies.Charges a percentage fee, so good for smaller transfers of around $5,000 or less. (The maximum transfer amount is CAD $1,500,000.)Go to site
Cash & speedWorldRemitAt speeds that often beat its own estimates, you can get cash to Mexico quickly for pickup or deposit. Limits vary by country, but good for sending $500 or more. Fees start at just $3.99.Go to site
Most locationsWestern UnionIt’s not the cheapest, but fast and effective for same-day pickup.Cash & convenience – 33,000+ agent locations in MexicoLearn more
ConvenienceXoomIntuitive site, allows for signup and sending in minutes with clear rates and fees. Cash pickups usually available within minutes at 38,000+ locations throughout Mexico. Bank transfers often available within hours at major Mexican banks. Mobile app (iOS and Android) available for easy transfers.Learn more

How to get the most out of your money transfer

Weigh costs and fees against convenience, and learn how to compare money transfer providers that send to Mexico to meet your needs:

  • Exchange rates. The CAD-MXN relationship fluctuates, so the rates you see today may be different tomorrow. Locking in an exchange rate when possible may save you money in the future if the rates shift quickly.
  • Transfer fees. Transferring money overseas nearly always requires fees, but they might be hidden in the exchange rate. When sending large amounts, it may be cheaper to pay a flat fee to secure a stronger exchange rate.
  • Transfer limits. How much you can send varies by company, and different amounts can attract higher or lower fees. Shop around for the best deal on the number of Mexican pesos you’re sending.
  • Turnaround. Transferring money through a local bank can take a business week or longer. If you need the funds delivered quickly, seek out a digital specialist that offers instant transfers to Mexico.
  • Maximum limits. When exchange rates are favorable, sending more money can save you money in the future. If you plan to send large amounts of money to Mexico, be sure to pick a provider that won’t limit you.
  • Transfer methods. Whether you want money sent to a Mexican bank account or picked up as cash at a local agent, narrow down a company that matches your preferred delivery method.

Emergency cash transfer to Mexico

When it’s more important to get your money to Mexico quickly, look for money transfer companies that support cash pickup in minutes. You can pay with a credit or debit card for fast pickup, but fees are higher than other methods.

How to send money to Mexico without a bank account

Cash transfer services can help you if you’re unbanked or marginally banked. If you don’t have a bank account, look for a local company that supports storefronts for cash payments. These services include agent locations in other countries that allow your recipient to pick up cash without a bank account.

Mexico’s exchange rates explained

The exchange rate determines how much one country’s currency is worth in another country’s currency. When a country’s currency is strong, it yields more money when exchanging it in a country with a weaker currency. The Mexican peso often fluctuates when compared to the Canadian dollar, so expect exchange rates today to be different than those you’ll see tomorrow. Factors that influence the exchange rate include interest rates, economic stability and inflation.

Track how the Mexican peso trades against the Canadian dollar in our historical rate chart.

Today’s exchange rate CAD to MXN

1
0
Updated: 04 Aug 2021 03:03:03 UTC

Documents needed for sending and receiving transfers to Mexico

To send money to Mexico from Canada, you’ll need government-issued ID and other documents, while documents needed to pick up money in Mexico may be different by company.

Documents to send money from Canada

To send money from Canada to Mexico, you’ll need documentation and details that include:

  • Identification. Most services require a driver’s license, passport or other government-issued ID. Some services allow you to send transfers without ID, but they may require your Social Insurance Number (SIN).
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal cheques.
  • Recipient information. Submit your recipient’s name as it appears on their ID, along with their phone number, Mexican bank account and routing number if sending to their bank.

Documents to receive money in Mexico

To pick up money in person, documentation can include:

  • Transfer number. The person sending you money can forward the transfer’s confirmation details — called a PIN, a MTCN, a reference number or a tracking number, depending on the company.
  • Government-issued ID. A Mexican Passport or any other government-issued ID that has the recipient’s photo in addition to your address can typically be used to pick up money in Mexico.
  • Amount sent. You may need to know how much was sent, usually within 10% of the total.
  • Sender’s information. Take along your sender’s full name, the sending country and their address, if known.

Bottom line

Sending your hard-earned money to Mexico shouldn’t cost a fortune. Compare transfer companies that specialize in foreign for the strongest rates, lowest fees and flexible delivery. For transfers to other countries, rely on our country specific guides the next time you need to make a transfer.

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