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Looking for the best way to send money from the United States to family, friends or businesses in Mexico (or even to your own overseas bank account)?
Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better MXN exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more Mexican pesos.
Of the companies we've compared, MoneyGram is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Wise (TransferWise) can get money to your recipient in Mexico within minutes.
Are you visiting from outside the US?
Bank transfers are typically the cheapest way to get your money to Mexico. MoneyGram and Instarem have some of the lowest bank transfer fees of the brands we've compared.
When you're hunting down the cheapest ways to send money to Mexico, it's more important to look at the overall cost of your transfer. This has a couple of elements:
Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Mexican pesos your recipient will end up with.
Many online providers can offer transfers to Mexico within minutes, although you're likely to pay a premium for the convenience.
Here are some of the fastest average transfer speeds to Mexico:Actual transfer times from the United States to Mexico can depend on several several factors including transfer amount, payment method and currency.
The safest way to get your money to Mexico is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States and Mexico.
A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.
If you need to make a sizable money transfer to Mexico, consider using a provider such as OFX or Xe to benefit from its expertise in handling larger transfer amounts.
Using a large transfer specialist can have the following advantages:To send money to Mexico, you'll need the necessary documentation, your recipient's details and a way to pay.
Mateo is working in the United States as a film producer and he stays in regular contact with his elderly parents back home in Mexico. His parents need some funds to help pay off a mortgage, so Mateo plans to send them $2,000 from the United States.
He decides to compare a bank and a money transfer specialist to see which one can save the most money on his transaction.
Bank | Money transfer company | |
---|---|---|
Exchange rate | 1 USD = 20.21 MXN | 1 USD = 20.48 MXN |
Transfer fee | $10 | $2.50 |
Transfer method | Bank account deposit | Bank account deposit |
Processing time | 2 - 5 working days | Next day |
Amount received | 40,220.93 MXN | 40,906.98 MXN |
The money transfer company enables Mateo to send an extra $686.05, which is transferred straight to his parents' BBVA Mexico account.
When choosing a money transfer provider to send money from the United States to Mexico, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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I need to send money ($500) from USA to Mexico. The recipient wants the fund in USD in her BBVA Bancomer international account. Is there any way to send USD to USD to Mexico?
Hi Ed,
Thanks for leaving a question on our page. Hope you are well.
I understand you are looking to send money from the US to Mexico in USD. Yes, you can do this and you can find money transfer options on the part of our page that says “Compare money transfers to Mexico”
When you are sending online — make sure you are choosing the currency to be in USD and not in Mexican Pesos. Just a friendly reminder. it’s important to check the exchange rate beforehand to maximize the funds to be exchanged. Exchange rates vary on a daily basis, the rate today may differ from the rate tomorrow. Observe the fluctuations of exchange rates more frequently days before you exchange your money.
Also, read through the transfer process of the provider such as transfer fees, transfer options and transfer speed to set expectations for the receiver. Take note of any reference or tracking numbers should any transaction delays come up during the transit.
Hope this helps and feel free to reach out to us again for further assistance.
Best,
Nikki
I want to send $50,000 to Mexico, but first, I want to know to whom and which form I have to reports this transfer, eg IRS, DOJ, etc and if I have to pay taxes on this money which one already have taxed.
Hi Javier,
Thanks for getting in touch with finder. I hope all is well with you. :)
Sending a large amount of money outside of the US means that you would need to report this to the IRS. There are different forms that you need to know and seeking professional advice would help you know which form to accomplish. Please read our guide about the tax implications of large money transfers. From there, read details under the subheading “What kind of IRS forms will I need?” This will help you get an idea of the different IRS forms available.
Moreover, speak to a tax specialist to learn more about your transfer. They could also advise you further to know what other legal obligations you need to perform before you can send the money to Mexico.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
What is the daily and monthly limit for money transfer to Mexican banks using a company such as Transferwise, WorldFirst or OFX?
Hi Mex,
Thanks for your question.
Most banks don’t have a set limit how much you can receive per month. But to be sure, please get in touch with your local bank to inquire.
Cheers,
Anndy