Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Send money to Mexico from the USA

Find a cheap transfer from the US to our southern neighbors.

Updated

Fact checked

Leer esta página en español

US remittances to Mexico account for tens of billions 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 WorldRemit

Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up.

  • Use promo code 3FREE to get three free transfers.
  • Easy to use with round-the-clock help.
  • Get cash to family and friends in minutes.
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
USD 0 1 - 2 days USD 1.99 22.251 MXN 11,081 Special offers like free transfers and better exchange rates available for new customers.
Quick, affordable transfers around the world with both express and economy options.
Go to site Show details
USD 1 1 - 2 days USD 5.00 22.705 MXN
11,239
Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site Show details
USD 1 Within an hour USD 3.99 22.569 MXN 11,194 Use promo code 3FREE to send your first 3 transfers with no fee. Send to 110+ countries for bank-to-bank deposit, cash pickup or mobile top-up. 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$ 22.7052

Refreshing in: 60s | Tue, Jul 14, 05:01AM GMT

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

To help you narrow down the “best,” we sent live transfers to Mexico through 13 top providers to see who rose to the top in cost, trust, speed, convenience and user experience.

Compare these providers to find which fits your needs best when sending money to any of Mexico’s 32 states:

Best forWinnerWhy we picked itGood forGo to site
Large bank depositsOFXSending large amounts for bank deposit. Transfers over $1,000 — no maximum sending limitGo 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 $500 or more Go to site
Most locationsWestern UnionIt’s not the cheapest, but fast and effective for same-day pickup.Cash & convenience – 24,900 agents in MexicoLearn more
ConvenienceXoomIntuitive site, allows for signup and sending in minutes with clear rates and fees. Cash pickups in 15 minutes at 14,500 agent locations and deposits to all major banksLearn more
Exchange ratesTransferWiseOffers the mid-market rate on transfers to 74 countries worldwide. Supports 40 currenciesGo to site

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 TransferWise 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.

Picture not described: BlueCoinsCashIcon_Infogram_94x62.png Image: Infogram

Cash transfers

Services like MoneyGram allow you to transfer cash for pickup at a local branch in Mexico — often in 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 is necessary, look to digital services like WorldRemit or Remitly.

Picture not described: BlueBankIcon_Infogram_62x56.png Image: Infogram

Banks

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

Crunching the numbers: Sending $2,000 to Mexico

Let’s say you need to send $2,000 to family in Mexico. Here’s what you might face as far as fees and exchange rates as of March 10, 2020.

Digital money transfer serviceCash transferBank transfer
Fee$0$3.99$25 + additional correspondent bank fees
Exchange rate1 USD = 20.894 MXN1 USD = 20.911 MXN1 USD = 19.394 MXN
Transfer speed1-2 dayMinutes2-5 days
Amount receivedMXN 41,788MXN 41,738MXN 38,303
Verdict
  • Cheapest
  • Fastest
  • Slowest and most expensive

The bank option ends up being both the slowest and gets the smallest amount of money to your recipient. If you go with the digital money transfer service, your recipient ends up with MXN 3,485 more than the bank offers. When you are depending on speed, the cash transfer can have your money to Mexico in as little as 15 minutes for a slightly higher fee.

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 USD-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 US 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 US dollar in our historical rate chart.

1
0
Updated: 14 Jul 2020 05:01:47 UTC

Find the best provider for your transfer

Answer three quick questions and we'll give you an instant recommendation for a money transfer service based on your needs.

Question 1 of 2

Based on your answers, check out:

Compare more money transfer services

Documents needed for sending to and receiving money in Mexico

To send money to Mexico from the US, 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 the US

To send money from the US 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 SSN.
  • Payment method. Your service may accept credit or debit cards, cash, bank accounts or personal checks.
  • 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 your 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.

What the US proposal to tax remittances to Mexico could mean for money transfers

The US Congress recently submitted a bill that proposes a 2% tax on remittances to Latin American countries that include Mexico, Brazil, Honduras and El Salvador. Called the “Border Wall Funding Act of 2017,” the bill delivers on President Donald Trump’s January 2017 promise to move forward with building a border wall between the US and Mexico, the tax a significant key to funding this wall.

According to Mexico’s Central Bank, currency transfers to Mexico from friends and family in the US and overseas exceed the amount that Mexico earns from its oil exports — some $24.6 billion in remittances versus $23.2 billion in oil. On the heels of President Trump’s recent proposals, remittances to Mexico are expected to increase even further. Only time will reveal the full impact of these proposals. Until then, with dollars becoming yet more valuable to those in Mexico, online money transfer specialists are available to keep the financial channels open to your families back home.

  • If you’re sending money to Mexico, it’s more important than ever to compare exchange rates and fees to make sure you’re getting the most for your money.
  • If you’re using a bank or cash transfer service, consider switching to an independent provider so you can maximize the currency transfer your loved ones will receive.

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.

Read more on this topic

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

6 Responses

  1. Default Gravatar
    EdNovember 14, 2019

    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?

    • Default Gravatar
      nikkiangcoNovember 14, 2019

      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

  2. Default Gravatar
    javierDecember 3, 2018

    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.

    • Avatarfinder Customer Care
      JoshuaDecember 9, 2018Staff

      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 mean 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 go to this page and 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 an 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

  3. Default Gravatar
    Mex859March 3, 2017

    What is the daily and monthly limit for money transfer to Mexican banks using a company such as Transferwise, WorldFirst or OFX?

    • Avatarfinder Customer Care
      AnndyJuly 1, 2017Staff

      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

Go to site