Take advantage of low fees and competitive exchange rates when sending money to Mexico
Mexican Americans constitute 11% of the United States population, so it’s no surprise that many people are looking to send funds from the United States to Mexico.
If you need to send money to friends or family in Mexico or transfer funds to Mexico for any other reason, there’s a range of options available to help you get your money to where it’s needed.
From bank transfers and online transactions to options that allow recipients to collect your funds within minutes, sending an international money transfer to Mexico is easy. However, do your research and shop around for the best available deal.
Compare international money transfers
Banks vs. money transfer companies or services
We use our banks to take care of all our other financial needs, so surely we should use them when we need to send an international money transfer, right? Not necessarily. While major U.S. banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees.
You can sometimes save money by using the services of a dedicated money transfer company. These providers specialize in handling overseas money transfers, offering attractive exchange rates and affordable transfer fees. Plenty of reputable providers offer a range of transfer options to suit the requirements of different people.
Maria sends money to Mexico
Maria studies and works in the United States and has saved up a sizable deposit she wants to send home to her family in Mexico. She approaches her bank about transferring $1,000 to Mexico, but she’s dismayed to discover that the bank’s exchange rate is not nearly as good as she’d hoped. Eager to save as much money as possible, Maria compares her bank’s exchange rate and transfer fees with those of a specialist money transfer company.
|Exchange rate||1 USD = 14.65 MXN||1 USD = 15.85 MXN|
|Transfer method||Bank account deposit||Bank account deposit|
|Processing time||2 business days||2–4 business days|
|MXN received||14,650 MXN||15,850 MXN|
As the table shows, Maria’s family will receive 1,200 extra pesos if she uses a specialist money transfer company instead of a bank. Not only that, Maria will also save $10 on the transfer fee.
How to compare transfer companies when transferring money to Mexico
- Exchange rate. See how the rates offered by one provider stack up against those offered by competitors. Also, remember that some providers may offer a great exchange rate but also charge high fees.
- Fees. Most companies will charge a transfer fee when you send money overseas, so see how much each provider charges for each complete transfer. Some providers will waive their fee if you transfer more than a set amount.
- Transfer methods, options and times. Can you schedule transfers online, over the phone or through an agent? Will they accept payment with your bank account, credit card or debit card? Can you schedule payments ahead of time or take advantage of changing market rates with a forward contract? How long will it take each provider to transfer funds to your recipient? (Western Union, MoneyGram and others offer cash pickup of the funds you send within minutes.)
- Minimum amounts. If you need to transfer small amounts of money, stay away from providers that impose a high minimum transfer limit.
- Customer service. Is help available when you have a question regarding a transaction? Compare the availability of customer support options and hours.
How to send money to Mexico from America
- Bank transfers. Your major U.S. bank will allow you to send money from the United States to Mexico.
- Money transfer providers. Providers like Xoom and WorldRemit can help you quickly and easily transfer your money online.
- Transfer companies with cash pickup. Providers like Western Union, MoneyGram and Ria allow you to send funds that can be picked up from an agent location in Mexico.
- PayPal. PayPal allows you to send money online from the United States to Mexico.
- Checks. Although not the quickest of transfer methods, sending a check is an option when you need to send money overseas.
Emergency cash transfers in Mexico
You might need to send an emergency cash transfer to Mexico — for example, if a relative traveling through the country loses their wallet. When you need to transfer funds urgently, review the exchange rate and transfer fee that will apply to your transaction.
The fastest possible transfer option will usually charge more, so compare the details of your transaction before you commit.
Cash pickup locations: Western Union and MoneyGram branches in Mexico
If you send money through Western Union or MoneyGram for collection from an agent location, pass your transaction reference number on to your recipient.
Before picking up the cash, they may want to phone ahead to confirm opening hours and make sure the agent can supply the available cash. The person collecting the funds will also need photo ID.
Interior Palacio Nacional
Mexico, Distrito Federal 06000
Open 8 a.m. to 7 p.m., Monday to Friday
Waldos Aragon DF 61 01
Cal San Juan De Aragon No 530
Gustavo A Madero
Mexico, Distrito Federal 7450
Open 8 a.m. to 10 p.m. daily
Av Hidalgo 7
Union Juarez, Chiapas 30880
Open 9 a.m. to 3 p.m., Monday to Friday
Blvd Fundadores 6802
Tijuana, Baja California Norte
Open 7 a.m. to 11 p.m. daily
Venustiano Carranza 91
Venustiano Carranza, Df 06060
Open 9 a.m. to 9 p.m. daily
Calle Pena y Pena Esq Circunvalacion # 57
Cuauhtemoc, Df 06020
Open 8 a.m. to 4:30 p.m., Monday to Friday
Calle Toribio Ortega 299
Colonia Fracc Villa
Tijuana, Bn 22150
Open 8 a.m. to 10 p.m. daily
Rampa Cam Al Aeropuerto
Tijuana, Bn 22390
Open 8 a.m. to 10 p.m. daily
Tips for picking up cash in Mexico
Whether you’re picking up cash in Mexico or any other country, take a safety-first approach. Use common sense, such as keeping your cash hidden and depositing it with your bank as soon as possible. Taking a friend along when you collect funds may also be a good idea.
How to send money to Mexico
Whether you send money through your bank, a money transfer provider or any other option, you’ll need to first register for an account with a provider, supplying your name, address, contact details, proof of ID and information about your selected payment method.
Keep a record of any transaction reference number you receive so that you can review the progress of your transfer.
There are multiple options to choose from when you need to send money to Mexico from the United States. To get the best value for money for your international money transfer, compare the benefits and features of competing services before selecting a provider.