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.
Last updated:
Send money to Mexico from the USA
Find a cheap transfer from the US to our southern neighbors.
Last updated:
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.
Sending money to Mexico during the coronavirus
Self-quarantining and social distancing due to the coronavirus may impact your ability to send money to Mexico. Read our guide to find out what options are available to you.
Send money to Mexico with TransferWise
When you need to send money, benefit from competitive mid-market exchange rates and straightforward fees with TransferWise.
- Fair service fees and mid-market rates — a major market differentiator.
- Instant transfers up to $5,000.
- Trusted the world over, with five-star ratings on Trustpilot.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
What's in this guide?
How to send money to Mexico online
Sign up and send money with a digital money transfer specialist in four steps:
- 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.
- 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.
- Confirm transfer details. Double-check your payment method, expected fees and destination.
- 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
Refreshing in: 60s | Tue, Mar 31, 02:59AM 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.
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.
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.
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 service | Cash transfer | Bank transfer | |
|---|---|---|---|
| Fee | $0 | $3.99 | $25 + additional correspondent bank fees |
| Exchange rate | 1 USD = 20.894 MXN | 1 USD = 20.911 MXN | 1 USD = 19.394 MXN |
| Transfer speed | 1-2 day | Minutes | 2-5 days |
| Amount received | MXN 41,788 | MXN 41,738 | MXN 38,303 |
| Verdict |
|
|
|
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.
Narrowing down the best option
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 for | Winner | Why we picked it | Good for | Go to site |
|---|---|---|---|---|
| Bank deposits | TransferWise | Bank deposits same day. | Transfers between $1,000 and $5,000 | Go to site |
| Cash & speed | WorldRemit | At 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 locations | Western Union | It’s not the cheapest, but fast and effective for same-day pickup. | Cash & convenience – 24,900 agents in Mexico | Learn more |
| Convenience | Xoom | Intuitive 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 banks | Learn more |
| Exchange rates | TransferWise | Offers the mid-market rate on transfers to 74 countries worldwide. | Supports 40 currencies | Go to site |
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.
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
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
-
Remittance statistics We've unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
-
Best ways to send money online Navigate the world of sending money domestically and internationally with our hand-picked list of popular services.
-
XE vs. OFX money transfers Check out this side-by-side comparison of XE and OFX to find out which provider offers the best value on international money transfers.
-
Alternatives to InstaReM Find the best alternative websites to InstaReM for online money transfers.
-
XE vs. Western Union We compare XE's and Western Union’s fees, exchange rates and transfer speeds side by side.
-
Remitly vs. PayPal Compare a well-known payments giant to the newer Remitly and see which one can give you a better deal.
-
Remitly vs. TransferWise Remitly and TransferWise’s fees, exchange rates and speeds compared side by side.
-
How to send money to Guinea Compare the services that send money to Guinea. Find out how to get the best value for your money, how long it takes and what to look out for.
-
Best places to exchange currency in Sydney Your guide to currency exchange services in Sydney, including where to find the best exchange rates and lowest fees.
-
Best places to exchange currency in Winnipeg Looking for the best deal on Canadian dollars in Winnipeg? Compare popular services and access handy tips to get the most out of your next transfer.
Ask an Expert
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 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
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