How to send money to Mexico

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Take advantage of low fees and competitive exchange rates when sending money to Mexico.

Sending money from the United States to Mexico doesn’t have to be expensive. Compare the transfer fees and exchange rates of the range of options available to get the best deal. 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. But do your research and shop around for the best available deal.
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  • Get even better exchange rates with forward contracts and limit orders.
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    Save money on your personal or business international money transfer today. Fill in the form and you’ll be contacted by a foreign exchange expert to have an obligation-free discussion about your options.

    With over 17 years of foreign exchange expertise and over $100 billion transferred, OFX can help with all your currency exchange needs, including:

    • Buying property abroad
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    • Regular overseas payments
    • Risk management
    • Forecasting
    Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Services Amount Received Description CTA Details
    World First Foreign Exchange
    USD 1,000 1 day USD 0.00 17.378 Online MXN 86,888 Exclusive offer: $0 transfer fee
    No-limit transfers with competitive exchange rates for more than 100 currencies.
    Go to site View details
    TransferWise International Money Transfers
    USD 1 1 day USD 75.00 17.653 Online MXN
    86,941
    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks. Go to site View details
    CurrencyFair Currency Exchange
    $8 2 days USD 3 17.653 Online MXN 88,212 Exchange money on your terms. Go to site View details
    OFX International Money Transfers
    USD 150 1 day USD 0.00 17.582 Online, Bank Account to Bank Account MXN 87,912 Send safe, no-limit transfers with no fees and competitive exchange rates. Go to site View details
    HiFX International Money Transfers
    USD 100 2 days USD 5.00 17.574 Online MXN 87,780 Transfer money into 20 currencies and schedule regular payments. $5 fee waived for transfers over $5,000. Go to site View details
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    Sending money to Mexico

    Banks vs. money transfer providers

    We use banks to take care of all our other financial needs, so surely we should use them when sending an international money transfer, right? Not necessarily. While major US banks offer money transfer services, they usually present less competitive exchange rates coupled with high transfer fees. You can 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  fees. Meaning you save money — and your recipient ends up with more pesos in their pocket.

    Maria sends money to Mexico

    Maria studies and works in the US. She’s saved up a sizable amount of money she wants to send home to her family in Mexico. She approaches her bank about transferring $1,000, 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.

    Major US bankMoney transfer service
    Exchange rate1 USD = 14.65 MXN1 USD = 15.85 MXN
    Transfer fee$15$5
    Transfer methodBank account depositBank account deposit
    Transfer speed 2 business days2–4 business days
    MXN received14,650 MXN15,850 MXN

    Maria’s family could receive 1,200 extra pesos (about $75) if she used a money transfer company over her local bank. Not only that, but Maria would also save $10 on the transfer fee.

    How do international money transfers work?

    An international money transfer allows you to send money to a recipient overseas. Generally, it involves you providing funds to a bank or an independent transfer provider, which then sends the money to your recipient in another country — in this case, Mexico. This can be done in person or online. You can use cash or transfer funds from your bank account, which are then either deposited into your recipient’s bank account or made available as cash for them to pick up at a location in their country.

    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 charge a transfer fee when you send money overseas. Learn exactly what that fee is for each complete transfer. Some providers waive this 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?
    • 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.
    Foreign exchange rates explained
    The exchange rate determines how much one country’s currency is worth in another currency. When a country’s currency is strong, it will yield more money when exchanging it in a country with a weak currency. For example, in December 2016, the U.S. dollar was worth approximately 19 Mexican pesos. However, most countries’ exchange rates are flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.

    Ways to send money to Mexico from America

    • Bank transfers. Most major U.S. banks will allow you to send money to Mexico. Click here to see a list of all the SWIFT codes for Mexican banks.
    • 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. Given its fees, PayPal is an option when sending smaller amounts to Mexico.
    • Checks. Although not the quickest method, sending an international check is an option when you need to send money overseas. These can be obtained from your bank.

    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. Find a money transfer location near you

    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 with you to collect the funds is also 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. You have multiple options to choose from when sending 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.

    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.

    Cash pickup locations in Mexico

    Worldremit

    BBVA Bancomer
    Address: Address: Col Juárez, D.F., México, Paseo de la Reforma 510, Juárez, 06600 Ciudad de México, CDMX, Mexico
    Hours: 7:30AM–6PM
    Phone: +52 667 161 9997

    Address: Circunvalación 209, Cuauhtemoc, 10 de Mayo, 15100 Ciudad de México, CDMX, Mexico
    Hours: 9AM–4PM
    Phone: +52 55 5542 1253

    Address: Ruben Dario 115, Miguel Hidalgo, Bosques de Chapultepec, 11580 Ciudad de México, CDMX, Mexico
    Hours: 9AM–4PM
    Phone: +52 55 5250 0127

    Moneygram

    Address: local 164 al 167 planta alta, Eje 4 Ote. (Av. Río Churubusco) 1635, 09410 Ciudad de México, CDMX, Mexico
    Hours: 10AM–8PM
    Phone: +52 800 220 7735

    Address: Isabel la Católica 34, Cuauhtemoc, Centro, 11000 Ciudad de México, CDMX, Mexico
    Hours: Open 24 hours
    Phone: +52 800 269 4556

    Address: República de Honduras 19, Centro, 06010 Ciudad de México, CDMX, Mexico
    Hours: Open 24 hours
    Phone: +52 55 1720 8141

    Western Union

    Address: Plaza De La Constitucion Mexico, Distrito Federal 6000
    Hours: 7:00 AM – 8:30 PM
    Phone: +52-55-55221950

    Address: Interior Palacio Nacional Centro Mexico, Distrito Federal 06000
    Hours: 8:00 AM – 7:00 PM
    Phone: +01-55-35479022

    Address: Palmano 34 Centro De La Ciudad De Mexico Area 2 Mexico, Distrito Federal 06010
    Hours: 8:00 AM – 10:00 PM
    Phone: +52-81-83892121

    Worldremit

    BBVA Bancomer
    Address: Calle Prol. Av. Kabáh, 36, 77505 Cancún, Q.R., Mexico
    Hours: 12AM–11:30PM
    Phone: +52 800 226 2663

    Address: Walmart, Av. Comalcalco, SM 97, Benito Juárez, 77530 Cancún, Q.R., Mexico
    Hours: 8:30AM–4PM
    Phone: +52 800 226 2663

    Address: Av Xcaret, 35, 77505 Cancún, Q.R., Mexico
    Hours: 9AM–4PM
    Phone: +52 800 226 2663

    Moneygram

    Address: Calle Ignacio Allende Sur 33, 63940 Ixtlan Del Rio, NAY, Mexico
    Hours: 9:30AM–8PM
    Phone: +52 324 243 5699

    Address: Av. Tulum Esquina Con Uxmal Super Manzana 2 Mz-1lt 37 Al 39 Cancun, QI 77500 MX
    Hours: 8AM–10PM
    Phone: +52 811 112 0003

    Address: Av La Rioja Lote 1-01 Manzana 68 Cancun, QI 77535 MX
    Hours: 7AM–11PM
    Phone: +52 552 629 6000

    Western Union

    Address: Lopez Portillo S N Region 92 Benito Juarez, Quintana Roo 77516
    Hours: 9:00 AM – 5:00 PM
    Phone: +52-998-8888019

    Address: Av Lopez Portillo Lt 1 Y 2 Cancun Centro Cancun, Quintana Roo 77500
    Hours: 8:00 AM – 10:00 PM
    Phone: +52-998-8888221

    Address: Av J Lopez Portillo Lt5 Supermz 91 Mz 21 Col Supermanzana 91 Mpio Cancun Cancun, Quintana Roo 77516
    Hours: 8:00 AM – 8:00 PM
    Phone: +52-55-51303100

    Worldremit

    BBVA Bancomer
    Address: Calle 65 s/n x 60 y 62, Centro, 97000 Mérida, Yuc., Mexico
    Hours: 8:30AM–4PM
    Phone: +52 800 226 2663

    Address: Calle 60 299 entre 3 y 3A, Revolucion, 97115 Mérida, Yuc., Mexico
    Hours: 12AM–11:30PM
    Phone: +52 800 226 2663

    Address: Calle 59 472, Centro, 97000 Mérida, Yuc., Mexico
    Hours: 8:30AM–4PM
    Phone: +52 800 226 2663

    Moneygram

    Address: Calle 14 70 X 20 S, 97158 Mérida, Yuc., Mexico
    Hours: 8AM–9PM
    Phone: +52 999 188 1001

    Address: Calle 6 X 21 Loc4 Diaz Ordaz Merida, YU 97130 MX
    Hours: 7AM–12AM
    Phone: +52 551 720 8141

    Address: Calle 56 379 Merida Merida Centro Merida, YU 97000 MX
    Hours: 7AM–11PM
    Phone: +52 999 926 1970

    Western Union

    Address: 57 746 Entre 4 Y 16 Pacabtum Merida, Yucatan 97160
    Hours: 7:00 AM – 11:00 PM
    Phone: +52-999-9868381

    Address: Calle 6 X 21 Loc4 Diaz Ordaz Merida, Yucatan 97130
    Hours: 9:00 AM – 9:00 PM
    Phone: +52-018000021021

    Address: 61 301 Esperanza Merida, Yucatan 97169
    Hours: 8:00 AM – 10:00 PM
    Phone: +52-999-9131246

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    Enjoy high maximum transfers into more than 20 currencies while saving up to 90% over local banks.

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    2 Responses

    1. 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?

      • Staff
        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

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