Compare the top providers for money transfers.
Whether you are sending some Christmas cash to family in Oaxaca or investing in a startup in Mexico City, compare the transfer fees and exchange rates to get the best deal.
Our pick: 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.
- Next-day delivery to your loved ones and businesses.
- Trusted the world over, with five-star ratings on Trustpilot.
How to send money to Mexico
- Register for an account. Supply the provider with your name, address, contact details, proof of ID and information about your selected payment method.
- Sending to who? Provide your recipient’s name and contact information.
- How much? Select the amount of money you’d like to transfer and complete your transaction.
- Confirm. Keep a record of any transaction reference number you receive so that you can review the progress of your transfer.
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The best services for money transfers 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 31 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|
What to know 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. Like most countries, Mexico’s exchange rate is flexible, which means they can change from moment to moment. Factors that influence the exchange rate include interest rates, economic stability and inflation.
Currency exchange rate for Mexico
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What are all the ways I can send money to Mexico
- Bank transfers. Most major US banks will allow you to send money to Mexico. 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.
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.
Case Study: 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 bank||Money transfer service|
|Exchange rate||1 USD = 14.65 MXN||1 USD = 15.85 MXN|
|Transfer method||Bank account deposit||Bank account deposit|
|Transfer speed||2 business days||2–4 business days|
|MXN received||14,650 MXN||15,850 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.
Tips for sending money to Mexico
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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.
Same-day 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.
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.
- Take a friend along with you to collect the funds is also a good idea.