Compare the services of specialist money transfer providers to find the most cost-effective way to send money to Mexico.
New Zealand established diplomatic relations with the fellow Pacific nation of Mexico in 1973. Both countries are members of the Asia-Pacific Economic Cooperation and the Organisation for Economic Co-operation and Development.
If you need to send money to Mexico from New Zealand, there are plenty of money transfer companies that can help. All you have to do is compare your options to find the cheapest deal.
Banks versus money transfer companies
Sending money to Mexico via your bank may be a convenient option, but it’s usually not one of the most affordable. Banks offer exchange rates which are much lower than the mid-market rate, while they also charge some of the higher transfer fees going around.
Which is why you can save yourself a whole lot of money if you send funds using a specialist online transfer company. These providers, such as NZForex and TransferMate, offer convenient online transfers at a much more cost-effective rate. They offer better exchange rates and lower transfer fees than the banks, so comparing your transfer options always makes good financial sense.
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Case Study: Sam Sends Money to Mexico
Sam is spending two years living and working in Australia in the IT industry. He also sends money back home to his parents in Mexico whenever he can, but he’s decided that his bank is offering a raw deal. To see if he can find a cheaper option elsewhere, Sam compares his bank’s transfer service with a specialist money transfer company.
As you can see in the table below, Sam can send an extra 390 MXN using the money transfer service and also save NZD $25 in fees.
|Bank||Money transfer company|
|Exchange rate||1 NZD = 11.90 MXN||1 NZD = 12.29 MXN|
|Transfer method||Bank account transfer||Online bank account transfer|
|Processing time||1-3 days||1-3 days|
|Amount received (in MXN)||11,900 MXN||12,290 MXN|
- Exchange rates. Compare exchange rates to check if you are getting the best available rate. Some companies may have slightly lower exchange rates but not charge any fees.
- Transfer fees. Check to see how much each company will charge you in fees every time you send a transfer.
- Transfer methods. How can you place a transfer: online, in branch, over the phone? Does the company offer a dedicated transfer app for smartphones and tablets?
- Transfer options. Does the company offer one-off spot transfers only, or can you place forward contracts, limit orders and schedule regular payments as well?
- Processing time. Processing times range from a few minutes to several business days.
- Transfer limits. Some companies impose minimum and maximum amount limits per transaction, so check to see whether these limits suit your transfer requirements.
- Pickup options. Will the funds be sent to your recipient’s bank account or made available for cash pickup?
- Customer service. If you ever have a question, will the company offer prompt and helpful customer support?
- Specialist transfer companies. Companies such as NZForex and WorldRemit offer this service.
- Cash pickup transfer companies. Western Union and MoneyGram both operate large international money transfer networks.
- Bank transfers. Bank transfers are convenient but not the most affordable option.
- International cheques. You might also want to consider approaching your bank to get an international guaranteed cheque drawn up.
- Specialist transfer companies. Start your search to find out which companies allow transfers from Mexico to New Zealand.
- Cash pickup transfer companies. Search online to find your nearest Western Union or MoneyGram location.
- Bank transfers. You can receive a bank transfer into your New Zealand bank account sent from a Mexican bank account.
- International cheques. Check with your bank to see how much you’ll be charged when you cash an international cheque.
Emergency cash transfers from New Zealand to Mexico can be completed in as little as 10 minutes, but be aware that these types of transfers tend to cost more. Lower exchange rates and higher transfer fees usually apply, which can add a significant expense to your transfer amount. Take a few moments to review the transaction details before you hand over any money.
Western Union and MoneyGram are the two largest money transfer providers in the world, with vast global cash transfer networks. Some popular cash pickup locations in Mexico are listed below. Make sure you take along photo ID and a transaction ID number to pick up cash, while phoning ahead to confirm opening hours is also a good idea.
- Modatelas 67 AP Cash
C Norte 45 No 1104 Loc 17 Mexico,
Distrito Federal 2300
Open 8am to 8pm seven days
Interior Palacio Nacional Centro Mexico,
Distrito Federal 06000
Open 8am to 7pm Monday to Friday
- Extra R Michel
Dr Roberto Michelle 250
Las Conchas Guadalajara,
Open 6am to 11pm seven days
16 De Septiembre 325
Col Centro Guadalajara,
Open 10am to 8:30pm Monday to Saturday, 10am to 6pm Sunday
Plaza De La Const. 7 Mezzanine
Colonia Centro De La Ciudad De Mexico Area 2
Cuauhtemoc, df 06010
Open 8am to 7:30pm Monday to Friday, 9am to 4:30pm Sunday
- Banco Azteca
Venustiano Carranza 91
Venustiano Carranza, df 06060
Open 9am to 9pm seven days
- Banco Azteca
Calz Independencia Sur 744
Guadalajara, ja 44180
Open 9am to 9pm seven days
- Farmacia Guadalajara
5 De Febrero 567
Guadalajara, ja 44460
Open 8am to 10pm seven days
The Department of Foreign Affairs and Trade recommends that Australian visitors to Mexico exercise a high degree of caution, so keep a few simple tips in mind to help you stay safe when picking up cash:
- Phone ahead to confirm an agent’s location and opening hours
- Only visit an agent location in an area where you feel completely safe
- Ask a friend to accompany you
- Don’t show your cash in public and never carry large sums of money for any longer than necessary
- Register for an account. Most providers offer free accounts that you can sign up for online by providing your full name, contact details and proof of ID.
- Provide your transaction details. The next step is to specify where you are sending the money, in what currency and the amount you are sending.
- Finalise your transfer. The final step in the process is to review the details of your transaction and pay for the transfer. You may also be able to use the company’s online tracking service to monitor the progress of your funds.