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Find the best way to send money to Mexico

Compare 10+ companies that can send money to Mexico from the US.

Looking for the best way to send money from the United States to family, friends or businesses in Mexico (or even to your own overseas bank account)?

Don't head straight to your American bank – compare specialist money transfer services instead. They nearly always offer better MXN exchange rates and lower fees, so for the same amount of US dollars you send, your recipient will receive more Mexican pesos.

Of the companies we've compared, OFX is among the cheapest, with competitive exchange rates and fees starting from $0. Need a really fast transfer? Xe can get money to your recipient in Mexico within minutes.

Best ways to send money to Mexico from the US

The best way to send money to Mexico depends on your payment method, how you want your money to be received and how fast you need it to arrive.
  • Bank transfer. Typically the cheapest option, bank transfers are an easy way to send money to Mexico but are often slower than other methods.
  • Cash pickup. If you need your money to arrive fast, cash pickup gives your recipient instant access to the money you've sent when they collect it from their agent location in Mexico.
  • Peer-to-peer (P2P) transfer. With this type of transfer, the transfer service matches people buying US Dollars in one country with people who are selling it in another, potentially securing a more competitive exchange rate.
  • Mobile wallet. Essentially an electronic wallet service, mobile wallets allow users to store, send and receive eligible currencies using their phone, often with fees attached.
  • Prepaid phone credit. Specifically used to top up a recipient's prepaid mobile phone plan, prepaid phone credit is usually added instantly or within a few minutes.
  • Home delivery. If your recipient may struggle to get to a cash pickup location, you may be able to opt for door-to-door cash delivery.

Compare the best money transfer companies to send money to Mexico

Use our table to compare the best money transfer companies to send money to Mexico. You can compare deposit and receiving options, fees and transfer speeds, then click the "Go to site" button when you've found the best one to get your money to Mexico.
1 - 11 of 11
Name Product Filter Values Fastest Transfer Speed Fees (Pay by Bank Transfer) Learn More
OFX
Within an hour
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
CurrencyTransfer
$0

View details
CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace.
CurrencyFair
€3

View details
CurrencyFair has bank-beating exchange rates and fast transfer times on 15+ popular currencies.
Xe
Within minutes
$3

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Xe has fast transfers with low fees and a range of foreign currency tools.
Remitly
Within minutes
From $0

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
OFX
Within an hour
$0

View details
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
WorldRemit
Within an hour
From $1.99

View details
Use the code ‘4FREEFINDER’ to get 4 free transfers if you are a first time user. Eligible countries only.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
OFX International Money Transfers (Business)
$0

View details
Business customers: Send safe, no-limit transfers with no fees and competitive exchange rates.
Remitly
Within minutes
From $0

View details
Special offers like free transfers and better exchange rates available for new customers.
Remitly has quick, affordable transfers around the world, with both express and economy options.
CurrencyTransfer for Business
$0

View details
Increase business efficiency with zero transaction fees and same-day transfers.
MoneyGram
Within an hour
From $0

View details
MoneyGram has fast cash pick-up transfers to more than 350,000 agent locations worldwide.
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Compare up to 4 providers

Cheapest way to send money to Mexico

Bank transfers are typically the cheapest way to get your money to Mexico. OFX and CurrencyTransfer have some of the lowest bank transfer fees of the brands we've compared.

When you're hunting down the cheapest ways to send money to Mexico, it's more important to look at the overall cost of your transfer. This has a couple of elements:
  • Transfer fees. While still cheaper than your American bank, some money transfer services charge either a fixed or percentage-based fee for making your transfer.
  • Exchange rates. Another way money transfer providers make money is to add a margin to the mid-market USD/MXN exchange rate.

Some providers may charge the mid-market rate but add fees on top. Others may have very low fees but apply a markup on the exchange rate. This means it is important to compare exactly how many Mexican pesos your recipient will end up with.

Fastest way to send money to Mexico

Many online providers can offer transfers to Mexico within minutes, although you're likely to pay a premium for the convenience.

Here are some of the fastest average transfer speeds to Mexico:
  • Xe — within minutes
  • Remitly — within minutes
  • WorldRemit — within minutes

Actual transfer times from the United States to Mexico can depend on several different factors including transfer amount, payment method and payout method.

Safest way to send money to Mexico

The safest way to get your money to Mexico is to use a provider registered with the United States's industry regulator, the Consumer Financial Protection Bureau. All of the companies we've compared in our table are overseen by a local regulator and comply with the relevant laws and regulations in both the United States and Mexico.

A great way to dive deeper is by reading our extended reviews of each transfer service and researching first-hand customer feedback on Trustpilot and similar platforms.

Large money transfers to Mexico

If you need to make a sizable money transfer to Mexico, consider using a provider such as OFX or CurrencyTransfer to benefit from its expertise in handling larger transfer amounts.

Using a large transfer specialist can have the following advantages:
  • Tax guidance. Large transfers to Mexico may have tax implications for you or your recipient. A transfer specialist can help get you up to speed on IRS's latest advice.
  • Foreign exchange (forex) tools. Advanced tools such as forward contracts, limit orders and stop-loss orders can help you lock in the MXN exchange rate you want.
  • Account manager. Some money transfer providers assign a personal account manager who can help and advise you on your transfer needs.
  • Phone service. If you want to talk your transfer through with someone, providers such as OFX and CurrencyTransfer can give you support over the phone.

How to send money to Mexico from the US

To send money to Mexico, you'll need the necessary documentation, your recipient's details and a way to pay.

  1. Compare your options.
    Use our table to find a money transfer provider that sends funds to Mexico. One may be better for cash pickups while another may suit a bank transfer. Once you've found the best one for your requirements, click "Go to site".
  2. Create an account.
    You'll need to give your name, address, contact details, proof of ID and method of payment.
  3. Provide your recipient's details.
    Enter your recipient's name and contact information. If you're sending straight to their Mexican bank account, you'll need the account number, SWIFT or IBAN plus their bank branch's address.
  4. Enter your transfer amount.
    Check you're happy with the fees, exchange rates and transfer speed, then enter the amount you wish to send. Double-check the total Mexican pesos your recipient gets.
  5. Complete your transfer.
    Send your money transfer to Mexico. Keep your transaction reference number safe so you can track your transfer. Your recipient may need it too.

How to choose the best money transfer companies to send money to Mexico

When choosing a money transfer provider to send money from the United States to Mexico, it's important to consider the cost, how you want your recipient to receive the funds and the turnaround time. Here are other features to review:

  • Exchange rates. Banks and transfer services use the mid-market rate to trade with one another. It is the best rate you can get. However, not all money transfer providers offer you this mid-market rate so compare the MXN you're offered to the mid-market rate and look for the smallest difference.
  • Transfer fees. Are you being charged a flat fee or a percentage of your transfer amount? For example, a provider offering to transfer your money to Mexico for a flat or low fee might work out better if you plan to send a large amount.
  • Transfer type. Does your recipient have a Mexican bank account or is cash or cell phone top-up a better option? Each transfer type will have different fees. For example, instant cash pickups tend to be more expensive than bank transfers.
  • Transfer speed. If you need your transfer to arrive quickly, you can pay for an express delivery. Companies such as Xe and Remitly offer instant cash pickups but may charge more. If you're not in a rush, online money transfer services offer the best value and get your money to Mexico faster and cheaper than banks.
  • Transfer purpose. Whether your transfer is for personal or business reasons influences which provider you want to use. If it is a one-off personal transfer, then fast and cheap may be the way to go. But if you make recurring transfers or send large amounts, a business transfer specialist like may be more economical.
  • Forex tools. Are you able to set rate targets, lock in a good MXN rate for the future or create a stop-loss order? Advanced forex tools can help make your transfer cheaper, which is useful if you make multiple transfers a year.
  • Transfer limits. Find out how much you can send with each service. For example, Remitly has a transfer limit of $2,999 while OFX allows unlimited transfers.
  • Customer support. If you're sending larger amounts or looking for some guidance, it's important to choose a provider you can contact by phone if, like OFX.
  • Discounts. Some providers may offer you a free transfer simply for signing up. Others may offer a discount if you transfer more than a specific amount of Mexican pesos.

Is this a good time to send money to Mexico?

Compared to a month ago, the US dollar is stronger against the Mexican peso. Currently $5,000 is equivalent to $99,090.00, whereas a month ago, $5,000 was equivalent to $97,631.00. That's an increase of 1.49% over the past month.

But compared to a year ago, the US dollar is weaker against the Mexican peso. A year ago, $5,000 was equivalent to $104,605.00. That's a decrease of 5.27% over 12 months.

What's more important, however, is where the strength of the US dollar against the Mexican peso goes from here – which is harder to call. But whichever way it goes, shopping around has the potential to get you more Mexican pesos for your US dollars and can help you get the best out of any market conditions.

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Frequently asked questions

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6 Responses

    Default Gravatar
    EdNovember 14, 2019

    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?

      Default Gravatar
      nikkiangcoNovember 14, 2019

      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

    Default Gravatar
    javierDecember 3, 2018

    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.

      Avatarfinder Customer Care
      JoshuaDecember 9, 2018Staff

      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 means 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 read our guide about the tax implications of large money transfers. From there, 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 a 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

    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?

      Avatarfinder Customer Care
      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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