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How to send money to Mexico
Find the best exchange rate and low fees when you send money to Mexico from Singapore.
Since 1975, Mexico and Singapore have established diplomatic and other bilateral relations. Current annual trade between the two nations totals over 3 billion dollars.
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.
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
What’s the best way to send money 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 32 states:
|Best for||Winner||Why we picked it||Good for|
|Large bank deposits||OFX||Sending large amounts for bank deposit.||Transfers over $1,000 — no maximum sending limit|
|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|
|Most locations||Western Union||It’s not the cheapest, but fast and effective for same-day pickup.||Cash & convenience – 24,900 agents in Mexico|
|Convenience||InstaReM||Intuitive site, fast transfers and comes with a loyalty point program.||Fast transfers within 1-2 days|
|Exchange rates||Wise||Offers the mid-market rate on transfers to 74 countries worldwide.||Supports 40 currencies|
Online money transfer providers typically offer the strongest exchange rates and lowest fees on money transfers to Mexico. Direct bank transfers, 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 Wise 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.
Services like MoneyGram and Western Union 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.
Mexican pesos are accessible a handful of banks in Singapore, 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 24 August 2020.
|Digital money transfer service||Cash transfer||Bank transfer|
|Fee||$15.42||$4||$25 + additional correspondent bank fees|
|Exchange rate||1 SGD = 16.009 MXN||1 SGD = 15.910 MXN||1 SGD = 16.003 MXN|
|Transfer speed||1-2 day||Minutes||2-5 days|
|Amount received||MXN 31,771||MXN 31,756||MXN 31,605|
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 166 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.
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 SGD-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 Singapore 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 Singapore dollar in our historical rate chart.
Documents needed for sending to and receiving money in Mexico
To send money to Mexico from Singapore, 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 Singapore
To send money from Singapore to Mexico, you’ll need documentation and details that include:
- Identification. Most services require your NRIC, passport or other government-issued ID.
- 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.
Sending your hard-earned money to Mexico shouldn’t cost a fortune. Compare transfer companies that specialise 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.
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