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Mexico is one of the largest remittance-receiving countries in the world with a majority of this amount coming from the US. According to the World Bank, personal remittances to Mexico amounted to approximately 36 billion USD in 2018 and this number continues to grow at an exponential rate.
Recent fluctuations in the strength of Mexican peso and suggested policy changes by the US government have propelled a surge in remittances to Mexico. Moreover, September being National Hispanic Heritage Month has further inspired expats to send money to Mexico. As you get ready to celebrate your Hispanic heritage starting the 15th of September, it is important to seek out the best and most inexpensive ways to send money to Mexico so that your loved ones back home can get your dollars' worth.
Source:World Bank
There are multiple ways to send money to Mexico from the United States this Heritage month.Traditional ways of sending money were limited to checks, money orders, and forex agents. The new and the best way to send money is online.
There are multiple money transfer companies in the market today. You can use them to send money to Mexico via wire, online transfers, cash pickup, and bank transfers. And you can also use their apps to send money to Mexico. However, it is key to research the best money transfer companies to find the deal that is tailored to your needs, be it transfer fee or transfer speed or the best exchange rates. Different money transfer companies adopt different technologies and excel in their niche. For example, Western Union is one of the fastest ways to make an international money transfer from the United States to Mexico. On the other hand, Wise (formerly known as TransferWise) is one of the cheapest ways to send money online to Mexico.
For your convenience, we have put together a list of the top money transfer companies that will help you decide the best way to transfer your money to Mexico online.
Western Union is one of the oldest money transfer companies in the world. You can use Western Union to send money to Mexico through their app, online, or cash pickup services. Western Union has an extensive network in Mexico with more than 33,000 cash pickup locations. But the instant transfer facility charges a premium and is often not the cheapest way to send money to Mexico.
Xoom offers cash pickup at more than 35,000 locations in Mexico and bank deposits at all major Mexican banks. You can log in to their website or app and use Xoom to send money to Mexicoin less than 15 minutes. You can also pay using your credit or debit card and avail instant phone recharges for the recipient ones through Xoom.
Remitly is one of the cheapest ways to send money to Mexico from the USA. They have a $0 fee when you send $500 or more. Remitly offers cash pickup at more than 25,000 locations including at Bancomer, Elektra, and BanCoppel. It is one of the most favored options to send money to Mexico either through bank deposits or cash pickup.
Wise provides low-cost money transfer to Mexico. It has one of the most competitive exchange rates in the market because it uses mid-market rates. The recipient gets the money directly from Wise's local bank account within 2-5 days. Moreover, Wise's review on Trustpilot shows a rating of 9.1 and it is very often the preferred way to send money to Mexico with lowest remittance cost.
Ria can be used to transfer money to Mexico at more than 17,000 cash pickup locations across the country. You can also deposit the money into recipient's bank account. Some of Ria's partners are Elektra, BanCoppel, and BBVA Bancomer.
Moneygram is yet another safe and fast option to send money to Mexico online. The recipient can pick up cash from more than 19,000 locations in Mexico including at Walmart, Elektra, Oxxo, and Super Farmacia. You can also deposit funds in the recipient's bank account within 24 hours.
Instarem is a money transfer company that offers mid-market exchange rates on all fund transfers to Mexico. They work on a low commission and not a fixed fee. This makes InstaReM attractive for transferring smaller amounts. Read our comprehensive review of Instarem here.
WorldRemit is a low-cost alternative to traditional agent-based money transfer companies. It allows you to avoid agent fees and spend less on your transfers. You can send money to Mexico through bank transfers, cash pickup, instant e-wallet, and airtime top-up. The recipient can receive cash at several banks including Banco Azteca, BBVA Bancomer, and BanCoppel.
These are some of the best money transfer companies available to send money to Mexico. The best way to avoid confusion about sending money to Mexico from the USis to compare best exchange rates side-by-side on CompareRemit and pick one that suits your needs best.
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