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Articles

Best Way To Send Money To Mexico

Updated on February 02, 2022 11:31 am
A woman holds a mexican flag and mexican pesos

When looking for the best way to send money to Mexico, you have many different options to compare. Your options include sending money to Mexico from the United States through bank-to-bank transfers, wire transfers, cash transfers through agents, online money transfers, peer-to-peer transfers, and even cryptocurrency transfers. Cryptocurrencies and blockchain technology hold great potential to make money transfers cheaper and faster, but that potential remains largely unrealized.

These services are provided by various money transfer companies available in the market today apart from the traditional bank transfers. As you can imagine, there are multiple ways to send money to Mexico, both online and offline.

How Do I Send Money to Mexico?

Different money transfer companies specialize in different methods to transfer money to Mexico. Some companies may be more expensive than others but have a vast delivery network. Similarly, while some companies may have the lowest money transfer cost, the money transfer to Mexico may take 2-4 days to reach your recipient.

There is not a single money transfer company that can meet all four: speed, cost, security, high exchange rate. The trick is to find the best app to send money to Mexico that meets your needs.



Ways to Send Money to Mexico

Online money transfers either through the companies' websites or their mobile applications are commonplace nowadays. Traditional banks still provide money transfer services but are expensive. American high-street banks can charge over 5% for small transfers between major currencies.

So the key to finding the best ways to send money to Mexico is to compare these companies side by side in terms of fees, exchange rates, transfer speeds, and delivery options. Comparison sites like CompareRemit help you find the best one for your transfer needs.

Choose the provider that is the most convenient or inexpensive to send more pesos back home.

How to Choose the Best Companies to Send Money to Mexico

Know how the USD to Mexican peso exchange rates work and how to find the best

The exchange rate is the value of one currency to another. Let's say today's USD to MXN exchange rate is 1 USD/20.41 MXN in the foreign currency market. It basically means that it will cost you 20.41 pesos to buy 1 dollar. Most transfer providers won't offer this real Mexican pesos to USD exchange rate (the one you see on Google search or Xe.com), also called the mid-market exchange rate. They give a marked-up rate which ranges from 3-5%, onto the real USD to MXN peso exchange rate.

The difference between the two rates is how they make profits. When comparing exchange rates provided by various international money transfer services, check the foreign currency conversion rate. A higher amount means your recipient will receive more pesos and vice versa.

Set up exchange rate alerts and send money only when USD to pesos reaches your desired exchange rate.

Compare transfer costs across various providers

There are two types of costs: transfer fee and the exchange rate markup. Money transfer fee is not the only cost.

The best provider would be the one with the cheapest fee and the best exchange rate combination. Typically, online non-bank money transfer providers have more attractive offers than traditional banks. Banks have hidden charges such as correspondent fees or recipient fees that are not in control of you or your banks.

Also, the cost of your money transfer will be determined by the money transfer provider, mode of transfer, speed, destination country, pay-in and pay-out method, etc. This means that the cheapest way to send money to Mexico will likely not be the fastest way, and the fastest way to send money to Mexico may not be the cheapest.

Save money on the transfer cost when sending money to Mexico

There are ways to reduce your transfer costs. For example, payment by bank account or debit card is cheaper than credit card payment, though the money reaches slower. Even if you have the option to pay by your credit card and have the money reach your recipient faster, it comes with a higher upfront fee, interest, and cash advance fees. If you are not in a rush, take the cheaper option.

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Look for discounts and promotional offers, especially for first-time senders, to waive the transfer fees. You can find coupons and promo codes by money transfer companies on CompareRemit's Coupon page.

9 Best Money Transfer Companies To Send Money To Mexico Online

Remitly

CompareRemit Award: Cheapest cash pickup (tie)

Remitly is a leading international money transfer provider that leverages digital channels, including mobile phones, to enable users to make person-to-person money transfers across 130+ countries in the world.

Conveniently, this online and mobile payment service has an extensive network of cask-pickup locations in Mexico. Its low transfer costs and competitive exchange rates are the main attraction. The cost can vary depending on the speed. Faster transfers (in minutes) come with a little higher fee than those that take 3-5 business days. There is a fixed fee of $3.99 for transfers less than $500. Above $500, there is no fee. Also, there is an extra 3% for payment via credit card.

You can either choose to send money to a bank account or send it to one of their 40,000+ cash pickup locations such as Bancomer, Elecktra, BanCoppel, Bansefi, and many more. Their customer service is available in Spanish as well. We highly recommend using Remitly to send money to Mexico.

Pangea

CompareRemit Award: Cheapest cash pickup (tie)

Pangea is a low-priced, fast, and secure online payment service provider. Sending money to Mexico is convenient via its website or mobile app. The money can be either picked up in cash in minutes at one of its 12,000+ pickup locations all across Mexico or can be directly deposited in a bank account or debit card (in a few hours).

You can send up $2,999 per transfer for direct deposit. The minimum amount is set at $20. Whereas for cash pickup, the limit is $1,500 per transfer.

There are no hidden fees. You only pay a single fee ($4.95 when using a debit card) for your every transfer. The exchange rates offered and the amount receivable (in the local currency of the recipient) is displayed before you make the payment.

Xoom

CompareRemit Award: Fastest money transfer service

Xoom is a PayPal-owned online money transfer service provider that will deliver your money to Mexico on the same day with whatever transfer method you choose to send. Delivery to a bank account in all major banks in Mexico is completed in hours, while the cash-pickup option does it in minutes. However, do remember that transfer speeds are subject to retailers or bank hours. 

Compared to other providers, its exchange rates are expensive, but it is compensated by its fast delivery speed and vast cash pickup locations of over 35,000 locations in Mexico. You have the option to send via Xoom's website or mobile app comfortably. Besides money transfer, you can pay utility bills, and reload phone bills for your family and friends in Mexico.

With transfer fees, you have to pay via a bank account. There is a flat fee of $3 for sending $299.98 or less. Any amount above $299.99 or more is a fee-free transfer. Payment with debit or credit cards can cost more ($4 or above).

Wise

CompareRemit Award: Highest exchange rate (tie)

Wise's online and mobile payment service for sending money abroad offers one of the cheapest ways to transfer money to Mexico. It's not the fastest in the market (2-5 business days), but quicker delivery is available when paid using a debit or credit card. You can only transfer to a bank account. Other delivery options are not available.

Wise uses the mid-market exchange rate and doesn't charge any mark-up on its transfer. The fees are always upfront. You can estimate the transfer cost using their cost calculator on Wise's website.

Direct bank transfer (ACH) from your bank account is cheaper than a wire transfer, and debit card payment is cheaper than credit card payment. The fees are a flat amount less than $1 and around 1% of the transfer amount.

Xe Money Transfer

CompareRemit Award: Highest exchange rate (tie)

Xe money transfer, an online international money transfer provider, allows you to transfer money from US to Mexico on its website and mobile app. It is ideal for larger transfers as the exchange rate margin decreases as the transfer amount increases.

You pay a small flat fee for transfers below $500 and free transfer fees for amounts above $500. You only pay a small margin on the exchange rates and third-party charges. There is no limit on the transfer amount.

The transfer can be funded by your bank account, debit, or credit card. And the money is deposited into your recipient's bank account, usually on the same day.

Skrill Money Transfer

CompareRemit Award: Cheapest online money transfer fee (tie)

You can transfer money to a bank account in Mexico for free with Skrill money transfer, either from its website or mobile app. The money arrives in minutes. 

You can pay with a bank transfer (direct ACH) or debit or credit card. Payment via credit card will come with a fee.

Skrill is one of the cheapest options to send money to a bank account in Mexico due to its competitive exchange rates and zero fees. You can set up daily rate alerts and get notified of favorable rates. They also offer a generous referral program.

OFX

CompareRemit Award: Cheapest online money transfer fee (tie)

OFX is an online money transfer platform that allows users to send money internationally via its website and mobile app. The most attractive feature about OFX is the low transfer cost. If speed is not your concern and wants a cheap bank-to-bank transfer, go for OFX to send money to Mexico. That means money transfer requires bank accounts for sending and receiving money.

There are no upfront transfer fees and has a low marked-up on the exchange rate. You can set alerts to notify you of favorable rates for you.

However, there is a minimum transfer amount of $1,000 but no limit on how much you can transfer. Delivery speed ranges from 1-4 business days.

MoneyGram

CompareRemit Award: Biggest network of money transfer service providers

MoneyGram has the largest cash-pickup locations of about 43,000 in Mexico, which is convenient if you want your money to be collected in cash. It arrives in minutes. With Moneygram, you also have the option to send the money to any bank account the same day in Mexico.

Whether you want to send online, through the mobile app, or in-store, MoneyGram has you covered.

However, there is a price for convenience. Bank to bank transfer is free aside from the markup exchange rate. The fee jumps to at least $5 for the cash-pickup delivery option for transfers funded by a bank account and a $13.99 fee if paid using a debit or credit card.

Remember to check the MoneyGram cost estimator to find the favorable rates and fees with every transfer.

Western Union

CompareRemit Award: Runner-up for biggest network of money transfer service providers

Western Union offers multiple options to send and receive money in Mexico. You can send online, through its mobile app, or in-person and pay for the transfers via a bank account, in cash at an agent location, or with a debit or a credit card.

The money can be deposited to any major banks in Mexico, or your recipient can collect cash from any of the 35,000+ cash pickup locations spread across the country. You can also reload prepaid mobile phone minutes or pay bills for your loved ones in Mexico.

Cash transfers arrive in minutes while sending to bank accounts can take up to 4 business days. Faster delivery options cost more.

The transfer costs vary depending on how you pay for the transfer, the delivery option you choose, and the transfer amount. Bank transfers are always cheaper.

Mexico Remittance Facts

Mexico relies heavily on the remittances sent by the migrants living and working in the United States. It is the third-highest remittance-receiving country in the world and  95% of remittances to Mexico are from the U.S.

The means of sending money to Mexico (or, for that matter, much of the world) has evolved over the last three decades as a result of technological advances, vast telecommunications networks, and digital innovations in the financial services industry.

Back in the 90s, money orders were widely used to send money to Mexico, followed by cash and in-kind remittances. By 2010, 96.6% of the total remittances to Mexico came from electronic transfers. Fast forward to 2020, 99.0% of remittances to the country were made through electronic transfers - according to BBVA.

These electronic transfers can be received as a deposit in a Mexican bank account in pesos or collected in cash at a bank, or other financial institutions, commercial places such as stores, supermarkets, pharmacies, and other locations.

In Conclusion: How Can I Send Money to Mexico?

To sum it up, the best way to send money to Mexico is online. You have many options when choosing how to send money to Mexico, so being able to compare services is crucial. When determining how to transfer money to Mexico, the more important things to consider are good exchange rates, upfront costs, multiple payments, and delivery options, have huge cash pickup networks, charge low to no fees, and fast delivery.

Different money transfer companies can have a competitive edge in different categories: costs (fees and exchange-rate margin), speed, delivery network. Also, these providers are government-regulated, so your money is safe.

The most important part of sending money online is choosing the right provider for your specific needs. Always compare the top providers before you make the transfer and save on every transaction. You can also download the CompareRemit mobile app to compare remittance services and experience seamless transitions between apps to send money to Mexico.

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