With today's technology, sending money to Mexico online is easier than ever.
If you're looking to send money online to Mexico, you have probably spent some time searching for the fastest and most efficient ways to do so. You may be wondering, how can I send money to Mexico using a reliable service without breaking the bank? The good news is, there are multiple ways to send money to Mexico online, including crypto remittances, cash-pickup options, and more. You can forgo sending money via traditional banks, which tend to offer poor exchange rates, charge higher fees, and take longer to transfer your money to your recipient.
Keep reading to learn more about how to send money to Mexico instantly from the US with the best rates and fastest turnaround times.
Cash-Pickup As A Delivery Option To Send Money to Mexico
When you choose your delivery option as cash-pickups for your money transfers, the money reaches Mexico within minutes if you pay for the transfer using a debit card, credit card or pay in-store at the money transfer agent's location.
- Payment via a bank account can take anywhere between 0-4 business days.
- Your recipient can collect the cash from a nearby agent location in Mexico. This is a convenient option if he/she doesn't have a bank account or needs the cash in hand.
Here are money transfer companies that comparatively offer cheaper transfers for cash-pickup.
Remitly has nationwide coverage of Mexico with 40,000+ cash pickup locations.
- You can safely send money online to all major banks and or any of the thousands of cash pickup locations.
You can send money with Remitly in two ways: Express and Economy.
- With Express, you pay a flat fee of $3.99 using a debit card if you are sending less than $500. If you are sending more than $500, you pay $0. The money arrives in minutes.
- With Economy, you still pay $3.99 for transfers with less than $500, but the money reaches within 3 to 5 business days.
Pangea, an online remittance service provider with over 12,000 cash-pickup agent locations, is another cheaper option.
- You only pay $4.95 by debit card for every transfer and send up to $1,500 per transfer when you choose cash-pickup as a delivery option.
MoneyGram has about 43,000 cash-pickup locations in Mexico, the largest network.
- The fees are exorbitantly high for this delivery method, approximately $13.99 if paid by debit card. Though the money arrives in minutes, the high fee is a deterrent.
- If you're wondering where can you pick up money from MoneyGram in Mexico, visit their locator here.
Western Union, another industry incumbent, has a wide network of over 35,000 cash-pickup locations.
- The fee for sending $500 to Mexico for cash-pickup is about $7 if you pay with a debit card.
Xoom, a PayPal-owned online remittance service provider, has over 35,000 cash-pickup locations in Mexico.
- Unlike other service providers, Xoom will deliver your money to Mexico on the same day regardless of the payment method. However, the cash-pickup option sends your money to Mexico in minutes.
- Transfer fees for sending $500 for cash-pickup is a flat $3.99 if you pay with a debit card, a credit card (additional charges apply), bank account, or your PayPal balance. The fees are waived for direct bank deposit if payment is made using your PayPal balance or your bank account.
Send Money To Mexico Online Using Crypto
Did you know that Coinbase offers crypto remittances to Mexico? You can now send cryptocurrency from the U.S. to Mexico with the Coinbase app and cash out the digital currencies into pesos at 37,000 physical retail outlets and convenience stores located across the country. This has been made possible through a partnership with Remitly.
- This is a free pilot program launched by Coinbase, the biggest U.S. cryptocurrency exchange. There will be a service fee after March 31, 2022, but it will be 25-50% cheaper than the usual fee for international money transfers.
Coinbase, getting into international money transfers dominated by industry giants like Western Union and MoneyGram is highly significant. Crypto remittances have been lauded as a way to improve global money transfers but it is yet to be adopted at a large scale by people.
- Usually, recipients only receive funds as cash in their local currency with no option to save, grow or protect their money from losing purchasing power due to currency depreciation.
- You can send crypto to recipients in Mexico from the Coinbase app. In that case, the recipients can convert the funds to pesos at thousands of locations located across Mexico or simply hold it in their Coinbase account. If they choose to cash out, a redemption code can be generated from their Coinbase app that can be used to cash out. This allows you to send money to Mexico in minutes.
- They can also invest in any of the 100+ cryptocurrencies that Coinbase supports, including USDC, a stablecoin pegged to the U.S. dollar, which will allow your recipient can use to hedge against any devaluation of their local currency.
- The lower costs of sending and the ability to cash out cryptocurrencies and flexible storage will allow users to save even more money at both ends (sender and recipient) of the money transfer process.
Did You Know? Fun Facts About Sending Money to Mexico Online
- Mexico is the third-highest receiver of remittances in the world, behind India and China. Remittances is defined as the money migrants send home to their family and relatives.
- The central bank of Mexico, Banco de Mexico recorded that the total remittances sent to Mexico in 2021 was about $51.6 billion, which is a 27.1% growth compared to 2020.
- Most of Mexico's remittances, a whopping 95%, are sent by millions of Mexicans living in the United States. Remittances from the U.S. to Mexico are expected to remain high, fueled by strong labor markets and job opportunities for migrant workers.
- According to BBVA, as of 2020, 99.0% of remittances to Mexico were made through electronic transfers. The majority of the transactions have been conducted online attributed to increased access to technology, fast delivery options, and lower costs of transfers provided by a competitive money transfer market.
Now, how fast your money reaches your desired destination will depend mainly on how you pay for the transfer and how the money is received by your recipient or the delivery method, which will, in turn, determine the cost of your money transfers.
The Bottom Line
In conclusion, the future of the global transfer market will be driven by further technological advances and increased access to mobile solutions, cashless transactions. Cryptocurrencies, which are being increasingly used in transfers, have the potential to change the landscape.
The fastest way to send money to MX, which is also safe and convenient, is through online money transfers. Most online money transfer providers offer similar services with variations in fees, exchange rates, and speed. If you are in a hurry, you might consider paying more for the fast delivery. However, the fastest option may not always be the best option. You may instead want to find the cheapest way to send money to Mexico.
Your needs might be looking for a cheaper option, better exchange rates, or a large network, but the smart approach is to choose a service provider that meets your requirements. Compare the money transfer companies based on fees, speed, exchange rates, safety, and make a secure transfer.
Are you looking for how to send money to Mexico instantly? Use CompareRemit's online remittance comparison service to identify the best way to send money to Mexico by clicking here!