Monito's Recommendations for Sending Money from the USA to Mexico

Today's cheapest money transfer service might not be the cheapest tomorrow. Find the one that's best-suited to your needs and preference by comparing the best performers on Monito's comparison engine over the past 30 days for transfers from the USA to Mexico:

How to Transfer Money From the US to Mexico

If you're sending money from the US to Mexico, you'll have two main options. One will be to go through your bank (which we don't recommend because of the high fees). Another option will be to use an international money transfer service.

1 — How to Transfer Money to a Mexican Bank Account

Using an online international money transfer service is the fastest and cheapest way to transfer money from the US to Mexico. In general, money transfer services are the best way to send money abroad because they're the cheapest and usually the fastest and easiest-to-use options out there. Find out more about money transfer services here.

2 — Bank Transfers From the US to Mexico

Using your bank — whether it be Wells Fargo, Bank of America, Citibank, Capital One, or any other — is indeed a reliable option for sending money from your bank account to a bank account in Mexico. However, it's very expensive and transfers usually take a long time to arrive (between two and five business days). This is because bank transfers go over SWIFT, which involves many steps along the way.

In fact, sending money from the US to Mexico with Wells Fargo, for example, can be around 10% more expensive than making the same transfer with a top money transfer service online. This is why we generally don't recommend banks to get the job done. Learn more about why online platforms are better than banks for international transfers in our in-depth guide.

3 — Google Pay US to Mexico

A lot of people wonder whether or not they can use Google Pay to send money from the US to Mexico. Fortunately, it's possible to send money this way at this time, and, if you're sending money to a Mexican bank account, we recommend using Wise (rather than Western Union) to get the job done, as it's normally the cheaper option.

Online Money Transfers to Mexico From the US

Would you describe yourself as tech-savvy? Then you'll find online money transfers very handy. The good news is that you could get more pesos for your dollars by switching to one of the online money transfer providers such as Global66.

In the 21st century, an online money transfer is the equivalent of wiring money — only it's much cheaper and easier! With online money providers, you can send money via your mobile phone, laptop, or tablet with just a few clicks. There's no need to go to a bank or money transfer physical location. They offer much better USD-MXN exchange rates than banks and low and transparent fees. Compare your options in the list above to find the fastest, best-rated, or cheapest option to send money to Mexico. 

Make sure to compare your options before every transfer from the US to Mexico to get the best USD-MXN exchange rate every time.

The Cheapest Way to Send Money From the US to Mexico

Let's start with the most expensive solutions: banks, cash-based money transfers, and mobile payments apps like Paypal are typically very expensive options when you factor in all fees (which include hidden exchange rate margin fees).

As we mentioned above, the cheapest way to transfer money internationally is to use a specialist money transfer service. They provide much more competitive rates, fees, and commissions than banks or Paypal. Their fees depend on various factors:

• Pay-in options: Credit card, bank transfer, cash payment, etc.
• Amount transferred from the US to Mexico: The cheapest operator will not necessarily be the same for a transfer of $500 and a transfer of $5,000.
• Transfer speed: Does the money have to be available instantly, or can a beneficiary wait a few days?
• Pay-out options: Will the money arrive in your beneficiary's bank account, or will they receive it in cash?

A dozen other parameters influence the price of sending money to Mexico. You should check out Monito’s live comparison tool with dozens of services to find the cheapest or fastest one for you!

Fastest Way To Send Money to Mexico From the US

It comes as no surprise that the speed of your transfer depends on the method you choose to send your money from the US to Mexico.

When comparing the fastest options, always be sure to also compare the exchange rate to check you’re not getting a poor deal. More information about the fastest way to send money abroad can be found in our guide.