Xoom Transfers From Mexico to the USA: Are They Even Possible?

Every year, tens of thousands of Mexicans send money to friends, family, and business associates in the United States. And with one of the most popular methods for currency exchange being Xoom, many also wonder whether Xoom is a good option and whether it works at all in Mexico.

Unfortunately, Xoom is not currently supported in Mexico, meaning you cannot use it to send money to the United States. This means that you'll need to find a Xoom alternative instead. In this article, we go over the top alternatives and show you how you can save money when making your next money transfer from MXN to USD.

Xoom Isn't Supported in Mexico

As we mentioned above, Xoom is not available in Mexico. This is because Xoom is currently only available to residents of the US, UK, Canada, and the EU/EEA. The good news is that if you'd like to send money to the US, you'll have plenty of options to choose from instead. In summary, here are the main two:

1. Transfer via a digital provider: Many international money transfer providers offer low fees, fast transfers, and a great user experience to suit your needs. The best for transfers from Mexico to the US are Global66 and OFX. However, pricing and exchange rates vary constantly, so compare providers on Monito to find the best deal every time.
2. Send an international bank wire: Mexican banks such as BBVA Bancomer, Banamex, and others charge very high fees and poor exchange rates because they transfer over SWIFT. We therefore don't recommend them for transferring money abroad for most people. You can learn more about bank charges for international transfers here.

We go through all of these options in more detail below:

Global66

An excellent service with easy and fast transfers, Global66 is a good option for sending money from Mexico to the United States in place of Xoom. Global66's fees are usually one of the cheapest on Monito for MXN to USD transfers.

Transfer cost (Mexico to the USA): 5.4% on average.

Transfer time: 2 business days.

More info: See our full Global66 review, or visit their website.

In addition to Global66, OFX is another great option to send money from Mexico to the US. However, it's better suited for larger transfers.

Avoid Your Bank

The second (and generally the far worse) alternative to Xoom is to use your bank (or PayPal for that matter).

Not only is using your bank or PayPal the slower and less convenient to transfer to the US from Mexico, but going this route also comes with high hidden fees, as both your bank and PayPal will typically give you a poor exchange rate on top of the standard service fees for international transfers.

For example, our research revealed that sending $1,000 from the US to a Eurozone country with a major bank like Wells Fargo would cost $30 in service fees and $50 in exchange rate margin fees. Together, these fees amount to around 8% of the amount transferred, which is about 10 times more than the cheapest available service compared on Monito's comparison engine for the same transfer. And given PayPal's similarly high exchange rate margins, the story isn't very different with them either.

But it doesn't stop there. When sending money internationally with your bank, your funds will go over SWIFT, meaning third-party banks (called correspondent banks) can potentially charge additional fees (called correspondent bank fees) that can further reduce the amount that arrives in your beneficiary's account.

Save money on your next transfer now by finding the best deal below: