Find the Best Way to Send Money to Mexico

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Find the Best Way to Send Money to Mexico

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Compare exchange rates and fees for all services at once to send money to Mexico at the best rate. Read our Monito Score for each companies sending money to Mexico to find the best rated and most trustworthy providers.

How to send money to Mexico

Learn how to transfer money to Mexico at the lowest cost with these 4 steps

1. Check the MXN exchange rate against your sending currency

Although the evolution of the exchange rate is fluctuating, it never hurts to keep an eye on it to maximize how much Mexican pesos you (or your recipient) receives after the currency exchange. It might be interesting for you to set-up exchange rate email alerts to keep an eye on the currency exchange rate between Mexican pesos and the currency of your choice.

2. Make your choice among the more than fifty money transfer companies available for transfers to Mexico in order to select the best option.

Monito lists 56 providers to send money to Mexico, such as Wise, TransferGo, Wise Multi-Currency Account, Remitly, CurrencyFair. Save money by comparing all your options and find the most competitive one for your money transfer.

3. Choose the best option for your needs

Do you need to send money to Mexico with the cheapest option, with the highest speed of transfer or with the best rated provider?

4. Sign up and start your money transfer with the provider of your choice

Now is the time to fill the sign-up form on the provider's online portal (you most of the time have to provide information to confirm your identity), and set upyour transaction.

What do I need to know about transferring money to Mexico? Why not just go to the bank? 

Millions of people send money back to Mexico every week. With over 12 million Mexicans living outside Mexico, mainly in the United States, finding an easy and inexpensive way to send pesos back home to benefit family, friends, and others is key. 

What you may not know is that traditional banks in the US, Mexico, and all around the world do not provide the best fees or exchange rates for converting money into pesos. People send almost $30 billion back home to Mexico in remittances every year – which is on average over $2,500 per sender. Our research shows that most people overspend by up to 5% on their transfers. What does that mean? Well, it means that if you’re sending $2,500 back home to your family, $125 gets lost in fees and less money makes it to your loved ones. That $125 then collectively becomes $1.5 billion in fees that don’t make it to Mexico. We want to stop that and help you find money transfer providers that will provide you with transparent rates and fees and make sure more money gets from you to yours. 

Luckily, there are plenty of options for sending money back to Mexico. Monito details over 25 specialist money transfer providers and banks for converting your money into pesos and sending it home. We know that’s a lot of ways to transfer currency to Mexico, which is why we compare all of the most popular options side-by-side so you can make an informed choice

FAQ when sending money to Mexico

With over 12 million of us living outside Mexico, we all need an easy and inexpensive way to send pesos back home to benefit our family, friends and others.

The Best Ways to Send Pesos for Cash Pick-Up to Mexico

Some of the banks mentioned earlier (including BBVA Bancomer, Bancoppel and Banco Azteca) enable you to  pick up pesos in cash from their Mexico-wide branches. But if you don’t mind if the pick-up location is not a bank per se, you have many more options: there are also a large amount of non-bank agent locations.

A key player in the non-bank space for cash pickup is Grupo Elektra, more commonly just called Elektra. Elekta is one of Latin America's top non-bank providers for cash delivery services, and they work in tandem with many international money transfer services. Pagos Intermex is also a large remittance service that works with global providers. Intermex has over 250 branches and 2,000+ collection points across Mexico.

Overall, if you are sending money for cash pickup in Mexico, providers like Remitly, Xoom and WorldRemit are particularly affordable options that tend to offer good deals for transfers to Mexico for cash receipt.

Remitly provides cash pickup from over 10,000 agent locations,  including Elektra, Transfast sends cash to Elektra, Xoom offers this option from nearly 15,000 locations, including bank and non-bank locations like Walmart, BBVA Bancomer, Elektra, Pagos Intermex, and Telecomm Telegrafos.

WorldRemit also offers the option to send money for cash collection at roughly 1700 local locations, including Banco Azteca, BBVA Bancomer, Bancoppel, Telecomm Telegrafos, Pagos Intermex, Chedraui and Farmapronto.

MoneyGram also offers cash pickups to Mexico via Elektra.

In addition, with over 30,000 cash pickup locations, Western Union offers one of the biggest networks and extremely fast service (cash is often available within minutes), and their network includes pickup locations like Walmart and Bancoppel. But while they stand out in terms of numbers of locations, they are not always the cheapest option.
Ria also provides transfers to more than 17,000 cash pickup spots across Mexico, but their prices are generally not the competitive choice. They work with major players including BBVA Bancomer and Bancoppel.

Major banks in Mexico

  • Bancoppel
  • Pagos Intermex
  • Banco Santander
  • Scotiabank Inverlat
  • Banco Inversa

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