Find the Best Way to Send Money to Mexico

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

Find out how to send money to Mexico at the best MXN rate in a few easy steps

1. Check the MXN interbank exchange rate against the currency you want to send

Sending money on a favorable day obviously increases how much Mexican pesos you will get. Keep track of the evolution of the Mexican peso exchange rate and make your transfer when you can get a good exchange rate.

2.Compare more than thirty services available to send money to Mexico and find the best provider.

There are 56 money transfer companies offering money transfer services to Mexico, such as Wise, TransferGo, Remitly, Wise Multi-Currency Account, Paysend. Sending money with the best company from the more than 56 available options is a sure way to save money.

3.Choose the best option based on your criteria

Do you need to send money to Mexico at the lowest total cost, with the fastest provider or with the provider with the best ratings?

4. Sign up and start your transfer with the provider you selected

Now is the time to register on the provider's website - be aware you will often need to upload an offical ID and/or a proof of adress - and configure your money transfer to Mexico.

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


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.


Find the best provider for your next transfer to Mexico
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Mexico


    Major banks in Mexico

    Bancoppel

    Pagos Intermex

    Banco Santander

    Scotiabank Inverlat

    Banco Inversa

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    You’re probably all too familiar with the often outrageous cost of sending money abroad. After facing this frustration themselves back in 2013, co-founders François, Laurent, and Pascal launched a real-time comparison engine to compare the best money transfer services across the globe. Today, Monito’s award-winning comparisons, reviews, and guides are trusted by around 8 million people each year and our recommendations are backed by millions of pricing data points and dozens of expert tests — all allowing you to make the savviest decisions with confidence.

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