How to send money to Mexico
Learn how to send money to Mexico at the best MXN rate in 4 easy steps
1. Check the MXN exchange rate against your own currency
Even though the evolution of the currency market is unpredictable, it can help you save money to keep an eye on it so that you can maximize how many you will receive for your money. Follow the exchange rate and validate your transfer when the rate is at its highest level of the past days.
2. Compare 29 services available to send money to Mexico in order to select the best one.
There are quite a few money transfer companies to transfer money to Mexico, such as TransferGo, TransferWise, Western Union, MoneyGram, Currencies Direct. Save money by comparing all your options and select the most competitive option for your money transfer.
3. Choose the best money transfer company for your specific needs
Which criteria is the most important for you? The total cost, speed of the transaction, customer ratings? Consider the pros and cons of the different options before selecting the provider.
In addition, it is important to consider the pay-in/out methods. Most of the time you'll find money transfer providers offering to you the option to wire the money from your bank account, some will also give you the option to pay by debit and credit cards. On the recipient's side in Mexico, choose if you need the money to be sent directly to the recipient's bank account or be available for cash pick-up.
4. Sign up and get started wih your transaction to Mexico with the service you selected
Now, simply fill the sign-up form on the provider's website - be prepared to give a copy of your ID and/or a proof of adress - and configure your transfer.
I want to transfer money to Mexico, but which provider should I use?
Millions of people like you send money back to Mexico every week. With over 12 million of us living outside Mexico, mainly in the USA, we all need an easy and inexpensive way to send pesos back home to benefit our family, friends, and others. And banks in the USA, Mexico, or elsewhere do not have the best fees or exchange rates for converting money into pesos. In fact, people from Mexico send almost $30 billion back home each year, that’s an average of over $2,500 each and our research shows that most people overspend by up to 5% on their transfers. That means this: using a lower-cost provider could save us up to $1.5 billion collectively, or over $120 each, every year. We want to stop you from overpaying.
There are plenty of options for sending money back to Mexico. We detail 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.
The best money transfer provider for you will depend on several areas like how much you are sending, where you are sending from, the currency you are exchanging into pesos and some other factors. We take all of those details into account when recommending the best way to send money to Mexico. We’ll help you find the fastest, and cheapest ways to send money home. This is especially important for the many Mexicans sending money from the USA back to Mexico.
For most money transfer providers, you can either sign up through their websites or download their apps which will give you fast and easy access from any smart device. We provide a useful “Smart Alerts” service that tells you how currency exchange rates are changing so you can choose the best time to send money back to Mexico. Learn more and sign up here.
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 to Mexico
There are several good options for currency exchange, depending on how the person you’re sending money to wants to get access to their pesos.
Sending Less Than $1,000 in Pesos to a Bank Account in Mexico
If you want to send money to a bank account in Mexico, we recommend using a specialist currency provider. If you’re transferring under $1,000 or equivalent, your best options include WorldRemit, TransferWise, Remitly, Transfast and Pangea.
Sending More Than $1,000 in Pesos to a Bank Account in Mexico
Banks That You Can Transfer Pesos to in Mexico
You can normally arrange to send pesos to any of the following banks: Bancoppel, Pagos Intermex, Banco Santander, Scotiabank Inverlat, and Banco Inversa.
Cash Pick-Up Locations in Mexico
Some of these banks are also popular locations for picking up pesos that you have transferred. If the person receiving the money wants to collect pesos as cash in Mexico without going through a bank, then providers like Remitly, Transfast and Xoom are good options.
If you have any questions about sending pesos to Mexico, we’re happy to help, get in touch with us now.
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