How to send money to Mexico
Learn how to transfer money to Mexico at the lowest cost in four easy steps
1. Check if the MXN conversion rate is in your favor
Even though the evolution of the exchange rate is impossible to predict, it can help you save money to follow it so that you can optimize how much you will get for your money. Keep an eye on the mid-market exchange rate and validate your transfer when the MXN rate gets to a specific level.
2. Go with the best deal by comparing all money transfer providers.
Monito compares many companies to send money to Mexico, such as TransferGo, TransferWise, Western Union, MoneyGram, Currencies Direct. You will save big by comparing all your options to find the best deal for your transfer.
3. Pick the best service for your needs
Do you want to transfer money to Mexico at the lowest cost, as fast as possible or with the best rated provider?
It is also interesting to take into account the pay-in/out methods. Bank transfer or credit/debit cards are the most often available pay-in options to send money to Mexico online. To receive the money in Mexico, you can decide if your want the converted amount to be sent directly to the recipient's bank account or received in cash (from an agent location).
4. Sign up and start your transaction with the provider you selected
Now, simply register on the money transfer provider's homepage - be ready to give an ID document and/or a proof of adress - and set upyour 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 a bank account in 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: BBVA Bancomer, Banco Azteca, Bancoppel, Banco Santander, Scotiabank Inverlat, and Banco Inversa.
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, Transfast , 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.
If you have any questions about sending pesos to Mexico, we’re happy to help, get in touch with us now.
Find the best provider for your next transfer to Mexico
Sending money from the US to Mexico? What you need to know about the US proposal to tax remittances to Mexico
There’s currently a proposal to tax remittances from the US to Mexico by 2%. It’s part of the Border Wall Funding act and according to NPR, it would affect many Latinos living in the United States who send money home to various countries in Latin American, including Mexico. The legislation is still currently sitting in committees but if it passes, it would make transfers to Mexico more expensive.
For now, the best thing is to wait and see, but it is yet another reason why it is important to compare money transfer providers to make sure you are getting the best deal.
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