Find out how to send money to Mexcio at the best rate in 4 easy steps.
Is the exchange rate favorable? For example, today’s USD-MXN exchange rate (currently at 18.9642 on the 12/8/17) is at its highest level over the last 14 days. It might be a good time to send money to Mexico.
There are lots of services offering money transfer services to Mexico such as Remitly, Transfast, Xoom, TransferWise, HSBC. You will save a lot by comparing them all and finding the cheapest way to transfer your money. For example, if you’re transfering $3,000 from the US, you'll save $72 by using the cheapest available service instead of the most expensive.
The best option varies significantly depending on the amount sent, so make sure you compare services for the exact amount you need to transfer.
Decide if you’re looking for the service with the best price, lowest transfer speed, best customer reviews, or a good combination of the three.
In addition, you may want to consider the pay-in and pay-out methods. That's the ways the money will be sent and received. For example, from the US, you can pay in by credit and debit card, bank transfer. At the other end, the money can be deposited on a bank account or withdrawn in cash at an agent location. Money transfer companies work with Mexican banks such as BBVA Bancomer, Banco Azteca or Bancoppel as well as Cash pickup location like Elektra and Intermex.
Most online services will allow you to track your transfer until the money arrives at its destination, be it in Mexico City, Guadalajara or Pachua for example. The exact steps will vary depending on the service you choose. For example, you can discover how to make a transfer with Remitly, which offers money transfers to Mexico from the USA, Canada, the United Kingdom and Australia.