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How to Send Money to Mexico

Last updated 29th Nov 2022
Disclosure

The easiest way to send money to Mexico is by using online money transfer services.

This detailed guide reviews some of the best providers, such as Xe and Ria Money Transfer, along with other money transfer alternatives and a complete rundown of their pros and cons.

Here's all there is to know about sending money to Mexico!

How to Send Money to Mexico Using a Money Transfer Provider?

The process of sending money to Mexico by using an online money transfer service is simple. You only need to follow these three steps to execute a transaction!.

Step 1: Compare providers to find the one that best fits you
Step 2: Sign up with the chosen provider
Step 3: Transfer money

How to Send and Receive Money in Mexico?

Remittances to Mexico reached a historic high in 2021, with the total annual inflow being $40.6 billion. The reason lies in a large number of migrants, primarily in the United States, adding up to a multitude of different ways to send and receive money to Mexico. Here’s how they compare.

Ways to Send Money to Mexico

Money transfer services are the top option for sending funds to Mexico. Below is a rundown of how they outrank the alternatives considering transfer times, fees, and security. Examples of money transfer services for sending money to Mexico are Ria Money Transfer and VertoFX among others.

Money Transfer Services

A money transfer platform is a specialized website offering a simple way to move funds internationally. The competition is fierce among money transfer services used to send funds to Mexico, allowing the user to pick from many options, with Xe Money Transfer and Wise emerging as some of the most popular.

The majority of money transfer providers offer multiple payment methods but focus on debit and credit cards as the most convenient ones. Transaction fees and speed vary. Some transfers cost more and deliver the funds in minutes, while others are more affordable but take more time. Either way, the balance of price and service quality makes money transfer services the best option to send funds to Mexico.

Wire Transfers

As the “old-school” way of sending money worldwide, wire transfers are a proven but slow method to send funds to Mexico. Transactions could take days, making them inconvenient if you need to transfer money fast. The fees—especially charges from third parties like intermediary banks—aren't favorable either, making money transfer services a much better option for sending funds to Mexico.

Bank Account Transfers

Grupo Electra, Banco Azteca, and BBVA Bancomer are among the institutions supporting bank transfers in Mexico. The process is reasonably fast, and you'll even find it on some money transfer services. However, it requires having detailed information about the receiver's bank account and doesn't neglect the potential intermediary fees, similarly to wire transfers.

Challenger Banks

Challenger banks are market newcomers offering a fresh and often tech-focused experience to users. Fondeadora, Albo, and Swap are examples of these banks in Mexico. While you can find trustworthy options, the problem with challenger banks is that they often lack solvency, so there might be issues with large transactions. If you plan to send large sums to Mexico, it's safer to go with international money transfers.

Mobile Apps and Payment Services

While Apple Pay, one of the most notable examples of these services, is available in Mexico, you won't find a huge range of alternatives in this country. Another thing worth mentioning is that these apps aren't focused on international transfers, so the fees might be expensive. If you'd like to send funds via mobile, most money transfer services have dedicated iOS and Android apps offering the same convenient features at much more affordable rates.

PayPal

As an e-wallet and online payment service that has been around for over two decades, PayPal is available in Mexico for both personal and business use. However, the platform has a demanding registration process and large fees. The rates to exchange other currencies for MXN are unfavorable, so it's better to go with money transfer services.

Money Transfers to a Pickup Location

This common way of transferring funds internationally involves leaving the money in a location or sending it online via the platform's website. The receiver can then collect the funds at any location partnered with the service throughout the country, with Western Union, Wise, and Xoom being some of the options available in Mexico. While transfer times are fast, you'll often deal with amount limitations and high fees.

International Money Orders

This is an option when transferring money to Mexico from the United States. Facilitated by the US Postal Service and Elektra, Telecom, and BanCoppel as participating banks in Mexico, international money orders should be your last resort. USPS puts a single transaction limit is $700, while the daily limit is $10,000. The majority of other providers puts an order limit at around $1,000. Money orders come with high issuing fees, so it's much better to use specialized international money transfer platforms.

What Do You Need to Send Money to Mexico?

International money transfers need to comply with relevant laws in the sending and receiving country. When sending funds, you might need to secure the following documentation:

  • Accurate personal information. While filling out the forms, use your name as it appears on official documents. Most services will require providing a valid ID issued by the government.

  • Recipient's info. Once again, make sure the name is as stated in official documents. Depending on the platform, you'll probably need a phone number, address, etc.

  • Bank information. This could include anything from an account number to the bank code, IBAN, and other international transaction requirements.

  • Documents proving the origin of money. It's particularly necessary for large transfers. You can use bank statements, property sale documents, etc.

What Are the Ways of Receiving Money in Mexico?

Collecting funds received in Mexico is available in two different methods – a direct bank deposit or location pickup. You should talk to the receiver and discuss their preference, but don't forget that fees might vary on the method!

Location Pick Up

Thanks to the location pickup, the receiver doesn't have to go to the bank, but any location partnered with the service you used to send the funds. While convenient, the receiver will be collecting cash, so this is not the safest option for large amounts.

Direct Bank Deposits

As the name suggests, the receiver gets the money in the bank account they provided. Money transfer services usually offer this as the default option, and funds arrive automatically unless the bank contacts the receiver for additional info (usually for large amounts).

What Do You Need to Receive Money in Mexico?

Once you send the money, the receiver might need to prepare the following to ensure the collection goes smoothly:

  • A valid identity document – mandatory for location pickups. ID cards are best, but some services will allow a passport;

  • Active bank account in Mexico supporting international transfers;

  • Transaction details such as transaction number and the sender's information.

Top Money Transfer Providers to Send Money to Mexico

Money Transfer ProviderFeesDeposit MethodsMexicoRegulatorXe Money Transfer0% above $500Debit and credit cards, ACH, bank transferCNBVRia Money Transfer0% on the first transferBank transfer, debit and credit cards, cashCNBVRemitlyVaryDebit and credit card, bank transfersCNBV

Xe Money Transfer – Best for Sending Money to Mexico

Xe Money Transfer works with premium partners like BBVA, Elektra, and Soriana. You can send money directly to bank accounts or use the cash pickup options at designated locations. Xe supports dozens of currencies for sending money to Mexico, and the exchange rates are favorable compared to the competition.

Advantages and disadvantages of using Xe Money Transfer

Advantages

  • More than 40,000 locations throughout Mexico

  • The cash pickup method allows almost instant money availability

  • Long company history and excellent public image

Disadvantages

  • The converter uses mid-market rates

  • You need to contact their team for transfers over $500,000

3 Steps to Start Using the Provider

  • Step 1: Go to the Xe Money Transfer website.

  • Step 2: Ask for a quote and sign up for an account.

  • Step 3: If the terms are okay, finalize the transfer.

Best Alternatives

  • WorldRemit, TorFX, Western Union

Ria Money Transfer – Best for Sending Money to Mexico from the USA

Besides the recently-updated intuitive website, if you are sending money from the United States through Ria Money Transfer, you can use cash for the transfer at 7-Eleven stores. The provider allows cash collection in many locations throughout Mexico.

Advantages and disadvantages of using Ria Money Transfer

Advantages

  • Favorable exchange rates

  • A simple online money transfer process

  • An extended SSL certificate to prove the platform's safety

Disadvantages

  • Page loading time on the site could be faster

  • The upper sending limits are a bit restrictive

3 Steps to Start Using the Provider

  • Step 1: Head to the Ria Money Transfer website.

  • Step 2: Enter the money transfer details and check the exchange rates.

  • Step 3: Finalize the transaction by following the instructions.

Best Alternatives

  • Instarem, WorldRemit, Azimo

Remitly – Best for Fast Money Transfers to Mexico

Remitly offers two options to send money – Express and Economy. While more expensive, the former ensures the money is available in minutes, but you have to use a debit card. Remitly has a flat $3.99 fee but waives it for transfers above $500. It supports many currencies, including sending USD and EUR from different countries.

Advantages and disadvantages of using Remitly

Advantages

  • Over 40,000 receiving locations

  • A simple user interface on the website

  • Transparent exchange rates

Disadvantages

  • Express transfer rates are unfavorable

  • The Economy options takes up to five business days

3 Steps to Start Using the Provider

  • Step 1: Head to the Remitly page dedicated to sending money to Mexico.

  • Step 2: Pick the desired currency and transfer type.

  • Step 3: Complete the registration form and finish the transfer.

Best Alternatives

  • VertoFX, Wise, TransferGo

What Are the Fastest Ways to Send Money to Mexico?

Money transfer services offer fast transfers of funds to Mexico, but these often come with additional charges. If you are looking for sending money instantly, check out the suggested platforms to use when in a rush!

Money Transfer ProviderTransfer SpeedFeesAzimoInstant – 24 hoursFrom €2.99WiseSame DayFrom 0.41%WorldRemitSame DayFrom $2.99

Fast money transfer services will give their best to make money available in minutes. However, they put the "same day" estimate to be on the safe side. With the receiver in Mexico having the money within 24 hours, the only thing to consider is whether you agree with the fees specified.

What Is the Cheapest Way to Send Money to Mexico?

International money transfers are more complex than everyday local transactions, so the providers impose higher fees. But if you aren't in a rush, you could pick cheap money transfer services and pay as little for the charges as possible.

Money Transfer ProviderFeesTransfer SpeedTransferGoFrom €0.991-4 business daysTorFX0%1-4 business daysVertoFX0% on the first transfer up to $15,000<24 hours

Besides facilitating transfers at no or small fees, the cheapest money transfer providers also offer favorable currency exchange rates. However, the transfer could take longer, so make sure you are okay with the specified deadline.

What Is the Safest Way to Send Money to Mexico?

Security is a key concern when transferring funds internationally. While all recommendations on this page offer safe transfer services to send money to Mexico, some operators take security to the next level.

Money Transfer ProviderExtra security optionFeesRia Money TransferExtended SSL certificate0% on the first transferWiseReliable customer supportFrom 0.41%Western UnionCompliant with PCI DSSVary

The main aspects of security often include compliance with different standards. That includes website safety and information protection, such as storing your personal and financial data securely. Another vital aspect is customer support. If anything goes wrong or you have questions regarding the platforms, the agents should be ready to resolve the issue efficiently.

What Are the Best Apps to Send Money to Mexico?

Most money transfer services have dedicated apps or mobile-friendly website versions, allowing for a convenient way of sending money to Mexico on the go.

Money Transfer AppTransfer TimeFeesPayPalInstantVaryTransferGo1-4 business daysFrom €0.99InstaremSame DayFrom 0%

The best mobile apps to send money to Mexico function without bugs and glitches, promising a safe and intuitive way to execute an international money transfer without imposing high markups.

Things to Consider When Sending Money to Mexico

Most money transfer platforms will send funds to the receiver in Mexico in MXN, with only a few supporting USD and EUR. Apart from choosing the desired sending and receiving currencies, here are other aspects to consider when transferring funds to Mexico!

Local Authorities

When sending funds, you'll need to comply with local Mexican laws. Some authorities that monitor and regulate the finance industry in Mexico include

  • Secretariat of Finance and Public Credit. Also known as SHCP, they design and conduct the federal government policies on tax and finances.

  • National Banking and Securities Commission. CNBV is a part of SHCP, and it oversees the payment industry, with the task of ensuring everything is by the book.

  • The National Commission for the Protection and Defense of the Users of Financial Services. CONDUSEF is an institution that citizens could turn to for complaints and other problems related to financial services in Mexico.

How Much You Are Sending Abroad

Many money transfer services limit the amount of money you can send to Mexico, either on a daily basis or a single transfer amount. So if you are sending large sums, such as over $200,000, you'll need to find a provider ready to process the transaction.

Mexican laws don't have limits on how much you can send to the country. But large transactions might trigger the interest of local authorities, so make sure you have documents on the money's origin ready.

The Cost of Money Transfers

There's no clear rule about the prices of an international money transfer to Mexico. Some platforms don't charge fees but offer exchange rates below the mid-market ones, and others impose big charges but are ready to send money fast. You'll even notice some money transfer platforms will waive their fees for the first transaction to Mexico or when sending large sums.

Payment Type and Reason for the Transfer

You could be sending money to a family member or cousin. Perhaps it's a gift for a birthday or wedding. These are all personal transactions and will require opening an individual account on money transfer platforms. But international fund transfer services also support business transactions, for which you'll need to open a specialized business account. The process is more complex, but platforms try to compensate with benefits like multi-currency accounts.

Safety and Security of the Provider

Moneyzine only recommends money transfer platforms that legally offer their services in Mexico. Apart from being regulated by local authorities, many operators have licenses from other reputable government bodies, such as FCA. These licenses ensure the platform meets the required regulations and standards.

Another thing to consider is the platform's security, such as the offer of encrypted transactions, servers that store your sensitive info safely, etc. Money transfer services recommended on this page have an excellent reputation in this regard, making them as safe to use as traditional bank transfers.

Tax Regulations in Mexico

The senders don't have to worry about taxes when sending funds to Mexico. However, some countries require reporting moving large amounts of money out of the country. For example, the IRS should know if you are sending more than $15,000 as a gift or $10,000 as a business payment out of the US.

It might be necessary for the receiver to report the money as income in Mexico. A gift to a parent, child, or spouse isn't taxable, but it’s a legal offense if you use this option falsely and then forward the funds to someone else.

Other Countries to Send Money

Apart from Mexico, we created some other guides where we explain how to send money to different countries. We listed some of them below:

FAQs

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Aneeca Younas

Aneeca Younas

Combining her Master’s degree in Business Economics and her childhood dream was to become a journalist, Aneeca is now a writer for finance-related websites. Having years of experience with companies doing business in multiple markets, she got to know international money transfers inside and out, gladly sharing that knowledge to help readers make better-informed decisions.