How to Send Money to Mexico from the UK: Best Money Transfer Services

Not all MTPs operating in Mexico with fast transaction speeds offer the most convenient payment delivery options. In a cash-dependent country like Mexico, it could be worth exploring MTPs with an established cash pickup network capable of matching speeds similar to bank transfers and digital wallets.

MTPs like WorldRemit and Remily are capable of sending money to Mexico from the UK via bank transfer and cash pickups securely in minutes. However, make sure the recipient reaches the cash pickup location with their government ID card and transaction reference number for easy collection.

The most cost-effective services to transfer money to Mexico are often reliable but could take days. If you know the payment date, you can save money and avoid delays by scheduling your low-cost MTP transfer in advance. For immediate transfers without incurring very high fees, you may check the MTPs below:

Revolut offers one of the cheapest ways for UK-Mexico payments while OFX offers customised rates for high-value transactions and corporate clients. Several MTPs also slash service fees or offer promotional exchange rates for new customers.

As Mexico lags behind many neighbouring countries in terms of adopting different forms of electronic money transfer like digital mobile wallets, you must verify and coordinate recipient individual or business details, especially for cash pickups.

Although delivery options in Mexico are largely limited to bank transfers or cash pickups, MTPs have accordingly focused on improving their cash pickup networks and connections with Mexican banks to ensure fast and secure transfers.

Most MTPs put in place safeguards in alignment with regulators to protect users against cyber attacks, scams, and phishing. Some of these features include two-factor authentications, email verification, as well as round-the-clock attack vector monitoring by dedicated cybersecurity teams.

With over five million digital nomads in the UK alone, conducting business on-the-go has become a distinct trend. Be it for billing and invoicing for your business or one-off transfers, these MTP apps can make them happen in a few clicks.

These regulated MTP apps are available on both iOS and Android platforms and employ high security standards. With easy navigation in mind, WorldRemit app developers, for instance, ensured users could switch between services with ease. These apps let you directly get in touch with customer support, and keep track of the forex market with live updates and historical trends.

The Mexico central bank, Banco de México, and the federal revenue service, Servicio de Administración Tributaria, oversee all financial entities, policies, and transactions, including inward remittances in Mexico.

Further, Mexico’s Secretariat of Finance and Public Credit is also engaged in devising government policies on income and corporate taxes.

In the UK, the Financial Conduct Authority (FCA) and the HMRC regulate and track international payments for suspicious activities.

The amount of money you can send from the UK doesn’t have a hard limit, and any restriction would generally arise from recipient country regulations or the MTP itself.

Your MTP will normally be able to increase your transfer limit if you provide adequate documents proving identity, address, income sources, and transaction purpose.

If a transaction is flagged for money laundering or similar criminal activities, regulators can further investigate, which could lead to criminal action if any foul play is detected.

The amount of money you lose towards fees on international money transfers can be broadly classified into transfer fees, currency conversion fees, and third-party fees.

While many MTPs don’t charge transfer fees, they often offset that by marking up the exchange rate. Check if your MTP allows you to place market orders to have better control over exchange rates. If you are using a debit or credit card to fund your transfer, third-party credit card provider fees could also apply.

In general, factors like selected delivery speed, geographical distance, payment amount, and even scarcity of delivery agents could lift overall fees.

When you send money to Mexico, it is considered as business income or a personal gift. MTPs like TorFX and Wise are likely the best options to streamline business payments by automating billing and invoicing at low fees.

While creating business MTP accounts could be a little more complex than individual accounts, cutting-edge API integrations that easily integrate with your business processes could considerably trim operating costs.

Meanwhile, MTPs like Remitly and WorldRemit are good options if you are sending money as gifts to family members.

Mexican citizens are liable to pay applicable income tax on all global income. Further, if you hire workers from Mexico, you must withhold and remit taxes on their behalf on employee gross earnings.

While there is no explicit tax on gifts received from a spouse, lineal ancestors, or descendants, gifts from siblings or to parents might not be exempt from taxes. Other gifts are exempted up to the limit of MX$ 118,819.

In the UK, you can send up to £3,000 overseas without attracting gift taxes.

To send money to Mexico, you would require the following:

• Recipient name, residential or business address with city and state.

• Recipient bank name, nationality, and 18-digit CLABE (Clave Bancaria Estandarizada) account number.

• Valid government ID and documents for income proof.

The recipient in Mexico doesn’t need a bank account for cash pickups initiated from the UK. However, they must carry a valid government ID and a reference code to collect the money at the designated pick-up location. For all other forms of deposits, the receiver must have the following:

• Valid bank account.

• Current residential address.

• A phone number (optional).

• Valid government ID or transaction reference number.