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How much does it cost to send money to Mexico?
Sending money to Mexico can be more affordable than you might think. However, understanding the fees can be confusing. This confusion arises because money transfer providers make money in different ways. They can charge transfer fees, mark up the exchange rate, or do both simultaneously.
Let's imagine you want to send $1,000 from the United States to Mexico.
After analyzing the 20+ providers in our database, we have found that your best option would be to make a bank transfer with Wise. They add no markup to the exchange rate, and charge a fee of approximately $10.32.
Mid-market rate versus markup
The mid-market rate is the average between the buying and selling prices of two currencies. It fluctuates over time. The markup is the additional amount charged by the provider above this rate.
At MoneyTransfers.com, we make it easy to compare rates by providing the updated exchange rate markup for each money transfer provider. Additionally, you can review fees, transfer times, and read customer reviews.
Best services to send money to Mexico
When choosing a method to send money to Mexico, you'll want to consider factors like convenience, cost, and transfer times.
Wise focuses on providing a great balance between low fees, the mid-market exchange rate, and fast transfer times to and from Mexico.
Instarem prioritizes keeping the costs down, so you have always a cheap way to send money to Mexico.
XE offers the fastest transfer times and a no fees for transfers above $500.
Use our data to find the best options for you and discover the money transfer providers that offer the exact service you need.
The suggestions below are created by combining data from thousands of real-life searches that were conducted on MoneyTransfers.com by individuals who, like you, wanted to send money internationally to Mexico.
Overall, Wise is the best way to send money to Mexico. They have low, transparent fees and offer the mid market exchange rate.
This isn't just our opinion, this is based on thorough analysis of the benefits, costs, and speed of using Wise for your transfers.
Cost: Wise fees aren't always the lowest, but their mid-market exchange rate is unbeatable. You can also calculate your exact fees before you send any money.
Speed: Wise is one of the fastest providers on the market. Transfers to Mexico are usually completed in 48 hours.
Ease of use: Wise is the most user-friendly provider we've reviewed, with an intuitive app and clear navigation.
You can calculate your fees for sending money to Mexico with Wise before you send any money using their online, in-app calculator. You can also open a multi-currency account, in which you can hold up to nine different currencies at once, including Mexican pesos.
Watch our video review of Wise
Our data and evaluations show that Instarem offers the most competitive rates for sending funds to Mexico. This affordability makes it an ideal choice, especially for those who want to get the most value, even if it means slightly longer transfer times.
Instarem's commitment to low-cost transfers is evident in their pricing structure. They offer highly competitive fees and exchange rates that consistently are lower than those of many other providers. This approach is especially beneficial for regular transfers, as savings can accumulate over time.
Despite focusing on affordability, Instarem does not compromise on reliability. Our findings show that they provide dependable transfer services, ensuring that your funds reach Mexico securely and without unnecessary expenses.
Instarem's ability to balance economical rates with reliable transfers makes them the preferred choice for cheap international money transfers to Mexico.
XE is the fastest way to send money to Mexico, based on our research.
A key benefit here is the lack of fees for transfer amounts over $500. This makes them widely recognized for larger transfers, but they come out ahead on some smaller ones too.
Check out our review for more details on XE's main benefits.
Need more options? Compare ALL rates
Get more for your money: compare and choose from over 20 money transfer providers and find the top options to send money to
What is the cheapest way to send money to Mexico?
Money transfer services are the cheapest way to send money to Mexico
Whether you need to send money to your loved ones in Mexico, pay for tuition fees, or send large amounts of money to invest in a property, money transfer services help you avoid bank charges and processes.
The exact cost of sending money to MXN can be influenced by factors like:
The country of origin
The amount you need to send
The payment method you select
The current exchange rates
Our comparison engine helps you find the best deal for your transfer by comparing the exact costs of all the most reliable money transfer services on the market in 2024.
USD to MXN Live Exchange Rate
Sending money to another country requires an understanding of exchange rates. An exchange rate can be compared to a constantly changing price tag that indicates the value of your currency in relation to another country's currency, in this case Mexico's MXN.
A favorable exchange rate means that you will receive more foreign currency for each unit of your own currency, making your transfer more effective.
Use the tool on this page to get the latest exchange rate for your currency to MXN. It's pre-set to USD but, you are dealing with different currencies such as Euros or Mexican pesos, you can easily adjust the settings and get the values you need. This helps you know exactly how much money will arrive in Mexico when you send it.
Expert Tip: Watch the Exchange Rate
Did you know you can save money by keeping an eye on exchange rates? If you're not in a hurry to send money to Mexico, watching how the rates change can be smart. When the USD to Mexican Peso rate is good, your money will get you more in Mexico. This means you can send more money without spending extra!
Sign up for our automated notifications. We'll let you know the best time to send money. With these alerts, you won't miss out on a great rate. It's like having a money-saving expert in your pocket!
How long does it take to send money to Mexico?
Quick and efficient - that's what you need when sending money to Mexico. Money transfer services offer a great solution to those times when speed is of the essence, as their transfer times tend to be much shorter compared to banks.
Take, for instance, an urgent need to transfer $1,000 from the USA to Mexico. Services like XE excel in this regard, offering near-instantaneous transfers. Even other providers like Instarem and Wise, while not as fast, ensure your money arrives swiftly.
Bear in mind that speed, like costs, can be influenced by:
The amount you're transferring. Smaller sums often move through the system quicker, while larger amounts may face delays due to necessary security verifications.
The time you start the transfer. To maximize speed when you send the money via bank transfer, initiate the operation before your bank's cut-off time. Miss this, and your transfer gets postponed to the next business day.
How to send and receive money in Mexico
Sending money to Mexico, is easy, especially when you gather the necessary documentation, and meet all legal requirements. To help you avoid unnecessary complications and delays, we have compiled a simple step-by-step process.
Important information
Transfer limits in Mexico. There are no legal limits on the amount of money you can send to Mexico.
Mexican tax laws. When you send a lot of money, it's smart to know about tax rules in Mexico. Remittances to Mexico aren’t usually taxed if the money is an inheritance, part of an estate, or a gift. Gifts to children, spouses, or parents in Mexico are also exempt from taxes. Otherwise, the recipient must report the transfer when filing their income tax.
What do you need to complete an international transfer to Mexico?
When you open an account with a money transfer service, you will be asked to provide your personal information. Before the transfer is executed, you will also need to share the necessary details of your recipient.
Your contact details
You will need to share your contact details with the provider of your choice, so make sure to double check your email and address are correct.
Photo ID
Money transfer services will need you to share a photo ID to confirm your identity. Have it ready and make sure it's valid.
Proof of address (optional)
Some providers may ask you to share a phone bill or a bank statement to prove your address.
Financial regulators in Mexico
Mexican financial bodies are regulated by the National Banking and Securities Commission (CNBV).
Analysis and methodology
At MoneyTransfers.com, we're not just another comparison site; we're your ally in beating the high costs and complexities of international money transfers. Our platform is designed to turn the tables on overpriced banks and providers, ensuring you get the best deal every time.
What sets us apart
Unmatched Transparency: We believe in honesty and clarity. With us, what you see is what you get - no hidden agendas, no preferential treatment for providers.
Comprehensive Provider Network: We go the extra mile to include an extensive range of providers in our comparisons. From industry giants to innovative newcomers, we partner with a diverse array of trusted providers, ensuring you have access to the best options available.
Tailored Solutions: We understand that every customer's needs are unique. That's why we offer personalized recommendations based on your specific requirements, ensuring you find the perfect match to send money to Mexico.
The results displayed on this page are based on data we collected via our comparison engine during the past six months and show you a simple way to get the best fees, fastest transfer times, or most helpful customer support.
