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Send Money To Mexico

Wherever you are in the diaspora, you can send money to Mexico. There are official channels available to help you do so. However, knowing the different ways you can send money to Mexico, the information required, the role money transfer services play, and how your loved ones can receive the money you send is crucial.

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How To Send Money To Mexico

Sending money to Mexico is simple and easy. Follow these steps to get started.

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Sign up with the provider and deposit the amount you want to transfer.

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Ways To Send And Receive Money In Mexico

There are multiple ways to easily send and receive money in Mexico but these will largely depend on the provider you decide to use. Below you will find everything you need to know about sending and receiving money. 

Sending Money To Mexico
Receiving Money In Mexico

Ways to Send Money to Mexico

Records maintained by the Bank of Mexico show that 98 per cent ($34.95 billion) of the remittances to Mexico were carried out through electronic funds transfer (EFT). The remaining two per cent were dispatched by money order, cash and cash-like instruments. Slicing and dicing the data shows the specific channels used to send the money.

International Wire Transfers

Mexico has a total of 48 banks, seven of which control 78 per cent of the total market share. Despite delays, bank-to-bank transfers remain a reliable and secure method of sending money to Mexico. On average, a bank transfer can take up to 4 days to get to the recipient.

When the bank you are sending from has no established financial relationship with the recipient bank or the currency you are sending from is different from the destination currency, a correspondent bank acts as an intermediary. This intermediation may cause transfer delays.

Other factors that slow down international wire transfers include the source currency, payment method, the effect of weekends and holidays, cut-off times and timezones. Apart from time, banks charge higher fees and their exchange rates are unfavourable.

Money Transfer Services

Money Transfer Operators (MTOs) have increased their dominance on most Mexico transfer corridors. These services bring cost-efficiency, timeliness, and flexibility in sending money to Mexico. We’ve put together a list of top 10 money transfer companies, however some of the notable companies offering money transfer services you can use include Western Union, MoneyGram, Ria, Xoom, TransferWise, and WorldRemit.

Signing up for an account with MTOs is very simple. Depending on the provider, you may need to provide your name and email address only. Other providers may ask you for a few verification details to set you up. You can sign up on the website or through a downloadable mobile app.

Once you are set up, pay for your transfer using a debit or credit card, bank transfer or cash deposit. You can send freely through the website, mobile app or SendBot for MoneyGram. When sending money using money transfer services, there are a couple of options you can choose from:

Bank Transfer – This sending option is similar to bank wire transfer. However, the difference is that the transfer moves from an MTO to a bank on the MTO-bank platform. Instead of taking days, bank transfers can take a few hours. Some of the Mexican banks and non-bank institutions that money transfer service providers have partnered with are Grupo Elektra, BanCoppel, BBVA Bancomer, and Banco Azteca.

Cash Pickup – This is the second option you can use to send money to your loved ones in Mexico. Depending on the provider, cash pickups can be available within minutes. If you choose WorldRemit, the recipient can pick up the cash in any of the 7,800 locations on the provider’s payout-network. Western Union has 42,000 locations while MoneyGram has partnered with banks and OXXO, a chain of convenience stores.

Sure Money (DineroSeguro)

This money transfer service offered by the United States Postal Service (USPS) replaces the international money order. The sending limit per day currently stands at $1,500. When sending the money, the USPS will give you a currency translation rate. Sending money through this method takes only 15 minutes.

In 2014, the government of Mexico ended the agreement that authorised the USPS to sell paper money orders to Mexico.

What’s Needed to Send Money to Mexico

Despite being one of the top destinations for remittances, sending to Mexico is not any different from sending to other countries. The US-Mexican border has been a conduit for illegal drugs and human trafficking. The effect this has had is that every transfer to Mexico requires proper documentation. Some of the information you’ll need to send money include:

  • Your name as it appears on the government-issued I.D., passport or driving licence
  • The amount you are sending
  • The recipient’s name as shown on their government-issued I.D.
  • The recipient address and phone number
  • If sending directly to their bank account, you’ll need to provide the beneficiary bank and CLABE (Clave Bancaria Estandarizada). CLABE is an 18 digit code comprising the bank code, branch office code, account number, and the control digit.

You may be asked to provide more information to support your transfer, especially for large and frequent amounts.

Best Ways To Send Money To Mexico

United States
Top Provider
Amount Received
By Bank Transfer
Fees: $2.99
Rate: 20.57229
Payment Options
Debit Card
1-2 Hours
Credit Card
1-2 Hours
Bank Transfer
1-2 Hours
Key Features
First 3 Transfers Free
Cash pickup to over 170,000 locations
No domestic transfers
Amount Received
By Bank Transfer
Fees: 0
Rate: 20.67499*
Payment Options
Debit Card
1-2 Hours
Bank Transfer
1-2 Hours
Key Features
No transfer fees
5/5 'excellent' rating on TrustPilot
£25 amazon gift card when you refer a friend
Current Mid-Market Rate: 1 USD = 20.86275 MXN
* Some rates may be indicative.

Common Reasons For Sending Money to Mexico

The reasons Mexicans in the diaspora send money home, vary depending on the unique circumstances of each sending unit and receiving household.  Research studies show several reasons for the record remittances flowing into Mexico. Some of the top reasons are:

Household Subsistence

Research on migration, development and remittances in rural Mexico proves that 1 in 5 households in the country depends on inflows from the diaspora. The money is used to buy subsistence items mostly food. The most dependent population on migrant income in Mexico is Guadalupe at 73 per cent.

Financing Education

The money sent from the diaspora helps to offset household credit constraints. As a result, families get a reprieve from immediate and pressing needs. Such households are likely to send their children to school. Generally, children from migrant households complete more years of school in Mexico with girls moving from 0.2 to 0.9 years.


Mexicans abroad are still attached to their home economy and the need to improve the long-run living standards of their families. One of the ways they achieve this objective is through investments in assets such as land, livestock, and financial products. The government has also come up with programs such as 3×1 program and Paisano Invierte en tu Tierra. These programs offer investment opportunities to Mexicans abroad while developing rural Mexico.

Mortgage Repayments

Through government-sponsored housing programs and private sector initiatives such as Contrumex, Mexicans abroad can access mortgages and build houses in the country. The housing program has so far given over 5,000 credits to Mexicans in the diaspora. Some of the money sent home is to repay such facilities.


The public and private sectors are both responsible for the provision of healthcare in Mexico. Even with the Universal Healthcare instituted in 2009, accessibility and quality of care remains a challenge. Mexicans in the diaspora send money to their loved ones to enable them access quality private care or upgraded public healthcare.

Social Contributions

Some of the remittances are for festivals like Día de Muertos, Dia de la Independencia, Guelaguetza Festival, Día de la Virgen de Guadalupe and for weddings of family, relatives and friends.

Why Send Money With a Money Transfer Service? 

As mentioned earlier, EFTs account for 98 per cent of the money sent to Mexico. The transfers are a combination of bank-to-bank and MTOs to bank transfers. The growth of money transfer service providers has brought many benefits you can enjoy while sending to Mexico.

Some of the reasons you should try an MTO when sending your next remittance to your loved ones at home are:

Ease of Setup

The setup process for money transfer service providers is simple. All you need is to sign up for an account, pay for your transfer, and send your loved ones. You can set up on the website, on a mobile app or at a physical store and send however you wish. Western Union allows you to start the process online and complete it at a physical store.

Favourable Exchange Rates

Translating from source currency to the Mexican peso can be quite expensive, especially when dealing with currencies not traded regularly. Most money transfer service providers use the mid-market rate or real rate when converting currencies. Using this rate gives you an advantage as you spend less to send more money home.

Low Transaction Fees

Money transfer operators charge low fees depending on the method you choose to send money to Mexico. Paying for your transfer using a credit card is the costliest method while using a bank debit (ACH) is the least expensive. On top of this fee, providers also charge their fees. Most providers lower their per transaction charges to a fraction of what traditional methods charge.

Multi-currency Support

Notwithstanding where you are sending from, MTOs can translate your currency to the Mexican peso. Providers such as Western Union, MoneyGram and Xoom, operate from thousands of locations in over 130 countries.


Money transfer services are legally required to register under the Payment Services Regulations 2009.  The Financial Conduct Authority (FCA) supervises this regulatory framework. As part of the regulations, MTOs must secure their operations to safeguard client data and the money in transit.

Speed of Transfers

When you send money to Mexico using money transfer services, your transaction gets completed faster than through the banking system. Within 2 to 5 days your loved ones should receive the money sent. When you pay for your transfer using a credit or debit card and depending on the provider you use, it may take minutes to get your money across. For instance, Western Union, MoneyGram, Xoom, Vigo, Delgado Travel, Viamericas, Orlandi Valuta, Sigue Money Transfers, Ria, and Remitly can deliver your money in less than an hour.

Things to Consider When Sending Money to Mexico

Some transfer corridors such as the US-Mexico and Canada-Mexico routes, take up more than 95 per cent of the transfer volume. Sending money through such corridors may seem so obvious. However, there are considerations you should make when sending money to Mexico.

  • The Border Wall Funding Act of 2017 - The United States administration aims at taxing migrant remittances to Latin America and Caribbean countries to fund the construction of the U.S. – Mexico border wall. This measure will affect the flow of money to Mexico. You could take advantage of the window before the proposed bill becomes law.
  • Cooling down of the U.S. Economy - Recent jobs data show that the U.S. economy is slowing. This trend also means that money sent to Mexico will reduce as jobs become hard to find for immigrants. When sending money home, you could factor this development in and build resilient reserves and asset holding to future-proof your family.  
  • Weakening Mexican Peso and Trade Tariffs - The United States administration has repeatedly threatened that it will impose tariffs on Mexican imports until the country stops the flow of illegal immigrants into the U.S. This has caused markets to stumble severally, weakening the Peso. Mexicans in the diaspora can take advantage of the slipping currency to send more money home as the rates are favourable. 

With an increase in MTOs, sending money to Mexico should be a breeze. However, you need to look across the various providers, their rates, speed, and convenience before sending. You should also watch the economic movements and geopolitical shifts between Mexico and the U.S. to help you plan your remittances. 

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Looking to Send Money Somewhere Else? 

Sending money anywhere else in the world is as easy as sending money to Mexico. If you're looking to send money to another country, here is the list of the most popular destinations.

Jonathan Merry

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly experienced in the currency transfer market, having previously worked in the FX trading industry, alongside being an avid traveller. Using his knowledge he identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com