Send Money To Mexico

Among the world’s top recipients of remittances in 2018, Mexico ranked third at $35,659 million. Most of the remittances (95 per cent) came from the United States which hosts approximately 31.8 million people of Mexican origin.

According to the Bank of Mexico, the number of transactions through formal remittance channels totalled 104 million in 2018, 6 million more than in 2017. The average size of remittance also grew by 4.21 per cent to $322 in 2018 compared with $302 in 2017.

Read More +
United States
United States
Amount Received 19,086.32 MXN
Fees: 0 USD
Rate: 19.0863*
Payment Options Speed
Debit Card 2 Days
Bank Transfer 2 Days
Key Features
  • No transfer fees
  • 5/5 'excellent' rating on TrustPilot
  • £25 amazon gift card when you refer a friend
Amount Received 17,686.97 MXN
Fees: 9 USD
Rate: 17.8476*
Payment Options Speed
Bank Transfer 3-5 Days
Debit Card 3-5 Days
Key Features
  • Internationally renowned bank
Visit Site
Current Mid-Market Rate:   1 USD = 19.2947 MXN
* Some rates may be indicative.

How To Send Money To Mexico

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

Find a Trusted Provider

Use our comparison table to find the best provider for your needs.

Sign Up and Deposit

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

Transfer Money

As soon as you're ready, you can start sending money online.

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.

    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. 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.

    What Are the Ways of Receiving Money in Mexico?

    Your loved ones in Mexico can receive the money you send in several ways depending on their location and the provider you use. Most emigrants are from deprived rural households in Mexico and remittances are directed back to areas such as Chiapas, Guerrero, Puebla, and Oaxaca.

    Whether your family and relatives live in the north, the north pacific coast, the Bajio, the south pacific coast, the south, the gulf or Central Mexico, they can receive remittances in several ways.

    Bank Account Deposit – Half the population in Mexico is unbanked. However, the government is in a drive to extend financial services to every person in the country. This move will make it feasible for everyone to own an account and receive direct deposits. That said, receiving remittance through bank transfers is common in Mexico.

    Physical Cash Collection – Using the network of agents and payout partners in Mexico, money transfer operators like Xoom, Western Union, MoneyGram, WorldRemit, TransferWise, and Remitly make it possible for households to collect cash from locations near them. MoneyGram has 39,000 locations while Transfast has 20,000 cash pickup locations.

    What is Required to Receive Money in Mexico?

    The diverse nature of the Mexican population ranging from the very rich to the rural poor has made money transfer service providers standardise the information required to receive money. Despite the variations based on providers, here’s the information that will be needed.

    • The recipient's government-issued I.D. The details shown on the document must match those provided by the sender.
    • The transaction reference number. Western Union provides you with a 10-digit Money Transfer Control Number (MTCN) which you can text or email the recipient.
    • The name of the sender and the amount to be received. Providers ask for this information as a control measure against fraudulent claims.

    On a case by case basis, authorities may ask for additional information. The size and frequency of transactions are triggers for such measures.

    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 3x1 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:

    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.

    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.

    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.

    Speed of Transfer

    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.


    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.

    Stay up to date with MXN exchange rate
    Thanks for subscribing.

    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.

    Your Questions Answered Content

    The best way to send money to Mexico

    The best money transmitter varies among each of us because of our varying preferences among cost, convenience, speed, and customer service. No one provider can be outstanding in all factors.

    But if you’re still sending money to Mexico with a cash agent, you could save 70-80% by sending money online. You could experience a minor delay for your money to deliver but such huge savings should be worth the wait.

    I will be stating the best provider to use based on some factors, which are:

    • The fastest service: MoneyGram, Xoom
    • The cheapest service: TransferWise
    • Quality service: TransferWise
    • Availability of cash pick-up locations: Western Union, MoneyGram
    • Consistency of experience: TransferWise
    Top providers for sending money to Mexico

    We have lots of well-established providers for sending money from USA to Mexico. Sending money from a linked bank account in USA to a linked bank account in Mexico is the least expensive method. You could get this done through provider’s mobile app or website.

    Some top providers are:

    Key trends for sending money to Mexico

    Due to the mix of nationalities and a close connection with its birth or ancestry home, the world’s largest corridor for sending money has been USA-to-Mexico. Hence, USA outnumbers most countries when it comes to sending money to Mexico.

    The remittance volume from the USA to Mexico had increased rapidly until 2008, during the US financial crisis when it experienced a fall, but its now gaining momentum to its peak level.

    California and Texas have around 35% and 25% respectively of Mexicans-Chicanos living there. Immigrants from Mexico arrive in large numbers to Chicago, Phoenix, and NYC metropolitan areas typically send more money. Recently, the number of immigrants has been reducing due to showdown in the construction industry and the increase in deportations by the US government.

    Mexicans-Chicanos use two methods for sending money to Mexico from the USA, these methods include:

    1. Online channel (a provider’s website or mobile app)
    2. Via a cash agent

    Despite the high cost of transferring via cash agent, a great majority of Mexicans still use this transfer method, because:

    • Migrants sending money to Mexico seems satisfied with a current offering
    • Significant portion of senders still don’t have a bank account
    • In relation to other major migrant groups, Mexicans have the lowest level of education and income
    • The “undocumented” migrants who get paid in cash and don’t pay taxes (they are concerned that by placing money into a bank account they could be reported to IRS)
    • Numerous Mexicans, even the legal USA residents work in the field and are paid in cash, for them going to put the money into a bank account is an extra step with a potential tax liability

    For people that haven’t tried sending money online through a smart phone or website, try doing so when next you want to send money to Mexico and you will see first hand how easy and time friendly the mobile app is, you would save yourself some cash as well. You could review all of your past transaction any time you want to.

    Pesos to dollar exchange rates

    The current exchange rate for the Mexican Peso (MXN) is 19.2947 MXN per American Dollar (USD). The MXN reached a high of 19.8188 MXN per USD, and a low of 19.0543 MXN per USD during the last 90 days. The average exchange rate for the MXN was 19.3650 MXN per USD during the last 90 days.

    Trying to wait for the best exchange rate is relatively difficult if not impossible. You shouldn’t follow anybody’s advice relating to this topic, especially if the person is not making millions trading on the same information.

    FX markup is the difference between a peso-dollar exchange rate that providers get on the market vs. an exchange rate that you get from a provider

    FX markup is changed daily by the provider to maximize profit and all provider has a different FX markup. In fact, some providers even apply different FX markups for varying sending-receiving methods.

    The best way to maximize this is to compare your favourite provider’s FX markup to its average in the previous months. Hence, the best time to send money is when the FX markup is at or below the average trend.

    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
    Written By
    Jonathan Merry
    Jonathan is the founder and editor of 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