Mexico often qualifies as one of the top 3 remittance-receiving countries in the world, with billions of dollars worth of money transfers sent to the country each year. Despite being so closely connected to the United States, Mexican Pesos is the legal tender, although US Dollars are often accepted. When making your money transfer from Canada to Mexico it is crucial to identify how the size of your transfer, payment type and delivery time will affect the overall cost. Our comparison engine is an excellent resource for anyone unsure of what exchange rate to expect for CAD to MXN.
When considering how to send money Mexico from Canada there are some key aspects of the transfer that will impact the best provider for your needs.
There are plenty of international money transfer providers for Canada to Mexico. The fastest provider is WorldRemit. The cheapest provider we found is XE - Remit at % Above Mid-Market Rate.
If you’re looking for the best combination of price, speed, and reliability we recommend using WorldRemit when sending CAD – MXN.
This means that by using WorldRemit for online money transfers to Mexico from Canada, you are likely to save on transfer fees and benefit from fast speeds – so your recipient will get more money and have it delivered in less time.
Alternatively, if you are unable to access WorldRemit for any reason, our comparison engine has found Wise and XE - Remit also to be very good options when sending CAD to MXN.
If you are looking to make an international transfer, in some cases you might need to know the SWIFT/BIC code of your recipient in Mexico. If you’re unsure what it is, check out our SWIFT calculator to figure out the correct SWIFT code in Mexico.
The cost of transferring money will depend on the value of the transaction and amount of MXN you want the recipient in Mexico to receive.
In order to avoid high fees, you should consider the cheapest way to send money from Canada to Mexico.
XE - Remit has been determined by our comparison engine to be currently offering you the cheapest rates possible.
When sending money from Canada to Mexico, speed is one of the biggest factors you need to consider in terms of the service offered by different money transfer providers, particularly if you want to send money instantly. Currently, WorldRemit is the fastest way to send CAD – MXN.
Most money transfer providers allow you to deposit and send money using various payment methods, but not all providers offer every option. Typically you’ll find the most common methods are bank transfers and card payments, but many providers also accept cash and some will even deliver funds straight to your recipient’s door.
To avoid high fees you can opt to use an online money transfer provider such as WorldRemit to pay for your transfer to Mexico. Our guide on sending money using a credit card has more information.
With WorldRemit you can send money online to Mexico using your debit card. But before making a payment, make sure you understand all the processing fees in place. Our guide on sending money using a debit card has more information.
Bank and international wire transfers are the most common ways of sending money Mexico as they are secure, reliable, and convenient. However, they often come with the slowest delivery times in case speed is an important factor for you. You can use WorldRemit to send money using a bank or wire transfer at a great rate as long as you’re happy for your transfer to take 1-2 days.
When sending money to Mexico from Canada using bank account transfer you are paying for the outgoing fees, flat fees, currency exchange rate markup, and sometimes an additional incoming transfer fee. If you do decide to make an international transfer using wire transfer, you might be required to use a SWIFT/BIC code when completing your transaction. If you’re unsure of what it is, check out our guide on what is a SWIFT code as well as use our SWIFT code calculator to find the right SWIFT/BIC code.
On the other hand, you usually only pay a sender fee and a small exchange rate markup when using online money transfer services such as WorldRemit, Wise and XE - Remit.
Before sending money to Mexico from Canada, you should consider the following:
This one’s easy. Simply use our comparison table above to find the best provider to send CAD to MXN. After that it’s just a process of making your transfer via the following steps:
Your recipient has a few methods available to receive your money in Mexico. These will vary between providers, but it is possible to find services that will:
If your recipient is going to collect or have the money delivered to them in Mexico, then they will usually need the following:
The amount of MXN you can receive from Canada will largely depend on the money transfer service you are using. There are providers that specialise in smaller remittance payments, and providers who specialise in larger transfers.
You should also check if there are any government regulations pertaining to the amount of MXN that can be received in Mexico or sent from Canada before making your transfer.
Keith is a digital specialist with a background in the financial industry, both as a marketeer and a journalist. Keith joined MoneyTransfers.com in order to take the business to the next level and expand our offering in multiple international money transfer markets.