How to send money to Mexico from South Africa with the best ZAR-MXN rate

The exchange rate determines the price you will pay when buying Mexican Peso.

A better exchange rate means more money being sent to Mexico.

If you are paying for services in Mexican Peso from South Africa, this can make a huge difference.

The current rate between the Rand and Mexican Peso is 1.0694.

We should note, ZAR-MXN exchange rate changes almost constantly.

Understanding the averages, and then waiting a day or two can help you get more MXN for the same amount of Rand.

You can also use a forward contract to lock in an agreed exchange rate between South Africa and Mexico.

Using a bank transfer to send via money transfer company is the payment method that will get you the best price when sending from South Africa to Mexico.

On average a bank transfer to Mexico is 0.12% cheaper than the second-best option in the market.

Ensuring you fully understand regulations in South Africa and Mexico will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for sending money between South Africa and Mexico.

Some companies offering money transfers between South Africa and Mexico have minimum or maximum thresholds on how much you can send or receive.

Rates and fees for different transfer amounts could change - that’s why it’s best to compare ZAR-MXN rates for your specific transfer amount.

For regular transfers to Mexico, shopping around each time can make a huge difference.

For sending large amounts of ZAR to Mexico we'd recommend using TorFx. They offer a combination of rates and fees when sending from South Africa to Mexico that is the most competitive, even at larger amounts.

There are different options for receiving Mexican Peso in Mexico.

The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering transfers from South Africa to Mexico will offer every method for incoming Mexican Peso, so it’s best to check ahead of time.

Again, a comparison of ZAR to MXN providers will tell you if the method for receiving is supported.

One of the most common ways to transfer money from South Africa into Mexico is by sending directly to a bank account. TorFx is the best company for bank transfers between South Africa and Mexico.

And if you need cash right away, check if cash pickup is an option for transfers between South Africa and Mexico.

P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience but are better for domestic transfers. For receiving international payments they come with more limitations and higher costs compared to money transfer options like multi-currency accounts.

If using a money transfer company to send Mexican Pesos to Mexico, you will need to verify your ID at the sign up stage.

The documents you need will vary and in some cases you might need more than one.

ID can be verified in South Africa through a government issued ID such as a passport or driver's license.

If the recipient needs an ID to collect money in Mexico, it will be similar.

Large transactions between South Africa and Mexico, can be subject to additional checks. This includes proof of funds for anti-money laundering purposes.

One of the reasons TorFx has scored so highly for transfers to Mexico is their easy sign up process in South Africa.

Sending regular, or larger amounts of money between South Africa and Mexico could mean there are tax declarations to consider.

Some transfers into Mexican Peso may need to be reported to tax authorities in Mexico, particularly where inheritance or property purchases are involved.

Mexico has many different tax obligations for residents and non-residents.

When in doubt, please contact a tax professional in South Africa or Mexico to discuss your personal circumstances. This ensures you are not missing any specific tax needs associated with your transfer.