It is important to seek out the best and most inexpensive ways to send money to Mexico so that your loved ones back home can get your dollars’ worth.
The United States is the main generator of remittances. We explain how to send money to Mexico and how much commission companies charge.
With more than 12 million Mexican migrants living in the United States, this country has become the main generator of remittances. According to data from the Bank of Mexico, in 2022, money transfers to Mexico reached 58.497 million dollars, a growth of 13.4% compared to the previous year.
Gregory Allen, the CEO of ASAP Finance, states that finding a reliable money transfer service is quite a pressing question. “Mexicans commonly emigrate to the United States to improve their financial situations. However, many of them leave their families in Mexico, so they need to look for ways to send money to their loved ones. Thus, taking into account the fact that the Mexicans are still the largest group of immigrants in the country, and their number increases each year, finding a convenient way to transfer money with the lowest commissions is currently a topical issue.”
In the United States, there are companies specialized in sending remittances, such as Western Union or MoneyGram. Although the sending process is similar in most of them, each one handles different commissions for sending money.
How to send money to Mexico and how much commission they charge: Western Union, MoneyGram, Citibank…
Among the main ways to send money to Mexico are bank or internet transfers, as well as credit, debit or prepaid cards. In addition, some banking institutions such as Wells Fargo, Bank of America and Citibank have agreements with Mexican banks to transfer the money. However, the issuer is required to have a checking or savings account in both countries.
Before you send money, it’s important to note that only one person can collect it. That is why you must select it well, make sure that you can charge it and verify that your personal data is correct.
We share some recommendations for sending your money:
- Before going to a branch, review the conditions and commissions of each of the companies that specialize in sending remittances
- Take the money you will send. Do not forget the cost of the commission to cover, which generally does not exceed 10 dollars.
- When making the deposit, tell the person in charge the amount you are sending, the city to which it will be sent, as well as the full and correct name of the person who will receive the money.
- Do not forget to ask for proof of your deposit, which must include the amount you sent and a page with which you can track it.
- Generally, in no more than one day, the person in Mexico will be able to receive the equivalent in pesos of the amount of dollars you sent.
So you can find out how much companies charge for sending money to Mexico
Through the ‘Who’s Who in Sending Money’ program, Profeco shares information about the costs of different companies to send money from the United States to Mexico.
Through the available calculator you will be able to consult the commission, the exchange rate at which the shipment is paid, the delivery time and the amount in pesos received in Mexico from each company in the most important cities: Chicago, Dallas, El Paso, Houston, Indianapolis, Los Angeles, Miami, New York, Sacramento, San Diego, San Jose, and Tucson.
In addition, it has the ‘Direct to Mexico’ option to choose the option that best suits your needs.
For your convenience, we have put together a list of the top money transfer companies that will help you decide the best way to transfer your money to Mexico online.
- Western Union
Western Union is one of the oldest money transfer companies in the world. You can use Western Union to send money to Mexico through their app, online, or cash pickup services. Western Union has an extensive network in Mexico with more than 33,000 cash pickup locations. But the instant transfer facility charges a premium and is often not the cheapest way to send money to Mexico.
- Xoom
Xoom offers cash pickup at more than 35,000 locations in Mexico and bank deposits at all major Mexican banks. You can log in to their website or app and use Xoom to send money to Mexicoin less than 15 minutes. You can also pay using your credit or debit card and avail instant phone recharges for the recipient ones through Xoom.
Remitly is one of the cheapest ways to send money to Mexico from the USA. They have a $0 fee when you send $500 or more. Remitly offers cash pickup at more than 25,000 locations including at Bancomer, Elektra, and BanCoppel. It is one of the most favored options to send money to Mexico either through bank deposits or cash pickup.
- Wise
Wise provides low-cost money transfers to Mexico. It has one of the most competitive exchange rates in the market because it uses mid-market rates. The recipient gets the money directly from Wise’s local bank account within 2-5 days. Moreover, Wise’s review on Trustpilot shows a rating of 9.1 and it is very often the preferred way to send money to Mexico with the lowest remittance cost.
Ria can be used to transfer money to Mexico at more than 17,000 cash pickup locations across the country. You can also deposit the money into recipient’s bank account. Some of Ria’s partners are Elektra, BanCoppel, and BBVA Bancomer.
Moneygram is yet another safe and fast option to send money to Mexico online. The recipient can pick up cash from more than 19,000 locations in Mexico including at Walmart, Elektra, Oxxo, and Super Farmacia. You can also deposit funds in the recipient’s bank account within 24 hours.
InstaReM is a money transfer company that offers mid-market exchange rates on all fund transfers to Mexico. They work on a low commission and not a fixed fee. This makes InstaReM attractive for transferring smaller amounts.
WorldRemit is a low-cost alternative to traditional agent-based money transfer companies. It allows you to avoid agent fees and spend less on your transfers. You can send money to Mexico through bank transfers, cash pickup, instant e-wallet, and airtime top-up. The recipient can receive cash at several banks including Banco Azteca, BBVA Bancomer, and BanCoppel.
These are some of the best money transfer companies available to send money to Mexico. The best way to avoid confusion about sending money to Mexico from the USis to compare best exchange rates side-by-side on CompareRemit and pick one that suits your needs best.
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