What is the best way to send money to Mexico?
If you’re one of the over 37 million Mexicans living in the US, this is a question you likely ask often. When sending money to loved ones back home, you’d naturally want them to receive it in the fastest and most convenient way possible. You’d want to find money transfer providers with the best exchange rates and the lowest transaction fees.
In this article, we will review the various ways you can transfer money to Mexico and help you find the ones that save you the most money.
In 2019, the World Bank reported that over 39 billion dollars in personal remittances were received in Mexico. This figure isn’t surprising as there’s no legal limit on the amount of money that can be sent to the country.
Also, most money transfer providers impose their own limits on the amount of money that can be sent. Western Union allows only up to $5,000 per transaction. If you want to send more, you’d have to sign up for their WU Online FX Service.
Boss Revolution has a $2,999 cap on money transfers to Mexico if you do it in a mobile app. If you want to send more, you’d have to visit one of the retail locations to send up to $10,000.
To help you find the cheapest way on how to send money to Mexico from the US, we checked the current fees and processing times of different money transfer providers. Keep in mind that the fees and amounts received vary depending on the current exchange rate, mode of payment, and delivery option.
Comparison table for a 200-dollar money transfer
Payment options and fees | Delivery options | Exchange rate (1 USD to MXN) |
Amount received (in MXN) |
Transfer speed | |
Boss Revolution | Starts at $2.99 (debit card or in-store) $4.99 (credit card) |
cash pickup bank deposit |
19.9 | 3,980 | Within minutes |
MoneyGram | $9.99 | cash pickup bank deposit |
19.7472 | 3,949 | Within minutes (cash pickup) Within hours (bank deposit) |
World Remit | $2.99 | cash pickup bank deposit |
19.7248 (bank transfer) 19.6647 (cash pickup) |
3944.95 (bank transfer) 3932.93 (cash pickup) |
From within minutes to same day transfer |
Western Union | $5 (debit card or bank account to cash pickups) $12 (credit card to cash pickups) $9.99 (credit card to bank deposits) $2.99 (debit card to bank deposits) $0 (bank account to bank deposit) $8 (in-store to cash pickup) |
cash pickup bank deposit |
20.0946 (pay in-store) 19.7108 (cash pickup) 19.7329 (bank deposit) |
3,999 (pay in-store to bank / cash pickup) 3,943 (cash pickup) 3,947 (bank deposit) |
Within minutes (debit/credit card or in-store 0-4 days (bank account) |
Ria | $0 (bank to bank) $3 (bank to cash pickup) $3 (debit to bank) $5 (cash to bank/cash pickup) $6 (debit to cash pickup) $9 (credit to bank/cash pickup) |
cash pickup bank deposit |
20 | 4,000 | Within minutes (cash pickup) Within hours (bank deposit) |
The data shown in the table is up to date as of April 15, 2021. Current data may differ slightly due to changes in policies and fluctuations in the exchange rate.
Comparison table for a 1000-dollar money transfer
Payment options and fees | Delivery options | Exchange rate (1 USD to MXN) |
Amount received (in MXN) |
Transfer speed | |
Boss Revolution | Starts at $3.99 (debit card or in-store) $10.99 (credit card) |
cash pickup bank deposit |
19.9 | 19,900 | Within minutes |
MoneyGram | $9.99 | cash pickup bank deposit |
19.7472 | 19,747 | Within minutes (cash pickup) Within hours (bank deposit) |
World Remit | $2.99-$3.99 | cash pickup bank deposit |
19.7248 (cash pickup) 19.7848 (bank deposit) |
19,784.83 (bank deposit) 19,725.00 (cash pickup) |
From within minutes to same day transfer |
Western Union | $5.00 (bank account to cash pickups) $7.00 (debit card to cash pickups) $34.00 (credit card to cash pickups) $2.99 (debit card to bank deposits) $29.99 (credit card to bank deposits) $0 (bank account to bank deposits) $8 (in-store to bank/cash pickup) |
cash pickup bank deposit |
20.0946 (pay in-store) 19.7108 (cash pickup) 19.7329 (bank deposit) |
20,095 (pay in-store) 19,711 (cash pickup) 19,733 (bank deposit) |
Within minutes (debit/credit card or in-store) 0-4 days (bank account) |
Ria | $0 (bank to bank) $4 (debit to bank, bank to cash pickup) $6 (debit to cash pickup) $26 (credit to bank/cash pickup) |
cash pickup bank deposit |
20 | 20,000 | Within minutes (cash pickup) Within hours (bank deposit) |
The data shown in the table is up to date as of April 15, 2021. Current data may differ slightly due to changes in policies and fluctuations in the exchange rate.
A reliable and secure method of transferring funds to Mexico is through bank transfers. To complete the transfer, you’ll need to get details such as the recipient’s full name and address, bank account number, bank location, and BIC/SWIFT code.
Aside from bank-to-bank transfers, it’s also quite easy to send money to Mexico online. The digital process typically involves a money transfer app, a payment method, and a delivery option.
Money transfers through mobile apps
For your convenience, some money transfer providers have apps that you can download on Google Play or the App Store. They allow you to check the exchange rates instantly and send money anytime and anywhere you are. Simply follow their instructions on how to transfer money to Mexico, so you can send funds using your smartphone.
Sending money from debit or credit cards
Commonly used by banks, money transfer apps, and online payment solutions like PayPal, using a debit or credit card is a convenient way to transfer money to Mexico.
Sending money for cash pickups
When picking this delivery method, funds are usually available within minutes. As an alternative to bank deposits, cash pickups are quite convenient for individuals who don’t have a bank account.
The best way to send money to Mexico is by using mobile apps that offer versatile modes of payment and delivery.
BOSS Revolution offers different delivery methods. Depending on the country you’re wiring to, you can choose from cash pickups, home delivery, bank or mobile wallets deposits.
Using the BOSS Revolution app is one of the easiest ways to send money to Mexico. Just follow these step-by-step instructions:
Sources: all third party information obtained from applicable website as of April 15, 2021
This article is provided for general information purposes only and is not intended to address every aspect of the matters discussed herein. The information in this article is not intended as specific personal advice. The information in this article does not constitute legal, tax, regulatory or other professional advice from IDT Payment Services, Inc. and its affiliates (collectively, “IDT”), and should not be taken or used as such by any individual. IDT makes no representation, warranty or guaranty, whether express or implied, that the content in this article is current, accurate, or complete. You should obtain professional or other substantive advice before taking, or refraining from, any action on the basis of the information in this article.