5 best ways to send money to Mexico
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.
How much money can I send to Mexico?
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.
The best ways to transfer money to Mexico
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.
Sending funds to Mexico via bank-to-bank transfers
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.
How can I send money to Mexico online?
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.
Best apps to send money to Mexico
The best way to send money to Mexico is by using mobile apps that offer versatile modes of payment and delivery.
This app is among the highest-rated money transfer apps both in Google Play and the App Store. It requires no minimum transfer and allows funds to be received through mobile money. However, there’s a set limit on how much money you can send, and you’re required to have a government-issued ID.
The MoneyGram app allows for almost instant money transfers when it comes to cash pickups. It also offers the versatility of paying through bank transfers, cash, or credit cards. While its pickup locations are among the most convenient, transfer fees and rates are generally less competitive.
If you have a PayPal account, use the Xoom app to send money without hefty transaction fees. Its rates are fixed and are less than five dollars. It has cash pickup locations in Mexico and also allows direct deposits to bank accounts.
The BOSS Revolution Money Transfer App can be downloaded for free from the App Store or Google Play. It allows you to send a minimum of $10 to a maximum of $2,999 to various countries.
BOSS Revolution also offers the most competitive rates. The exchange rates are fixed on the date of the transaction, so your recipient gets the indicated amount. Also, its exchange rates are typically higher than other providers, so you get the most value for your money. Most transfers are received within minutes when sending for cash pickup, bank deposit, or home delivery.
The convenience provided by BOSS Revolution
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.
Those who prefer cash pickups can also do so through featured partners in Mexico. Recipients can claim their remittances from Walmart, Super Farmacia, BanCoppel, BBVA Bancomer, Elektra, Telecomm, Banorte, Soriana, and Bodega Aurrera.
How to transfer money to Mexico with BOSS Revolution app
Using the BOSS Revolution app is one of the easiest ways to send money to Mexico. Just follow these step-by-step instructions:
- Download the BOSS Revolution Money Transfer App from Google Play or App Store.
- Sign up for a free account.
- Input the amount you’re sending to check the fees and exchange rate.
- Choose your preferred payment method, which can either be through debit card or credit card.
- Pick a delivery method among bank deposit, cash pickup, or home delivery.
- Provide the recipient’s contact information. If transferring through bank deposit, indicate the recipient’s Mexican bank account details. If choosing home delivery, provide the complete address.
- Double-check all information and confirm transfer details.
- Click send and track the progress of the transfer.
Tips & tricks to cut money transfer costs
Some money transfer providers offer a fixed transfer fee, while others charge a percentage of the amount transferred. Some also charge additional fees for the currency exchange. Moreover, check with your credit card provider for any fees they might charge separately.
Compare costs in real-time by using comparison tools or checking individual websites and apps. Exchange rates and transfer fees vary per provider, so choose the best exchange rate at the time you’re sending the money.
Express transfers have premium rates, so you can save on fees if you opt for regular transactions.
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.