When you send money to friends or family in Mexico, you deserve peace of mind. And, not all money transfer services come with the same fees, speed of delivery, or limitations. In this article, learn how to get the most pesos for the dollars you send to Mexico.
This is what we’ll cover:
- Get Clear on Your Needs
- Understand Contemporary Money Transfer Services
- Explore Your International Remittance Options
- Conclusion
Keep reading to find out the most convenient option for you to send money from the USA to Mexico.
First, Get Clear on Your Priorities
You need to get funds from Point A to Point B. In this case, we’re talking about the United States (A) to Mexico (B). Still, a few stones are unturned.
- How much money do you need to send?
- How do you want to set up the transfer? (online transfer, mobile apps, etc.)
- How quickly does your recipient need access to the funds?
- If in cash, which banks and cash pick up services are closest to your recipient?
- How many pesos do you expect to get for the dollars you send?
If you’re sending money to a cousin to help with a non-crucial home renovation, it could be most important to find the lowest fee option. But, if your elderly grandparents need cash for an urgent prescription, the ability to initiate the transfer straight from your phone may become your top priority.
Get crystal clear on your own priorities and expectations to determine the best way for you to send money from the USA to Mexico. We would all like a money transfer service that’s instantaneous, free and super convenient, but unfortunately something has to give. So you should also think about the areas you’re most willing to compromise.
Next, Understand Contemporary Money Transfer Services
First of all, you cannot currently use transfer services like Zelle, Venmo, or Cash App to send money internationally because these providers are limited to users in the USA. Now that we have that out of the way, which providers can help you send money to Mexico?
You need an international remittance service or money transfer service to take your US dollars, exchange them to Mexican pesos at the current rate, and deliver funds to your recipient.
Bancomer
| Many financial institutions in Mexico offer cash pick up, which enables you to send money to someone without making a deposit into their bank account. Some of the largest include Bancomer, Elektra, BanCoppel, Telecomm, Intermex, Bansefi, Chedraui, Famsa, Farmacias Guadalajara, and Soriana. |
With a third-party service, funds are easily transferred from your bank account or debit card, then exchanged and deposited into the recipient’s bank account or sent to a local retail location for cash pick up.
What Do You Need to Know About the Recipient to Send Funds?
When sending money to someone in Mexico via cash pick up or bank deposit, you’ll need to know their personally identifiable information, which will vary based on how the funds will be received.
For a bank deposit in Mexico, here’s what you need:
- The recipient’s full name and address
- The name and address of the recipient’s bank, 18-digit CLABE number (equivalent of routing numbers in the USA)
- The recipient’s checking or savings account number
- Transfer amount
In some situations, additional information, such as a SWIFT, BIC or IBAN code, or the reason for transfer may also be required.
If you opt for cash pick up instead, you may be asked for Mexican Government ID type and number, date and country of birth, and street address.
Explore Your International Remittance Options
It’s the information age, and technology has you covered with a plethora of choices. Today’s options for sending money to Mexico have a handful of key differences.
Nearly every modern international remittance service has an Android and iOS app for convenience. Furthermore, they enable you to send money directly from your browser on your desktop or laptop computer so that you no longer need to walk into a physical location. And, it’s best practice to offer both cash pick up and bank deposits to international accounts.
On the other hand, fees, delivery speed, and limits per transaction will vary. If you take a moment to see how money transfer companies stack up side-by-side, you can determine which one is best for you based on what you need right now.
| Cost to Send $2K from USA to Mexico | Speed of Delivery in Business Days | Limits per Transaction | |
| Pangea Money Transfer | $4.95 | Up to 2 days | $20 – $2,999 |
| Xoom (PayPal) | $0 to $50.99 | Up to 3 days | Up to $10K |
| Western Union | $0 to $54.99 | Up to 4 days | Up to $5K |
| Moneygram | $3.99 to $23.99 | Up to 4 days | Up to $10K |
*Prices and terms in this table are subject to change and last updated November, 2020.
Conclusion
When you want to send money to Mexico, the first step is to get clear on the details and your priorities. Next, learn what you can expect from modern remittance services. Then, find out how your options stack up and select your preferred money transfer provider.
If you need to send between $20 and $2,999 to Mexico from the USA, Pangea will charge a fixed rate of $4.95 with no other hidden charges. Plus, you can earn a referral fee when you invite your friends and family to try out Pangea Money Transfer, which offers a safe, secure, and convenient money transfer service. These features make Pangea the simple choice.
