If you’re in Mexico for work or travel, and need to get money home to the US, you may be wondering how to make your international money transfer safely, for the lowest cost. You’ve got a few options, including your own local bank in Mexico, online payment providers, or brick and mortar establishments, such as Western Union agents.
The fees and exchange rates available from different providers vary greatly, so it’s worth doing some research to find the best deal available. This guide has everything you need to get started.
How to send money from Mexico to USA
These days, there’s no need to consider sending cash or a check in the mail to the US. There are much faster – and safer – ways to send money to the US. You could stick with the familiar, and use your own local bank’s services, or choose a specialist provider online or by visiting an agent location near you,
The best option for you will depend on a number of factors, including whether you want to pay using a wire transfer, credit or debit card, or in cash – and how quickly you need the money to arrive. Here’s a look at some of the most common ways to send money from Mexico to the USA, including the features and benefits of each.
Money transfer operators
Using a specialist money transfer service is a way to get your payment back to the US. If you’re looking to send money from your Mexican peso account to an account in the US which is dollar denominated, you’ll need to find a service which allows this payment route, as well as checking the costs to make sure you’re getting a good deal.
Xoom – PayPal’s money transfer offering – doesn’t allow peso denominated transfers. WorldRemit, which is another large global payment company, doesn’t allow payments out of Mexico. Mexico is a receiving country only.
You can also check the service provided by Wise. Using their platform, you should be able to send money from Mexico to the US if your account in Mexico is denominated in US dollars.
For all cross currency transfers, Wise uses the mid-market exchange rate to convert the funds. This is the same rate you’ll find on Google or with a currency converter. You just pay a transparent fee per transaction, for a quick and secure transfer service.
You may be able to send money from your Mexican account to the US through OFX. You’ll need to create an account online and get a quote for the costs involved in your transfer. The exchange rates and fees used by OFX vary depending on the transfer amount and how often you use the service, so it’s worth checking the costs against other providers to make sure you get the best deal.
Send money from Mexico to USA with your bank
If you’re a long term visitor to Mexico, or are in the country for work, the chances are you’ll have a local bank account. Or maybe you’re considering setting one up to make it easier to send money home – if so, take a look at the biggest Mexican banks as a starting point, such as BBVA, Banorte or Banamex.
If you have a local account, it’s possible to make a wire transfer to an account in the US, although there will be fees to pay.
This is a safe and familiar option, and you may be able to get face to face help by visiting a branch. However, it’s not necessarily the cheapest. Banks tend to have relatively high fees for international transfers, both as admin charges, and rolled up in the exchange rates available. This means it’s crucial to check both the upfront fee, and the exchange rate you’re offered for the transfer, to see the real price of the transaction.
When you’re choosing how to send your money to the US, take a look at the exchange rate on offer, compared to the mid-market rate for exchanging pesos to dollars. The mid-market rate is the one you’ll find on Google, and the one the bank gets when buying currency in the first place. However, banks often add a markup to the rate they pass on to customers, which increases the amount you pay.
You’ll also want to take a close look at the admin fees applied, which vary according to your account type and the individual bank. If you have a regular checking account from Banorte, for example, you could pay:
- up to USD30 per international transfer,
- the fee is in addition to any markup added to the exchange rate
- there may also be additional costs involved in this type of wire transfer, especially if it’s processed via the SWIFT network – you may find that intermediary banks which are involved in processing the payment deduct a fee, or that your recipient’s own bank levies charges, which can mean they get less than you may expect.
MoneyGram vs Western Union?
MoneyGram and Western Union are two other established international payment services which allow payments from Mexico to the US.
Which is best will depend on the amount you’re sending, and how you want to make the payment. For example, you may choose to send money via an agent location, or online. The fees and exchange rates for these services are likely to be different. Usually it’s more expensive to send money in person, although this may allow you to use cash instead of funding the payment with a bank transfer or card.
With these services, you may also be able to choose to have your recipient collect the money in cash, rather than sending it directly to a bank account. Again, this may cost more than a wire transfer, but can be a useful service if the money is required urgently.
Check out the costs, including both upfront admin fees and the exchange rates offered, before you decide to use either of these services.
Doing some research before you decide how to send money from Mexico to the US is essential if you want to make sure you’re getting the best deal for your needs. Take a look at the costs overall, including the exchange rates, and any potential extra fees which may be deducted, such as recipient or intermediary bank charges. That way you can be sure you’ll pay a fair price, with no nasty surprises to worry about.
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FAQs
How can I transfer money to the US cheaply? ›
- Fee free online transfers: XE Money Transfers.
- Best for exchange rates, expats or family: Wise.
- Better rates for larger transfers: OFX.
- Ideal for small remittances: WorldRemit.
- Best big brand: Xoom, powered by PayPal.
Using an online international money transfer service is the fastest and cheapest way to transfer money from Mexico to the US. There are several top online transfer platforms that offer MXN to USD transfers, including: Wise. Paysend.
Can I use PayPal to send money from Mexico to USA? ›FAQ About PayPal in Mexico and the US
Yes, it's possible to send money from Mexico to the US using PayPal. To do so, you simply need to log in to your PayPal account and instruct a transfer in US dollars.
How to send money. With MoneyGram, you can send your money to México, United States, Colombia, Central America and over 200 countries. Your money arrives within minutes.
Which online money transfer is cheapest? ›- Best for bank transfers: Wise.
- Best for cash transfers: Remitly.
- Best for mobile money: WorldRemit.
- Best for card transfers: Paysend.
- Best for additional banking features: Revolut.
- Best for coverage: XE Money Transfer.
- Best for large transfers: OFX.
A wire transfer is one of the fastest ways to transfer money electronically from one person to another through a bank or a nonbank provider such as Wise, formerly TransferWise. For a domestic wire transfer, you'll need the routing number, account number, the name of the recipient and possibly the recipient's address.
Does Western Union send money from Mexico to USA? ›Head into your nearest agent location and you can send money from Mexico to the USA efficiently using cash or card.
Does Zelle work in Mexico? ›No, Zelle® can only be used to send funds to someone who has a bank account in the United States.
How can I send money out of Mexico? ›- Find an agent location. Find a MoneyGram agent location near you.
- Prepare for your agent visit. Bring the following information*: ...
- Complete your transaction. Hand the agent the amount you are sending, plus the fee, in cash. ...
- Notify your recipient.
No, Cash App is not available in Mexico. Alternatives for Mexico users include Wise and Paypal.
Does venmo work in Mexico? ›
Venmo is currently only supported within the U.S. If you try to sign in while abroad, you'll likely get an error message.
Where can I transfer pesos to dollars? ›Banks, credit unions, and online currency exchange bureaus and converters provide convenient and often inexpensive currency exchange services.
How much does MoneyGram charge to send $500? ›The fee for a transfer with MoneyGram varies depending on the amount you want to transfer. MoneyGram charges a flat $5 fee to send amounts between $1 to $49 and a flat rate of $11.50 on amounts between $50 and $499. The fee on amounts of $500 and above is 2%. There is also a maximum amount of $10,000 per transfer.
What banks in Mexico work with MoneyGram? ›You don't need to do anything. The money will be automatically deposited*! Participant Banks: Banorte, Bancomer, Banamex, HSBC, Santander, Scotiabank and many others.
What is the limit from sending money from Mexico to USA? ›By law, banks report all cash transactions that exceed $10,000 — the international money transfer reporting limit set by the IRS. In addition, a bank may report any transaction of any amount that alerts its suspicions.
Is Western Union cheaper than bank transfer? ›But which should you use when sending money to friends and family? Western Union is typically cheaper than a bank but is still more expensive than other money transfer providers.
Which money transfer is free? ›| Category | NEFT | IMPS |
|---|---|---|
| Mode of the process | Online and Offline | Online |
| Time Taken | 30 minutes to 72 hours | Instantly |
| Transaction Charges | No charge is levied for inward transaction and online process. | Charges vary from bank to bank |
| Process Speed | Slow | Faster |
To send $100 from your bank account to their bank account still carries a significant fee of $14.00. Sending the same amount from your credit card as a cash pickup will cost you $20.50.
Which bank is cheapest for international transfers? ›| Provider | International transfer fee |
|---|---|
| ICICI International Transfers | 750 INR + correspondent fees |
| HDFC International Transfers | 500 INR transfer fee + 500 INR SWIFT fee |
| PNB International Transfers | 500 INR transfer fee + correspondent fees |
| SBI International Transfers | Variable fees |
Zelle doesn't charge any fees for sending or receiving money, but your bank may. Keep in mind, you can't send money with credit cards. Zelle is strictly for bank-account-to-bank account payments.
Which bank has lowest transfer fee? ›
- StarPay Corporation – ₱15.
- Sterling Bank of Asia – ₱15.
- Sun Savings Bank – ₱10.
- Tayo Cash Inc. – ₱12.
- Union Bank of the Philippines – ₱10 to ₱30.
- United Coconut Planters Bank – ₱25.
- Wealth Development Bank Corporation – ₱15.
- Zybi Tech, Inc. – ₱8.
| Receive Method | Pay Method | Fee |
|---|---|---|
| Cash at WU location | Bank account | $4.99 |
| Cash at WU location | Debit card | $6.99 |
| Cash at WU location | Credit card | $33.99 |
| Bank account | Bank account | $1.99 |
No charge. Up to $30 per transfer for domestic transfers. Up to $45 per transfer for international transfers.
What does Western Union charge to send money? ›As you can see above with the variable fees, figuring out how much a money transfer costs depends on several factors. $5 fixed fee per transfer for e-Transfers sent through Interac with Western Union, plus a 1% commission fee on the total amount per transfer.
Which banks in Mexico use Zelle? ›🌎 Can I send money to Mexico with Zelle? No, you cannot send money to Mexico with Zelle, as Zelle is available only in the US. The payment app only allows you to send money from one US bank account to another, meaning both the sender and the recipient must have US bank accounts.
Can you send money from Mexico to USA with Xoom? ›FAQ About Xoom in Mexico
📲 Can I send money from Mexico to the USA using Xoom? No, you cannot send money from Inda to the USA using Xoom because Xoom isn't supported in Mexico. To send money cheaply and securely to the US, use Instarem instead, or compare the market to find the best deal in real-time.
- Remitly. This app is among the highest-rated money transfer apps both in Google Play and the App Store. ...
- MoneyGram. The MoneyGram app allows for almost instant money transfers when it comes to cash pickups. ...
- Xoom. ...
- BOSS Revolution.
Although only a handful of countries will accept Apple Pay in Latin America or the Caribbean, it is possible to use the convenient payment option in select countries. Latin American countries that support Apple Pay include Argentina, Columbia, Costa Rica, Brazil, Mexico, and Peru.
Does Mexico have PayPal? ›Our PayPal Mexico site in Polanco is located right in the heart of Mexico City. From here, we have been proudly serving our customers in Mexico and the broader Latin America region since 2010.
Is Western Union available in Mexico? ›Picking up a money transfer in Mexico is easy with Western Union's 38,000 locations there, including in supermarkets such as Banco Azteca, Bancoppel, Caja Popular Mexicana Calimax, Casa Ley, Elektra, Famsa, Farmacias Guadalajara, Fundación Dondé, Oxxo, Telecom, Waldos, Walmart and more.
Does Google pay work in Mexico? ›
Google Pay Usage Either for Online Payments in Various Countries as of March 2022. As of March 2022, the largest number of people making online payments using Google Pay live in Russia (29%). In second and third place are Mexico and Poland.
How much is $100 in Cash App rate? ›Here's when your Cash App will charge you a fee
So sending someone $100 will actually cost you $103. This is a rather standard fee with other payment apps as well, like PayPal, and is about the same rate businesses usually absorb with credit card transactions.
This is because, sadly, Venmo is only available in the US and doesn't work in Mexico. If you want to transfer your money to Mexico, you'll need to pick a Venmo money transfer alternative to Mexico instead, such as Remitly for cash pick-up or Wise for bank transfers.
Does Google pay work internationally? ›You must link your Wise account to make international payments with Wise in the Google Pay app. If you don't already have a Wise account, you must create one and link it to Google Pay: Open the Google Pay app . Tap Send or request.
Is there an app to transfer money internationally? ›WorldRemit Best for International Transfers
All countries have different fees and exchange rates. Standard deposits arrive within three business days. Instant deposits arrive immediately.
Sending and receiving money with Apple Pay and the Apple Cash card are available only in the U.S. These services are provided by Green Dot Bank, member FDIC.
How much is a $100 Mexican pesos in US? ›| MXN | USD |
|---|---|
| 100 MXN | 5.75 USD |
| 500 MXN | 28.76 USD |
| 1,000 MXN | 57.52 USD |
| 5,000 MXN | 287.61 USD |
Dollar to Mexican Peso Exchange Rate Today, Live 1 USD to MXN = 17.3564 (Convert Dollars to Mexican Pesos)
Can I exchange pesos to USD at bank? ›Yes. Many banks and credit unions exchange currency for their customers. It may cost a small fee, but it will likely be the best exchange rate you can get.
Which is cheaper to send money Western Union or MoneyGram? ›Western Union and MoneyGram provide similar payouts. Western Union tends to provide cheaper fees while MoneyGram generally provides better exchange rates.
How much does MoneyGram charge for $100? ›
Send up to $100 for the flat fee* of $4. If you're sending more than $100, use the online MoneyGram calculator to find out how much the transfer will cost.
How much is $100 dollars in MoneyGram? ›| Dollar | Naira |
|---|---|
| 20 Dollars to Naira | ₦ 7,570.4 |
| 50 Dollars to Naira | ₦ 18,926 |
| 100 Dollars to Naira | ₦ 37,852 |
| 200 Dollars to Naira | ₦ 75,704 |
High payout limit (Up to $66,150 pesos per day or operation) They always have money to pay your remittances.
What is the MoneyGram exchange rate today in Mexico? ›1 USD = 16.95 MXN - Today's Best US Dollar to Mexican Peso Exchange Rates.
Can a US citizen pick up money in Mexico? ›What kinds of ID are acceptable for a cash pickup in Mexico? A valid photo ID is normally required to pick up cash in Mexico.
How much does PayPal charge to send money from Mexico to usa? ›💵 What are PayPal's Mexico-US foreign transfer fees? If you're sending money to a PayPal account in the US from Mexico, you'll pay an 5% commission fee (at a minimum of USD 0.99 and maximum of USD 4.99) fee and an additional USD 0.30 fixed fee.
How much money we can transfer to USA? ›| Account Type | Remittance Limit |
|---|---|
| Indian Resident | USD 2.5 lakh per financial year |
| Non Resident External (NRE) Account | No limit |
| Non Resident Ordinary (NRO) Account | USD 10 lakh per financial year |
- Wise — Best for Low Fees.
- PayPal — Best for Peer-to-peer Money Transfers.
- Western Union — Best for Availability.
- MoneyGram — Best for Cash Transfers.
- OFX — Best for Large Amounts of Money.
- WorldRemit — Best Mobile Option.
- XE — Best for Business Transfers.
If you're an American expat, you may have to pay taxes on a money transfer to a U.S. resident if your financial gift exceeds $16,000. That is the gift tax exclusion for the current tax year. If you need to report a transfer of this kind, our tax CPAs can complete IRS Form 709 and submit it by Tax Day.
What is the best way to send money to someone in the United States? ›- Venmo – Best for Paying Friends.
- Google Pay – Most Secure.
- Cash App – Best for Bitcoin Users.
- Zelle – Best for Banking.
- PayPal – Best for Businesses.
- Xoom – Best for International Payments.
- Wise – Best for Exchanging Currency.
What's the best way to send money to America? ›
- Bank Transfer/Wire Service. ...
- Online Money Transfer Services. ...
- Cryptocurrency Transfer. ...
- Beneficiary Details. ...
- Country. ...
- Routing Number. ...
- Note: Some service providers may ask for additional documents, or information on the purpose of transfer, to complete the transfer.
Which is faster Western Union or MoneyGram? It's a tie. Both Western Union and MoneyGram have almost identical money transfer speeds, and there is not much to choose amongst them on this criterion. Both Western Union and MoneyGram specialize in moving money overseas fast.
What are the fees for Western Union? ›| Method | Fee | Fee |
|---|---|---|
| Online | Instantly with debit/credit card: $25.00 | 0 - 4 days with wire transfer: $25.00 |
| In-Store | 3 business days: $7.00 | N/A |
| WU App | Instantly with debit card: $2.99 | In 3 days with credit card: $29.99 |
While the general rule is that wire transfers over $10,000 must be reported to the IRS, there are some exceptions to this requirement. These include: Transactions that are conducted by financial institutions on behalf of the US government. Transactions that are conducted between financial institutions.
Does IRS track wire transfers? ›The IRS does monitor international wire transfers, and that there's an overseas money transfer limit of $10,000¹ before your transfer will be reported to the IRS.
How do I avoid international wire transfer fees? ›- Ask the Bank to Waive the Fee.
- Use Multi-Currency Accounts.
- Make Cross-Border Payments.
- There's No Reason to Pay Wire Transfer Fees.