2/15/2023
By history and tradition, the Mexican-American relationship is one of the strongest on the continent. Since the United States is home to a large number of migrants from the neighboring country and citizens of Mexican descent, remittances are fundamental to the economy.
If you want to know how to send money from the U.S. to Mexico, here we tell you the possibilities.
More information: How to send money from the U.S. to other countries
Methods to send money from the U.S. to Mexico
Nowadays, sending money from the United States to Mexico is a simple process. However, many Mexicans living in the U.S. want to know what the best options are. We will first talk about the methods and then about the best rated companies.
Money transfer services or MTOs
Most of these operators have a consolidated presence within the different routes between both countries. This means that they are faster, more flexible and cheaper than using a traditional financial institution.
Among the most popular are MoneyGram, Remitly, PaySend, WorldRemit, Xoom and OFX.
Obtaining an account with these providers is very easy and usually free of charge. Depending on the company, they may ask for some personal documentation to verify your identity, such as a valid photo ID, email and phone number.
This can be done through their app or by visiting the corresponding website.
Once you have an active account, MTOs (Money Transfer Operators) provide several alternatives to send money to Mexico. Among the most used, we find payment by debit or credit card, making a transfer or depositing cash.
Although not all offer the same, money processing occurs in two ways:
- Cash pickup. This service will depend on the provider and allows the recipient to have the money in a few minutes. While some companies have assigned locations in different parts of Mexico, others have allied with commercial chains such as OXXO so that people can conveniently withdraw the money.
- Bank transfer. This is very similar to what financial institutions do, but with a small difference: the money goes from the supplier to one of their banks. Instead of taking days to process the transaction, the movement is effective in hours. Banco Azteca, BBVA Bancomer, BanCoppel and Grupo Elektra are some of the institutions associated with this service.
International Transfers
While Mexico has at least 48 banks, only 7 of them control 78% of the market. Although these operations can take 4 days or more, they are still a safe and reliable method. Their biggest problem is the costs and exchange rates, which are not the most favorable.
In general, the speed of the transaction is subject to the relationship between the sending and receiving entities. When there is no major link between the parties or the money you send must be exchanged into pesos, an intermediary bank will be needed, causing delays. This makes it essential to review the relationship between the institutions involved.
The best companies to send money from the U.S. to Mexico
Recommendations as to which service is better than another will always depend on a number of subjective factors. While some prefer speed, others prefer price. In the list we have chosen, we address these characteristics:
MoneyGram
It is one of the largest networks and its speed depends on how you want the money to arrive. Usually, transfers take 1 hr or more and cash pickup (through 43 thousand points) only a few minutes.
Bank to bank transfers are free and you have to add the commission. Sending cash costs $5 plus commission and exchange fee.
Remitly
This mobile/online provider stands out for being inexpensive, having Spanish-language service and having an extensive network of locations (21,000) for pickup in Mexico.
While normal transfers (3-5 days) are cheaper, if you want it in minutes it costs $3.99 (less than $500) or nothing (+$500). With credit card it is worth 3% of the amount.
Ria
You can send up to $3,000, paying by cash, debit card, credit card or bank transfer.
This PayPal service allows you to send money to Mexico the same day. It is fast, with attention in Spanish and 35 thousand points for cash pickup. If you are sending less than $299.99 per account, the fee is $3 ($0 for +$300).
Credit or debit card transfers range from $4 to $76. Its disadvantage is the exchange rate, which is one of the most expensive.
This online platform offers you the cheapest prices. There are no transfer fees and the exchange rate is among the lowest. It takes 1 to 4 days, you must send $1,000 or more and the receiver must have an account.
Español: ¿Cómo enviar dinero desde Estados Unidos a México?