What is the best way to send money to Mexico?
Your first 5 money transfers are FREE to Mexico in the BOSS Money App. Then send money with low fees starting at just $2.49 when you use your debit card.
If you’re one of theover 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 2023, the World Bank reported that over 66 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.
However, the IRS requires anyone sending a transfer of over $10,000 to file a report. Failure to do so may result in hefty penalties.
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 theretail locationsto 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 $2.49 (debit card or in-store) $4.99 (credit card) | cash pickup bank deposit | 17.87580 | 3,575.16 | Within minutes |
| MoneyGram | $1.99 | cash pickup bank deposit | 18.07 (up to 5,000.00 USD) 17.83 (over 5,000.00 USD) | 3,616.00 | In as little as 1 hour |
| World Remit | $1.99 Bank transfer $2.99 Cash pick up | Bank transfer to Banorte bank only Cash pick up in Woolworth only | 17.6147 | 3522.94 bank transfer 3526.54 cash pick up | From within minutes to same day transfer |
| Western Union | Debit Card: to Cash at WU location ($4.99) to Bank Account ($2.99) to Mobile Wallet ($2.99) Credit Card: to Cash at WU location ($11.99) to Bank Account ($9.99) to Mobile Wallet ($9.90) Bank Account: to Cash at WU location ($4.99) to Bank Account ($1.99) to Mobile Wallet ($1.99) Pay in-store: to Cash at WU location ($8.00) to Bank Account ($8.00) to Mobile Wallet ($8.00) Google Pay: to Cash at WU location ($4.99) to Bank Account ($2.99) to Mobile Wallet ($2.99) | Bank transfer Cash pick up Mobile wallet | from 17.76 to 18.0481 | up to 3609.62 | Debit Card - in minutes Credit Card - in minutes Bank Account - up to 4 business days Pay in-store: to Cash at WU location (in minutes) to Bank Account (up to 1 day) to Mobile Wallet (in minutes) Google Pay - in minutes |
| Ria | $3.00 (bank to cash pick up) $1.75 (bank to mobile wallet) $2.00 (bank to bank) $11.00 (credit card to cahs pick up) $9.00 (credit card to bank or mobile wallet) $3.90 (debit card to cash pick up) $1.90 (debit card to bank ot mobile wallet) $7.00 (cash to cash pick up or bank) $9.00 (cash to mobile wallet) | Bank transfer Cash pick up Mobile wallet | from 17.88 to 17.94209 | up to3588.42 | in 15 minutes to 3 hours Bank account - up to 4 business days |
The data shown in the table is up to date as of July 09, 2024.. 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 $1.99 (debit card or in-store) $10.99 (credit card) | cash pickup bank deposit | 17.87580 | 17875.8 | Within minutes |
| MoneyGram | $1.99 | cash pickup bank deposit | 18.07 (up to 5,000.00 USD) 17.83 (over 5,000.00 USD) | 17850 | In as little as 1 hour |
| World Remit | $1.99 Bank transfer $2.99 cash pick up | Bank transfer to Banorte bank only Cash pick up in Woolworth only | 17.6147 | 17579.64 bank transfer 17562.03 cash pick up | From within minutes to same day transfer |
| Western Union | Debit Card: to Cash at WU location ($6.99) to Bank Account ($2.99) Credit Card: to Cash at WU location ($33.99) to Bank Account ($29.99) Bank Account: to Cash at WU location ($1.99) to Bank Account ($4.99) Pay in-store: to Cash at WU location ($8.00) to Bank Account ($8.00) Google Pay: to Cash at WU location ($7.99) to Bank Account ($2.99) | cash pickup bank deposit | from 17.76 to 18.0481 | up to18048.10 | Debit Card - in minutes Credit Card - in minutes Bank Account - up to 4 business days Pay in-store: |
| Ria | $3.00 (bank to cash pick up) $1.75 (bank to mobile wallet) $0 (bank to bank) $30.00 (credit card to cahs pick up) $29.00 (credit card to bank) $28.00 (credit card to mobile wallet) $3.90 (debit card to cash pick up) $1.90 (debit card to bank or mobile wallet) | cash pickup bank deposit mobile wallet | from 17.88 to 17.94209 | up to17942.09 | in 15 minutes to 3 hours To bank account - up to 4 business days |
The data shown in the table is up to date as of July 09, 2024. 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.
Remitly
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.
MoneyGram
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.
Xoom
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.
BOSS Revolution
TheBOSSRevolution Money Transfer Appcan 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 BOSSRevolution
BOSSRevolutionoffers different delivery methods. Depending on the country you’re wiring to, you can choose from cash pickups, home delivery, bank or mobile wallets deposits.
Currently, BOSS Revolution doesn’t have home delivery services for Mexico. However, they do allow bank deposits to several banks near you. This includes Actinver Sociedad Operadora, Afirme, Banamex SA, Banca Mifel SA, Banco Banjercito, Banco del Bajio SA, Banco Interacciones SA, Bancomer, Bancoppel, Banorte, Banregio, Bansefi SNC, Cibanco SA, Elektra Mexico, HSBC (Bital), Inbursa, Libertad Servicios Financieros, Santander Serfin, and Scotiabank Inverlat SA.
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 BOSSRevolution 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 theBOSS Revolution Money Transfer Appfrom 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.
Your first 5 money transfers are FREE to Mexico in the BOSS Money App. Then send money with low fees starting at just $2.49 when you use your debit card.
Tips & tricks to cut money transfer costs
Check all fees, especially hidden ones.
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 and choose the best value.
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.
Avoid emergency transfers.
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 July9, 2024.
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.
