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 TransferWise. 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, TransferWise 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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