People send money to Mexico for various reasons. While some might be sending money to family members, some others might want to pay for imports from the region. In any case, choosing the right overseas money transfer company can have a significant impact, not just on cost-effectiveness, but also on speed.
Transfer Money to Mexico
- User Rating
- Transfer Type
- Regular Payments
- Mobile App
- Min Transfer Amount
- Two Transfers Fee Free
- 1 - 3 Days
- $250 / £100 / €250
Currency Corridors & Swift Codes
Currency Symbol and Swift Codes
The Mexican peso (MXN) is the official currency of Mexico. Modern-day dollar and peso currencies originate from the Spanish dollar, which is why both continue using the “$” symbol. One peso is subdivided into 100 centavos. The Mexican peso is the eighth most traded currency the world over, and third most from the Americas.
If you want to send money to a Mexican bank account, you will need to provide the recipient bank’s SWIFT code. The table below list SWIFT codes of some popular Mexican banks.
|Banco Actinver||Mexico City||ACIOMXMMFND|
|Banco Azteca||Mexico City||AZTKMXMMEKT|
|Banco De Mexico||Mexico City||BDEMMXMM|
|Bbva Bancomer||Mexico City||BCMRMXMM|
Popular Currency Corridors
A considerable amount of money flows in and out of Mexico every year. In 2016, more than U.S. $28.6 billion was sent by migrants from different countries to Mexico. In the same year, more than U.S $2.6 billion made its way out of the country.
The tables below list popular currency corridors involving Mexico and they also give you an indication of how much money flows in and out from different countries. The figures are for 2016 and given in U.S. dollars.
How Do I Compare Companies When Transferring Money to Mexico?
Whether you want to send money to Mexico from the U.S., Canada, Spain or any other country, or if you want to send money from Mexico to another country, factors that require your consideration are basically the same.
- Cost effectiveness. This is the top priority of most people who want to transfer money to Mexico. While the fee you need to pay affects the cost of your transfer, so does the exchange rate you get. As a result, simply look at how much money the recipient stands to receive.
- Speed. Transfers to bank accounts in Mexico may take one to four or more business days, depending on the money transfer company you select. If you want to send money to Mexico in hurry, transferring it to a cash pickup center is the way to go because these transfers tend to process almost immediately.
- Payment method. If you want to pay using a bank account transfer, you may select just about any company. However, not all accept payments via debit and credit cards. Depending on where you live, you may find service providers that accept payments through region specific methods such as POLi, iDEAL, and SOFORT.
- Customer service. How a company rates on this front is particularly important if you plan to send money to Mexico frequently. Depending on the company you select, you may get support via phone, email, or chat. To find out how previous customers rate these companies, you may turn to websites such as Trustpilot and Feefo.
How Can I Send Money to Mexico?
If you are wondering how to send money to Mexico, know that you get three basic ways in which you may initiate the process.
- Online. Banks that transfer money to Mexico usually give their customers the ability to get started online. Given the cost and speed factors, you may be better of turning to specialist overseas money transfer companies. Several provide apps for mobile devices too.
- Over the phone. Some of the leading overseas money transfer companies let you initiate the process over the phone. Some even give their customers access to dedicated currency dealers.
- In-person. While your bank may let you transfer money to Mexico in person, you also get to choose from money transfer companies that operate out of physical locations or have agent networks.
Santiago got a job in the U.S. and had to relocate to the country. His parents, though, continued living in Mexico. Since they were financially dependent on Santiago, he had to keep sending them money regularly. Given his income, he could afford sending $1,000 every month. He used a local American bank for the first two months, after which he decided to compare his options. The corresponding table lists results of his comparison.
|Bank||Money Transfer Service|
|Exchange rate||U.S. $1 = Mex $18.05||U.S. $1 = Mex $19.75|
|Transfer fee||U.S. $15||U.S. $0|
|Amount received for U.S. $1,000||Mex $17,779.25||Mex $19,750.00|
|Transfer time||2 to 4 days||1 to 3 days|
|Transfer options||Bank account||Bank account|
|Difference of||Mex $1,970.75|
Turning to the overseas money transfer company came with multiple benefits. His parents stood to receive some extra money each month and it got to them sooner. In addition, Santiago could schedule transfers according to his needs, so he did not have to go through the entire process every time.
Cash Pickup Locations in Mexico
If sending money to Mexico in a hurry is your priority, or if the recipient does not have a bank account, you may transfer funds to a cash pickup location. Prominent overseas money transfer companies such as Azimo, Western Union, and MoneyGram have a physical presence in Mexico.
|Ria in Mexico|
|Mexico City Farmacias Guadalajara, Calle Plaza D La Constitucion S/N, Col. Centro Tepeapulco||Tetela De Ocampo, Plaza De La Constitnucion No. 11, Tetela De Ocampo|
|Tijuana 201 Modatelas Tijuana VI - Aifco S.A de C.V dba Airpak Blvd Cucapah 22357 Loc 1 C Com Cucapah Col Villa Tijuana||82 Modatelas Tijuana - Aifco S.A de C.V dba Airpak Ave. Aguila Real Esq Aguila Coronada Col Bajamar De Tijuana, BCN|
|Western Union in Mexico|
|Mexico City Telecomm 09102 Interior Palacio Nacional Centro Mexico||Fundacion Donde Centro ID1, Monte De Piedad No 3 Col Centro Deleg Cuauhtemoc, Mexico|
|Tijuana Casa Ley 1278 Ley Express Cucapah Av Emiliano Zapata 2751 Ejido Matamoros Tijuana||Oxxo Chiapas Tij Veracruz 3297, Tijuana|
Safety Tips for Picking up Cash in Mexico
Mexico suffers from his levels of crime and security can be a concern for foreigners. Remain vigilant when collecting money from a cash pickup location, when exchanging currency at a Bureau de Change. or when withdrawing money from an ATM. Try to locate ones inside malls or shops, and visit them during daylight.
Avoid isolated roads when travelling and try to stick to toll roads. Keep your car doors and windows locked because there have been instances of thefts at traffic lights. Exercise caution when travelling on public transport, and keep your belongings in sight at all times. Use authorized taxis instead of unlicensed ones. Never leave your drink unattended.
Street crime poses a serious problem in big cities and around tourist areas. As s result, try to keep the cash and cards you carry to a minimum. Drug related violence usually takes place outside of popular tourist areas. However, take time to research your destination.
What Information Do I Need to Transfer Money to Mexico?
The information you need when sending money to Mexico depends on the desired transfer method.
- Bank account. You will have to provide the recipient’s complete name, a bank account number, the bank’s name, and the bank’s SWIFT code.
- Cash pickup center. In this case, only the recipient’s name along with a desired cash pickup location is enough. To collect the transferred money the recipient will need to provide a valid form of ID along with a reference number.
Regulations When Transferring Money To and From Mexico
Banco de Mexico, Mexico’s central bank, oversees the country’s payment systems and works in maintaining the peso’s stability. There are no restrictions in place when it comes to personal transfers made to and from Mexico. However, the maximum you may send out of the country through a single transfer limits to U.S. $10,000. This measure is in place to combat organized crime. Mexico does not impose any gift, estate, or inheritance tax on money that flows into the country.
Sending money to Mexico requires that you pay attention to different factors and compare your alternatives well. In addition, look for promotional offers as they can give you the means to make your transfer more cost effective.
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