How to send money to Mexico from USA

By   |   Verified by Andrew Boyd   |   Updated Aug. 8, 2023

USA to MXN (Mexico Peso)
  • Looking to transfer money to Mexico?
  • See how banks make money on currency transfers.
  • Learn what to look for when choosing the best way to transfer money.

Are you searching for ways to send money from the United States to Mexico? You’re not alone. In 2020, remittances to Mexico totaled $40.6 billion, with the majority of that coming from the US. In fact, Mexico is one of the top 5 countries in the world receiving remittances, and 99% of those funds are transferred electronically.

If you are looking to transfer money to someone in Mexico, here is a brief guide telling you everything you need to know.

Best way to send money to Mexico


On website


Minimum Transfer Amount


Transfer Speed

1 - 2 days

Transfer Fee



  • Enjoy better rates and fees.
  • Transfers to most countries take 1-2 business days. Track your transfer online or with the OFX mobile app.
  • With support staff that are located in the USA, UK, Australia, Canada, New Zealand, Hong Kong and Singapore.


  • Easy and quick account opening.
  • Wide range of supported currencies and countries.
  • No fees if transferring more than $10,000.
  • Enjoy additional features for business transfers.


  • Limited payment options.
  • $15 fee if transferring less than $10,000.

Common reasons people transfer money overseas to Mexico

Overseas money transfers to Mexico occur for a variety of reasons, including:

  • Financially supporting family back home
  • Buying real estate
  • Funding business cash flow expenses
  • Emigration or immigration costs
  • Funding overseas tuition bills
  • Paying for marriage ceremonies in Mexico
  • Sending a charitable donation

Why you shouldn't send money overseas using your bank

Most people first look to their bank when they decide to send money from the USA to Mexico. However, banks aren't the best solution for your payment due to high fees, poor exchange rates, and long transaction times.

Banks typically charge $25 or more for the transaction fee alone, and that’s before the exchange rate spread and other costs for the recipient. If you're sending small amounts under $5,000, and most people usually are, it’s expensive to use your bank for the transfer. A far better option is an online money transfer company.

What are online money transfer companies?

Online money transfer companies specialize in international money transfers. They offer lower costs, faster transfer times, and transparency, helping you get money where you need to quickly and safely. Online money transfer companies such as Wise, Xoom, Remitly, Instarem, and WorldRemit are credible options for your transaction while charging considerably less in fees than banks.

The rates and limits for sending money from the United States to Mexico vary from provider to provider. If you're using a private money sending service, compare the rates between companies to get the best deal.

Is it safe to use a money transfer company?

Yes, Finty's list of online money transfer services are established players with experienced teams. Licensed and regulated, these companies have been used by thousands of customers and processed billions of dollars in transactions.

USD / MXP exchange rates

When sending money from the US to Mexico, the two greatest expenses involved with the transaction are the US dollar to Mexican peso exchange rate and the transaction fee. Banks and private money transfer services will list an exchange rate above the current interbank buy/sell rate for the two currencies.

For example, the current exchange rate for Dollars to Pesos might be 1 USD = 20.0 MXP. However, you won't get that price with your transaction. The bank will charge an additional 5% on the "spread" between the two currencies, also known as the margin rate. As a result, your transfer will receive a rate of 1 USD = 19.0 MXP, with the bank or sending service profiting on the difference.

Like stock prices, foreign exchange rates move around constantly. When you're assessing your service, look for providers that are willing to lock in your exchange rate for 24 hours to reduce price volatility when deciding to process your transaction.

What are the fees?

You'll have to pay transaction fees when sending money from the United States to Mexico along with the margin rate.

What is a typical fee?

Typical fees on transfers with your bank are around 5% of the total transfer amount. Along with charging the sender, banks may also charge the recipient a fee ranging from $15 to $30, depending on the transaction size. Typically, the bank deducts the fee from money issued to the recipient.

Online money transfer services charge a much lower exchange rate of 0.5% to 5%, depending on the currency and transaction size. Companies such as Wise and OFX also charge no transaction fees so you save a lot on overall transaction costs.

Can fees be avoided?

Alternative payment methods like cryptocurrency and e-wallets can help you avoid fees. Cryptos like Ripple and Dogecoin have minimal transaction costs, and transactions process much faster, sometimes in seconds. However, some cryptos like Dogecoin can be volatile, so ensure you understand all the potential risks before using them.

Minimum and maximum transfer amounts

Minimum transaction amounts can vary from $1 to $1000 so check the details and fees before setting up your transaction. If you're sending more than $5,000, check the rates between firms before settling on your provider. Some online money transfer services allow max limits of up to $10,000.

Alternative ways to send money to Mexico

Cryptocurrency and e-wallets are alternative options to banks and online money transfer companies. With crypto, you get near-instant transfers and affordable costs. However, the charges for processing transactions (mining fees) vary from network to network. Make sure you have a proper understanding of these systems before committing to the transaction.

Sending money with e-wallets like PayPal and Skrill is another great option, but these fees also vary between providers, so make sure you check the rates.

Business vs. personal considerations

Identification is mandatory before the online transfer company will accept your transaction. When you're sending money from the USA to Mexico, you'll have to complete the KYC protocol of verifying your identity to satisfy international anti money-laundering (AML) laws.

The sender will also need to provide their name, identity proof, cell phone number, and sometimes proof of address, at the pickup destination in Mexico. If you're collecting on behalf of a company, the organization will record the individual's details collecting the funds, not the business information.


How can I fund my money transfer?

Transfers can be funded through a direct debit from your bank, bank wire, debit card, or credit card. In some cases, you can also transfer from payment services such as Apple Pay, PayPal or Google Pay.

How fast can my money transfer be sent to Mexico?

Sending cash with retail outlets like Western Union or MoneyGram takes around one to three days. Banks may take up to five days to a week to process the transaction. E-wallets and crypto give you the fastest processing times, with near-instant transactions reflecting in under an hour.

What are the money collection options?

If you're using a retail transfer service like Western Union, Wise, or MoneyGram, your recipient can collect their money from retail partner locations or big-box stores throughout Mexico.

Are there any tax considerations?

Taxes on money transfers are complex and vary based on whether you are transacting for business or personal reasons. Research tax laws for sending people money from the United States to Mexico to ensure you are following all rules and regulations.