What is the best way to send money to Mexico? Show
If you’re one of the over 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 2019, the World Bank reported that over 39 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 the retail locations to send up to $10,000. The Best Ways to Transfer Money to MexicoTo 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
The data shown in the table is up to date as of April 15, 2021. Current data may differ slightly due to changes in policies and fluctuations in the exchange rate. Comparison table for a 1000-dollar money transfer
The data shown in the table is up to date as of April 15, 2021. Current data may differ slightly due to changes in policies and fluctuations in the exchange rate. Sending Funds to Mexico via Bank-to-Bank TransfersA 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 MexicoThe best way to send money to Mexico is by using mobile apps that offer versatile modes of payment and delivery.
The Convenience Provided by Boss RevolutionBoss Revolution offers 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 Boss Revolution AppUsing the Boss Revolution app is one of the easiest ways to send money to Mexico. Just follow these step-by-step instructions:
Your first transaction using the app is free of charge for transfers up to $300. Then continue to send money with low fees starting at just $2.99 when you use your debit card. Tips & Tricks to Cut Money Transfer Costs
Sources: all third party information obtained from applicable website as of April 15, 2021 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. Can you send money to a debit card in Mexico?Send Money To Mexico Online
In most cases, online transfer services will allow you to send money to Mexico from multiple sources such as your bank account, debit card, or credit card. Depending which transfer service you choose, different fees will apply averaging $2.99 to $4.99 per transaction.
How can I send money to a debit card?5 Steps for Sending Money to a Debit Card. Enter the amount to send. This is a basic step. ... . Choose a delivery method. This means you must select the option for sending funds to a debit card. ... . Enter your recipient information. ... . Choose a funding source. ... . Review and send.. Can I transfer money to a Mexican bank account?You could: Go to a bank and make a wire transfer; Transfer money using an international bank; or. Find an online international money transfer service.
Is Zelle available in Mexico?In order to use Zelle®, the sender and recipient's bank accounts must be based in the U.S.
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