Transferring money to Mexico has become easier and more efficient with various services like Remitly. Whether you’re sending money for family support, business transactions,
or any other purpose, it’s essential to know the best methods for both sending and receiving money in Mexico. Here’s everything you need to know.
Sending Money to Mexico: What Are Your Options?
When sending money to Mexico, you have multiple options that cater to different needs like speed, convenience, and cost.
➢ Online Money Transfer Services
Online services like Remitly, PayPal, and Xoom are popular for their speed and convenience. These platforms allow you to transfer money directly from your bank account, debit card, or credit card. Remitly, in particular, offers fast transfers with competitive exchange rates.
➢ Bank Transfers
You can send money directly to a Mexican bank account using your bank’s wire transfer service or international transfer platforms. However, this method can be slower and sometimes more expensive, with fees that vary depending on the bank.
➢ In-Person Transfers
In-person services like Western Union and MoneyGram allow you to send cash that your recipient in Mexico can pick up from local branches. These are widely used for quick, cash-based transfers.
How to Send Money to Mexico Using Remitly
Remitly is one of the most trusted platforms for sending money to Mexico. It offers several delivery options, including bank deposits and cash pickups.
Here’s a step-by-step guide to sending money to Mexico with Remitly:
● Step 1: Sign up for a Remitly account on their website or mobile app.
● Step 2: Select Mexico as the destination country.
● Step 3: Choose the delivery method (cash pickup, bank deposit, or mobile money).
● Step 4: Enter the recipient’s details, including their bank information or preferred pickup location.
● Step 5: Choose your payment method (bank account, debit, or credit card).
● Step 6: Confirm the transfer and pay the associated fees.
Remitly’s Advantages
- Speed: With Remitly, you can send money within minutes or hours, depending on the selected service.
- Low Fees: Remitly offers promotional rates for first-time users and competitive fees for regular transfers.
- Cash Pickup Locations: Your recipient can pick up cash at hundreds of locations across Mexico, including OXXO, Bancomer, and Santander.
How to Receive Money in Mexico
Receiving money in Mexico is just as easy as sending it. Depending on the sender’s method, you can receive funds directly to your bank account, in cash, or through mobile money.
❖ Cash Pick-Up: If the sender used Remitly, Western Union, or MoneyGram, you can collect your money from thousands of locations across Mexico. Popular pickup locations include OXXO stores, Banorte, and Elecktra branches.
To pick up cash, you’ll need:
- A valid government-issued ID.
- The tracking number provided by the sender.
❖ Direct Bank Deposit: Money can also be deposited directly into your Mexican bank
account if the sender chooses this option. Remitly and similar services allow direct transfers to major banks like BBVA Bancomer, Santander, and CitiBanamex. This is one of the most convenient options if you prefer to avoid visiting a physical location.
❖ Mobile Money: Some services allow the transfer of funds directly to a mobile wallet. This method is still growing in Mexico but is an excellent option for those who prefer to use their phones for financial transactions.
How to Avoid High Fees When Sending Money to Mexico
- Compare Transfer Fees
Not all services charge the same fees, so it’s important to compare platforms before sending money.
Services like Remitly, TransferWise (Wise), and Xoom are known for offering competitive rates compared to traditional bank wire transfers. Use online comparison tools to find the service with the lowest fees for the amount you want to send. - Watch Out for Hidden Costs
While some services advertise low fees, they might offer poor exchange rates, which is another way to increase the cost of your transfer. Make sure you not only compare upfront fees but also check the exchange rate offered by each service. A platform like Wise is popular for providing mid-market exchange rates with no hidden markups. - Use Promotions and Discounts
Many money transfer services, especially those like Remitly, offer first-time promotions with zero fees or reduced charges. Sign up for alerts from various services to take advantage of these offers, especially when sending large amounts. - Choose the Right Transfer Method
Different transfer methods come with different costs. For example:
● Bank-to-bank transfers may take longer but usually come with lower fees compared to using a debit or credit card.
● Cash pickups may incur higher costs for convenience, so choose this option only if necessary.
If the recipient has a Mexican bank account, it’s often cheaper to send money directly to their account rather than opting for cash pickup services. - Plan Ahead to Avoid Expedited Fees
Urgent transfers tend to cost more because of the rush. To avoid these fees, plan your transfers ahead of time. For example, Remitly offers two-speed options: Express, which is faster but costs more, and Economy, which may take a few days but has lower fees.
Sending and receiving money to and from Mexico is now easier than ever with a variety of services that cater to different needs. Whether you’re looking for the cheapest, fastest, or most secure method, platforms like Remitly, Western Union, and other online services offer convenient and reliable options.
