Send Money to Mexico

Mexico flagAre you fed up with the huge fees that remittances companies like Western Union or Money Gram are charging when you send money to Mexico? Or the long delivery time when using the banks? If so, be sure to read out Mexico Money Transfer Guide.

With the benefits that companies we listed bellow can offer, you will never go to the bank ever again for any of your money transfer needs.

The Guide’s Topics:

Best Company To Transfer Money To Mexico

Payment Facility



worldfirst-logoMin. Transfer: £ / €1,000.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £50,000+
Expected Rates* - £50,000+ :
- GBP: 23.1701 MXN to 23.2401 MXN
- EUR: 20.9362 MXN to 20.9994 MXN
- USD: 17.8341 MXN to 17.8880 MXN

TorFX logoMin. Transfer: £ / €100.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £5,000+
Expected Rates* for £5,000+:
- GBP: 23.1934 MXN to 23.2401 MXN
- EUR: 20.9573 MXN to 20.9994 MXN
- USD: 17.8521 MXN to 17.8880 MXN

transferwise logoMin. Transfer: None!
Transfer: Online only.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 23.1001 MXN
- EUR: 20.8729 MXN
- USD: 17.7802 MXN
Transferwise Review
Mexico BankBig International Transfer Fee + Commission On Currency Exchange. Bad Currency Exchange Rate.

- GBP: 22.8667 MXN to 23.1001 MXN
- EUR: 20.6621 MXN to 20.8729 MXN
- USD: 17.6006 MXN to 17.7802 MXN
paypal logo2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates.

Exchange rate would be approximately *:
- GBP: 22.7501 MXN or worse
- EUR: 20.6621 MXN or worse
- USD: 17.6006 MXN or worse

* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.

Supported Countries & Payment methods

CurrenciesDirect will provide a simple, quick and zero fee money transfer to any country in the world. Their huge number of currencies available makes it very difficult to find a location that they haven’t worked with before. To get a free quote on your transfer, be sure to head over to their website and fill the form.

MoneyCorp brings the same benefits listed for the company above. The main differences though are:

  • The minimum amount for a money transfer is only 1,000 Pesos (€50).
  • The website has also a version in Spanish – which can help the customers that are not fluent in English.

TorFX might be the newer out of all three companies, but has already made a name for themselves on the market by being awarded in many important events:

  • Sunday Times Fasttrack 100 awards, 2nd Place (2008), 23rd Place (2010).
  • Credit Level 1, Dun & Bradstreet.
  • Best European Currency Broker, Overseas Living Magazine, (2010, 2011).
  • Winning the Cornwall Business Award for Most Dynamic Growth Business (2014).

Best Company to Transfer Money from Mexico

Service Provider



worldfirst-logoMin. Transfer: £ / € 1,000.
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
WorldFirst Review

Supported Regions & Currencies

Because Mexico has been battling the organised crime for a long time, many restrictions have been put on money transfers by the Foreign Exchange Commission. One of the most important restriction is the US$10,000 maximum amount that can be transferred in or out of Mexico in one go. But even with this restrictions, WorldFirst can help you transfer the amount you need by making multiple transfers with no fees and letting you lock-in the same rate for all of the transfers needed.

And because there are no regional restrictions like the USA has, WorldFirst can provide their services to clients from all over the country.

Currencies: World First has as its disposal over 100 currencies in order to fulfill all of the customer needs. This means that you are not limited to sending money to close countries like the United States, Canada or Brazil. You can wire money to far away locations like Australia, New Zealand, South Africa, the Philippines or even China.

Today’s Foreign Exchange Rates for MXN

GBP to MXN – Pounds to Mexican Peso; 10,000 GBP is 233,334.0000 MXN

MXN to GBP – Mexican Peso to Pounds; 10,000 MXN is 428.5702 GBP

MXN to CAD – Mexican Peso to Canadian Dollars; 10,000 MXN is 705.9837 CAD

CAD to MXN – Canadian Dollars to Mexican Peso; 10,000 CAD is 141,646.3304 MXN

MXN to EUR – Mexican Peso to Euro; 10,000 MXN is 474.2986 EUR

EUR to MXN – Euro to Mexican Peso; 10,000 EUR is 210,837.6254 MXN

MXN to USD – Mexican Peso to US Dollars; 10,000 MXN is 556.7984 USD

USD to MXN – US Dollars to Mexican Peso; 10,000 USD is 179,598.2143 MXN

MXN to CHF – Mexican Peso to Swiss Franc; 10,000 MXN is 536.3556 CHF

CHF to MXN – Swiss Francs to Mexican Peso; 10,000 CHF is 186,443.4678 MXN

AUD to MXN – Australian Dollar to Mexican Peso; 10,000 AUD is 141,723.7609 MXN

MXN to AUD – Mexican Peso to Australian Dollar; 10,000 MXN is 705.5980 AUD

Sending Money To A Mexican Bank Account

The Mexican peso has been the national currency of Mexico since 1993 and is the 8th most traded currency in the world and the most traded currency from Latin America. Much of it has to do with Mexico’s export partnership with the USA, where almost 80% of the products go to.

Mexican Diaspora and Remittances: As of 2013, approximately 11.6 million Mexican immigrants resided in USA which accounted for 28% of the country’s foreign born population. The country relies on this influx of money, as in the same year, remittances accounted for 1.8% of the country’s GDP ($23 billion).

Beside the United States, large Mexican communities can be found in Canada, the United Kingdom, Germany and Spain.

Real Estate: The recent economic growth has led to a growing interest in the real estate market for investors keen to take part in the development of the residential, hotel and industrial real estate sectors.

Mexico is becoming the favorite destination for retirees from the US and Canada who want to invest their money in a property that will have a guaranteed return and to enjoy a seasonal or full time tropical environment.

Thinking Of Relocating To Mexico?

If you consider moving to Mexico, you may find the following information helpful.

Advantages Of Moving To Mexico:

  • Low Cost of Living: A couple can live in Mexico comfortably for roughly 35,000 USD per year.
  • Affordable Food: 25% lower than the UK.
  • Affordable Housing: Average rent is 350 GBP per month.

Disadvantages Of Moving To Mexico:

  • Security: 90% of those living in Mexico City say that the city has a high risk and is not safe.
  • Dishonest Banks: Many banks in Mexico give incorrect quotes at their branches. Thus, be careful before deciding to put your funds there.
  • Poor Internet Service: Internet connection on average three times slower than first world countries.

Popular Destinations in Mexico

Popular cities for business and real estate transactions in Mexico are: Mexico City, Iztapalapa, Ecatepec de Morelos, Guadalajara, Puebla, Ciudad Juárez, Tijuana, Ciudad Nezahualcoyotl, Monterrey and Leon.

How Can You Send Money Cheaply

The FX companies have teams specialised in trading currency, so right of the bat, you’re working with people that do this for a living every day. And because they work with very large volumes of currency, they can buy in bulk and get it for cheap.

When a customer decides to place an international money transfer with them, the FX dealer can begin exchanging currency at better rates and that’s how they make their profit margin. The good news is the fact that they will pass on the profits to you, the customer, by providing small fees or even removing the transfer fees for good.

What you need to send money to Mexico

  • Bank Name and Address
  • Swift/BIC Code
  • Account Number
  • Receiver’s Complete Name

After you provide all the details listed above, the process is simple:

  • You create a free account with the company.
  • Receive a quote from one of the dealers – be it online or by the phone.
  • Send the money to your account so you can fund the transfer.
  • Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.

Our Company Recommendation:

Regulations and taxes when transferring money to and from Mexico

Mexico’s currency is the Mexican Peso. The peso is fully convertible, making transfers under US$10,000 in and out of Mexico relatively simple.

Banco de México

Banco de México oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability.

The National Banking and Securities Commission, under the Ministry of Finance, supervises the banking and capital markets.

The Foreign Exchange Commission sets all foreign exchange policy, and is run by both the Ministry of Finance and the Bank of Mexico.

Transfer regulations

There are no transfer regulations or restrictions on personal transfers in and out of Mexico.

In order to combat organised crime, Mexico has a US$10,000 cap on any cash transfer out of Mexico at one time.

Taxation on foreign income

Mexican residents are taxed on any foreign income. Non-residents are taxed only on income originating in Mexico. Double tax treaties are in place to avoid double-taxation.

Biggest banks in Mexico

  • BBVA Bancomer
  • Banamex
  • Banorte
  • Santander Mexico
  • HSBC Mexico

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