Send Money to Mexico

Are 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 below can offer, you will never go to the bank ever again for any of your money transfer needs.

The Guide’s Topics:

• Best Way to Send Money to Mexico
• Best Company to Transfer Money from Mexico
• Today’s Mexican Peso Rates
• Reasons to Move Funds into Mexico
• Regulation and Limitations

Payment Facility	Summary	Recommendation
	Min. Transfer: £ / €1,000. Transfer: Online or by Phone. Wire Fees: None. Best Rates for £50,000+ Expected Rates* - £50,000+ : - GBP: 24.4514 MXN to 24.5374 MXN - EUR: 20.6608 MXN to 20.7335 MXN - USD: 18.6291 MXN to 18.6946 MXN
	Min. Transfer: £ / €100. Transfer: Online or by Phone. Wire Fees: None. Best Rates for £5,000+ Expected Rates* for £5,000+: - GBP: 24.4269 MXN to 24.4760 MXN - EUR: 20.6400 MXN to 20.6816 MXN - USD: 18.6104 MXN to 18.6478 MXN
	Min. Transfer: None! Transfer: Online only. Wire Fees: Based on amount. Best Rates for £100-5,000 Expected Rates* - Any Amount: - GBP: 24.3286 MXN - EUR: 20.5570 MXN - USD: 18.5355 MXN
	Big International Transfer Fee + Commission On Currency Exchange. Bad Currency Exchange Rate. - GBP: 24.0828 MXN to 24.3286 MXN - EUR: 20.3493 MXN to 20.5570 MXN - USD: 18.3483 MXN to 18.5355 MXN
	2.9%+ Transfer Fees, and 2.5% more for Currency Exchanges. Quick But Very Bad Currency Exchange Rates. Exchange rate would be approximately *: - GBP: 23.9599 MXN or worse - EUR: 20.3493 MXN or worse - USD: 18.3483 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.

How to send money to Mexico

CurrenciesDirect will provide a simple, quick and zero fees 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 and get the best rate for Mexican pesos, 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).

Service Provider	Summary	Recommendation
	Min. Transfer: £ / € 1,000. Transfer: Online or by Phone. Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.

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 these 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 fulfil 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 faraway locations like Australia, New Zealand, South Africa, the Philippines or even China.

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 the 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).

Besides 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 favourite 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. So finding the best way to send money to Mexico is very important on both counts of cheap and easy.

Thinking Of Relocating To Mexico?

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

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 transfer 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 wire transfer to Mexico is completed.

Our Company Recommendation:

• Send Money to Mexico: Companies that provide international money transfers to Mexico.
• Send Money from Mexico: Companies that take on Mexican Customers.

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 money transfer to 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