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 below 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: 25.3338 MXN to 25.4229 MXN
- EUR: 21.1464 MXN to 21.2208 MXN
- USD: 18.9221 MXN to 18.9886 MXN

TorFX logoMin. Transfer: £ / €100.
Transfer: Online or by Phone.
Wire Fees: None.
Best Rates for £5,000+
Expected Rates* for £5,000+:
- GBP: 25.3083 MXN to 25.3593 MXN
- EUR: 21.1251 MXN to 21.1676 MXN
- USD: 18.9030 MXN to 18.9411 MXN

transferwise logoMin. Transfer: None!
Transfer: Online only.
Wire Fees: Based on amount.
Best Rates for £100-5,000
Expected Rates* - Any Amount:
- GBP: 25.2065 MXN
- EUR: 21.0401 MXN
- USD: 18.8270 MXN
Transferwise Review
Mexico BankBig International Transfer Fee + Commission On Currency Exchange. Bad Currency Exchange Rate.

- GBP: 24.9519 MXN to 25.2065 MXN
- EUR: 20.8276 MXN to 21.0401 MXN
- USD: 18.6368 MXN to 18.8270 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: 24.8246 MXN or worse
- EUR: 20.8276 MXN or worse
- USD: 18.6368 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 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, 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 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 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 254,611.0000 MXN

MXN to GBP – Mexican Peso to Pounds; 10,000 MXN is 392.7560 GBP

MXN to CAD – Mexican Peso to Canadian Dollars; 10,000 MXN is 692.3071 CAD

CAD to MXN – Canadian Dollars to Mexican Peso; 10,000 CAD is 144,444.5705 MXN

MXN to EUR – Mexican Peso to Euro; 10,000 MXN is 470.5296 EUR

EUR to MXN – Euro to Mexican Peso; 10,000 EUR is 212,526.5021 MXN

MXN to USD – Mexican Peso to US Dollars; 10,000 MXN is 525.8414 USD

USD to MXN – US Dollars to Mexican Peso; 10,000 USD is 190,171.4158 MXN

MXN to CHF – Mexican Peso to Swiss Franc; 10,000 MXN is 516.8237 CHF

CHF to MXN – Swiss Francs to Mexican Peso; 10,000 CHF is 193,489.5774 MXN

AUD to MXN – Australian Dollar to Mexican Peso; 10,000 AUD is 131,490.8539 MXN

MXN to AUD – Mexican Peso to Australian Dollar; 10,000 MXN is 760.5092 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 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 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 in 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