How Much Money Was Sent To Mexico In 2017

Commit Money To Mexico

These years, sending money to Mexico is a fairly straightforward swear out wherever you are in the world, whether from the UK, US, Australia or elsewhere. Acquiring the best deal – which means fewer fees for you and Sir Thomas More pecuniary resource for your recipient – lies in beingness informed about your options. Hither, we'll traverse how to send money to United Mexican States, what info you'll need, and the best way for your family and friends to receive the money you're sending from abroad.

Updated: 04/10/2022

Read time: 19 minutes

How To Station Money To Mexico

Looking to find the best way of life to send money to Mexico? The steps are obtuse and easy. Show below to beget started on the best shipway to send money to Mexico – the stairs are for the most part the same whether transferring from US, UK or elsewhere.

Step 1: Comparison providers to find the best armed service for you

Our comparability table for the best way to beam money to Mexico looks at reassign fees, exchange rates, payment methods, transfer multiplication and more for your special needs. Consumption this to find a provider that not simply supports transfers betwixt the two currencies you need but also provides the best deal.

Step 2: Register with your chosen provider

Most providers will be completely absolve to contract to, bu requiring your call, address and contact information. In almost cases, you'll also need to upload a picture of a well-grounded exposure ID to verify your identity. Once complete, you'll live ready to send money to Mexico.

Step 3: Start your shift

Set up your transfer past providing your recipient's information (key, contact inside information, and bank account information if you are selecting this payout method), the sum you are sending, the currencies you are converting to (from your sending country to Mexican pesos), and your payment inside information. You should be disposed an underestimate of how long your transfer will fancy touch your recipient.

Ways To Send And Receive Money In Mexico

There are multiple ways to easy post and receive money in Mexico only these will largely hinge on the provider you decide to use. Below you will discover everything you need to know more or less how to send money to Mexico and how to receive it.

Best Slipway to Send Money to United Mexican States

Records preserved by the Bank of United Mexican States show that 98% ($34.95 million) of remittances to United Mexican States were carried out through and through electronic funds transfer (EFT) in one year. The remaining cardinal per cent were dispatched by postal order, cash and cash-care instruments.

Some of the C. H. Best ways to direct money to Mexico are:

Transnational Telegram Transfers

Mexico has a come of 48 banks, seven of which command 78% of the add together food market share. Despite delays, bank-to-bank transfers remain a reliable and secure method of sending money to Mexico. On the average, a cant transfer can take up to 4 days to get at the recipient.

When the bank you are sending from has no established commercial enterprise kinship with the recipient bank or the currency you are sending from is different from the destination currency, a correspondent bank acts as an intermediator. This intermediation can do transfer delays, sol it's important to make yourself sensible of your bank's relationship with the receiving bank.

Other factors that slow down international wire transfers include the source currency, payment method acting, the consequence of weekends and holidays, cut-off times and timezones. Unconnected from time, banks charge higher fees and their exchange rates are unfavourable.

Money Transfer Services

Money Transfer of training Operators (MTOs) have increased their dominance on near Mexico transferral corridors. These services bring on a greater horizontal surface of cost-efficiency, patness, and flexibility in sending money to United Mexican States than longstanding banks fire typically offer. Notable providers supporting transfers to Mexico include WorldRemit, Dolex, XE, and PaySend.

Signing up for an story with MTOs is very simple and completely free. Depending happening the provider, you may need to provide your name and email accost only. Other providers may ask you for a few verification details to set you up, such as a valid pic ID to verify your identity. You can contract on the website or through and through a downloadable movable app.

Once you are set up, you'll represent given the pick to pay for your transfer victimization a debit entry or credit lineup, deposit transfer or cash deposit (although not all providers will offer all of these options). When sending money using money transfer services, there are few options you can choose from:

Bank Transfer – This sending alternative is similar to deposit electrify conveyance. However, the remainder is that the transfer moves from an MTO to a bank on the MTO-bank building political platform. Or else of taking days, bank transfers fanny withdraw a some hours, which is definitely extraordinary reason wherefore MTOs have grown in popularity thusly quickly. Some of the Mexican banks and not-bank institutions that money transfer service providers accept partnered with are Grupo Elektra, BanCoppel, BBVA Bancomer, and Banco Azteca.

Immediate payment Pickup – Conditional the provider, cash pickups can be available for your recipient within minutes. If you choose WorldRemit, for instance, the recipient can pick up the John Cash in any of the 7,800 locations on the provider's payout-web. Western Union has 42,000 locations patc MoneyGram has partnered with banks and OXXO, a range of gadget stores.

Sure Money (DineroSeguro)

This money transfer service offered by the US Postal Service (USPS) replaces the worldwide money order. The sending throttl per day presently stands at $1,500. When sending the money, the USPS bequeath give you a currency translation rate. Sending money finished this method takes only 15 transactions. In 2022, the government activity of Mexico ended the understanding that legitimate the USPS to sell paper money orders to Mexico.

What's Needed to Send Money to Mexico?

Despite being one of the upper destinations for remittances, sending money to United Mexican States is not any different from sending to other countries. Some of the information you'll need to send money to United Mexican States include:

Your name as it appears on the government-issued I.D., passport or driving licence
The amount you are sending
The recipient's public figure as shown on their government-issued I.D.
The recipient role address and phone figure
If sending direct to their bank account, you'll need to allow for the beneficiary bank and CLABE (Clave Bancaria Estandarizada). CLABE is an 18 dactyl code comprising the bank encrypt, branch role code, account number, and the control finger's breadth. You may be asked to offer more info to support your transfer, especially for immense and frequent amounts.

Best Slipway To Send Money To United Mexican States

The best way to send money to Mexico will vary conditional the individual fortune of your transfer. Factors such as the body politic you are sending from, whether you are prioritising cost Beaver State speed, the payment method you select, and more can all touch the right alternative for you.

Some of the top transfer providers bearing world-wide transfers to Mexico include WorldRemit, Xenon Money Transfer, PaySend, and TransferWise. Altogether of these providers include the option to pay out for your transfer by bank transfer, debit card, surgery quotation card, with varying unmoving fee structures and markups along the rate of exchange, which is why comparing transferral operators is always extremely recommended.

Equally, the payout method acting you need will greatly affect the best way to send money to Mexico, especially if the person you are sending does not have a bank accounting to receive the funds. WorldRemit is unity of the top money transfer operators to offer cash in on pickups for a low fee and competitive rate, so might be Worth considering if this is the best elbow room for you to get your money to your recipient in Mexico.

Quickest slipway to send money to Mexico

One of the fastest slipway to send money to Mexico is to use providers. Money transfer operators have successful it simple to send money online and to incur your money to Mexico chop-chop. When comparing providers, the average transfer time for each is:

WorldRemit: 1 – 2 hours
XE: 1 – 2 hours
Azimo: within minutes

Of course, this transferral time dismiss modification depending on where you are sending money from, how much you are sending, and the payment method acting you select. Equally, it's also worth considering that the fastest room to send money to Mexico is rarely the cheapest, so you may desire to weigh up which is Thomas More important for you. For object lesson, sending money to Mexico from the United States Army is often quicker than from the UK or China.

The cost of hasten

IT's portentous to short letter that often, the fastest transfer method is rarely the cheapest. If you want to avoid paying higher transfer fees for the gizmo of your transmit reaching your recipient instantly, you may want to consider a slightly slower (hours rather than transactions) method of transfer.

Cheapest way to air money to Mexico

Equally, the cheapest way to send money to Mexico is conditional where you are sending from, the amount you are sending, and what method of payment you select. The two briny fees you need to be aware of are:

Transfer fees: Some MTOs, much as WorldRemit, have a nonmoving fee structure, whereas others, such as XE Money Transfer, charge none fees for international transfers but may have a higher markup on the exchange rate.
Exchange rate margins: This is the percentage added onto the mid-grocery exchange rate. TransferWise maneuver a fixed fee anatomical structure so they can facilitate international transfers at the mid-grocery rate, whilst XE have no fees just do add a percentage onto the exchange value.

Comparison providers and the different tip structure they have in shoes for both of these charges is essential to find the cheapest way to send money to Mexico for your specific transfer.

Things to Consider When Sending Money to Mexico

Some transfer corridors such as the US-Mexico and Canada-Mexico routes, take over functioning Sir Thomas More than 95 per centime of the transfer volume. Sending money through with much corridors May seem so obvious. Nevertheless, there are considerations you should make before deciding on how to direct money to Mexico:

Are you getting the top-quality exchange rate? Clear sure as shootin you aren't losing money to unfair exchange rates when sending your money back home to Mexico. Traditional Banks tend to add a markup of around 4 – 5% on meridian of the exchange rate for world transfers, while money carry-over operators tend to offer more than competitive rates which dismiss ensure your recipient ends up with to a greater extent of your funds on the other end.
What is the best way for your money to reach your recipient? With a whacking percentage of the population in Mexico existence unbanked, IT can be difficult to receive a inviolable and efficacious way of life of getting your funds back home to family. Victimization the services of a money transfer operator that offers cash pickups from locations across the country could be a goodness option.

With an increase in MTOs supporting transfers to and from Mexico, sending money to Mexico should be a child's play. However, you need to look out on the various providers, their rates, speed, and convenience before sending. You should also take in the economic movements and geopolitical shifts between Mexico and the U.S. to help you design the cheapest way of life to transport money to Mexico.

Your Questions Answered

Best providers for sending money to United Mexican States

Key trends for sending money to Mexico

Common Reasons For Sending Money to Mexico

Commit money to and from Mexico with these guides

Looking to Send Money Someplace Other?

Sending money anywhere else in the world is as easy as sending money to Mexico. If you're looking to send money to another country, here is the number of the most popular destinations.

Jonathan is the founder and editor of MoneyTransfers.com. Jonathan is highly fully fledged in the currency transfer market, having antecedently worked in the FX trading industry, alongside being an avid traveller. Using his knowledge He identified a need for transparency and further education to help people save money on their money transfers, leading to the creation of MoneyTransfers.com