Below you can find everything you need to know in order to send money to your family or friends in Mexico if you are currently in the United States.
How to send money
To begin, you should compare among the different providers that offer the service and find out which one offers you the lowest fee and what their exchange rate is.
Once you choose your provider you will have to make an account with them, but after signing up, you can then easily send money to your family and friends.
The best ways to send money
There are various ways to send money to Mexico:
- International Wire Transfers
(You can take a look at our “Why does it take 5 days to send money overseas” blog article where you can learn what a wire transfer is). This is a slow, but safe way to transfer money, as it is made from bank to bank through SWIFT. Also, this method usually includes higher commissions.
2. Cash pickup
This is the fastest method, and it only takes a few minutes to be available to the person who is receiving the money. This method is one of the most used ones, since the main providers offer a large amount of locations where recipients can request their money.
3. Bank transfer
This method is similar to the international wire transfer, but in this case, the transfer goes from a MTO (Money Transfer Operator) to a bank in Mexico that is on the MTO-bank platform. Also, instead of taking up to 5 days, this method takes only a few hours.
It is true that the most used method is the cash pickup, but recently, the MTOs have recently grown in popularity because they are similar to the wire transfers and take only a few hours to complete.
You can choose between these 3 options depending on how quickly you need to send money and the safety you want.