Best Ways to Send Money to Mexico Online - NerdWallet (2024)

The best transfer providers for sending money to Mexico charge low to no fees, offer delivery within minutes, or have huge cash pickup networks. Pick the best provider based on what’s most important for you.

Scroll down to see further details on these providers.

Cheapest for bank deposits: OFX

If cost is your main concern and if both you and your recipient have bank accounts, OFX beats the competition for a few reasons. This digital transfer platform charges no upfront transfer fees and has a low markup on exchange rates for U.S. dollars to Mexican pesos. In addition, you can set up rate alerts to send money when a rate is more favorable for you. Delivery takes from one to four business days. But OFX has some limits: The minimum you can send is $1,000, and transfers require bank accounts for sending and receiving money.

Cheapest for cash pickup: Remitly

This online and mobile provider combines low transfer costs and a considerable network of cash pickup locations in Mexico. Remitly has competitive exchange rates, and its overall costs are lower if you choose to have your transfer delivered in three to five business days. A transfer delivered within minutes will cost you a little more, but both have a $3.99 fee if you’re sending less than $500 (it’s $0 if you’re sending more than that). You can also pay with a credit card for an extra 3%.

You can send money to a bank account or to one of Remitly’s more than 21,000 cash pickup locations in Mexico. Customer service includes phone support in Spanish, available every day.

Fastest (tie) and biggest network: MoneyGram

MoneyGram sends money to Mexico quickly, but the speed depends on how you want the money to arrive. Transfers to a bank account take an hour or more, while transfers for cash pickup at one of about 43,000 locations in Mexico usually arrive in minutes. The timing can depend on the retail location or bank hours. You can pay with cash if you send money from U.S. MoneyGram locations.

MoneyGram’s convenience comes at a price. You’ll pay at least $5 to send with cash, plus the exchange rate and markups. Sending from bank account to bank account is free aside from the markup.

Fastest (tie): Xoom

This PayPal-owned provider typically delivers money the same day it’s sent, regardless of how the transfer is funded. Delivery to cash pickup locations and some bank accounts can take minutes, but transfers are subject to retailer or bank hours. Using a bank account results in a flat fee of $3 for sending $299.98 or less (it’s $0 for amounts of $299.99 or more), while transfers with a credit or debit card cost from about $4 to about $76.

Although its exchange rates are among the most expensive of the providers listed, Xoom's delivery speed and huge network of pickup locations help make up for it. From Xoom’s website or mobile app, you can send money to a recipient’s bank account at major Mexican banks or to one of the more than 35,000 cash pickup locations it supports. The customer service team speaks Spanish and is available by phone 6 a.m. to 7 p.m. Pacific time, Monday through Saturday. Besides transfers, you can use Xoom to pay utility bills or reload phones for loved ones in Mexico.

Runner-up for biggest network: Western Union

Western Union has more than 35,000 cash pickup locations in Mexico. If you have family members in rural parts of Mexico, the size of the delivery network can help. Transfers with cash pickup arrive within minutes, while sending to bank accounts can take up to four business days. You pay more for the faster delivery options. You can send money online or via mobile app and pay for the transfers with a U.S. bank account, Apple Pay or a debit or credit card. You also can make transfers through a Western Union location in the U.S., but those have to be paid for by cash or, at some locations, by a debit card.

Western Union’s transfers range in cost depending on payment method, the delivery option and the amount being sent. Transfers sent to Mexican bank accounts tend to be the cheapest, while sending with cash for cash pickup costs more.

Need a primer?

Picking a provider is just the first step in sending money online. Here’s the process you’ll need to follow:

METHODOLOGY

To determine the best money transfer services, we considered 17 providers and compared them by fees, exchange rates, speed offerings and delivery options. Providers’ security measures were also checked. We excluded services that don’t cover states with large numbers of Mexican immigrants.

We chose providers that had a competitive edge in at least one category: low transfer costs (factoring in exchange-rate margin and fees), fast speeds and extensive delivery network. All providers are government-regulated.

Of the five providers featured, four offer delivery as cash available for pickup at Mexican locations such as banks and convenience stores. Only 44% of Mexican adults have a bank account, according to the country’s recent National Financial Inclusion report or Encuesta Nacional de Inclusión Financiera.

Fees and exchange rate markups mentioned are based on the analysis linked below.