By Deborah White. Deborah is an expat freelance writer from Utah who lives in Mexico year-round.
If you send money from the U.S. to loved ones in Mexico, or you’re an expat exploring your options, you need simple ways to transfer money across borders. Often, this means sending money from your U.S. bank account to a bank account in Mexico.
You have three options for transferring money to a bank account in Mexico. There are pros and cons to each method, as well as different costs and money transfer limits. You could:
- Go to a bank and make a wire transfer;
- Transfer money using an international bank; or
- Find an online international money transfer service.
1. International Bank Wire Transfers
A wire transfer is a bank-to-bank money transfer. A wire transfer can be set up at the bank or online to send a specific sum on a specific day. The transfer can be fast, or you can establish a schedule to automatically withdraw a specified sum from your account and send it to a bank account in Mexico. It can be an excellent way of sending money anywhere.
Important Note: Once you’ve sent the wire transfer, it’s difficult to reverse or to edit. Thus, it’s crucial to make sure you do it right.
How Much Does an International Bank Wire Transfer to Mexico Cost?
The cost of a bank wire transfer to Mexico depends on the bank you are using. As of July 2020, the fees for an international transfer could cost $45 to $50 USD per transfer. Keep in mind that these are fees for bank wire transfers, not other kinds of money transfers.
2. International Bank Account Transfer
If you’re investigating options for sending money to Mexico, an international bank for yourself and your family may be an option. Across-border banking makes international bank account transfers simple. It can be an excellent option for expats, and it’s a viable option for transferring money to your loved ones in Mexico, as long as they are a signature holder on the account.
If you have a bank account in the U.S. with one of these banks, you must have an account with the same bank in Mexico to make a bank account transfer.
It’s important to remember to open a bank account in Mexico before you leave. If you already have existing accounts in both places, itsimply means transferring money from one of your accounts to another account within the same bank.
If you have debit or credit cards tied to your international bank account, you can use your cards in either country.
How Much Does an International Bank Transfer to Mexico Cost?
The fees vary based one which bank you use. For some banks, they don’t charge any fee if you send money in Mexican Peso, while for some banks they charge a transaction fee if you send below a certain amount of money.
It is always a good idea to check how much it’s going to cost on your chosen bank’s website before you send the money.
3. Digital Money Transfer
A digital international money transfer service, like a website or an app, offers simplicity of use and can offer low fees for international transfers. It’s one of the easiest ways to transfer money from the U.S. to Mexico, saving you money and aggravation.
Online sites and apps can make your international money transfers easy. Set your account up, and you’re ready to start. After you add your information including payment methods and the country you’re sending to, future transfers are simply a matter of entering the amount you want to send, how you want to send your money, your recipient’s information, and clicking done. It’s that easy!
These services are different from a traditional bank, since they have established relationships with intermediary banks that can make sending money to Mexico far more convenient than sending a bank wire transfer.
How Much Does a Digital Money Transfer to Mexico Cost?
Digital money transfer services are famous for their ease of use and low cost. Fees depend upon the amount sent and destination country, but the fees are usually quite affordable as compared to brick-and-mortar options.
For example, as of writing, if you’re sending money to Mexico with Remitly, there is no fee if you send over $500.
Peso Exchange Rates
Before you send, check the exchange rates offered by the bank or money transfer service. The exchange rates can differ significantly from those quoted on currency conversion sites on the internet.
Get the most money for your U.S. dollar by balancing the highest exchange rate possible with the lowest fees available through the money transfer service.
Remitly makes international money transfers faster, easier, more transparent, and more affordable. Since 2011, over 5 million people have used our secure mobile app to send money with peace of mind.
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