In 2020 alone, remittances into Mexico totaled 40 billion U.S. dollars. Often the money comes from hard-working people like you. Maybe you left Mexico for a better life or a better job, and now you want to send some of your money home back to your loved ones.
As of 2020, the average transfer fee for an international remittance was 7%, which amounts to tens of billions of dollars on an annual basis. Is there a better way to send money with low transfer fees?
Consider online money transfer companies like Remitly—reliable, easy to use, safe transfer, and low fees.
In this article, we will cover common FAQs and how to get started.
Why Should I Use Remitly to Send Money to Mexico?
Remitly offers competitive foreign exchange rates, low fees, safe and fast delivery.
The pricing structure for sending money to Mexico is simple with no hidden fees.
Send Money to Mexico Online in 5 Easy Steps
Sending money to your friends and family with Remitly is straightforward. First, if you haven’t done so already, download the app and create an account.
- Select Mexico as your destination country.
- Enter the transfer amount you wish to send.
- Choose your delivery methods, such as bank deposit or cash pickup (some other countries also have options like mobile wallet or home delivery).
- Enter your recipient’s information, including the recipient’s bank account number or phone number.
- Enter your payment method and details, such as your credit card or debit card number.
Remitly may ask for additional documentation depending on the amount you send or if we’re unable to verify your identity.
Which Banks/Providers Can I Send Money to With Remitly?
- BBVA Bancomer
How Much Money Can I Send to Mexico With Remitly?
To ensure top-quality customer service while adhering to strict security standards and international regulations, Remitly has implemented sending limits when you open your account for the first time.
For customers who send to Mexico from the USA, as of writing, the initial sending limits with Remitly are:
- $2,999 in 24 hours
- $10,000 in 30 days
- $18,000 in 180 days
If you need to go beyond these amounts, Remitly will ask you for more information. For more about raising your transfer limits, check out details here.
Additional sending limits may apply depending upon your choice of payout partner or receiving location.
Wonder how much 1 USD (U.S. dollar) can exchange for MXN (Mexican peso)? Check out Remitly’s website for the most current rates.
How Much Does It Cost to Send Money to Mexico With Remitly?
- For U.S. customers, Express or Economy transfers are free if you send over USD $500 or USD $3.99 if you send less than USD $500.
- For those in Canada, Express transfers are CAD $3.99 and Economy transfers are CAD $2.99.
- For customers in Australia, Express transfers start at AUD $5.99 and Economy transfers are AUD $1.99.
- For those in the United Kingdom, Express transfers are GBP £2.99 and Economy transfers are GBP £1.99.
Is It Safe to Send Money to Mexico With Remitly?
Millions of people around the globe trust Remitly because of the secure and smooth money transfer experience we provide. You can learn more about how Remitly goes above and beyond to keep your information and money safe.
Remitly uses multiple levels of security so you can send money home with peace of mind. Your personal data is protected 24 hours a day through fraud monitoring and encryption. For more information about our security, please visit here.
You and your recipients can track the transfers in real-time, so you won’t have to worry about where the money is. If you have questions throughout the process, we offer help 24/7.
You can have peace of mind that the money you’ve worked hard to earn will safely get to its destination.
Mexico: From Ancient Land to Emerging Power
Mexico has a rich and compelling history. The Teotihuacán civilization is probably the most notable in the B.C. period. Its influence in the area around Mexico City is felt to this day. The Mayans dominated from 250 to 900 A.D. From highly developed farms to cities to inventive calendars, the Mayan civilization was glorious and long-lasting.
In the 10th century, the Toltec civilization emerged and exerted its influence for several centuries. It took several centuries, but finally in 1821, Vicente Guerrero and defected royalist general Agustín de Itúrbide worked together to declare independence from Spain. Since that time, Mexico has strived to find its place in the world, making strides towards a more democratic and free society.
Mexico is considered a developing economy, but actually, it’s got the 15th biggest economy in the world according to Gross Domestic Product, at $1.19 trillion annually. As for purchasing power parity, it ranks 12th in the world.
Mexico’s major cities are Mexico City (the capital), Iztapalapa, Ecatepec, Guadalajara, and Puebla City.
The Mexican diaspora is truly global. Most Mexican migrants live in the United States, Canada, Spain, Germany, Italy, the United Kingdom, France, Taiwan, and Japan.
Further reading: How to Get Citizenship in Mexico: Your Complete Guide
Popular Banks In Mexico
Here are the popular banks in Mexico: