Wiring money from Mexico to the USA involves navigating various options, each with its own advantages and considerations; money-central.com is here to guide you through the process. Whether you prioritize speed, cost-effectiveness, or security, understanding the available methods ensures you can make the best choice for your specific needs. Discover the ideal solution for your international money transfers, considering exchange rates, fees, and transfer times, to send money efficiently and securely.
1. What Are The Best Ways to Send Money From Mexico to USA (Comparison Table)?
Choosing the right method to send money from Mexico to the USA depends on your specific needs, whether it’s speed, cost, or the amount you’re transferring. Here’s a detailed comparison of several popular options:
| Feature | MoneyGram | Western Union |
|---|---|---|
| Trustpilot Rating | Excellent 4.4/5 | Excellent 4.3/5 |
| Exchange Rate | 1-2% markup | 1-2% markup |
| Transfer Fees | Depends on the agent and amount | Starts at 100 MXN, increases with amount |
| Transfer Time | Cash within minutes | Minutes to 1 day (depending on service type) |
| Security and Safety | Multi-level security | Multi-level security |
| Official Website Link | Moneygram.com | Westernunion.com |
| Link to Full Review | MoneyGram Review | Western Union Review |
| Feature | Global66 | PaySend |
|---|---|---|
| Trustpilot Rating | Excellent 4.7/5 | Great 4/5 |
| Exchange Rate | 0-2% markup | 1.3-2% markup |
| Transfer Fees | Variable – starts at 20 MXN, increases with amount | 0 – 20 MXN |
| Transfer Time | 3 hrs – 2 days | Generally minutes – 3 days |
| Security and Safety | Multi-level security | Multi-level security |
| Official Website Link | Global66 | PaySend |
| Link to Full Review | PaySend Review |
| Feature | OFX |
|---|---|
| Trustpilot Rating | Excellent 4.3/5 |
| Exchange Rate | 0.4-1.5% markup |
| Transfer Fees | Above 10,000 MXN no fee. Below this limit 200 MXN fee applies *external fees may also apply |
| Transfer Time | 1-5 business days |
| Security and Safety | Multi-level security |
| Official Website Link | Ofx.com |
| Link to Full Review | OFX Review |
| Feature | Mexican Banks |
|---|---|
| Trustpilot Rating | Average 3/5 |
| Exchange Rate | 1-5% average markup |
| Transfer Fees | 0-800 MXN (depending) |
| Transfer Time | 3-5 business days |
| Security and Safety | Multi-level security |
This table offers a comprehensive overview to help you select the best service based on factors like cost, speed, and user satisfaction. Remember to consider your specific needs and priorities when making your decision. For further insights and tools to manage your finances effectively, visit money-central.com.
2. How Do Bank Transfers Work from Mexico to the US?
Bank transfers from Mexico to the US involve using Mexican banks to send money to American banks, such as Wells Fargo or Bank of America, via wire transfer; however, money-central.com advises that banks are often a more expensive option compared to dedicated money transfer services.
2.1. HSBC México
HSBC México allows you to transfer money to the US using internet banking after adding the recipient as a beneficiary. According to HSBC, transfers can be made roughly two hours after adding a new beneficiary, with no transfer limit. As of the latest information, HSBC offers free global transfers on all its account types, with payments typically arriving in 2-3 business days.
2.2. Banorte
Banorte provides a mobile app for sending money to the USA, equipped with essential digital banking tools. The fees charged depend on the account type, and they also include an exchange rate margin. All costs are transparently displayed on the app, ensuring users are fully aware of the expenses involved.
2.3. BBVA Bancomer
BBVA Bancomer offers online transfer platforms through its website and mobile app for sending money to the USA. Fees range from $5 USD to $45 USD, depending on the account type, along with an exchange rate margin of approximately 2-3%. Transfers typically arrive in the US within 2 to 5 days. All fees are visible on the app when initiating a transfer.
2.4. Citibanamex
Citibanamex allows wire transfers to the USA after adding the recipient account as a beneficiary on “BancaNet Empresarial.” Transfer fees vary by account type, while the exchange rate generally remains consistent for all customers. The exchange rate can be checked on the transaction type page after selecting “Purchase or Sell.”
While bank transfers offer a familiar and secure option, they often come with higher fees and less favorable exchange rates compared to specialized money transfer services. For more cost-effective solutions and comprehensive financial advice, visit money-central.com.
3. What is The Process to Transfer Money From Mexico to the US?
The best way to send money from Mexico to the USA depends on your individual needs. According to money-central.com, banks can wire transfer funds, but this is often more expensive than other services. Cash transfer services are fast but pricier than digital transfers, and some services are better for smaller transfers while others suit larger amounts.
Understanding the best service for your specific needs is crucial when transferring money from Mexico to the US. Let’s examine some of the best services in detail:
4. What Are The Best Options for Cash Transfers: MoneyGram vs Western Union?
MoneyGram and Western Union are top choices for transferring cash from Mexico to the US, each offering unique advantages.
4.1. MoneyGram
MoneyGram, headquartered in the US, features a vast network of over 350,000 agents worldwide, including Mexico and the US, ensuring broad physical accessibility. According to MoneyGram, agent locations are commonly found in stores, supermarkets, post offices, and banks, emphasizing their commitment to regulatory compliance.
To send cash from Mexico to the US, you must visit a MoneyGram agent in person with your ID and the recipient’s details. Transfer fees can vary slightly by agent location, with an additional 1-2% markup on the MXN to USD currency exchange.
Recipients can typically access the money within minutes by providing the 8-digit reference number.
4.2. Western Union
Western Union is a well-established name in the money transfer industry, serving millions of customers in over 200 countries. Western Union also maintains a reliable network of agents in both the US and Mexico, adhering to satisfactory regulatory compliance.
Western Union allows you to initiate payments via their mobile app, but the amount must be paid in person at an agent location. There is a daily sending limit of $7499 USD. Transfer fees start at 100 MXN and increase with the transfer amount, along with a markup of approximately 1-2% for MXN to USD conversion.
Funds can be available for pickup within minutes to the next day, depending on the service type selected.
Winner: MoneyGram may offer slight savings compared to Western Union, but the difference is not substantial. MoneyGram also boasts a higher Trustpilot score, indicating greater customer satisfaction. For more insights on efficient financial management, visit money-central.com.
5. What Are The Best Options for Smaller Transfers: Global66 vs PaySend?
Global66 and PaySend are excellent choices for transferring amounts below $7000 USD (approximately 120,000 MXN) from Mexico to the US.
5.1. PaySend
PaySend, a FinTech service established in 2017, provides money transfer services to over 6 million customers in more than 170 countries. According to PaySend, they hold electronic money transfer service licenses in both Mexico and the US, ensuring compliance with regulations in both countries, with state-level authorizations in the US.
With PaySend, you can only send money to bank accounts in the US from Mexico, with no transfer fee. A markup of approximately 1.3-2% is applied to MXN to USD conversions. Transfers typically arrive in the US within three days, subject to sending limits based on your account level.
5.2. Global66
Global66, founded in Chile in 2017, focuses primarily on Latin American countries. You can transfer money to over 70 countries, including the US. In the US, Global66 operates as Global66 USA through Community Federal Savings Bank. In Mexico, they are licensed by financial regulatory bodies and the central bank.
Global66 charges a variable fee based on the transfer amount, starting at 20 MXN and increasing with the amount sent to the US. For MXN to USD currency conversions, they may offer mid-market rates without markup but can sometimes apply up to a 2% markup.
According to user testing, overall transfer costs typically range between 1.5-4%, with transparent cost disclosure during transfer setup via the app or website. Transfers to the US are generally completed within 3 hours to 2 business days.
Winner: PaySend offers the convenience of simple transfers and fast delivery, often reaching the recipient on the same day.
Money-central.com recommends using the estimator tools of both PaySend and Global66 to compare fees and determine the better provider for your specific transfer needs. These tools are available on their respective websites: PaySend and Global66.
6. What Is The Top Option for Larger Transfers: OFX?
OFX is the premier money transfer service for amounts exceeding $7000 USD (approximately 120,000 MXN) from Mexico to the USA.
6.1. OFX
OFX is a well-established money transfer service supporting transfers in over 50 currencies across more than 190 countries. OFX prides themselves on excellent 24/7 dedicated phone-based customer service, available even on weekends.
OFX is officially registered in both Mexico and the US, handling regulations related to money laundering and prohibited financing effectively, particularly for larger transfers. They specialize in recurring transfers, offering the ability to schedule regular payments and lock in exchange rates in advance. Most transfers are completed within three days.
OFX charges a fee of 200 MXN for transfers below 10,000 MXN, but this fee can be waived through this link. OFX earns revenue by charging a markup of approximately 0.4-1.5% on MXN to USD currency conversions, applicable to larger transfers, with the markup decreasing as the transfer amount increases.
For more information on managing large transfers and optimizing your financial strategies, visit money-central.com.
7. What Is The Cheapest Way to Send Money from Mexico to the US?
If cost is your primary concern for transferring money from Mexico to the US, money-central.com advises that cash transfer services may not be the most economical choice. Services like MoneyGram and Western Union rely on extensive networks, incurring costs that are often passed on through higher fees.
Recent competition has lowered costs in the cash transfer market, but they still lag behind digital transfer services. Additionally, cash transfers have small limits and are not suitable for recurring payments.
For sending small sums below 7,000 USD (approximately 120,000 MXN) from Mexico to the US, PaySend usually offers the cheapest service, with no transfer fee and only a 1.3-2% exchange margin.
Global66 can be cheaper for transfers above 9,000 MXN due to a 2% transfer fee and mid-market exchange rates, but this is inconsistent, with occasional exchange rate margins.
For large transfers above 7,000 USD (approximately 120,000 MXN), OFX is the cheapest option, with no sending fee and a markup on the exchange rate conversion. This markup starts at approximately 1.5% and decreases to roughly 0.4% as the transfer amount increases, maximizing savings for larger amounts.
With OFX, you also get free 24/7 phone support and the ability to schedule recurring payments. For more tips on minimizing transfer costs and effective financial planning, visit money-central.com.
8. What Options Offer The Fastest Transfers from Mexico to USA?
If speed is your priority, cash transfer services are generally faster than other options due to small amounts and extensive agent networks. MoneyGram cash transfers from Mexico can typically be received from an agent in the US within 10 to 30 minutes. Western Union’s money-in-minutes service can also deliver money quickly, but it may be more expensive.
For smaller transfers up to approximately 120,000 MXN (7,000 USD), PaySend is usually the fastest service, completing most transfers within 1 day and sometimes within minutes. Global 66 may take 3 hours to 2 days, but PaySend has a higher percentage of quicker completions.
For transfers above approximately 120,000 MXN (7,000 USD), OFX is the fastest service, completing most transfers within 48 hours, with delays rarely exceeding 5 days, depending on the receiving bank. OFX’s 24/7 dedicated phone-based customer support can also assist in meeting specific time limits.
Check the table below for a detailed transfer time comparison.
| Service Name | Transfer Time |
|---|---|
| Mexican Banks | 3-5 days on average |
| MoneyGram | Mostly within minutes |
| Western Union | Generally within minutes |
| PaySend | Minutes – 3 business days |
| Global66 | 3 hours – 2 business days |
| OFX | 1-5 business days |
For more strategies on managing your finances efficiently, visit money-central.com.
9. How Do The Fees Compare Between Transfer Services?
Mexican banks’ fees for transfers to the US are often six times higher than those of dedicated money transfer services.
Cash transfer services generally have lower fees than banks but higher fees than digital-only services. MoneyGram’s sending fee in Mexico varies by agent location, along with a markup on currency conversion.
Western Union’s fee for cash transfers starts at 100 MXN for transfers of 500 MXN to 1,999 MXN, depending on the transfer amount, with an exchange rate markup of 1-2%. Both MoneyGram and Western Union require cash as the funding method, paid in person at an agent location.
For transfers below 120,000 MXN (7,000 USD), PaySend fees are the most competitive, with no transfer fee and only a 1.3-2% exchange rate markup. PaySend only allows transfers to bank accounts in the US.
Global66 can be competitive but lacks consistency in fees, sometimes charging a 2% currency exchange margin while occasionally offering a mid-market exchange rate without a margin, and a variable transfer fee.
For transfers above 120,000 MXN (7,000 USD), OFX offers excellent terms, with no transfer fee and only a markup on currency conversion, starting at about 1.5% and decreasing to as low as 0.4% as you transfer more. OFX also offers discounted markup rates to high-value customers.
Review the table below for a detailed analysis of transfer fees and exchange rates.
| Transfer Service | Transfer Fee | Exchange Rate |
|---|---|---|
| Mexican banks | 0-800 MXN (depends on bank & account type) | 1-5% average |
| MoneyGram | Depends on the agent and the amount | 1-2% markup |
| Western Union | Starts at 100 MXN | 1-2% markup |
| PaySend | Zero | 1.3-2 % markup |
| Global66 | Variable (starts at 20 MXN but goes higher as the sending amount increases) | 0-2% markup |
| OFX | No fee above 10,000 MXN. 200 MXN for transfers below 10,000 MXN *external fees may also apply | 0.4-1.5% markup |
Money-central.com offers additional resources to help you compare fees and optimize your financial transactions.
10. What Requirements and Restrictions Should I Consider?
In the US, individual states have their own financial regulations that money transfer providers must comply with. For example, PaySend’s receiving limits vary from state to state.
For sending and receiving cash, an ID is required, and the receiver will need to provide a reference number.
For transfers exceeding 7,000 USD, additional documentation may be required to comply with money laundering regulations.
In most cases, you will need to provide a reason for the transfer, as money transfer services must comply with suspicious activity regulations.
money-central.com provides further guidance on compliance and regulatory considerations for international money transfers.
11. How Can I Protect My Money During Transfers?
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Choose a reliable service from the list above, ensuring it is well-regulated and secure.
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Keep your digital devices updated with the latest software versions.
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Enable two-factor authentication (2FA) on all monetary apps for added security.
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Use strong, unique passwords and a trustworthy password manager to generate and store them.
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Avoid clicking on suspicious links or emails from unofficial sources.
Money-central.com offers comprehensive resources for maintaining financial security and protecting your assets.
12. What Is Money-Central.Com’s Final Advice?
When you want to send money from Mexico to the US, you’ve got choices. One is using your bank, but we don’t personally use that because of the high fees. The other option is using an international money transfer service.
For cash pick-up, you can choose MoneyGram or Western Union. These two are the go-to services for sending cash from Mexico to the US. They have a bunch of locations in both countries. However, they don’t do online transfers from Mexico; it’s all in-person. Read more (above)
If speed matters more to you than cost, these cash transfer services are usually faster than other options, especially for small amounts. With MoneyGram, you can usually get your cash in the US within 10 minutes to half an hour. Western Union‘s money-in-minutes service is also quick, but it might cost a bit more.
These services have sending limits though. If you’re looking to save on fees for transfers under $7000 USD or 120,000 MXN, you can try Global66 and PaySend. PaySend can be inexpensive, with no transfer fee—just a margin on the exchange rate, usually around 1.3-2%.
On the other side, Global66 can be a better deal for transfers over 9,000 MXN because the fixed fee is lowered to 2% of the amount sent, and they use a mid-market exchange rate. But, gotta be real, sometimes they throw in a margin on the exchange rates. Read more (above)
Best Ways to Send Money from Mexico to USA
Cash transfers: Western Union or MoneyGram
Small bank-to-bank transfers: PaySend or Global66
Large bank-to-bank transfers: OFX
So, keep an eye out for any discount codes or promos—they can help cut down the cost of sending your money.
For big transfers over $7000 USD or 120,000 MXN from Mexico to the US, OFX can be a good option. No sending fee for transfers above 10,000 MXN, but you pay a markup on the exchange rate, starting at about 1.5% and dropping as the transfer amount goes up. So, the more you send, the more you save. Read more reviews (above)
If safety is your top concern, the providers mentioned above are all regulated by different financial institutions and should be secure for sending money to USA.
Check our comparison table (above) for an easy comparison of different providers.
For more in-depth information, personalized advice, and tools to help you manage your finances, we encourage you to explore money-central.com today! Take control of your financial future with the resources and expertise available at money-central.com.
FAQ
1. What is a wire transfer and how does it work?
A wire transfer is an electronic transfer of funds from one person or entity to another through a network of banks or transfer agencies around the world. To initiate a wire transfer, you will need to provide the recipient’s bank name, account number, and possibly the routing number or SWIFT code.
2. What are the typical fees associated with wiring money from Mexico to the USA?
Fees can vary significantly depending on the service you use. Banks often have higher fees compared to dedicated money transfer services. Cash transfer services like MoneyGram and Western Union typically have fees ranging from a percentage of the transfer amount to a flat fee, plus potential markups on the exchange rate.
3. How long does it take for a wire transfer from Mexico to the USA to complete?
The transfer time can range from a few minutes to several business days. Cash transfer services can often complete transfers within minutes, while bank transfers typically take 3-5 business days. Digital transfer services like PaySend and Global66 may complete transfers within 1-3 days.
4. Is it safe to wire money from Mexico to the USA, and what security measures are in place?
Yes, wiring money through reputable services is generally safe. Financial institutions and money transfer services employ various security measures, including encryption, secure servers, and compliance with international regulations to protect your funds and personal information.
5. Can I send money online from Mexico to the USA, or do I need to visit a physical location?
Many services offer online money transfer options, allowing you to send money from the comfort of your home. However, some services like MoneyGram and Western Union may require you to visit a physical agent location to pay for the transfer in cash.
6. Are there any limits on the amount of money I can wire from Mexico to the USA?
Yes, there are often limits on the amount you can transfer, which can vary depending on the service you use and your account level. For larger transfers, you may need to provide additional documentation to comply with money laundering regulations.
7. What information do I need to provide to send a wire transfer from Mexico to the USA?
You will typically need to provide the recipient’s full name, address, bank name, account number, and possibly the bank’s routing number or SWIFT code. You may also need to provide your own personal information and a valid form of identification.
8. What are the exchange rates like when wiring money from Mexico to the USA?
Exchange rates can vary depending on the service you use and the current market conditions. It’s essential to compare exchange rates from different providers to ensure you’re getting the best deal. Some services may offer mid-market exchange rates, while others may add a markup.
9. What happens if the wire transfer fails or the recipient doesn’t receive the money?
If a wire transfer fails, the funds will typically be returned to the sender. If the recipient doesn’t receive the money within the expected timeframe, you should contact the service provider to investigate the issue and track the transfer.
10. Are there any tax implications when wiring money from Mexico to the USA?
In most cases, sending money as a gift or personal transfer does not have tax implications for the sender. However, if you are sending money for business purposes or as payment for goods or services, there may be tax implications for both the sender and the recipient. Consult with a tax professional for guidance on your specific situation.
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