Can You Send Money From Mexico To Usa? Absolutely! At gaymexico.net, we understand the importance of secure and efficient money transfers, especially for our LGBTQ+ community and those with connections in Mexico. This guide provides you with the best options, focusing on cost, speed, and reliability for sending funds from Mexico to the USA and offers a comparison of various services so you can make the best choice for you. Let’s dive into the world of international money transfers and ensure your funds arrive safely and swiftly. We’ll look at money transfer apps, digital money transfers and remittance services.
Here’s how to navigate sending money between Mexico and the USA:
1. 6 Best Ways to Send Money from Mexico to USA (Comparison Table)
Choosing the right money transfer service can be overwhelming. Here’s a comparison table to help you quickly assess the best options based on your needs:
| Feature | MoneyGram | Western Union | Global66 | PaySend | OFX | Mexican Banks |
|---|---|---|---|---|---|---|
| Trustpilot Rating | Excellent (4.4/5) | Excellent (4.3/5) | Excellent (4.7/5) | Great (4/5) | Excellent (4.3/5) | Average (3/5) |
| Exchange Rate | 1-2% markup | 1-2% markup | 0-2% markup | 1.3-2% markup | 0.4-1.5% markup | 1-5% average markup |
| Transfer Fees | Varies by agent and amount | Starts at 100 MXN and increases | Starts at 20 MXN and increases | 0-20 MXN | 200 MXN (waived via link) | 0-800 MXN (depends on bank & account) |
| Transfer Time | Cash within minutes | Minutes to 1 day | 3 hrs – 2 days | Generally minutes – 3 days | 1-5 business days | 3-5 business days |
| Security & Safety | Multi-level security | Multi-level security | Multi-level security | Multi-level security | Multi-level security | Multi-level security |
| Official Website | Moneygram.com | Westernunion.com | Global66 | PaySend | Ofx.com | N/A |
| Full Review Link | MoneyGram Review | Western Union Review | PaySend Review | OFX Review | N/A | N/A |
This table provides a clear overview, making it easier for you to select the service that best fits your requirements. Whether it’s the speed of MoneyGram or the lower fees of PaySend, this comparison helps tailor your choice to your specific needs.
2. How Bank Transfers Work From Mexico to the US
You can use Mexican banks like HSBC México, Banorte, BBVA Bancomer, and Citibanamex to send money to US banks. However, bank transfers are generally more expensive, costing up to six times more than dedicated money transfer services. According to a 2023 study by the World Bank, bank transfer fees average around 3% to 6% of the transaction amount.
2.1 HSBC México
HSBC México allows you to transfer money to the US via internet banking after adding the recipient as a beneficiary. Transfers are typically free and arrive within 2-3 business days. There is no transfer limit, offering significant flexibility.
2.2 Banorte
With Banorte’s mobile app, sending money to the USA is straightforward. The app provides transparency in fees and exchange rates, ensuring no hidden costs. Costs vary depending on the account type.
2.3 BBVA Bancomer
BBVA Bancomer offers online transfers through its website and app. Fees range from $5 USD to $45 USD depending on the account type, with an additional exchange rate margin of 2-3%. Transfers typically take 2 to 5 days.
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, but the exchange rate is usually consistent. You can check the exchange rate on the transaction page.
3. How to Transfer Money From Mexico to the US
There’s no one-size-fits-all method for sending money from Mexico to the USA. The best approach depends on your specific needs. Banks can wire transfer funds but are pricier. Cash transfers are quicker but more expensive than digital services. Some services excel with smaller amounts, while others are better for larger transfers.
The key is to choose a service that aligns with your priorities and requirements.
4. Best for Cash: MoneyGram vs Western Union
MoneyGram and Western Union are excellent choices for cash transfers due to their extensive agent networks in both countries.
4.1. MoneyGram
MoneyGram has over 350,000 agents worldwide, including numerous locations in Mexico and the US. These agents are often located in stores, supermarkets, post offices, and banks, providing convenient access. You’ll need your ID and recipient details to send cash in person. The transfer fee and a 1-2% markup on MXN to USD currency exchange apply. Recipients can access the funds within minutes using the 8-digit reference number.
4.2. Western Union
Western Union is a well-known money transfer service operating in over 200 countries. Their reliable agent network ensures easy access in both the US and Mexico. You can initiate payments via the mobile app but must complete the transaction in person at an agent location. A daily limit of $7499 USD applies. Transfer fees start at 100 MXN and increase with the amount. Additionally, a 1-2% markup on MXN to USD conversion is charged. Funds are available for pickup within minutes to a day, depending on the service.
According to a 2022 report by the Consumer Financial Protection Bureau (CFPB), cash transfer services are particularly useful for individuals who lack bank accounts or prefer face-to-face transactions.
Winner: MoneyGram may offer slightly better rates and has a higher Trustpilot score, indicating greater customer satisfaction.
5. Best for Smaller Transfers: Global66 vs PaySend
Global66 and PaySend are top contenders for transfers below $7000 USD (approximately 120,000 MXN).
5.1. PaySend
PaySend, a FinTech service established in 2017, serves over 6 million customers across 170 countries. They are licensed in both Mexico and the US and comply with all regulatory standards. PaySend exclusively transfers funds to bank accounts in the US. There is no transfer fee, but a 1.3-2% markup on MXN to USD conversions is applied. Funds typically arrive within three days, with sending limits based on your account level.
5.2. Global66
Global66, founded in Chile in 2017, focuses on Latin American countries and supports transfers to over 70 countries, including the US. They operate as Global66 USA through Community Federal Savings Bank and are licensed by Mexican financial regulatory bodies. Fees vary based on the transfer amount, starting at 20 MXN. Currency conversion may involve a mid-market rate without markup or up to a 2% markup. Overall transfer costs range from 1.5-4%, with transparent displays on their app and website. Transfers to the US usually complete within 3 hours to 2 business days.
Winner: PaySend offers simple transfers and fast delivery, often completing transfers on the same day.
We recommend using the estimator tools of Paysend and Global66 to compare their fees. This way, you can decide which provider is better for your transfer. You can find the estimator tools on their websites: Paysend and Global66.
6. Best for Larger Transfers: OFX
For transfers exceeding $7000 USD (approximately 120,000 MXN), OFX stands out as the premier service.
6.1. OFX
OFX supports transfers in over 50 currencies across 190 countries and offers exceptional 24/7 phone-based customer service. They are officially registered in both Mexico and the US, adhering to stringent regulations against money laundering. OFX specializes in recurring transfers, allowing scheduled payments and locked-in exchange rates. Most transfers complete within three days. While there is a 200 MXN fee for transfers below 10,000 MXN, this fee can be waived via this link. Additionally, OFX charges a 0.4-1.5% markup on MXN to USD currency conversions, which decreases as the transfer amount increases.
7. Cheapest Way to Send Money from Mexico to the US
If cost is your primary concern, avoid cash transfer services like MoneyGram and Western Union due to their higher fees.
For transfers under 7,000 USD (approximately 120,000 MXN), PaySend generally offers the cheapest service, with no transfer fee and only a 1.3-2% exchange rate margin.
For transfers above 7,000 USD (approximately 120,000 MXN), OFX is the most economical choice, offering no sending fee and a markup on the exchange rate that decreases from 1.5% to roughly 0.4% as the transfer amount increases. OFX also provides free 24/7 phone support and the ability to schedule recurring payments.
According to a 2024 analysis by NerdWallet, digital money transfer services like PaySend and OFX consistently offer lower fees and better exchange rates compared to traditional methods like banks and cash transfer services.
8. Fastest Transfers from Mexico to USA
If speed is your top priority, cash transfer services are typically the fastest due to smaller amounts and extensive agent networks. MoneyGram can generally have cash available at a US agent within 10 minutes to half an hour. Western Union’s money-in-minutes service also delivers quickly but may cost more.
For smaller transfers up to approximately 120,000 MXN (7,000 USD), PaySend is usually the quickest, with most transfers completing within one day, sometimes even minutes.
For transfers above approximately 120,000 MXN (7,000 USD), OFX is the fastest, with most transfers completing within 48 hours and rarely exceeding 5 days.
| 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 |
9. Fees Compared
Mexican banks often charge fees six times higher than dedicated money transfer services.
Cash transfer service fees are generally lower than banks but higher than digital-only services. MoneyGram’s sending fee varies by agent location, and you also pay a markup on currency conversion. Western Union’s fee starts at 100 MXN for transfers of 500 MXN to 1,999 MXN, with a 1-2% exchange rate markup.
For transfers below 120,000 MXN (7,000 USD), PaySend offers the most competitive fees, with no transfer fee and a 1.3-2% exchange rate markup. Global66 can be competitive but has inconsistent fees.
For transfers above 120,000 MXN (7,000 USD), OFX offers excellent terms, with no transfer fee and a currency conversion markup starting at 1.5%, decreasing to as low as 0.4% for larger amounts.
| Transfer Service | Transfer Fee | Exchange Rate |
|---|---|---|
| Mexican banks | 0-800 MXN (Depends on bank & account type) | 1-5% average markup |
| MoneyGram | Varies by agent and 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 (waived via link) | 0.4-1.5% markup |
10. Requirements and Restrictions
In the US, state financial regulations apply. Ensure your provider operates in the state you’re sending money to. For cash transfers, ID is required for sending and receiving. For transfers above 7,000 USD, additional documentation may be needed to comply with money laundering regulations. You may also need to provide a reason for the transfer to comply with suspicious activity regulations.
11. How to Keep Your Money Safe
- Choose a dependable service from the list above.
- Keep your digital devices updated with the latest software.
- Enable two-factor authentication (2FA) on all monetary apps.
- Use strong, unique passwords and a trustworthy password manager.
- Avoid clicking on suspicious links or emails.
12. Final Word
Sending money from Mexico to the US involves numerous options, each with its pros and cons. By understanding these options, you can make an informed decision that suits your specific needs.
- For cash pick-up: Consider MoneyGram or Western Union due to their extensive networks. Note that these services require in-person transactions.
- If speed is paramount: Cash transfer services are generally faster, especially for smaller amounts.
- To minimize fees for smaller transfers: Global66 and PaySend offer competitive rates. PaySend often has no transfer fee, while Global66 may offer better deals for transfers over 9,000 MXN.
- For larger transfers: OFX can be a good option. No sending fee for transfers above 10,000 MXN, and the exchange rate markup decreases as the transfer amount increases.
Always be on the lookout for discount codes and promotions to further reduce costs.
Remember, safety should always be a top priority. The providers mentioned above are regulated by different financial institutions and should be secure for sending money to USA.
Check our comparison table for an easy comparison of different providers.
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
At gaymexico.net, we strive to provide you with the most reliable and up-to-date information. Navigating international money transfers can be complex, but with the right knowledge, you can ensure your funds reach their destination safely and efficiently. Whether you’re supporting family, managing finances, or simply sending a gift, understanding your options is key.
FAQ: Sending Money From Mexico To The USA
- What is the cheapest way to send money from Mexico to the USA?
- PaySend is generally the cheapest for smaller amounts (under $7,000 USD), while OFX is the most economical for larger transfers (over $7,000 USD).
- What is the fastest way to transfer money from Mexico to the USA?
- Cash transfer services like MoneyGram and Western Union are the fastest, often delivering funds within minutes. For bank transfers, PaySend and OFX are quicker than traditional banks.
- Are there any transfer fees when sending money from Mexico to the USA?
- Transfer fees vary by service. PaySend often has no transfer fee, while OFX waives the fee for transfers above 10,000 MXN (when using our special link). Banks and cash transfer services typically charge fees.
- Is it safe to send money from Mexico to the USA?
- Yes, as long as you use a reputable and regulated service. All providers mentioned in this guide are considered safe and reliable.
- Can I send money from Mexico to the USA online?
- Yes, services like PaySend, Global66, and OFX allow you to send money online to bank accounts in the USA.
- What information do I need to send money from Mexico to the USA?
- You typically need your ID, recipient’s name, bank name, and account number. Cash transfers require the recipient’s name and location.
- Are there any restrictions on how much money I can send from Mexico to the USA?
- Yes, restrictions vary by service and may depend on your account level and regulatory requirements. Transfers over $7,000 USD may require additional documentation.
- Can I send money from Mexico to the USA using a mobile app?
- Yes, many services like PaySend, Global66, and Western Union offer mobile apps for convenient transfers.
- What is an exchange rate markup, and how does it affect my transfer?
- An exchange rate markup is the difference between the mid-market exchange rate and the rate offered by the money transfer service. It affects the total cost of your transfer, so it’s important to compare rates.
- How long does it take for the money to arrive in the USA when sending from Mexico?
- Transfer times vary by service. Cash transfers can be immediate, while bank transfers may take 1-5 business days. PaySend and OFX typically offer faster bank transfers.
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