Transferring money from Mexico to the USA can be a straightforward process when you know the best options available. At gaymexico.net, we understand the importance of secure and cost-effective money transfers for the LGBTQ+ community and others with ties to Mexico. This guide provides expert advice, focusing on the best services and methods for remittances, currency exchange, and international money transfers. Discover the ideal way to send funds across borders with ease.
1) Top 6 Ways To Send Money From Mexico To USA: A Detailed Comparison
Choosing the right money transfer service can save you time and money. Here’s a comparison of six popular options for sending money from Mexico to the USA:
| 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 (increases with amount) | Starts at 20 MXN (increases with amount) | 0-20 MXN | 200 MXN (waived above 10,000 MXN) | 0-800 MXN (varies by bank & account) |
| Transfer Time | Minutes (cash) | Minutes to 1 day | 3 hours – 2 days | Minutes – 3 days | 1-5 business days | 3-5 business days |
| Security | 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 | Varies by bank |
| Full Review | MoneyGram Review | Western Union Review | PaySend Review | OFX Review | Varies by bank |
This table provides a clear overview to help you make an informed decision based on your specific needs, whether it’s speed, cost, or security.
2) How Do Bank Transfers From Mexico To The US Operate?
Banks are a traditional option for sending money, but they often come with higher costs compared to specialized money transfer services. While you can use Mexican banks to send money to US banks like Wells Fargo or Bank of America, it’s crucial to be aware of the potential fees. On average, banks can be up to six times more expensive than dedicated services. Here’s a look at some popular Mexican banks and their transfer processes:
2.1) HSBC México
HSBC México allows you to transfer money to the US using their internet banking platform. To do so, you need to add the recipient as a beneficiary to your account. Transfers can be made roughly two hours after adding the new beneficiary. Currently, HSBC offers free global transfers on all its account types, with payments typically arriving within 2-3 business days.
2.2) Banorte
Banorte provides a user-friendly mobile app for sending money to the USA. While the app is well-designed and includes essential digital banking tools, the fees charged depend on your account type. In addition to transfer fees, Banorte also charges an exchange rate margin. However, all costs are transparently displayed within the app, allowing you to see the total amount before confirming the transaction.
2.3) BBVA Bancomer
BBVA Bancomer, another popular bank in Mexico, offers online transfer platforms through both its website and mobile app. Depending on your account type, you may incur fees ranging from $5 USD to $45 USD. Additionally, there is an exchange rate margin of approximately 2-3%. Transfers typically arrive in the US within 2 to 5 days after initiation. All fees are visible on the app when you initiate a transfer.
2.4) Citibanamex
Citibanamex allows you to send wire transfers to the USA after adding the recipient account as a beneficiary on “BancaNet Empresarial.” The transfer fee varies depending on your account type, but the exchange rate is usually consistent for all customers. You can check the exchange rate on the transaction type page by selecting “Purchase or Sell.”
While these banks offer secure and reliable transfer options, it’s essential to compare their fees and exchange rates with those of specialized money transfer services to ensure you get the best deal.
3) Navigating The Process: How To Transfer Money From Mexico To The US Effectively
There’s no one-size-fits-all solution for transferring money from Mexico to the USA. The best method depends on your specific needs. While banks offer wire transfers, they can be pricier than other options. Cash transfer services are quick but often more expensive than digital alternatives. Some services excel with smaller amounts, while others are better for larger transfers. Therefore, understanding the best service for your unique requirements is the most critical factor. Here is a detailed look at some of the best services available to help you make an informed decision.
4) Cash Transfer Giants: MoneyGram Vs Western Union
When it comes to transferring cash from Mexico to the US, MoneyGram and Western Union stand out as the top two services.
4.1) MoneyGram
MoneyGram is a well-known money transfer service based in the US. It boasts a vast network of over 350,000 agents globally, including extensive coverage in both Mexico and the US, making it ideal for physical transactions.
MoneyGram agent locations are commonly found in stores, supermarkets, post offices, and banks. Despite its widespread presence, MoneyGram maintains excellent regulatory compliance.
To send cash from Mexico to the US, you must visit a MoneyGram agent in person. You’ll need to provide your ID and the recipient’s details.
The transfer fee can vary slightly depending on the agent’s location. Additionally, you’ll be charged a 1-2% markup on the MXN to USD currency exchange rate.
Recipients can typically access the money within minutes after providing the 8-digit reference number.
4.2) Western Union
Western Union is another reliable option for sending cash payments. With a long-standing history in the money transfer industry, Western Union serves millions of customers in over 200 countries.
Western Union also has a dependable network of agents in both the US and Mexico, along with strong regulatory compliance.
While you can initiate payments through their mobile app, you must complete the transaction in person at an agent location.
There is a daily sending limit of $7,499 USD. Transfer fees start at 100 MXN and increase with the transfer amount.
You’ll also need to pay a markup of approximately 1-2% for the MXN to USD conversion. Depending on the chosen service, money can be available for pickup within minutes to the next day.
Winner: MoneyGram may offer slight savings compared to Western Union, but the difference isn’t significant. MoneyGram also has a higher Trustpilot score, indicating greater customer satisfaction.
5) Digital Transfers: Global66 Vs PaySend For Smaller Transactions
Global66 and PaySend are excellent choices for transferring funds below $7,000 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.
PaySend holds electronic money transfer service licenses in both Mexico and the US, ensuring compliance with the regulations in both countries. In the US, PaySend operates under state-level authorizations.
With PaySend, you can only send money from Mexico to bank accounts in the US. There is no transfer fee, but a markup of roughly 1.3-2% is applied to MXN to USD conversions.
Funds typically arrive in the US within three days. Sending limits vary depending on your account level.
5.2) Global66
Global66, founded in Chile in 2017, focuses on serving Latin American countries. It allows you to transfer money to over 70 countries, including the US.
In the US, Global66 operates as Global66 USA through Community Federal Savings Bank. In Mexico, it is licensed by financial regulatory bodies and the central bank.
Global66 charges a fee that varies based on the amount you send to the US. The fee can start at 20 MXN and increase with the transfer amount. For MXN to USD conversions, Global66 sometimes offers mid-market rates without markup but may apply up to a 2% markup.
Testing has shown that overall transfer costs typically range between 1.5-4%. These costs are transparently displayed when setting up the transfer via the app or website. Transfers to the US usually complete within 3 hours to 2 business days.
Winner: PaySend offers simple transfers and fast delivery, often reaching recipients on the same day.
It’s recommended to use the estimator tools of both PaySend and Global66 to compare their fees and determine which provider offers the best deal for your specific transfer. You can find these tools on their respective websites: PaySend and Global66.
6) Optimal Choice For Larger Sums: OFX
OFX is the best money transfer service to send amounts above $7,000 USD or ~120,000 MXN to the USA from Mexico.
6.1) OFX
OFX is a reputable money transfer service that facilitates transfers in over 50 currencies to more than 190 countries. They provide excellent 24/7 dedicated phone-based customer service, even on weekends.
OFX is officially registered in both Mexico and the US, adhering to regulations related to money laundering and prohibited financing, which are often applied to 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; however, this fee can be waived (opens a new tab). OFX earns revenue by charging a markup of approximately 0.4-1.5% on MXN to USD currency conversions. This markup range applies to larger transfers, decreasing as the transfer amount increases.
7) Cost-Effective Transfers: The Cheapest Options
If your primary goal is to find the cheapest way to transfer money from Mexico to the US, cash transfer services like MoneyGram and Western Union might not be the best choice. These services rely on extensive networks, which incur extra costs that are often passed on to customers through higher fees.
While competition has helped reduce costs in recent years, cash transfer services are still more expensive than digital transfer services.
Additionally, cash transfers often have small limits and aren’t suitable for recurring payments.
For sending smaller amounts (under 7,000 USD or approximately 120,000 MXN), PaySend typically offers the cheapest service. They don’t charge a transfer fee; you only pay an MXN to USD exchange margin, which ranges around 1.3-2%.
Global66 can be cheaper for transfers above 9,000 MXN because the transfer fee is only 2% of the amount sent, and they offer a mid-market exchange rate. However, this isn’t always consistent, as they sometimes add a margin on the exchange rates.
For larger transfers (over 7,000 USD or approximately 120,000 MXN), OFX is often the most cost-effective option. They don’t charge a sending fee; instead, you pay a markup on the exchange rate conversion. This markup starts at around 1.5% and decreases to roughly 0.4% as the transfer amount increases, resulting in greater savings for larger transfers.
These rates apply to substantial sums, and rates may be higher for smaller amounts.
With OFX, you also benefit from free 24/7 phone support and the ability to schedule recurring payments.
8) Speedy Transfers: Fastest Options From Mexico To USA
If speed is your priority, cash transfer services are usually faster than other options, especially for smaller amounts, due to their extensive agent networks. MoneyGram cash transfers from Mexico can generally be received at an agent location in the US within 10 minutes to half an hour. Western Union’s money-in-minutes service can also deliver money quickly but may be more expensive than other options.
For smaller transfers (up to approximately 120,000 MXN or 7,000 USD), PaySend is typically the fastest service. Most transfers are completed within one day, and some are even completed within minutes. Global66 may take 3 hours – 2 days. However, PaySend has a higher percentage of transfers completed quickly.
For transfers above approximately 120,000 MXN (7,000 USD), OFX is generally the fastest service. Most transfers are completed within 48 hours, and delays (depending on the receiving bank) typically don’t exceed 5 days. OFX’s 24/7 dedicated phone-based customer support can also assist if you need your money to arrive within a specific timeframe.
Here’s 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 |
9) Cost Analysis: Fees Compared Across Services
Mexican banks often charge fees for transfers to the US that are six times higher than those of dedicated money transfer services.
Cash transfer service fees are generally lower than those of banks but higher than those of digital-only services. MoneyGram sending fees in Mexico vary by agent location, and you also pay a markup on currency conversion.
Western Union’s fees for cash transfers start at 100 MXN for transfers between 500 MXN and 1,999 MXN. The exact fee depends on the amount of the transfer, and there is also an exchange rate markup of 1-2%. Both MoneyGram and Western Union require cash as the funding method, which must be paid to an agent in person.
For transfers below 120,000 MXN (7,000 USD), PaySend offers the most competitive fees, with no transfer fee for transfers from Mexico. You only pay a 1.3-2% exchange rate markup, and you can only transfer money to bank accounts in the US.
Global66 can be competitive, but their fees aren’t always consistent. Sometimes, they charge a 2% currency exchange margin, while at other times, they offer a mid-market exchange rate without a margin. They also charge a variable transfer fee.
For transfers above 120,000 MXN (7,000 USD), OFX offers excellent terms. There is no transfer fee, and you only pay a markup on currency conversion that starts at approximately 1.5% and decreases to as low as 0.4% as you transfer more. They also offer special discounted markup rates to high-value customers.
Here’s a detailed breakdown of transfer fees and exchange rates:
| Transfer Service | Transfer Fee | Exchange Rate |
|---|---|---|
| Mexican banks | 0-800 MXN (varies by 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 and increases with amount) | 0-2% markup |
| OFX | No fee above 10,000 MXN; 200 MXN below 10,000 MXN (external fees may apply) | 0.4-1.5% markup |
10) Essential Information: Requirements And Restrictions
In the US, individual states also have their financial regulations. Ensure your chosen provider operates in the specific state to which you are sending money. For example, with PaySend, the amount a user can receive in the US varies from state to state.
When sending and receiving cash, an ID is required. The receiver will also need to provide the reference number.
For transfers exceeding 7,000 USD, you may be asked to provide additional documentation to comply with money laundering regulations.
In most cases, you will need to provide a reason for the transfer, as most money transfer services must comply with suspicious activity regulations.
11) Protecting Your Funds: Prioritizing Safety
- Choose a Dependable Service: Select a reputable service from the list provided, as all listed services are safe and well-regulated.
- Keep Devices Updated: Ensure your digital devices, such as personal computers and mobile phones, are updated with the latest software versions.
- Enable Two-Factor Authentication (2FA): Enable 2FA on all your monetary apps to receive a second code on your phone for confirmation before each login.
- Use Strong Passwords: Avoid using easy-to-guess passwords. Install a trustworthy password manager to generate and store strong passwords.
- Be Cautious of Links: If you’re unsure whether a link or email is from an official source, avoid clicking on it.
12) Conclusion: Making The Right Choice For Your Needs
When sending money from Mexico to the US, you have multiple options. While using your bank is one choice, it often involves high fees. International money transfer services provide another, often more economical, alternative.
For cash pick-up, consider MoneyGram or Western Union, the go-to services for sending cash from Mexico to the US, with extensive locations in both countries. However, note that they do not offer online transfers from Mexico; all transactions are in-person.
If speed is more important than cost, cash transfer services are typically faster, particularly for small amounts. With MoneyGram, cash can usually be received in the US within 10 minutes to half an hour. Western Union’s money-in-minutes service is also quick but may be pricier.
These services have sending limits. If you’re looking to save on fees for transfers under $7000 USD or 120,000 MXN, consider Global66 and PaySend. PaySend can be inexpensive, with no transfer fee—just a margin on the exchange rate, usually around 1.3-2%.
Global66 can be a better deal for transfers over 9,000 MXN, with a fixed fee lowered to 2% of the amount sent and the use of a mid-market exchange rate. Be aware, however, that they sometimes include a margin on exchange rates.
Keep an eye out for any discount codes or promotions, as they can help reduce the cost of sending money.
For large transfers over $7000 USD or 120,000 MXN from Mexico to the US, OFX can be a good option. There is no sending fee for transfers above 10,000 MXN, but you pay a markup on the exchange rate, starting at about 1.5% and decreasing as the transfer amount goes up. The more you send, the more you save.
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.
Refer to 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
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.
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 for an easy comparison of different providers.
At gaymexico.net, we aim to provide inclusive and supportive resources for the LGBTQ+ community and anyone interested in Mexico. We hope this guide helps you make informed decisions about transferring money from Mexico to the USA. Visit our website, gaymexico.net, for more information and resources tailored to your needs.
Address: 3255 Wilshire Blvd, Los Angeles, CA 90010, United States
Phone: +1 (213) 380-2177
Website: gaymexico.net
FAQ: Transferring Money From Mexico to USA
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What is the cheapest way to transfer money from Mexico to the USA?
- PaySend is generally the cheapest option for transfers under $7,000 USD, while OFX is often the most cost-effective for larger amounts.
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How can I send money from Mexico to the USA quickly?
- MoneyGram and Western Union are the fastest options for cash transfers, while PaySend is typically the quickest for smaller bank-to-bank transfers.
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What are the fees for transferring money from Mexico to the USA?
- Fees vary depending on the service. PaySend often has no transfer fee, while OFX charges a markup on the exchange rate. Banks typically have higher fees than specialized services.
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Is it safe to transfer money from Mexico to the USA online?
- Yes, if you use reputable and regulated services like MoneyGram, Western Union, PaySend, Global66, and OFX.
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What are the limits for sending money from Mexico to the USA?
- Limits vary by service and may depend on your account level. Cash transfer services may have lower limits than bank-to-bank transfers.
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Can I send money from Mexico to the USA through a bank?
- Yes, but banks typically have higher fees compared to specialized money transfer services.
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What information do I need to send money from Mexico to the USA?
- You will typically need the recipient’s name, address, bank name, account number, and possibly the SWIFT/BIC code.
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Are there any hidden fees when transferring money from Mexico to the USA?
- Always check for exchange rate markups and any potential receiving fees charged by the recipient’s bank.
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How do exchange rates affect my money transfer from Mexico to the USA?
- Exchange rates can significantly impact the final amount received. Look for services that offer competitive rates and transparent fees.
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What should I do if my money transfer from Mexico to the USA is delayed?
- Contact the money transfer service provider’s customer support immediately to inquire about the delay and get assistance.
