How to Send Money to and From Mexico
Whether it’s buying property, paying rent, or managing living expenses, sending money between the US and Mexico as an expat or foreigner is possible and a critical aspect of international relocation. Various online and offline services offer these financial exchanges, each with its features, benefits, and drawbacks. This guide will outline the key points to consider when selecting a money transfer service, noting where Remitly, Venmo, Western Union, among others, performs particularly well, and where they fall short.
Things to Look For in a US to Mexico Money Transfer Solution
You may be using this transfer service multiple times per month and sending significant amounts to family or a bank. You should make sure you’re getting a great deal and that your money is safe so consider the following attributes in a money transfer company:
Speed of Transfer
The speed at which the recipient can access the funds is crucial. This could range from a few minutes to several days, depending on the service. Fast transfer options, such as those provided by Remitly, can be beneficial, particularly for urgent payments.
Delivery Options
Many services provide multiple delivery options, from direct bank deposits to cash pickup at a local site, or even home delivery. These can be handy based on the convenience and accessibility of the recipient. Make sure your transfer method of choice is available in both Mexico and the US through your chosen transfer company.
Fees and Exchange Rates
It’s important to consider the service fees and exchange rates. Some services offer transparency by displaying this information upfront, ensuring you know exactly how much you’re paying for the transaction. For a service like Remitly, for example it’s free for transfers over $500 but a small fee applies to amounts transferred less than that.
Ease of Use and Reliability
A user-friendly interface, whether on a website or a mobile app, can simplify the transaction process significantly. Look for a company that offers you services on the platform of your choice. A reliable, easy-to-use, mobile app and website can make transferring money a breeze.
Trust and Security
The service should be registered and licensed as per regulatory standards. It’s also essential that they use robust encryption systems to safeguard user data. Tracking transactions in real time and having a responsive customer service team, like a world-wide corporation such as Western Union, can help build trust and provide peace of mind.
Notable Money Transfer Services in Mexico
While this guide provides general criteria to consider, let’s briefly examine a few notable services available that offer Mexico to US money transfers:
- Remitly: Noted for its speed, transparency, user-friendly interface, and solid reputation for trust and security. A great, high-tech option for the modern expat in Mexico. (Official Site)
- Western Union: Known for its global network and multiple delivery and pick-up options. World-wide brick and mortar kiosks can work for many expats in Mexico or travelers. (Official Site)
- MoneyGram: Recognized for wide coverage across Mexico and competitive fees. (Official Site)
- PayPal: A convenient choice for many, especially for small amounts, due to its ubiquitous presence. But for larger transfers, fees may not make sense for US to Mexico transfers. (Official Site)
- Wise (formerly TransferWise): Known for offering the mid-market exchange rate, making it a viable choice for larger transfers. (Official Site)
Selecting a money transfer service requires a thorough understanding of your unique needs and a careful examination of the available options. While Remitly offers a compelling solution in many aspects, it’s essential to consider multiple services before making your decision. Ultimately, the best choice will be the one that provides an optimal balance of speed, convenience, cost, and security.
US/Mexico Money Transfer FAQ
Can you use Venmo to transfer funds from the US to Mexico?
No, Venmo is not available in Mexico at this time.
Can you use Zelle in Mexico?
No, the Zelle app and service is only available between US Banks.
Is PayPal available in Mexico?
Yes! You can make PayPal transfers to and from the US and Mexico. Note that PayPal has some of the highest fees, but it might be the most convenient option for some. See above.
Is the Cash app available in Mexico?
No, the Cash app is not available in Mexico.
Do Apple Pay and Google Pay work in Mexico?
Yes! If a vendor has NFC technology at a shop you should be able to use Apple or Google Pay to connect to your accounts in Mexico.
