If you need to remit money home to family and friends, or pay an international bill, you can simply use one of the many apps to send money to Mexico. And when it comes to your hard-earned cash, it's worth reviewing your options to save time and money.
For example, with the CurrencyFair app you can now send money to bank accounts all over Mexico, usually arriving the same day. You can access bank-beating exchange rates from any device, at any time, and send and receive to and from 150+ countries in 22+ currencies with a CurrencyFair account.
â€‹â€‹Some providers hide fees in their exchange rate or make the information difficult to find on their websites. Others use complicated terms and conditions around their fees. At CurrencyFair, our fee is always just $4 (or the currency equivalent), regardless of the amount you're sending.
Apps to send money to Mexico from the US
Founded in 2014, Instarem is a cross-border payments company headquartered in Singapore. Instarem allows you to send money from Australia, Singapore, Hong Kong, Malaysia, the UK, India, Canada, the US and the eurozone countries to over 50 countries, including Mexico.
The fees for an international money transfer with an Instarem personal account vary depending on where you're sending money to and from, and what currencies you're exchanging.
You can send money to Mexico using the InstaRem app, available on the App Store and Google Play. As of March 2023, it has a 3.9/5 rating on Google Play out of seven thousand reviews, and a 4.1-star on the Apple Store out of 708 ratings.
OFX is a money transfer service founded in Australia in 1998. It offers international transfers in 55 currencies. However, several of its currencies are only available to business account customers, including Mexican pesos. If you plan to transfer money for personal use, it may not be the best app to send money to Mexico from the US for you.
OFX doesn't charge a transfer fee, which means the fees are included in the margin it applies to your exchange rate. The exchange rates shown on its website are indicative only, and based on the mid-market rate. To access OFX's customer rates, you must first set up an account. If you'd like to check the exchange rate you'd get using CurrencyFair, our fees and exchange rates are available upfront using the calculator.
The OFX app is available on the App Store and Google Play. As of March 2023, it has a 4.6-star rating on Google Play out of over 3,400 reviews, and a 4.9-star rating on the Apple Store out of over 2,200 ratings.
Founded in 2011, Remitly is an online remittance service based in the US. It offers international money transfers to over 135 countries.
Remitly has two tiers of exchange rates and fees when you need to send money to Mexico from the US; its â€œExpressâ€ fee applies when you need your money to arrive within minutes, and its â€œEconomyâ€ fee applies if you select the option that enables your money to arrive within three to five business days.
The Remitly app is available on the App Store and Google Play. As of March 2023, it has a 4.8-star rating on Google Play out of over 571,000 reviews, and a 4.9-star rating on the Apple Store out of over one million ratings.
3. Western Union
Western Union is one of the largest remittance companies in the world. Its app allows you to send money to 200 countries and territories, including Mexico.
Its exchange rate changes depending on the delivery and payment method you choose. Its fees vary depending on a range of factors, such as â€‹â€‹the destination country you're sending to, the way you pay for your transfer, and the way you want your recipient to get the money.
The Western Union app is available on the App Store and Google Play. As of March 2023, it has a 4.6-star rating on Google Play out of over 242,000 reviews, and a 4.6-star rating on the Apple Store out of over 21,000 ratings.
Wise is a money transfer provider headquartered in England. You can send money to 80 countries, including Mexico. Depending on how quickly you need the funds to reach the recipient, you can opt for different tiers of transfer speed with different costs.
Its fees increase when you send larger amounts and can fluctuate depending on which currencies you're converting. Also, while you can use your debit or credit card to facilitate the transfer of smaller amounts, larger amounts have to be done via wire or bank transfer.
The Wise app is available on the App Store and Google Play. As of March 2023, it has a 4.1-star rating on Google Play out of over 246,000 reviews, and a 4.6-star rating on the Apple Store out of over 27,000 ratings.
CurrencyFair was founded in 2009 and offers secure money transfers to over 150 countries and over 22 currencies, including the US and Mexico. And soon, we'll add more currencies that you can exchange on the CurrencyFair platform. Sign up to be informed as soon as they're available.
As of March 2023, you can send money to Mexico with CurrencyFair. CurrencyFair doesn't provide domestic transfers within the US. However, you can send money internationally from the US at bank-beating rates, with no hidden fees.
Transfers to Mexico from CurrencyFair are treated like domestic transfers, so you won't have to pay any additional intermediary bank fees and you can send money to bank accounts all over Mexico, usually arriving the same day.
Whether you need to send money to family and friends, buy property internationally or pay overseas taxes, sign up for a CurrencyFair account to get more from your exchange with low-margin FX rates that offer bigger savings.
This information is correct as of March 2023. This information is not to be relied on in making a decision with regard to an investment. We strongly recommend that you obtain independent financial advice before making any form of investment or significant financial transaction. This article is purely for general information purposes. Photo by BRUNO EMMANUELLE on Unsplash.