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If your are a mexican living in the United States, you have probably wondered what is the best option to send money to your bank account (or your relatives) in Mexico the safest way. Today we will explain to you how to do it and what are the best options.

How to send money to Mexico

First of all, it is important to notice the real money exchange from US dollars to mexican pesos.

1 USD = 17,08 MXN

This means that if you owns 100 USD, you will have 1708 MXN. A fairly simple calculation if you passed mathematics in elementary school.

It is important that the person who is going to receive the money knows if there is any limit to the amount of money that can be received from abroad.

There are different ways to send money from the United States to Mexico, on the one hand you can do it through banks or through other tools such as Wise, Moneygram or Western Union. Then if you are the receiver, you have to take into account that is not so easy process. The transferer orderer should know

  • Name and surname
  • Adress
  • Clabe code: it is a 18-digit identifiar used to reference a specific bank account so that it can be locates in the Mexican interbank system. You can find it in the contract you sign with your bank, going to a branch or entering your bank app account, among others. This how the Clabe code looks like:Clabe Code example
  • Swift/BIC code: is a standard format for Business Identifier Codes (BIC). With this code you can identify banks and financial institutions globally by indicating who they are and where they are located. It is commonly used for intarnational transfers or Single Euro Payments Area (SEPA). To find any Swift code you can use Wise calculator.
  • Amount of money to send and the currency in which you want to receive the transfer.

Send money to Mexico via banks

If there is no problem in receiving money from abroad, the orderer can make the transference.

Anyway, before doing it you shoud know that the amount of money sent is not going to be the amount of money received. This is because of the money exchange, apart from hided commisions ($20-$40) and other costs. Also, there are some other commissions that can be generated such as: fees for using the Swift network, intermedian bank commissions and imposed fees for your own bank for receiving money from abroad.

Bad news are that is highly probable that you lose money when you change from USD to MXN, because convectional banks use overpriced money exchange rates in stead of the real ones.

Send money to Mexico with other tools

As we have mentioned before, banks are not the only option to send money from the United States to another country. You can use some other specialized webs such as Wise, Western Union o Moneygram. All of them are very similar in usability, althoug they have some difference in terms of commissions.

Western Union is one of the preferred tools to send money from the US, but also expensive. Also this tool has a maximum transaction limit (7,499 USD), as well as a transaction limit per person and per day. The orderer should give the receiver the transaction control number. Once the transaction is done, Wester Union will contact with the receiver, who would have to attend to onw of their offices (or one of the colaborating establishment in Mexico), identify theirselves and fill a form. In this form the receiver will be asked for their personal data and the transaction control number.

In case of using Wise, you will be informed about their commission before doing the transaction. As they say in their web page, sending 1000 USD to a mexican account cost between $2 USD to $13.51 USD depending on the pay method used.

With Moneygram, fees vary according to the place where the money is sent and they maximum transaction limit is about 30.000 MXN. In your first online transaction you can send money international with $0 fees.

 

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