The Mexican peso (MXN) is the official currency of Mexico. Modern-day dollar and peso currencies originated from the Spanish dollar, which is why both continue to use the “$” symbol. One peso is subdivided into 100 centavos. The Mexican peso is the eighth most traded currency in the world, and third most in the Americas.
If you want to send money to a Mexican bank account, you will need to provide the recipient bank’s SWIFT code. The table below lists SWIFT codes of some popular Mexican banks.
|Banco Actinver||Mexico City||ACIOMXMMFND|
|Banco Azteca||Mexico City||AZTKMXMMEKT|
|Banco De Mexico||Mexico City||BDEMMXMM|
|Bbva Bancomer||Mexico City||BCMRMXMM|
If sending money to Mexico in a hurry is your priority, or if the recipient does not have a bank account, you may transfer funds to a cash pickup location. Prominent overseas money transfer companies such as Azimo and WorldRemit have a physical presence in Mexico. WorldRemit can deliver cash to the following branches in minutes.
Mexico suffers from high levels of crime and security can be a concern. Remain vigilant when collecting money from a cash pickup location, when exchanging currency at a Bureau de Change, or when withdrawing money from an ATM. Try to locate ones inside malls or shops, and visit them during the day.
Street crime poses a serious problem in big cities and around tourist areas. As a result, try to keep the cash and cards you carry to a minimum. Avoid isolated roads when travelling and stick to toll roads. Keep your car doors and windows locked because there have been instances of theft at traffic lights. Exercise caution when travelling on public transport, and keep your belongings in sight at all times. Use authorized taxis instead of unlicensed ones.
Drug related violence usually takes place outside of popular tourist areas. However, take time to research your destination.
Sending mobile prepaid credit or airtime top up to friends or relatives in Mexico is simple with WorldRemit. Simply:
Choose an online money transfer company that supports Mexico as a destination country. You may accomplish this easily by using the iCompareFX money transfer comparison tool above. Select the country you are sending money from and all the companies that can send money
Transferring money to the receiver's bank account is the best way to send money to Mexico. Usually, this is the most affordable way to carry out your transfer. If the receiver requires the money quickly, or does not have a bank account, sending money to a cash pick-up center might work well for you. However, cash transfers, more often than not, are more expensive than bank account transfers. A number of companies let you send money to Mexican bank accounts including TransferWise, OFX, and WorldRemit.
The most cost-effective way to transfer money to Mexico is usually through a bank account transfer. This means paying for the transfer using your bank account, and transferring it to the recipient's Mexican bank account. Paying using a credit or debit card tends to attract an additional fee. Cash transfers are typically more expensive than bank account transfers.
If you wish to send money to Mexico quickly, you need to select a service provider that lets you make your payment via debit or credit cards, or ones that offer quick region-specific methods such as POLi (Australia) and CHAPS (the UK). Transferwise and Remitly support multiple payment methods and can transfer money to Mexican bank accounts fast.
If you are in a hurry to transfer money to Mexico, you might consider using the services of companies that carry out cash transfers. These transfers tend to go through in real-time, or on the same day. Some of the companies that offer this service include WorldRemit, Western Union and MoneyGram.
Yes. PayPal gives you the ability to transfer money to Mexican bank accounts and to cash pick-up centers. You may also use its services to top up mobile phones and to pay bills.
You may send money to Mexico through Walmart if you live in the U.S. This is made possible with the Walmart2World service that partners with MoneyGram and Ria. This service lets you send money to more than 200 countries, including Mexico. You may transfer money directly into the recipient's bank account or send it to a cash pick-up location.
Yes. You may use the services of Bank of America to send money to Mexico. Customers need to login to Bank of America's online banking platform to get started. Alternatively, they can get the transfer underway by visiting a local Bank of America financial center.
The cost of sending money to Mexico depends on multiple factors such as the exchange rate and the fee you need to pay. Companies typically add a mark-up on the existing market rates. This may vary from around 0.4% with companies such as OFX and WorldFirst, to up to 2% with alternatives such as Western Union and Xoom. Card payments and cash transfers tend to attract higher fees.
This might depend on the service provider you select. Some companies are known to offer coupons for a limited number of fee-free transfers for new customers. Examples include CurrencyFair and WorldRemit. Some companies also have fee-free thresholds, where you need to transfer a minimum amount to avoid transfer fees.
In the long run, it is ideal to select a company that uses existing market rates for transfers and charges transparent fees. TransferWise offers the real exchange rate and adds a fee on top. WorldFirst, on the other hand, adds a nominal spread to the existing interbank rate.
You may send money from USA to Mexico by using the services of a specialist money transfer company or your bank. However, most banks tend to charge steep fees while providing less than favorable exchange rates. Depending on the company you select, you can send money directly into the recipient's bank account or to a cash pick-up location. Some companies also let you top up Mexican mobile phones and pay Mexican bills.