Are you wondering what is the cheapest way to send money to Mexico? Do you have family or friends living in Mexico or simply just trying to pay bills? If you answered YES, then keep reading! Sending money internationally can often be a complex and expensive process if you don’t do it the right way. Thankfully, there are numerous online money transfer services available which make it easier, faster, and cheaper to send money across borders.
//Mexico is one of the largest recipients of remittances globally, and choosing the right service can make a significant difference in terms of cost, speed, and convenience. This review explores the best ways to send money to Mexico, focusing on the benefits and costs of using popular money transfer apps like Remitly, Wise, and others.
Disclaimer: Merida Review Blog does provide financial advice. This article regarding money transfer services and app is for informational purposes online.
Best Apps To Send Money To Mexico
How To Use Remitly To send Money To Mexico
Remitly is a popular digital money transfer service that specializes in sending money to over 90 countries, including Mexico. It offers both economy and express transfer options, catering to different needs and preferences.
Benefits:
- Speed: Remitly offers two types of transfers: Express and Economy. Express transfers can arrive within minutes, making it ideal for urgent transfers, while Economy transfers can take 3-5 business days but often come with lower fees.
- Competitive Exchange Rates: Remitly offers competitive exchange rates, which are often better than traditional banks. It also locks in the exchange rate at the time of the transfer, providing certainty for both the sender and recipient.
- Low Fees: Remitly’s fees vary depending on the transfer speed and amount, but they are generally lower than those charged by traditional banks. For instance, Express transfers typically incur higher fees, whereas Economy transfers have minimal fees.
- User-Friendly Interface: Remitly’s app and website are easy to navigate, making the process of sending money straightforward even for those who are not tech-savvy.
- Security: Remitly is a regulated financial service provider, ensuring that transfers are secure and comply with international regulations.
Costs:
– Fees: Fees for Express transfers start at only $1.99.
– Exchange Rate Markup: Remitly applies a markup on the exchange rate, typically between 1% and 2%.
Whether you are moving to Merida or just traveling a few days to Mexico, Remitly will be your best option for sending money to Mexico.
Get Started Right Now With Remitly Here www.remitly.com!
TransferWise (Wise) Money Transfer To Mexico Review
Wise is renowned for its transparency and low-cost international transfers. It uses the real exchange rate, also known as the mid-market rate, and charges a small, upfront fee.
Benefits:
- Real Exchange Rate: Wise uses the mid-market exchange rate, which is the fairest rate available. This ensures that there are no hidden markups, and you get more value for your money.
- Low Fees: Wise charges a fixed fee plus a percentage of the transfer amount, which is often significantly lower than traditional banks and other money transfer services.
- Speed: Transfers with Wise can be quite fast, often taking 1-2 business days, depending on the payment method and destination.
- Transparency: Wise is highly transparent about its fees and exchange rates, allowing users to see exactly how much the transfer will cost and how much the recipient will receive.
- User Experience: Wise offers a user-friendly app and website, making it easy to set up and track transfers. It also provides features like rate alerts and multi-currency accounts.
Costs:
– Fees: Wise charges a small, upfront fee that varies depending on the transfer amount. For example, sending $1,000 to Mexico might incur a fee of around $6-10.
– Exchange Rate: Wise does not add a markup to the exchange rate, using the real exchange rate instead.
Get Started Right Now With Remitly Here www.wise.com!
Overview:
PayPal is a well-established digital payment platform that also offers international money transfers. It is widely recognized and trusted by users globally.
Benefits:
- Wide Acceptance: PayPal is accepted by millions of users and merchants worldwide, making it a convenient option for sending money internationally.
- Speed: Transfers between PayPal accounts are instantaneous, and the recipient can easily transfer the funds to their bank account or use them directly from their PayPal balance.
- Ease of Use: PayPal’s platform is user-friendly, and many people are already familiar with its interface.
- Security: PayPal offers robust security measures, including fraud protection and encryption, ensuring that your transactions are safe.
Costs:
– Fees: PayPal’s fees for international transfers can be high, typically around 2.9% of the transaction amount plus a fixed fee based on the currency.
– Exchange Rate Markup: PayPal applies a markup on the exchange rate, often around 2.5% to 4%.
To Try Paypal, visit here: www.paypal.com
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How to use Xoom to send money to Mexico
Overview:
Xoom, a PayPal service, specializes in international money transfers and offers a variety of delivery methods, including bank deposits, cash pickups, and door-to-door delivery.
Benefits:
- Multiple Delivery Options: Xoom offers various delivery options, allowing recipients to receive funds in the most convenient way for them.
- Speed: Xoom’s transfers are typically very fast, with many being completed within minutes.
- Network Coverage: Xoom has an extensive network of partners in Mexico, including major banks and cash pickup locations.
- User Experience: The Xoom app and website are user-friendly, and the service provides regular updates on the transfer status.
Costs:
– Fees: Xoom’s fees vary based on the transfer amount and delivery method. Fees can range from $4.99 to $9.99 for smaller amounts, with larger transfers sometimes incurring higher fees.
– Exchange Rate Markup: Xoom applies a markup on the exchange rate, typically around 1% to 3%.
- Western Union
Overview:
Western Union is one of the oldest and most established money transfer services, with a global network of over 500,000 agent locations.
Benefits:
- Global Reach: Western Union has an extensive network, making it accessible in nearly every country, including remote areas.
- Multiple Delivery Options: Western Union offers several delivery methods, including bank deposits, cash pickups, and mobile wallets.
- Speed: Transfers can be completed within minutes, especially for cash pickups.
- Reliability: As a well-established service, Western Union is trusted and reliable.
Costs:
– Fees: Western Union’s fees vary widely depending on the transfer amount, destination, and delivery method. Fees for sending $1,000 to Mexico can range from $5 to $50.
– Exchange Rate Markup: Western Union applies a significant markup on the exchange rate, often between 2% and 5%.
How To Use MoneyGram To Send Money To Mexico:
MoneyGram is another well-known money transfer service with a global presence and a strong network of agent locations.
Benefits:
- Global Network: MoneyGram has a wide network of agent locations, making it accessible in many countries.
- Multiple Delivery Options: MoneyGram offers several delivery methods, including bank deposits, cash pickups, and mobile wallets.
- Speed: Transfers can be completed quickly, often within minutes for cash pickups.
- User Experience: MoneyGram’s app and website are user-friendly, and the service provides regular updates on the transfer status.
Costs:
– Fees: MoneyGram’s fees vary based on the transfer amount, destination, and delivery method. Fees for sending $1,000 to Mexico can range from $5 to $45.
– Exchange Rate Markup: MoneyGram applies a markup on the exchange rate, typically around 2% to 4%.
Overview:
WorldRemit is a digital money transfer service that offers a variety of transfer options and competitive rates.
Benefits:
- Multiple Delivery Options: WorldRemit offers various delivery methods, including bank deposits, cash pickups, mobile money, and airtime top-ups.
- Speed: Transfers are generally fast, with many being completed within minutes.
- Competitive Exchange Rates: WorldRemit offers competitive exchange rates, which are often better than those offered by traditional banks.
- User Experience: The WorldRemit app and website are user-friendly, making it easy to set up and track transfers.
Costs:
– Fees: WorldRemit’s fees vary depending on the transfer amount and delivery method. For example, sending $1,000 to Mexico might incur a fee of around $3.99 to $6.99.
– Exchange Rate Markup: WorldRemit applies a markup on the exchange rate, typically between 1% and 2%.
Overview:
OFX is a foreign exchange service that specializes in larger transfers, offering competitive rates and low fees.
Benefits:
- Competitive Exchange Rates: OFX offers competitive exchange rates, which are often better than those offered by banks and other transfer services.
- Low Fees: OFX charges no transfer fees for transfers above a certain amount, usually around $1,000.
- Speed: Transfers typically take 1-2 business days.
- Customer Support: OFX offers 24/7 customer support, providing assistance throughout the transfer process.
Costs:
– Fees: OFX charges no fees for transfers above $1,000. For smaller amounts, a fee may apply.
– Exchange Rate Markup: OFX applies a small markup on the exchange rate, typically around 0.4% to 1%.
Conclusion: What Is The Cheapest Way To Send Money Mexico?
Choosing the best way to send money to Mexico depends on various factors, including the amount being sent, the urgency of the transfer, the preferred delivery method, and the importance of minimizing fees and maximizing the exchange rate. Here’s a summary of the best options based on different priorities:
- For Speed: Remitly (Express), Xoom, and Western Union offer some of the fastest transfer options, with funds often available within minutes.
- For Low Fees: Wise and OFX are excellent choices for low fees and competitive exchange rates, especially for larger transfers.
- For Multiple Delivery Options: Xoom, WorldRemit, and MoneyGram offer a variety of delivery methods, providing flexibility for recipients.
- For User Experience and Convenience: Remitly, Wise, and PayPal provide user-friendly platforms and a seamless transfer process.
Ultimately, the best way to send money to Mexico will depend on your specific needs and circumstances. By considering the benefits and costs of each money transfer service, you can make an informed decision and ensure that your money reaches your loved ones in Mexico efficiently and affordably.