Q:

How do you wire money to Mexico?

A:

Quick Answer

Wire money to Mexico by using a money transmitter, which is either a bank, a specialized service such as Xoom online, Western Union or Moneygram. Depending on the transmitter, options include transfers from bank account to bank account, from cash or debit and credit card.

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Full Answer

There are generally several fees charged when wiring money to Mexico. The first is the transfer fee charged by the transmitter. This fee is often based on the amount of money being sent, going up with larger transfer amounts. Another fee is dependent upon the transmission details. The transmitter charges vary based on factors such as money origin type and exact sending location. A currency exchange fee can also be applied. The exchange fee is usually a set rate for each country, including Mexico, but is different depending on the specific transmitter.

The amount the recipient in Mexico receives from the wire depends on the currency exchange rate used by the transmitter. This rate is often different between transmitters and usually higher than the official exchange rate. The differences in exchange rates can vary by several percentage points for the pesos received for each dollar sent. Limits may apply to the amount sent based on transmitter rules and the pesos the recipient location has available.

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