It is quite interesting to note that there are many occasions when there is a need to send money to a company or individual in Mexico online. One of the challenges always is to find a good spin-off between saving money and getting the funds to the person in the shortest possible time. All of this depends on what the precise situation is surrounding the need to have funds transferred.
In the case of an emergency, the primary consideration is the speed of transferring the funds to the recipient. Where delivery time is not critical, attention may be given to the looking into providers with the cheaper cost per transaction.
Mexico is a well-known tourist destination. Many people are intrigued by the desert and Mexican cuisine. This has made the country tourist hotspot. Unfortunately, this increases the probability of having foreigners in the country who have run out of the funds they have put aside for the trip. These are situations where the need is for a once of international transfer of funds.
Comparison: Transfer Money to Mexico
First Transfer Free!
- Wise is a very good provider for overseas transfers. The transfers are easy, convenient and secure. The most important thing is that the transfers are also much cheaper than with the bank.
Send money very fast!
- Save up to 90% compared to banks. No hidden costs. Large selection of countries.
Five Transfers Free!
- A world-class customer service, very good exchange rates and permanently favorable transfers abroad and to Germany convince. Only downside is the small selection of countries.
As the owner of a company, it could be that your business depends upon suppliers who are located in Mexico. In these cases, there will always be a need to transfer money into the country regularly. After all, you are required to pay for the supplies you receive.
Be it as it may, it is the goal of this article to make it possible that you will find a cheap provider for a foreign bank transfer to Mexico.
How can I send money to Mexico?
There are many ways of sending money to Mexico online. One of the balances that always need to be considered is the toss-up between speed and cost. In the case of an emergency, speed will still have priority over price.
- Interbank transfers, where it is necessary to have the SWIFT code of the recipient bank in Mexico;
- Money transfer providers who will ensure that the money is delivered into the account of the recipient in the shortest time possible;
- Companies such as Western Union and MoneyGram which makes it possible for the individual receiving the funds to get it in cash at a recognized outlet in Mexico;
- The world’s best e-wallet system called PayPal;
- Checks which have been verified internationally.
Bank (it’s expensive)
Many people still prefer this method for transferring money online to Mexico. It is a trusted method, but it has some distinct disadvantages:
- Has amongst the most expensive online transfer fees
- Offers amongst the lowest foreign exchange rates when compared with other service providers
- Recipients do not have the option of cash pickups
Money transfer provider
Some money transfer providers are licensed to operate in Mexico. In most cases, they provide superior perks over bank transfers. We will be discussing the following service providers:
- Western Union
How much does it cost to transfer money to Mexico?
The cost of these money transfer providers differ. Just remember to always consider the balance between speed and cost. The costs of the competitors being highlighted for transfers to Mexico are:
- XE – $0
- Wise – $7
- XOOM – $4.99 / $10
- Western Union – from $30
- WorldRemit – $3.99
- InstaRem – $5
Duration of a money transfer to Mexico
The time frame for transferring money to Mexico can be significant, especially in cases of an emergency.
Here are the transfer times for the competitors we have chosen for this country:
- XE – 3 – 5 days
- Wise – 1 – 2 days
- XOOM – within a few hours
- Western Union – within a few minutes
- WorldRemit – within an hour
- InstaRem – 1 – 2 days
Conclusion on the money transfer to Mexico
There are many methods for transferring money to online to Mexico. Looking at the balance between speed and cost is essential.
Besides these apparent considerations, it is vital to look at the factors which influence the choice of mechanism to use for transferring money to a third party in Mexico online.
Some of these considerations are:
- Looking at the best exchange rate. Providers who are able to provide the best exchange rate are able to get you more local currency into your bank account.
- Finding the provider that is able to provide you with the best online transaction rate.
- Looking at the options that the recipients are able to access the funds that have been sent to them from abroad.
- The limits which are imposed regarding the amount being sent, as well as the amount of money that may be accessed at a time.
- Have a look and see if the chosen provider offers once-off transfer options, or if the company is able to provide facilities for multiple transactions over an extended period.