Do you need to send money to Mexico? If so, the cost of sending money is likely to be the most influential factor behind your choice of a money sending service, so you will want to find a service that charges low transfer fees and offers competitive exchange rates for the Mexican Peso or any other currency that you may wish to send, which will make your money go further. It will be relatively easy to send money to Mexico as there will be a number of services that will be able to facilitate your money transfer.
In 2010, 3.4% of Mexico’s population emigrated to locations across the world, with the top destination countries being Norway, the United States, Finland, Germany, Spain and the United Kingdom, which significantly contributed to the country’s remittance inflow that year of US$796 billion.
What services are on offer when I need to send money to Mexico?
Banks and money sending bureaux
While sending money to Mexico through a bank may be your first thought as this can be a convenient way to send money, this will be an expensive option as banks are known to charge significant transfer fees and to offer poor rates of currency exchange. Another downside of using a bank is that it can take a number of days for your money to be received.
A money sending bureaux, such as Western Union or MoneyGram are another service that will be able to facilitate your payment to Mexico and these services can enable you money to be received in a matter of minutes. However, the exchange rates these services offer tend to be poor, so you will be able to buy less Mexican Pesos for your money. What’s more, money sending bureaux are known to charge large transfer fees, as high as 10-15% of the transaction, so overall this can be an expensive way of sending money to Mexico. Find out more about the cost of these services.
Foreign exchange specialists Xendpay
If you want an alternative to a bank or a money sending bureaux, a foreign exchange specialist such as Xendpay will be ideal way to send money to Mexico, as Xendpay enables you to send money cheaply, simply and conveniently.
With Xendpay you can send money to
…and many more Mexican banks.
Why is Xendpay the ideal way to send money?
Sending money through a FX specialist such as Xendpay is the ideal way to send money to Mexico as we focus exclusively on foreign currency transfers and are therefore able to offer a more competitive Mexican Peso exchange rate and charge low transfer fees. For further information, Please visit our fee page.
Sending money to Mexico is also really simple thanks to Xendpay.com as our 24/7 online platform enables you to send money at your own convenience, simply and completing the payment in a mater of minutes.
With Xendpay your funds should be received faster than a money transfer made through a bank. The delivery time of your funds will depend on the currency that you are sending and the time that you make the payment. If for example you send USD to Mexico before 12pm on a working day, the payment will be made on the same day and the money is likely to be received on the same day, however, if the payment is made after 12pm, the US Dollars should reach the recipient’s bank account the next working day. If you send Mexican Pesos to the recipients account, this is likely to take a little longer, but the money should be credited to the bank account in Mexico within 1-2 working days.
Xendpay is authorised by a UK government agency, the Financial Conduct Authority for the provision of payment services and are regulated by HM Revenue & Customs, so you have the assurance that you are dealing with a company who abide to strict regulations when they process their money transfers.