If you need to send money to Mexico you will soon discover that there are a number of different ways of going about this, some of which will come with hidden costs. Whether you need to send money to Mexico to cover payments on a property, transfer your pension or just to send money to friends or family, you will save money if you research your options thoroughly.
We’ve summed up the three main possible routes to send money to Mexico below.
Firstly, you might want to call in at your high street bank if you want to send money to an account with the Bank of Mexico or Citibank Mexico.
You can usually send money to Mexico this way with just one phone call or visit, but you might end up paying for this convenience with uncompetitive foreign exchange rates on the Mexican peso.
Per-transfer fees often imposed by banks for moving money internationally will also add to the cost if you choose to send money to Mexico this way.
Alternatively, you could enquire with a Money Sending Bureau if you need to send money to someone without a bank account. Unfortunately, these small and often poorly regulated establishments tend to impose per-transfer fees that can reach between ten and 15 per cent.
If you want to avoid these high fees altogether, it will be worth your while opening an online account with Xendpay. While most foreign exchange brokers will be able to offer you a competitive rate of foreign exchange on the peso, Xendpay will do this in addition to allowing you to move money without any per-transfer fees.
However, there is no need to commit to us now. You can open an account today and simply browse the currency exchange deals on offer in order to compare them to other sources.