What's the best way to transfer money to Mexico?

 

The best way to transfer money to Mexico will differ depending on how much money you need to move and how frequently you are planning on making a transfer.

But ultimately you have three main options: you can use a bank, a Money Sending Bureau or a foreign exchange broker.

Using a bank to transfer pesos to Mexico should be convenient enough from your country of residence.

Indeed, you can usually organise a transfer with just one phone call or visit.

However, the service tends to come at a cost, made up of poor peso exchange rates and per-transfer fees imposed every time you move cash. 

On top of this, there have been some reports of difficulties in receiving foreign currency at banks in Mexico due to the amount of documentation required.

Money Sending Bureaus are one way around this and may be particularly useful if your recipient does not have access to a Mexican bank account with Banamex or Banco Santader, for example.

These small establishments allow you to wire money to a collection point in Mexico, from which the recipient can pick up the pesos.

Unfortunately, this service comes with a poor currency exchange rate, like that of the banks. 

But in this case, you can expect to pay even higher per-transfer fees each time you transfer money to Mexico.

These can be as much as ten or even 15 per cent of your total transaction, which will quickly eat into your funds if you need to make regular transfers.

To avoid this, it could be worth seriously considering your third option and using a foreign exchange broker to transfer pesos to Mexico.

Brokers tend to offer very competitive currency exchange rates, saving you money. But RationalFX goes a bit further by offering you a low fee service if you transfer pesos to Mexico with us.

If you are curious about our peso exchange rates then why not open an online account and see for yourself exactly how much you could save when you transfer money to Mexico with us!