Mexico is one of the top five countries that receive the most remittances from the United States. In 2021, the country was expected to receive over $50 billion in remittances, according to a report by Knomad and the World Bank.

However, sending money abroad is costly. On average, each money transfer costs 6.4% of the amount sent. You want to find the cheapest and fastest money transfer service when sending money to Mexico. Yet, some services are quick but expensive while others are cheap but slow. Finding the balance is key to ensuring that your loved ones in Mexico will receive the money you intend for them.

When sending money to Mexico, look for providers with low to zero fees, who don’t have currency markups, deliver the money within minutes, and provide a vast cash pickup network.

This post explores the cheapest way to send money to Mexico.

BOSS Revolution – Best Rate Sending Money to Mexico

At the top of the list is a cheap, fast, and highly convenient way to send money to Mexico. BOSS Revolution has helped millions of families reach their loved ones across the border by providing affordable and quick ways to send and receive money. Over 20 years, it has built a reputation as a trusted money network.

Some of their top advantages include:

• Low platform fees starting at $2.49 when paying using a debit card and $3.99 when paying using a credit card
• Zero fees for the first fund transfer up to $300
• Low currency markups, so your recipient gets the most money possible
• Convenient options to receive money, such as bank deposit and cash pickup
• Instantaneously send money using the BOSS Money App
• Receive money within minutes of sending
• Money-back guarantee if you’re unsatisfied with the service
• Industry-leading data security protocols to keep your personal information safe

BOSS Revolution is also running a promo from November 1 to December 2, 2022, where it’ll add $10 to your first money transfer of $100 and more.

Xoom Sends Money to Mexico

PayPal owns Xoom, one of the most extensive money transfer services in over 150 countries, including Mexico. It offers instantaneous transfers, although it’s known for charging hefty transaction fees and currency markups. Learn about the paypal fee using a paypal fee
calculator.

Transfers using a credit or debit card will cost anywhere from $4 to $76, while transfers using a bank account will cost $3 if the amount sent is $299.98 and below. If you fund your transfers worth $299.99 and more using a bank account, Xoom will charge $0 as a transaction fee.

Here are the benefits of choosing Xoom to send money to Mexico:

• Wide network of 35,000 cash pickup locations and partnership with major Mexican banks
• Spanish support team available from 6 am to 7 am Pacific Time
• Ability to use Xoom for paying utility bills and reloading the phones of loved ones in Mexico

Despite Xoom’s convenience and wide availability, most users are dissatisfied with its service because of expensive exchange rates and high fees. It’s advisable only to use this option when looking for convenience and speed while tolerating higher prices.

Wise

Wise is another cheap way to send money to Mexico. It’s easy and convenient to use. You sign up to the platform and navigate its intuitive website or mobile app to send money. It’s also consistently rated as one of the top ways to send money abroad from the US and Canada.

Here’s why millions of customers like Wise:

• Provides cheap money transfer services with low fees and zero currency markups
• Intuitive and well-designed web and mobile app
• Pay-in options include bank deposits, mobile wallets, and debit or credit card

Wise doesn’t offer cash pickups though; some transfers can take 2-3 days to complete.

Send Money to Mexico With Western Union

Western Union is one of the oldest money transfer services, with an extensive network of cash pick-up locations in Mexico. Even rural areas in Mexico have access to its pick-up locations, so you can be assured that your loved ones will receive your transfer.

Here’s what to expect when you send money to Mexico through Western Union:

• Multiple options to pay for your fund transfer, such as bank account, Apple Pay, debit or credit card, or cash payment at a Western Union store
• Cash pickup arrives within minutes, while bank transfers take up to four banking days
• Transfer fees vary depending on several factors like payment method, amount sent, and delivery option

Western Union is notorious for hiding its fees away with nontransparent margins, making it more expensive than other options in this list. Still, it’s a trusted and reputable service worth exploring.

How Much Will My Money Transfer to Mexico Cost?

More than 12 million Mexicans live outside Mexico, mainly in the United States. Many send money back home but overspend up to 5%, paying for transaction fees and expensive exchange rates. Instead of your family receiving the pesos they need, they receive less because you pay more in fees.

When looking for the best way to send money to Mexico, you need to consider the overall cost of the money transfer. This will help ensure your loved ones receive the maximum amount possible without losing your funds to platform fees and currency conversions.

Money transfer services charge a platform fee which can be fixed or a percentage of the amount sent. How you pay for the money transfer also affects the total costs. Bank deposits are generally free, while a debit or credit card comes with higher prices. Your card issuer and the bank may also charge a separate transaction fee.

Fortunately, the services mentioned above offer transparent fees and cheap rates. You can visit their websites and compare their rates for the amount you’d send. This will help you make an informed decision about the service you’d get. Check out promotions like the ones BOSS Revolution has to enjoy more significant savings when you send money to Mexico.

Let your loved ones enjoy the fruits of your labor by sending them funds without hefty fees. Check out one of these options today.