Mexico receives more money from personal transfers from the U.S. than any other country, so transfer services are competitive. If you need to send money to friends or family there, you definitely have a wealth of options.
Traditional providers like Western Union and Ria offer the most funding and delivery methods, especially if you want to pay in cash and have money delivered in cash, too. Cash delivery to Mexico is an important option, because less than 40% of adults in Mexico have bank accounts, according to 2015 World Bank data. Some internet-based providers also offer cash delivery, although they require that you send money from a bank account or pay with a credit or debit card.
Out of 15 providers that NerdWallet analyzed, the following six had the best combination of low costs, fast delivery speeds and delivery options including cash pickup.
| Cheapest | |
|---|---|
| Western Union
(See more details) |
Traditional provider with low costs for transfers made with cash. |
| Remitly
(See more details) |
Internet-based provider with cash delivery, attractive exchange rates and no fees for transfers with bank accounts. |
| Fastest | |
|---|---|
| MoneyGram
(See more details) |
Traditional provider with same-day delivery for all types of transfers. |
| Xoom
(See more details) |
Internet-based provider with cash delivery, fast speeds and competitive fees for bank account holders. |
| Best Delivery Options | |
|---|---|
| ShareMoney
(See more details) |
Online-based provider with big cash pickup network and same-day delivery. |
| Ria (See more details) | Traditional provider with extensive agent networks in the U.S. and Mexico. |
Western Union
Western Union offers competitive pricing for cash and bank account transfers to Mexico. Its exchange rates for transfers initiated at an agent location give you more Mexican pesos per dollar than the rates that many of its competitors provide. And for online transfers that pull from your bank account and deliver the money to a bank account in Mexico, there are no fees if you send more than $900. The fee is around $3 if you send less than that. There are higher fees for paying with a credit or debit card online or over the phone.Along with having a transfer go to a bank account, you can have it picked up at one of the more than 10,600 Western Union locations in Mexico, with delivery speeds ranging from minutes to several business days, depending on which options you choose.
Remitly
This online and mobile provider has an impressive balance between low transfer costs and a considerable network of cash pickup locations in Mexico. Along with having competitive exchange rates, Remitly’s transfers are fee-free if you pay from a bank account. They cost about $4 if you pay with a debit card.Bank transfers generally take a few business days to arrive, while the debit card transfers usually get there within minutes. You can choose to send to a bank account or one of the over 11,000 cash pickup locations.
MoneyGram
MoneyGram delivers money quickly, but just how quickly depends on the funding method. Transfers taken from a bank account take an hour or more, while ones paid for with cash or bank card arrive in minutes, with delivery to bank accounts or pickup at one of over 16,000 locations in Mexico. MoneyGram’s exchange rates are in line with both traditional and internet-only providers. There’s a low flat fee of $4 for transfers using a bank account, regardless of the amount. Transfers using a credit or debit card, though, cost between $5 and $25, and transfers initiated at an agent location are about $10.Xoom
This PayPal-owned provider typically delivers money the same day it’s sent, regardless of how the transfer’s funded. Using a bank account results in a flat fee of about $5 for sending any amount up to $2,999, while transfers with credit or debit card cost anywhere between $5 to $76.Although its exchange rates are among the most expensive of the providers listed, Xoom makes up for it with delivery speed and a few other features. You can send money to a recipient’s bank account at major Mexican banks or to one of the nearly 15,000 cash pickup locations it supports. And beyond transfers, you can use Xoom to pay utility bills for family members in Mexico.
ShareMoney
ShareMoney, part of a bigger transfer company called Omnex Group, is a newer provider than the others listed and only covers 36 states. However, it makes up for this with its delivery speeds and cash pickup locations. Money can arrive at one of its 18,820 locations in Mexico within a day for transfers sent as a bank deposit or as cash. For sending between $20 to $2,999, it’s about $4 for using a bank account or debit card and between about $6 to $92 for using a credit card. Exchange rates are among the best of the providers listed.Ria
Although Ria’s the third-largest money transfer company worldwide behind Western Union and MoneyGram, it has a bigger network in Mexico than either of them, with about 17,800 locations. If you send money from an agent location, you can have cash arrive within minutes for prices in line with other traditional providers.If you send money to Mexico online, Ria has low fees and exchange rates comparable to other online providers. It charges $3 if you fund with a bank account and $4 with a debit card, regardless of the transfer amount. Fees with credit cards are higher, similar to what Xoom charges. Transfers funded with bank accounts take five to six business days for delivery, while ones with debit or credit cards arrive within minutes to a cash pickup location or one to two business days to a bank account.
Other options
If you’re sending money to another part of the U.S. or to other countries besides Mexico, see other ways to send money.
Spencer Tierney is a staff writer at NerdWallet, a personal finance website. Email: spencer@nerdwallet.com. Twitter: @SpencerNerd.
METHODOLOGY
To determine the best money transfer services, we considered 15 providers and compared them by fees, exchange rates, delivery speeds, delivery options and security. We excluded services that don’t cover states with large numbers of Mexican immigrants.
In choosing the ones for our list, priority went to the providers with a combination of the lowest fees, best foreign exchange rates, fastest delivery, cash pickup as a delivery option and tightest security.
Money transfer providers surveyed: Express Money, LuckyMoney, MoneyGram, Pangea, PayPal, Remitly, Ria, ShareMoney, Transfast, TransferWise, USForex, Western Union, WorldRemit, XE and Xoom.
Providers’ foreign exchange rates of one U.S. dollar to Mexican pesos were compared across three days, from May 11 to May 13, 2016.
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