Save Money When You Send Money To Mexico- 4 Simple Steps

If you’re asking yourself “How Can I Send Money to Mexico?” you’re in the right place!

This will be especially important if your money is in a foreign bank account, and you need access to your money in a simple, consistent and inexpensive way. So here is a hassle-free way to access your money in Mexico.

But first, let’s go over some basics:

Why Would You Need To Transfer Money To Mexico?

You might be relying on ATMs to access your money in Mexico, and that’s okay. In fact, if you are only traveling and spending a limited time in Mexico, this might be the best way. However, you might be losing money this way. 

If you are living in Mexico or plan to live in Mexico long term,  you will need to have a bank account in Mexico to hire services like utilities or pay rent to your landlord. You may also need a bank account in Mexico to purchase large items like furniture, a car, a remodel, or a house. 

So first you have to decide if you need to open a bank account in Mexico. Which I recommend you do since this will not only save you time but, in some cases, money on the exchange rate. 

So here are the simplest steps to transferring money to Mexico from your U.S. bank account.

Read More On Opening A Bank Account in Mexico.

1. Use Wise To Transfer Money

If you have a bank account in the U.S., and need to send money to Mexico, using a service like is a safe and reliable platform that has some of the best exchange rates and charges some of the lowest fees.

You can check their dashboard to see what the exchange rate is before you commit to initiating a transfer.

Here is a side-by-side comparison of exchange rates, fees, and actual money received when transfer $1,000 USD.

2. How WISE Works

Opening an account on Wise is 100% free, secure, and easy. 

All you have to do is connect a U.S. Bank Account, A Debit Card, Credit Card, and a Mexican Bank Account. Then, select the amount of money you want to transfer to Mexico, and pay that amount. 

This will initiate a transfer from your U.S. source of money to the bank you have connected on Wise.

You get a chance to check different rates before you send money to Mexico so you can double-check to see that you aren’t losing money. I’ve checked on several different platforms, and to me, Wise seems to be the easiest and lowest in cost. Especially when you consider that most banks will charge you $40-$60 for a single wire transfer to Mexico.

3. How Long Do Bank Transfers To Mexico Take?

If you are using Wise, it’ll take anywhere between 24-72 hours to receive your money in your Mexican bank account. 

The actual time it takes depends on your bank, the amount your are transferring, and when you processed a transfer of money to your bank in Mexico.

4. Bank Wire Transfers

If you haven’t opened a Wise account, you can also wire money to your bank in Mexico through your bank. I recommend doing a wire transfer through your bank on 2 different occasions:

  • Your bank’s exchange rate is better than Wise
  • Your bank’s fee is cheaper than paying a percentage on Wise

We use Bank of America so for the purposes of this post, I’ll share with you the fees and differences with BoA as an example. 

For example, Bank of America charges $45 to send money to your Mexican bank account regardless of your sending amount. In comparison, Wise charges a flat $6.57 plus 0.72% or less depending on your sending amount.  

If I send $1,000 USD to Mexico through Wise, I will pay $11.44 in fees, and at today’s exchange rate, I’d receive $19,987 MXN

If I send $1,000 USD to Mexico through Bank of America, I will pay $45 in fees, and at today’s exchange rate, I would receive $19,041 MXN

That’s a difference of about $900 Pesos which is about $44 USD in money lost using my bank account!

Which Way Should You Go?

Now that you have some of the information on how to save money by using a third-party provider like Wise to send money to Mexico, you should still do your homework before sending any of your money from the U.S. to your bank in Mexico. 

Before initiating a transfer, check your U.S. bank’s exchange rate, and check the exchange rates of platforms like Western Union and Wise. But keep into account that there are fees that can cancel out any great exchange rate you might be getting with any of these platforms. 

And if you find a better solution that is proving to be the fastest, safest, and cheapest way for you to send money to Mexico, I’d love to know!

Let me know in the comments below. And don’t forget to sign up below to get tips like these on living and retiring in Mexico the right way!

Mariana Lange

Mariana Lima-Lange was born in Mexico and immigrated to the U.S. when she was a child. She spent every summer visiting family throughout Mexico and is very knowledgeable about Mexican culture, lifestyle, and traditions. She is fluent in both Spanish and English.

Reader Interactions


  1. Tim Parris says

    Thanks very informative

    • Mariana Lange says

      Hi Tim.
      Glad it was helpful!

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