How to send money to Mexico from Canada with the best CAD-MXN rate

Comparing providers offering services between Canada and Mexico based on your specific transfer amount, is the easiest way to get the best price on your transfer.

Right now, these are your best options for sending money from Canada to Mexico

• Wise scored the highest of the 17 money transfer companies supporting CAD to MXN transfers. For example, sending 10,000 CAD to MXN will cost you $67.57 in fees, and the recipient will get 121,927.53 MXN. The delivery time is next day.

• The cheapest option is Key Currency. Our data shows, over the past week, that Key Currency is 0.01% than the second-best option when sending via a bank transfer. This includes a fee of 0 CAD and a CAD-MXN exchange rates.

• Fastest money transfers to Mexico from Canada is with Taptap Send. Right now, if you send $10,000 with Taptap Send to Mexico, the transfer time is minutes. When sending money from Canada to Mexico, Taptap Send has a fee of 0 CAD. Although we would recommend comparing the amount you want to send.

We cover the entire CAD-MXN market and have compared 17 providers offering services between Canada and Mexico.

This ensures you will get the most comprehensive options for sending Canadian Dollar to Mexico.

Whilst we rate Wise as the best overall for transfers between the two countries, comparing gives you the best idea for your specific Canada to Mexico transfer needs.

The exchange rate determines the price you will pay when buying Mexican Peso in Canada. A better exchange rate means more Canadian Dollars being sent to Mexico.

The current rate between the Canadian Dollar and Mexican Peso is 12.3649.

The total cost of money transfers to Mexico from Canada, is a combination of exchange rates and fees. Sending with a company that can offer a good competitive rate and low (or no) fees is the best way to get a good deal.

• The Mid-Market and Exchange Rates: The current mid-market for CAD-MXN is 12.3649 MXN per Canadian Dollar.

• Fees: Some money transfers between Canada and Mexico will be subject to fees. Although you should search for your send amount for actual fees as your scenario may be different.

• Amount Received: Money transfer companies will show you the amount of Mexican Peso eventually received in Mexico.

A safer option if you want to get a particular rate is to use a forward contract, especially for large Canadian Dollar transfers to Mexico. This allows you to lock in an agreed exchange rate between Canada and Mexico.

Sending via a bank transfer is the payment method that will get you the best price on a transfer from Canada to Mexico.

Here are all the ways to fund your transfer:

Bank transfer

Bank transfers are often the best and easier way to send money from Canada to Mexico.

By using a money transfer company such as Key Currency for transfers from Canada to Mexico, you can send money via a bank transfer and benefit from lower fees and more favorable exchange rates than would be offered by a bank. 


Debit and prepaid cards

Sending money from Canada to Mexico with a debit or a prepaid card is easy with Xe.


Xe is a leading money transfer company for debit card payments, and offers transfers from Canada to Mexico.

Credit cards

When it comes to sending money with a credit card from Canada to Mexico, it can get very expensive very quickly due to additional fees.

We recommend sticking to bank transfers or debit card deposits, but if you have to, run a quick comparison to find the right money transfer company that offers credit card deposits.

Companies offering money transfers between Canada and Mexico will have minimum or maximum thresholds on how much you can send or receive across set timeframes.

Exchange rates and fees for different transfer amounts could change and sending regularly could mean losing out.

That’s why it’s best to compare CAD-MXN rates for your specific transfer amount.

For regular transfers to Mexico to Canada, shopping around each time can make a huge difference.

For sending large amounts of CAD to Mexico without hitting a threshold, we’d recommended Wise. They offer a combination of rates and fees when sending from Canada to Mexico that is the most competitive, even at larger amounts.

Be sure to check with the recipient and understand any declarations needed on large amounts of money entering Mexico from Canada.

Options for receiving Mexican Peso in Mexico include direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all of the 17 providers offering transfers from Canada to Mexico will support every method for incoming Mexican Peso, so it’s best to check ahead of time.

The most common option is to send directly from Canada to a bank account in Mexico. For most part, this is convenient but does have receiving fees to potentially be aware of.

Wise is the best company for bank transfers between Canada and Mexico.

Cash pickup is popular in some parts of Mexico, but not always supported and can be costly compared to cheaper options.

Mobile wallet or P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience, but they come with more limitations and higher costs compared to money transfer providers like Taptap Send.

When sending Mexican Pesos to Mexico, through a money transfer company, you will need to verify your ID when signing up.

The documents you need can vary and in some cases you might need a couple of options.

Generally, government issued ID such as a passport or driver's license are accepted in Canada. If the recipient needs an ID to collect money in Mexico, the same applies there. You may also be able use other ID formats, where these aren’t available.

Large transactions between Canada and Mexico can be subject to additional checks such as proof of funds for anti-money laundering purposes. This may also require additional ID checks.

One of the reasons Wise as scored so highly for transfers to Mexico is their easy sign up process in Canada.

As well as proof of funds, when sending large amounts of money between Canada and Mexico there will be tax declarations to consider. This is also potentially due to regular transactions.

Some transfers into Mexican Peso may need to be reported to tax authorities in Mexico and Canada, particularly where inheritance or property purchases are involved.

Tax limits and personal allowances do change in Mexico based on age, income and a few other elements. Everyone’s tax obligations are unique - when in doubt, please contact a tax professional in Canada or Mexico.