How to send money to Mexico from US with the best USD-MXN rate

Comparing providers when sending money from the United States to Mexico is the easiest way to make a transfer at the best price.

We’ve compared 17 providers for sending US Dollar to Mexico. This ensures you will get the best options for your transfer to Mexico from the United States.

We rate Wise as the best overall, but comparing gives you a comprehensive view of all the options for transferring money from the United States to Mexico.

The exchange rate determines the price you will pay when buying Mexican Peso.

A better exchange rate means more money being sent to Mexico.

If you are paying for services in Mexican Peso from the United States, this can make a huge difference.

The current rate between the US Dollar and Mexican Peso is 17.5618.

We should note, USD-MXN exchange rate changes almost constantly.

Understanding the averages, and then waiting a day or two can help you get more MXN for the same amount of US Dollar.

You can also use a forward contract to lock in an agreed exchange rate between the United States and Mexico.

Using a bank transfer to send via money transfer company is the payment method that will get you the best price when sending from the United States to Mexico.

On average a bank transfer to Mexico is 0.25% cheaper than the second-best option in the market.

Ensuring you fully understand regulations in the United States and Mexico will aid in keeping your money safe.

Our directory of worldwide financial regulators contains details on regulation for sending money between the United States and Mexico.

Some companies offering money transfers between the United States and Mexico have minimum or maximum thresholds on how much you can send or receive.

Rates and fees for different transfer amounts could change - that’s why it’s best to compare USD-MXN rates for your specific transfer amount.

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

For sending large amounts of USD to Mexico we'd recommend using Wise. They offer a combination of rates and fees when sending from the United States to Mexico that is the most competitive, even at larger amounts.

There are different options for receiving Mexican Peso in Mexico.

The most popular are direct bank deposit, cash pickup, a mobile wallet or receiving money into a multi-currency account.

Not all companies offering transfers from the United States to Mexico will offer every method for incoming Mexican Peso, so it’s best to check ahead of time.

Again, a comparison of USD to MXN providers will tell you if the method for receiving is supported.

One of the most common ways to transfer money from the United States into Mexico is by sending directly to a bank account. Wise is the best company for bank transfers between the United States and Mexico.

And if you need cash right away, check if cash pickup is an option for transfers between the United States and Mexico.

P2P services and payment apps like PayPal, Xoom, and CashApp are popular because of convenience but are better for domestic transfers. For receiving international payments they come with more limitations and higher costs compared to money transfer options like multi-currency accounts.

If using a money transfer company to send Mexican Pesos to Mexico, you will need to verify your ID at the sign up stage.

The documents you need will vary and in some cases you might need more than one.

ID can be verified in the United States through a government issued ID such as a passport or driver's license.

If the recipient needs an ID to collect money in Mexico, it will be similar.

Large transactions between United States and Mexico, can be subject to additional checks. This includes proof of funds for anti-money laundering purposes.

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

Sending regular, or larger amounts of money between United States and Mexico could mean there are tax declarations to consider.

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

Mexico has many different tax obligations for residents and non-residents.

When in doubt, please contact a tax professional in the United States or Mexico to discuss your personal circumstances. This ensures you are not missing any specific tax needs associated with your transfer.