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How To Send and Receive Money From Mexico To USA | Full Guide

If you plan to live, work, retire, or buy a home in Mexico, you will likely need to transfer money between your home country and Mexico.

If your move to Mexico is only temporary or part-time, or if you intend to maintain some ties with your home country, it makes financial sense to take the time to find a reputable global payments agent.

You may need to send money to Mexico to pay for a large purchase, such as a house or a boat, or to support yourself and your family while living there.

Occasionally, you may need to send money from Mexico back to your home country, such as if you sell an asset there or have extra money from spending the winter there.

Table of contents

How to Receive Money From Mexico to USA

You’ll have many choices when it comes to receiving international payments. These are the important ways to receive money from Mexico to USA.

#1 Bank Deposit

The most common method of receiving money from Mexico to USA is through a bank deposit, which occurs when the sender of a currency transfer wires money to your account (or another type of bank transfer).

A bank deposit is typically the receiving end of an international wire transfer; this is a safe and popular way to receive money from abroad provided by most banks and all money transfer services. Because of the fees of wiring money over SWIFT, bank deposits are occasionally one of the more expensive methods of receiving money from abroad.

Bank deposits have the following advantages:

  • They are very safe and secure;
  • They are convenient because the funds are deposited directly into your bank account.

Bank deposits have several disadvantages, including the following:

  • They can be costly when sent from one bank to another;
  • Banking services are not available everywhere;
  • Not all banks offer wire transfers and other foreign exchange services;
  • Wire transfers cannot be canceled once they have been sent, and
  • SWIFT transfers can take up to five working days to arrive.

See also: Anonymous Paypal: How To Receive Money Anonymously | Full Guide

#2 Cash pick-up

One of the quickest, easiest, and least expensive ways to receive money from abroad is to pick up the cash in person at a cash pick-up location.

Receiving money from Mexico to USA has a variety of options. Some examples include convenience stores, pawn shops, gas stations, and credit unions.

On the other hand, the person sending you the money has several options for how to send it. Many people use traditional currency exchange providers like MoneyGram and Xoom to complete their transactions.

Recently, newer fintech companies offering cash pick-up services, particularly Small World and Remitly, are generally more affordable overall.

Physical Cash Collection or Cash Pick-up – Money transfer companies like Xoom, Western Union, MoneyGram, WorldRemit, and Remitly enable households to pick up cash from locations close to them using the network of agents and payout partners in Mexico.

WorldRemit has connections to over 13 sizable branches with thousands of locations throughout Mexico, and MoneyGram has 39,000 cash pick-up locations there.

Cash pick-up has the following benefits:

  • There are no fees for receiving international payments;
  • It is a widely used option;
  • Money can be tracked and traced; •
  • It is safe and secure because it requires a valid photo ID and reference number to pick up cash.

Cash pick-up has a few drawbacks, including:

  • Usually more expensive for senders than online transfers;
  • Occasionally inaccessible in outlying and rural areas.

#3 Money Order

A traditional money order, a printed certificate that can be exchanged for cash at a physical location, is another well-liked and safe way to receive and send money from Mexico to the USA.

Money orders are now mainly used in nations like the US, Canada, India, and Australia, where they have long been a reliable and well-established transfer method. However, over the past 20 years, their use has decreased. Since 2009, the quantity of money orders sent to Mexico has drastically declined.

Money order certificates are readily available for purchase in the US at numerous physical locations that have been approved by either the US Postal Service (USPS), MoneyGram, or Western Union.

Suppose you reside in a Latin American nation. In that case, we advise you to use money orders to receive funds from the US because they are frequently the least expensive option available to the unbanked populations in those areas. However, because money orders’ global reach can be quite constrained, we advise that you generally confirm that they can be accepted in your destination country.

Benefits of using money orders:

  • Money can be tracked and traced with ease;
  • there is no expiration date;
  • receiving money from abroad requires little in the way of personal information.

Money orders have a few drawbacks, including:

  • their limited use in other countries;
  • their lower availability than cash pick-up in terms of locations;
  • and their higher cost to send internationally.

#4 PayPal

This is another way to receive money from Mexico.

PayPal is one of the most commonly used transfer platforms worldwide, with 300 million users. It might be alluring to use PayPal to receive money from abroad due to its wide reach and quick, practical money transfers.

However, PayPal is one of the most expensive ways to transfer money between currencies. This is due to the highly variable exchange rate margin fee that is charged to the sender, which can range from 2.50% to 4.50% of the total transfer amount. As a result, less money will be received in your PayPal wallet on the receiving end.

The benefits of PayPal include the following:

  • Quick and easy;
  • Global availability;
  • Many people already have PayPal accounts and are accustomed to and at ease using the company’s services.

PayPal’s drawbacks include high exchange rates, the fact that it is only occasionally competitively priced, and low customer satisfaction levels.

See also: What Is A Trust In Business? | Full Explanations

#5 Mobile Wallet

Many people opt to manage some or all of their financial services using a mobile wallet instead of a bank account. 

Mobile wallets, which encompass a variety of options, are more frequently used to make payments than as a bank account, though they can also be used to receive money from Mexico.

Mobile wallets are an alternative to cash or bank cards when making purchases and are used to spend and manage money.

Money wallet benefits include quick payments, high levels of security, and inexpensive internal app transfers.

Disadvantages of Money Wallets:

  • Not all merchants accept payments made with mobile wallets;
  • Exchange rates are frequently very expensive;
  • In some cases, withdrawals can only be made using a bank account.

#6 Door-to-Door Money

A specialized method of receiving money from abroad, door-to-door money, also known as home cash delivery, involves having cash delivered to one’s home by a courier.

These services are typically more expensive than alternative methods of receiving money from abroad because they typically come with an added fee.

The benefits of door-to-door money include: receiving cash delivered right to your door, safety and security, as receiving money requires a valid ID.

What Is The Most Effective Method To Send And Receive Money From Mexico To USA?

  • Your bank. Check with your institution to see if wire transfers are available.
  • Transferwise. One of the most economical ways to send money abroad is with Transferwise. Remitly, Ria, Western Union, PayPal, OFX, Xoom, and other services are additional options.

Who are the best Money Transfer Operators to receive money in USA?

You can send money to the US through a specialized money transfer service. You’ll need to find a service that accepts this payment method and check the costs to ensure you’re getting a good deal if you want to send money from your Mexican peso account to a US account that is denominated in dollars.

Peso-denominated transfers are not permitted through Xoom, PayPal’s money transfer service. Another sizable international payment company, WorldRemit, forbids transfers out of Mexico. Mexico is only a recipient nation.

Additionally, you can examine the services offered by Wise. If your account in Mexico is in US dollars, you should be able to send money from Mexico to the US using their platform.

Wise converts the money for all cross-currency transfers using the mid-market exchange rate. This exchange rate can be found using a currency converter or on Google. You only pay a clear fee per transaction for a quick and secure transfer service.

You can use OFX to transfer funds from your Mexican account to the US. You’ll need to register online and request a quote for the transfer’s associated costs.

It is important to compare the costs to those of other providers to ensure you are getting the best deal. The exchange rates and fees used by OFX vary depending on the transfer amount and how frequently you use the service.

See also: How To Use Facebook Pay | How To Receive Facebook Money

Which US banks have locations in Mexico?

Mexican banks with connections to American banks;

Mexico’s Scotiabank and the Bank of America in the United States are partners. HSBC Mexico and HSBC in the United States are connected. Santander in the United States and Santander in Mexico are connected.

If I have a Wells Fargo account, which bank can I use in Mexico?

There are several affiliations, including those with Bank of America in the US, Scotiabank in Mexico, HSBC in the US, HSBC Mexico, and Santander in the US, which is linked to Santander Mexico.

Can I get money sent to my bank account from Mexico?

Alternatively, you can transfer money directly to your bank account by using an electronic service. You can do this by paying for it using PayPal, Xoom, or your Mexican brokerage account.

If you want to send money using this method, make sure it is in the correct currency before you send it.

How to send money from Mexico to the USA Using Western Union

Bank account

Transfer funds to US bank account at Wells Fargo, Bank of America, and other institutions from Mexico.

Cash pick-up

All over the United States, from Chicago to San Antonio and New York to LA, there are more than 59,0001 agent locations.

Western Union vs. MoneyGram

MoneyGram and Western Union are two other well-known international payment services that permit transfers and receiving money from Mexico to the US.

Whichever is best for you will depend on how much money you’re sending and how you want to send it.

You can decide to send money online or at an agent’s location. These services have different costs and exchange rates. Sending money in person is more expensive, but you may be able to pay with cash instead of a bank transfer or credit card.

With these services, you can let your recipient pick up the cash in person rather than having it transferred straight to a bank account. Again, this might be more expensive than a wire transfer, but it’s a useful service if you need the money right away.

Before you choose to use either of these services, compare the costs, considering both the upfront admin fees and the exchange rates provided.

What is needed in Mexico in order to receive money?

Money transfer service providers have standardized the information needed to receive money due to the Mexican population’s diversity, ranging from the very wealthy to the rural poor.

Here is the information that will be required, despite provider-based variations.

  • Government-issued ID of the recipient. The information on the document must correspond to the information provided by the sender.
  • Reference number for the transaction. You can text or email the recipient using the 10-digit Money Transfer Control Number (MTCN) that Western Union provides.
  • Sender’s name and the amount being received. To prevent false claims, providers request this information.
  • Authorities may request more details based on each situation. Such measures are triggered by transaction volume and frequency.

How to get money at a MoneyGram agent location in person

Your bank account or mobile wallet received the money.

Nothing needs to be done by you. The funds will be transferred automatically!

For cash pick-up, money was sent.

It’s simple to get money from a location close to you because there are thousands of agent locations worldwide.

1. Choose a place.

Find a local MoneyGram agent location. Fill out the form.

2. Fill out the form, if necessary

If necessary, complete a straightforward receive form by entering the reference number that the sender provided for you.

3. Get your money

Give the agent your completed form and a legitimate photo ID so they can give you your cash.

FAQS on How to Send and Receive Money from Mexico to USA

How can I receive Mexican Peso to US Dollar transfers in the US?

There are a few ways your recipient can receive your money in the United States. These will differ between providers, but some services will:

Directly deposit USD to a bank account
Allow the recipient to pick up money at predetermined locations throughout the US.
Send money to their door directly.
Send USD to the mobile wallet of your recipient.

The following will typically be required if your recipient is going to pick up the money in person or have it delivered to them in the United States:

Government-issued identification card
The reference number for the money transfer
Information about the sender and the amount sent

How much cash can be sent from Mexico and the United States?

Your ability to receive USD from Mexico will be largely influenced by the money transfer service you choose. Some providers specialize in larger transfers, as well as providers who specialize in smaller remittance payments.
Before making your transfer, you should also see if there are any government restrictions on the amount of USD that may be received in the United States or sent from Mexico.

Conclusion

To ensure you’re getting the best deal for your needs, you must conduct some research before choosing how to send and receive money from Mexico to the US.

Examine the overall costs, considering exchange rates and any additional charges that might be applied, such as recipient or intermediary bank fees.

In this manner, you can be certain that you’ll pay a fair price and not encounter any unpleasant surprises.

References

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