Send money to Mexico
Quick answer: Where you send from decides the cheapest option to Mexico. Across the 2 sending routes we price, the top-ranked estimates right now are InstaReM from United States (18,138 MXN for $1,000); Western Union from United Kingdom (12,027 MXN for £500).
Latest pricing observation: . Oldest observation used: . Quotes are kept per USD→MXN pair, not per country, so check is served before you commit. Methodology.
Cheapest way to send money to Mexico, by sending country
The top-ranked estimate on each route we price into Mexico, from our own collected quotes. Choose your country for the full provider ranking.
USD → MXN · 20 estimates
InstaReM: $1,000 becomes 18,137.54 MXN · 0.15% over mid-market · 842 MXN ahead of the lowest
GBP → MXN · 18 estimates
Western Union: £500 becomes 12,027.32 MXN · 0.00% over mid-market · 1,629 MXN ahead of the lowest
Mexico is the world's second-largest remittance recipient, receiving over $60 billion annually — primarily from Mexican nationals living in the United States. The USD-to-MXN corridor is one of the most competitive in the global money transfer market, with dozens of providers competing aggressively on rates. Mexico's SPEI real-time payment system means most transfers credit within minutes.
- SPEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico's real-time gross settlement system, operating 24/7. Most transfers from US providers reach Mexican bank accounts within minutes after the SWIFT leg completes.
- CoDi (Cobro Digital) and DiMo (Dinero Móvil) are Banxico-backed mobile payment systems linked to SPEI — recipients can receive and spend instantly using just a phone number.
- Banco de México (Banxico) regulates all FX transactions. There is no cap on inbound personal remittances. Transfers are reported to CNBV (banking regulator) above $7,500 USD equivalent.
- Remittances account for more than 4% of Mexico's GDP. The government has historically avoided taxes on incoming remittances to protect this vital economic flow.
- Popular receiving banks: BBVA México (largest), Santander México, Banamex (Citigroup), Banorte, HSBC México, and Inbursa all have nationwide branch and ATM networks.
Guides, fees & how it works
What you need to send money to Mexico
Full name
Recipient's full legal name as registered with their bank
CLABE number
18-digit Clave Bancaria Estandarizada — Mexico's standardized bank account number for interbank transfers
Example: 032180000118359719
Bank name
Name of the receiving bank (e.g. BBVA, Banorte, Santander, Banamex)
Debit card number
Optional16-digit debit card number (alternative to CLABE for some providers)
Note: Mexico uses CLABE (Clave Bancaria Estandarizada) instead of IBAN. Every Mexican bank account has an 18-digit CLABE number used for domestic and international transfers via SPEI. Your recipient can find their CLABE on their bank statement or mobile banking app.
How much does it cost to send money to Mexico?
The top-ranked estimate on each sending route into Mexico sits between 0.00% and 0.15% above the mid-market rate: tightest from United Kingdom (Western Union), widest from United States (InstaReM).
Ways to send money to Mexico
SPEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico's instant payment network and the gold standard for receiving money. If your recipient has a bank account, SPEI delivery is almost always the fastest and cheapest option.
How can my recipient receive money in Mexico?
Recipients in Mexico have 5 ways to receive this transfer: spei bank transfer; cash pickup at oxxo; cash pickup at agents; debit card deposit; home delivery.
SPEI Bank Transfer
Mexico's real-time interbank payment system delivers to any Mexican bank account almost instantly. The fastest and usually cheapest option.
Cash Pickup at OXXO
Recipient collects cash at any of 20,000+ OXXO convenience stores across Mexico — open long hours, located on virtually every block in Mexican cities.
Cash Pickup at Agents
Collect cash at Elektra stores, bank branches, and other partner locations.
Debit Card Deposit
Direct deposit to a Mexican debit card. Some providers support Visa/Mastercard debit cards issued by Mexican banks.
Home Delivery
Cash delivered to the recipient's address in select Mexican cities.
What are the transfer limits and regulations for Mexico?
Regulatory body
Comisión Nacional Bancaria y de Valores (CNBV) / Banco de México
Inbound transfer limits
No restriction on incoming remittances — Mexico is the world's second-largest remittance recipient
Documentation you may need
- Government-issued photo ID (passport, driver's license, or state ID)
- Social Security Number (for US senders)
- Proof of relationship to recipient (for some providers on large transfers)
Important things to know
- Cash pickups in Mexico require a valid Mexican government ID (INE/IFE or passport) from the recipient.
- Cash transactions over $300 USD equivalent require additional ID documentation under Mexican anti-money-laundering rules.
- Mexico's SPEI network operates 24/7 — transfers can arrive even on weekends and holidays.
- Some providers route via SWIFT instead of SPEI, resulting in 1–3 day delays — always confirm your provider uses SPEI for bank deposits.
How long does it take to send money to Mexico?
Top-ranked providers advertise 1-3 business days from United States (InstaReM), 1 business day from United Kingdom (Western Union).
Provider-stated speeds for Mexico, not our measurement.
Popular banks in Mexico
6 banks commonly receive international transfers in Mexico, including BBVA México and Banorte. SWIFT/BIC codes are shown where we could verify them; confirm the rest with the receiving bank.
BBVA México
BCMRMXMMXXX
Banorte
MENOMXMTXXX
Santander México
BMSXMXMMXXX
Citibanamex
—
HSBC México
BIMEMXMMXXX
Scotiabank México
MBCOMXMMXXX
Frequently asked questions
Common questions about sending money to Mexico
What is the cheapest way to send money to Mexico from the US?
Wise, Remitly, and Xe consistently rank as the cheapest for USD-to-MXN transfers. Remitly's Economy option (1–3 business days) is often the absolute cheapest. Ria Money Transfer is also very competitive and offers cash pickup at OXXO convenience stores. For larger amounts, OFX offers preferential rates with no flat fee. Always compare total MXN received — rates vary 1–4% between providers.
How long does a money transfer to Mexico take?
Remitly Express, WorldRemit, and Western Union Digital all deliver to SPEI-enabled Mexican accounts within minutes. Even standard bank transfers from specialist providers typically arrive within a few hours. Bank-to-bank SWIFT wires from US commercial banks take 1–3 business days. Cash pickup at OXXO, Bancoppel, or 7-Eleven with Ria or Western Union is available within minutes.
Can I send money to OXXO in Mexico?
Yes — Ria Money Transfer, WorldRemit, and Western Union allow cash pickup at OXXO stores nationwide. Recipients show their government ID and the MTCN (transfer reference number) to collect cash. OXXO has over 20,000 locations across Mexico, making it one of the most accessible payout networks in the country.
What are the CLABE details for a Mexican bank transfer?
CLABE (Clave Bancaria Estandarizada) is the 18-digit account number used for all electronic transfers within Mexico. It encodes the bank code, city code, and account number with a check digit. You need the recipient's full legal name (as on their IFE/INE) and their 18-digit CLABE — not a card number or regular account number. Most banks show the CLABE in their mobile banking app under account details.
Are remittances to Mexico taxed?
Personal remittances received in Mexico are not subject to income tax. The SAT (Mexican tax authority) does not classify family remittances as taxable income. Transfers above $7,500 USD equivalent may be reported to CNBV for AML purposes, but this is routine and does not trigger tax. Business payments received in Mexico may be taxable as income.
What is the best app to send money to Mexico?
Remitly is widely considered the best app for US-to-Mexico transfers — it offers easy onboarding, competitive rates, and supports bank deposit, OXXO cash pickup, and debit card delivery. Wise is best for rate-conscious senders who want the closest possible rate to mid-market. Ria is popular for cash pickup delivery. All three are available on iOS and Android with track-your-transfer features.