How to Send Money From Mexico to the United States

Sending money from Mexico to the United States is a process many individuals undertake for various reasons, including supporting family, making investments, or handling business transactions. Understanding the available methods, necessary documentation, associated costs, and steps for both sending and receiving funds is important for a smooth experience.

Common Money Transfer Methods

Individuals in Mexico have several avenues for sending money to the United States, each with distinct operational characteristics. Traditional banks offer a secure and regulated option for international transfers, often suitable for larger amounts and those who prefer in-person service. These transfers typically involve direct bank-to-bank transactions.

Specialized money transfer services, such as Western Union and MoneyGram, are widely used for their extensive networks and convenience. These services allow senders to initiate transfers from agent locations or, in some cases, online, with recipients often able to pick up cash quickly in the US. Many of these services have established physical locations throughout Mexico, including major stores and convenience stores, facilitating cash payments.

Online remittance platforms, including services like Wise, Remitly, Revolut, and Paysend, have gained popularity due to their digital nature and competitive pricing. These platforms typically operate via websites or mobile applications, allowing users to initiate transfers from their bank accounts or credit/debit cards. They often emphasize speed and transparency in their fee structures.

Information and Documents for Sending

Before initiating a money transfer from Mexico to the United States, gathering specific information and documents is a necessary preparatory step. Senders in Mexico are generally required to provide official proof of identification. This typically includes a valid government-issued photo ID, such as an official Mexican ID like the INE or a passport. Some services may also request a secondary form of identification, like a utility bill, to confirm the sender’s address.

Accurate details about the recipient in the United States are equally important. Senders must provide the recipient’s full legal name, exactly as it appears on their identification, along with their physical address and phone number. For transfers directed to a bank account, the recipient’s bank name, bank account number, and the ABA routing number are required. Some platforms may also request the bank’s SWIFT/BIC code for international transfers.

The precise amount of Mexican pesos (MXN) to be sent must be determined, as this influences the conversion to US dollars (USD) and the associated fees. Depending on the service and the amount, additional documentation or verification might be requested to comply with regulations, such as anti-money laundering (AML) laws.

Steps for Initiating a Transfer

Once all the necessary information and documents are prepared, initiating a money transfer from Mexico to the United States involves several distinct steps. If using a physical agent location, the sender visits a branch of their chosen money transfer service or bank. They present their identification and the recipient’s details to the service agent. The sender then provides the cash in Mexican pesos or uses a debit/credit card to fund the payment.

For online platforms or mobile applications, the process begins by logging into an account or creating a new one. The sender selects the destination country, the United States, and inputs the amount to be sent in Mexican pesos. The system typically displays the converted amount in US dollars, along with any fees and the exchange rate, before the transaction is finalized. The prepared recipient details, including their name, address, and bank account information or preferred cash pickup location, are then entered into the online form.

After reviewing all the transaction details for accuracy, the sender confirms the transfer and authorizes the payment from their linked bank account or card. Upon successful initiation, a unique transaction tracking number, such as a Money Transfer Control Number (MTCN), is generated. This number is for both the sender to track the transfer and for the recipient to claim the funds.

Understanding Transfer Costs and Exchange Rates

When sending money from Mexico to the United States, two primary financial factors influence the total cost: transfer fees and exchange rates. Transfer fees can be structured in various ways, including flat fees for a specific amount, percentage-based fees that vary with the transfer amount, or a combination. Some services may offer zero fees for certain payment methods or for first-time customers, but it is important to verify the terms as other charges might apply.

The exchange rate between the Mexican Peso (MXN) and the US Dollar (USD) impacts the final amount received by the recipient. Money transfer services typically set their own exchange rates, which often differ from the mid-market rate, the rate at which banks trade currencies among themselves. This difference, known as a markup, is a way for providers to generate revenue in addition to direct fees. A higher markup means the recipient receives less US dollars for the same amount of Mexican pesos.

To understand the total cost, it is advisable to compare the “send amount” in MXN with the “receive amount” in USD across different providers, considering both fees and the applied exchange rate. Exchange rates are subject to market fluctuations, so they can change throughout the day. Some services may allow users to lock in an exchange rate for a limited period, typically up to 24 or 48 hours, providing predictability for the transfer.

Receiving Funds in the United States

Once a money transfer is initiated from Mexico, the recipient in the United States can expect to receive the funds through various methods, depending on the sender’s chosen service. Recipients are typically notified by the sender with a tracking number, often referred to as a Money Transfer Control Number (MTCN) for services like Western Union, for claiming the funds. The availability of funds can range from minutes to several business days, influenced by the service chosen and the payout method.

For cash pickup, the recipient must visit a designated agent location, such as a Western Union or MoneyGram outlet, or a participating retail store. They will need to present a valid government-issued photo identification, such as a US driver’s license, passport, or state ID. The recipient must also provide the tracking number and, in some cases, the sender’s full name and the expected amount.

Alternatively, funds can be deposited directly into a US bank account. For this option, the sender would have provided the recipient’s bank name, account number, and ABA routing number. Direct deposits are electronic transfers made through networks like the Automated Clearing House (ACH), and funds are typically available within one to three business days. Some services also support transfers to mobile wallets or offer home delivery in specific regions, though direct bank deposits and cash pickups are the most common methods.