How to choose a money transfer company for sending money to Mexico: 5 tips you should know

Sending money to Mexico has never been easier, but choosing the right company can make all the difference. Whether you’re supporting your family, paying bills, or simply sending an inexpensive gift, finding a reliable and affordable money transfer company is essential.

With so many options available, from traditional banks to mobile apps, choosing a company to send money is an important decision that should take several factors into account: rates, security and speed of transfers can vary significantly between different providers.

For this reason, in this blog, we share recommendations that will help you compare and choose a company to send money to Mexico from the United States with security and confidence.

1. Compare fee rates 

Fee rates are the costs of using the company's services to send money from one place to another. It’s common for companies that carry out this type of transaction to charge a fee for both national and international transfers

Fee rates may vary significantly between companies, depending on things like their infrastructure, technology, and the services they offer.

By comparing fee rates, you’ll be able to identify which one offers you the most favorable rate and commissions, which translates into greater savings on your transactions.

2. Check the exchange rate

The exchange rate is the value of one currency in relation to another. In this case, we are talking about the value of the US dollar (USD) compared to the Mexican peso (MXN).

Generally, when a company shows the USD-MXN exchange rate, it differentiates between selling and buying.

USD buying exchange rate

It’s the price at which a financial entity, like a bank or an exchange house, will buy your dollars. If you want to convert your dollars to Mexican pesos, the buying exchange rate is the price they’ll offer you for each dollar..

The buying exchange rate will usually be lower than the selling exchange rate, as the financial institution makes a profit on this transaction.

USD selling exchange rate

This is the price at which a financial institution will sell you US dollars.

To understand how the exchange rate and sale of USD works, imagine that you want to exchange 100 dollars for Mexican pesos. A financial institution offers you a buying exchange rate of 19 Mexican pesos per dollar and a selling exchange rate of 20 Mexican pesos per dollar.

• If you want to sell your 100 dollars: you will receive 1900 Mexican pesos.
• If you want to buy 100 dollars: You will have to pay 2000 Mexican pesos.

For this reason, it’s important that you always check the current exchange rate when sending dollars to Mexico, as it can fluctuate due to several factors.

3. Know what the transfer speed is

Transfer speed is a crucial factor when choosing a company to send money from the United States to Mexico. The time it takes for money to reach the people you want can differ significantly from company to company.

When you need money to reach its destination quickly to attend to a family emergency or make an important payment, it’s best to use money sending apps that can complete the transfer in a matter of minutes.

The ideal is to compare the times of the available companies, so by knowing the estimated arrival time of the money, you can better plan your expenses and avoid inconveniences.

4. Find out if it’s a safe and reliable company

Why is it important to consider the security and trust that a company gives you when sending money? By sending money, you're trusting them with an important part of your personal and family finances.

Therefore, it is essential that the company you choose not only has a secure app to send money, but also complies with current regulations. A reliable company will always provide you with clear and transparent information about its rates, exchange rate, and shipping process.

5. Verify that they have customer support

Customer support is a crucial factor to consider when choosing a company to send money from the United States to Mexico, especially when you need that assistance to be in English or Spanish.

Unforeseen events may arise during the money transfer process. Good customer support will help you resolve these issues quickly and efficiently.

If you have questions about the transfer process, exchange rates, fees, or anything else related, good customer service will provide you with the information you require. Additionally, a money transfer company with good customer service will give you peace of mind that you are in good hands and that your needs will be taken care of.

Taking these considerations into account will help you find the right company option to send money to Mexico that most closely aligns with your needs.

We invite you to discover our Elektra Go app, where you can transfer money to Mexico safely and reliably.

Frequently asked questions about sending money to Mexico

P: What is the best company to send money to Mexico?

R: There is no single answer to this question, as the "best" company depends on each person's needs. The best thing to do when choosing is to research and compare the available options, analyzing factors such as:

• Fees, commissions and exchange rates offered by different money transfer companies.
• Time it takes for the money to reach its destination.
• Daily shipping limits per company.
• Shipping and receiving methods.
• Company reputation and the security measures they implement.

P: How much money can I send to Mexico using these companies?

R: Transfer limits vary by company and payment method. Some factors that can influence the limit include:

• Account type.
• Payment method.
• Regulations.

P: Is it safe to send money to Mexico through these companies?

R: Sending money to Mexico through well-known and reputable companies is generally safe. However, it is important that you always take precautions such as:

• Verify that the company is properly authorized and regulated.
• Use secure connections and passwords.
• Do not share your information with third parties.

P: What fees do these companies charge to send money to Mexico?

A: Fees vary depending on the company, amount sent, payment method and destination. Some companies charge a flat fee, while others charge a percentage of the amount sent.

For exact fees, visit the companies' websites and use their fee calculators before sending money.