How to send money from the US to Mexico step by step

Are you looking for a fast and safe way to send money to Mexico? You are in the right place. With Elektra Go, you can send money to Mexico quickly and safely.

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The fast solution for sending money to Mexico

Do you need to send money to your family and friends in Mexico?

Elektra Go enables you to send money from the United States to Mexico quickly, securely, and economically.

What makes Elektra Go an excellent choice for sending money to Mexico?

• Competitive exchange rates.
• Low fees.
• Multiple money-transfer options.
• Easy to use app for smartphones.
• Safety and reliability.
• Get assistance in Spanish when you need it.
• Track your transfers in real time.

How does Elektra Go work?

1. Download the Elektra Go application on your mobile phone.
2. Create an account.
3. Choose the country you want to send money to.
4. Enter the amount and payment method you prefer.
5. Confirm the transfer and that's it!

Send money now

How to send money from the United States to Mexico

Sending money to Mexico from outside the country is easy and safe if you know how to do it correctly.

Knowing the different ways to send money, whether it's safe, how much it costs, and how long it takes will help you choose the best option for your family.

Bank transfers

Bank transfers are a safe way to send money to Mexico from other countries. But you need a bank account to do it.

How do bank transfers work?

1. Log in to your online banking or visit a bank branch.
2. Select the "international transfers" option.
3. Enter the details of the recipient in Mexico, including their full name, bank account number and SWIFT or CLABE code.
4. Choose the amount of money you want to send.
5. Review and confirm the transaction.

Consider that, depending on the banking institution, the fees per transaction and destination, as well as transfer speed, will vary.

Advantages

• Great security and guarantees.
• Transparency in the exchange rate and commissions before carrying out the operation.
• Flexibility to send large amounts of money.
• If the institution has the digital infrastructure, you can make your transfers from online banking, the application, or by visiting a branch near your location.

Disadvantages

• Fees may be higher than sending money via an app.
• If the person receiving the money does not have an account at the same bank, the transaction could take several days to complete.
• In some cases, it is necessary to have a bank account in both countries to make an international transfer.

Banks that offer this service:

• Banco Azteca – offers international bank transfers through its online banking and branches, and allows receiving money from the United States via its Elektra Go app.
• Wells Fargo – Offers international bank transfers through its online banking, branches, and mobile app.
• Citibank – Offers international bank transfers through its online banking, branches, and mobile app.

Online money transfer services

Online money transfer services are an increasingly common alternative for making international transfers, such as sending money from the United States to Mexico. It refers to any service that allows you to send money over the internet, either through a website or an app.

These digital platforms allow you to send money abroad faster than traditional banks and safely.

How do online money transfers work?

1. You must create an account on the platform you want to use, usually providing personal information such as full name, email, date of birth and at least one ID.
2. In some applications, it is important to have a bank account to link to the platform.
3. To carry out the transfer, simply enter the details of the recipient in Mexico such as full name, telephone number or email address and the amount you wish to send.

Advantages

• Fast transfers, some can be completed in a matter of minutes.
• Money can be sent from anywhere with internet access using a smartphone and the app.
• You can send money between apps.
• They use security technology and data encryption to protect each transfer.

Disadvantages

• Transfer fees may vary from platform to platform, and the exchange rate may be higher.
• The daily transfer limit may be low compared to a banking institution's transaction limit.
• It's important to compare the fees, exchange rates, and features of different online money transfer services before choosing one.

Examples of online money transfer services:

• PayPal: online payment service well known among digital users.
• Xoom: service specialized in sending money, recharging phones and paying bills.
• Wise: international money transfer fintech.

Cash transfer

This method consists of delivering the money in cash to an agent in your country and the recipient picks it up in cash at an agent in Mexico.

How do cash transfers work?

1. Visit a cash transfer agent or branch, such as Western Union or MoneyGram.
2. Provide your ID and the money you want to send.
3. Complete a form with the recipient's details in Mexico, including their full name, address and telephone number.
4. Pay the corresponding commissions.
5. You will receive a transaction number.
6. The recipient must go to an agent of the same company in Mexico with their identification and the transaction number to receive the cash.

Advantages

• They are usually very fast and the money will be available at its destination in a matter of minutes.
• It is not necessary to have a bank account to send or receive money.
• In many countries and states there is a wide network of branches to make the transfer.

Disadvantages

• Transfer fees may be higher than previous sending types.
• The exchange rate offered by the company, especially when exchanging USD to MXN, may be less favorable for the recipient.
• Money transfers take longer when you can only do it by going to a branch.

Examples of cash transfer companies:

• Western Union: one of the largest cash transfer companies in the world, with many branches and agents in Mexico.
• MoneyGram: another cash transfer company with a presence in Mexico.

Money transfer apps

These are mobile applications designed specifically to make money transfers quickly and easily. Money transfer apps have become a popular and convenient way to transfer funds between friends, family, and others.

They work similarly to traditional banking platforms, but often offer greater flexibility, lower fees, and accessibility from your mobile device.

How do money transfers apps work?

1. Download the app on your smartphone and create an account.
2. Complete the sign-up process by providing your personal details, banking information and payment method (debit or credit card).
3. Enter the bank details or mobile phone number of the person you want to send money to.

Most apps allow you to track the status of your transfer and receive notifications when the money has been credited to the recipient's account.

Advantages

• Send money from anywhere, anytime using your smartphone.
• Transfers are usually processed instantly or within hours.
• Transaction fees are typically lower than traditional banks.
• They have several ways in which the recipient can receive the amount.

Disadvantages

• Some apps may have limits on the amount you can send in a single transaction.
• You need a smartphone with an internet connection to use the app.

Examples of popular apps to send money:

• Elektra Go: service specialized in sending money to Mexico and 15 other Latin American countries, also recharging phones and paying bills.
• Zelle: linked to bank accounts in the United States.
• Venmo: popular with friends and family, it allows you to informally send money and split payments.

Tips to reduce costs when sending money to Mexico

Compare different money transfer methods

It is essential to compare the rates and commissions of different money transfer services before choosing one. You can use this information to identify which way of sending money to Mexico is suitable for your needs.

Use digital platforms to get better transfer rates

Digital services typically offer more competitive rates than traditional banks because they have lower operating costs.

Send larger quantities to reduce transaction costs

If you send money frequently, consider sending larger amounts more frequently to reduce the cost per transfer.

Some platforms offer lower fees for larger transfers.

Avoid unfavorable currency changes

If you send money from a country with a currency other than the Mexican peso, for example you send USD to MXN, look for the cheapest possible exchange rate.

Compare the exchange rates offered by different providers and avoid converting at a time when the rate is least favorable for you.

FAQs

• What are the most common ways to send money from the United States to Mexico?

Mobile applications that allow you to send money are becoming more and more popular. These apps typically offer low fees and fast transfers, but it's important to check that the app is available in the U.S. and that the recipient has a compatible account.

Consider the benefits Elektra Go can offer you by sending money to your loved ones.

• How much does it cost to send money from the United States to Mexico?

The cost of sending money from the United States to Mexico varies depending on the method you choose, the amount you send, and the exchange rate. 

• What factors should I consider when selecting a method to send money?

Compare the rates and fees of different providers. Do you need money to arrive quickly? Consider that some options are faster than others. Be sure to consider which method is most convenient for your recipient. Compare the exchange rates offered by different providers.

Elektra Go makes it easy to send money to Mexico quickly, securely, and cheaply.

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