Guide · data as of
What is the cheapest way to send money to Mexico?
The cheapest way is usually a bank deposit through a transfer service that quotes a rate close to mid-market. In RateRunner's 15 October 2026 snapshot, the best ranked quotes for 1,000 USD to Mexico cost about 1% in total, while bank wires cost 3.0% to 3.5%.
How much did it cost on 15 October 2026?
RateRunner’s snapshot of indicative quotes for sending US dollars to Mexico, retrieved on 15 October 2026, ranked ten providers. Here is how the best and the costliest compared at three amounts. “True cost” is the upfront fee plus the money lost in the exchange rate versus the mid-market rate.
| You send | Lowest ranked true cost | Highest true cost | Big US banks in the data |
|---|---|---|---|
| 200 USD | 1.00% (Instarem) | 7.52% (PayPal) | 3.00% to 5.42% |
| 1,000 USD | 1.00% to 1.21% (Instarem, Wise) | 5.62% (PayPal) | 3.00% to 3.48% |
| 5,000 USD | 0.64% (Wise) | 5.24% (PayPal) | 2.49% to 2.96% |
Indicative quotes for bank deposit, collected by Wise’s public comparison; one quote with a promotional rate above mid-market is excluded from “lowest” here but shown on the corridor page. Live figures: USD → MXN ledger.
Three things stand out. First, the gap is large: on 1,000 dollars, the costliest quote left the recipient roughly 1,190 pesos short of the best one. Second, the banks in the data charged little or nothing upfront but marked the rate up by about 2.5% to 3%. Third, the ranking changes with the amount: providers with flat fees and mid-market rates win at 5,000, while those with no fee and a small markup win at 200.
For context, the World Bank’s Remittance Prices Worldwide survey found Mexico to be the cheapest G20 country to send money to in the third quarter of 2025, at an average of 4.53% for the equivalent of 200 dollars across all surveyed services. Average cost and best available cost are very different numbers.
Bank deposit, debit card or cash pickup?
Bank deposit via SPEI. Mexico’s central bank runs SPEI, a real-time interbank payment system. Transfer services with Mexican payout arrangements pay into the recipient’s account through it, so money often arrives within minutes once the provider releases it. The recipient needs an account with a CLABE, the 18-digit standardised account number every Mexican bank account has.
Debit card deposit. Some services can pay to a Mexican debit card number. It is convenient when the recipient knows their card number but not their CLABE.
Cash pickup. Networks of retailers, pharmacies and bank branches pay out cash on presentation of ID and a reference number. It suits recipients without accounts, but pricing can differ from bank deposit. See cash pickup vs bank deposit.
Why does the cheapest provider change with the amount?
Flat fees matter most for small transfers. A 12 dollar fee is 6% of 200 dollars and 0.24% of 5,000. A markup of 1% is 1% of any amount. In the snapshot, Wise converted at the mid-market rate with a fee that rose from 8.09 dollars at 200 to 31.97 dollars at 5,000, which placed it sixth at 200 and first at 5,000. Instarem charged no fee with a markup of about 1%, which made it the cheapest quote at 200 apart from one promotional rate.
The calculator shows the full ledger for any amount, with live quotes when your browser can reach the comparison source.
What about the US remittance tax?
Since 1 January 2026, transfers from the United States funded with cash, a money order or a cashier’s check carry a 1% federal excise tax, collected by the provider. Transfers funded from a US bank account or with a US-issued debit or credit card are not subject to it. On 500 dollars in cash, the tax is 5 dollars on top of fees and markup. Details: does the 1% remittance tax apply to you?
A short checklist before you send
- Compare the amount the recipient gets for the same amount, sent the same day.
- Confirm the quote is for the payout method you will use (SPEI deposit, card, cash).
- Check the funding method: card funding can add a fee; cash funding adds the 1% US tax.
- Make sure the recipient’s name matches their bank account or ID exactly, and double-check the CLABE.
- Keep your receipt. US senders have cancellation and error-resolution rights under federal rules; see why providers ask for ID and what limits apply.
Sending from Canada? The CAD → MXN ledger shows the same comparison for Canadian dollars.
Questions people ask
- What details does my recipient in Mexico need to give me?
- For a bank deposit, their full name as it appears on the account and their 18-digit CLABE. For a debit card deposit, the 16-digit card number. For cash pickup, their name exactly as on their ID.
- Is cash pickup in Mexico more expensive than a bank deposit?
- It can be, because many providers price payout methods differently. Compare the amount the recipient gets for the exact payout method you will use.
- Do I pay US tax when sending money to Mexico?
- Since 1 January 2026, a 1% federal excise tax applies to remittances funded with cash, money orders or cashier's checks. Transfers funded from a bank account or with a US debit or credit card are not subject to it.