How to send money to Mexico: 2026 guide for individuals and businesses

Mexico has modernised its payment infrastructure significantly. The country's instant payment system, SPEI, settles domestic transfers in seconds, and a growing number of fintech providers now use it to deliver cross-border payments directly into Mexican bank accounts. That means sending money to Mexico is faster and cheaper than it used to be, whether you are supporting family, paying suppliers, running payroll, or building a payment product that touches the Mexican market.

Most people overpay because they do not compare the full cost. Banks advertise flat wire fees but quietly mark up the exchange rate by 2-4%. On a $5,000 transfer, that hidden margin can cost you $100-$200 more than a fintech app would charge for the same transaction. And the peso is volatile enough that the rate your provider gives you matters more than on most corridors.

Below is a breakdown of every major option, what they actually cost, and who each one is best suited for.

How to send money to Mexico: Best providers compared

The seven providers below cover the full range of use cases on this corridor, from instant API-based infrastructure to cash pickup at thousands of locations across Mexico. Costs and speeds vary significantly, so it is worth reading through before deciding.

1. Due

Due is a payment infrastructure company that combines stablecoin settlement with local payment rails across 80+ countries.

Instead of routing your money through a chain of correspondent banks (which is what makes SWIFT slow and expensive), Due moves value across borders as USDC and then converts to local currency at the destination. The last mile into a Mexican bank account is delivered via SPEI, Mexico's instant interbank payment system operated by Banco de México, so the recipient gets a standard local bank transfer.

• Total cost: ~0.4% (transfer fee + FX combined)
• Speed: Instant via SPEI
• Limit: No stated per-transaction limit
• Delivery: Direct to any Mexican bank account via SPEI
• Collections: Yes, receive MXN into a named virtual CLABE under your company name
• Coverage: 80+ countries, 50+ currencies. MXN is one of dozens of local payout currencies available through a single integration

Due is not just a transfer app. It is a multi-currency account where you hold a USDC balance and pay out in whichever local currency you need, when you need it.

That matters if you are a business that regularly pays suppliers, employees, or contractors in Mexico, because you are not sending a separate wire each time and eating the fees. You hold your operating funds in one place, convert to MXN at the point of payment, and the money arrives in the recipient's bank account within seconds.

The same account lets you pay into Brazil (PIX), Colombia (BRE-B), India (UPI), the Philippines (InstaPay), Kenya (M-Pesa), Europe (SEPA), and many more, without setting up separate provider relationships for each corridor.

Due also works the other way. If you need to collect payments from Mexico-based clients or customers, Due issues MXN virtual accounts with a local CLABE number on SPEI. These are named accounts, meaning they appear under your company name rather than Due's, which matters when you are invoicing Mexican clients who expect to see your business name on the receiving account. Anyone in Mexico can send pesos to your CLABE just as they would to a domestic bank account.

Best for

• Businesses paying Mexican suppliers, contractors, or employees regularly
• Freelancers and remote workers collecting MXN from Mexican clients
• Companies operating across multiple countries that want a single account covering Mexico alongside other corridors
• Fintech platforms building payment products that need both send and receive on Mexican rails

2. Wise

Wise (formerly TransferWise) is a London-based fintech that built its brand on transparent, low-cost currency conversion. The core proposition is simple: Wise converts at the real mid-market exchange rate and charges a small, clearly disclosed fee on top. There is no hidden FX markup, which is the main way traditional banks make money on international transfers.

• Total cost: ~0.58% ($5.77 on a $1,000 transfer when funded from a Wise balance)
• Speed: 74% of transfers arrive in under 20 seconds; 95% within a day
• Limit: Up to $1,000,000 equivalent per transfer
• Delivery: Mexican bank account (CLABE required)

Wise is one of the most trusted names on the Mexico corridor for personal transfers. The fee is shown upfront before you confirm, and the speed is genuinely fast. If you fund from a Wise balance or debit card, most transfers arrive almost instantly.

One limitation to be aware of: as of October 2025, Wise paused outbound transfers from MXN. You can still send money to Mexico, but you cannot currently use Wise to send pesos out of Mexico.

Best for: Individuals sending one-off personal transfers who want the lowest transparent fee and real mid-market rates. Less suited for businesses that need to collect MXN, send money from Mexico, or manage multi-corridor payments.

3. Revolut

Revolut is a London-based digital bank with over 70 million customers globally. It offers multi-currency accounts, international transfers, and card spending across 150+ currencies. On the Mexico corridor, Revolut uses local payment networks including SPEI when available, which helps transfers arrive faster than SWIFT.

• Total cost: ~0-0.5% (no fee on transfers up to ~$1,229; 0.35% on larger amounts. Standard plan has a $1,000/month fair usage limit for mid-market FX; beyond that, a 0.5% surcharge applies)
• Speed: 1 business day for bank transfers; Revolut-to-Revolut transfers arrive in seconds
• Limit: No maximum, though large transfers may require additional verification
• Delivery: Mexican bank account (CLABE required)

Revolut's pricing on this corridor is competitive, particularly for smaller transfers. The complexity is in the plan tiers: Standard plan users get $1,000/month in mid-market FX with no surcharge. Exceed that and you pay an additional 0.5%. Premium and Metal plans remove these limits. If you are sending a typical ~$400 remittance once a month, the Standard plan covers you comfortably. If you are sending larger amounts regularly, you need to factor in the surcharge or upgrade.

Best for: Existing Revolut users who want to send money to Mexico without leaving the app. Good for frequent small transfers that stay within the $1,000/month free tier. Less intuitive for people who do not already have a Revolut account, and the plan-dependent pricing can be confusing.

4. Xoom (PayPal)

Xoom is PayPal's international money transfer service. It is one of the largest providers on the US-to-Mexico corridor specifically, with strong coverage for bank deposit, debit card delivery, and cash pickup. Xoom benefits from PayPal's infrastructure and user base, making it a common choice for people who already have a PayPal account.

• Total cost: ~1-3% (fees vary by funding method; the FX rate typically includes a 1-2.5% margin above mid-market)
• Speed: Minutes for cash pickup and debit card delivery; 1-3 business days for bank deposit
• Limit: Varies by verification level and funding method
• Delivery: Bank deposit (CLABE), debit card, cash pickup (OXXO, Elektra, BanCoppel, and others), mobile wallet (Mercado Pago, Spin by OXXO)

Xoom's flat fees are often low or $0 depending on the funding method, but the exchange rate margin is where the cost sits. Funding with a bank account tends to be cheaper than funding with a credit card. Delivery to debit cards is a distinctive feature that most competitors do not offer on this corridor.

Best for: PayPal users who want a familiar interface. People who need delivery to a debit card in Mexico rather than a bank account. Personal remittances with multiple delivery options. Not designed for business payments or collecting MXN.

5. Remitly

Remitly is a US-based digital remittance company built specifically for the migrant corridor. It is designed for people sending money home, with a mobile-first experience and delivery options that go beyond bank deposit.

• Total cost: ~1-2% (FX margin above mid-market, varies by speed tier and delivery method)
• Speed: Express arrives within minutes; Economy takes 1-3 business days
• Limit: Varies by verification level and delivery method
• Delivery: Bank deposit (CLABE), cash pickup at thousands of retail locations across Mexico, or mobile wallet

Remitly offers two speed tiers: Express (fast, costs more) and Economy (slower, cheaper). The FX margin is higher than Wise, Revolut, or Due, but Remitly covers something fintech transfer apps do not: cash pickup at thousands of retail locations across Mexico, including in smaller towns that bank-only services cannot reach.

Best for: Personal remittances where the recipient needs cash pickup or does not have a Mexican bank account. Sending to family in smaller towns or rural areas. Not designed for business payments or recurring commercial transfers.

6. Western Union and MoneyGram

Western Union and MoneyGram are the legacy operators on this corridor. Western Union alone has over 50,000 pickup locations in Mexico through partners like Elektra and Telecomm. Both have been moving money to Mexico for decades and have the widest physical reach of any option on this list.

• Total cost: ~1-4% (varies by sending method, amount, and delivery option)
• Speed: Minutes for cash pickup; 1-3 days for bank deposit
• Limit: Varies by corridor and compliance verification
• Delivery: Cash pickup at agent locations, bank deposit, mobile wallet

Best for: Cash pickup in locations where other services do not reach. Senders who prefer in-person transactions at an agent. Not cost-effective for regular transfers or business payments.

7. Bank wire transfer via SWIFT

SWIFT is the messaging network that connects banks globally. When you ask your bank to send a wire transfer to a Mexican bank account, the payment typically travels through one or more intermediary (correspondent) banks before arriving. Each bank in the chain adds time and may deduct a fee.

• Total cost: ~4-7% (flat fee $25-$50 + FX markup 2-4% + potential intermediary fees $10-$30)
• Speed: 2-5 business days
• Limit: No inherent limit, though your bank may impose one
• Delivery: Mexican bank account via correspondent chain

On a typical remittance of ~$400, a SWIFT wire makes no economic sense. The flat fee alone ($25-$50) is 6-13% of the transfer amount. SWIFT only becomes rational for large corporate payments where a formal bank-to-bank audit trail is required.

Best for: Large one-off corporate payments where compliance requires a traditional bank paper trail. Trade finance. Not appropriate for personal remittances or regular business payments.

Sending money to Mexico: Cost comparison

The biggest mistake people make when comparing transfer options is looking at the advertised fee and ignoring the exchange rate. A provider that charges "$0 fees" but converts your dollars at a rate 3% worse than mid-market just cost you $30 on a $1,000 transfer. This matters even more on the Mexico corridor because the peso is volatile: in 2025, the USD-to-MXN rate swung from 17.11 to 19.47, a move of nearly 14%.

The tables below combine the transfer fee and FX markup into one number so you can compare what you actually pay.

$1,000 transfer to a Mexican bank account (MXN <>US)

€1,000 transfer to a Mexican bank account (MXN<>EU)

Costs are approximate and vary by amount, funding method, and delivery option. Always check the provider's calculator for the exact rate before sending. Prices for both tables checked May 2026.

Sending money to Mexico via SPEI

You do not need to understand the plumbing to send money to Mexico, but knowing the basics helps you understand why some transfers are instant and others take days.

SPEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico's instant interbank payment system, operated by the central bank, Banco de México. It is the backbone of electronic money movement in the country. In 2023, SPEI processed over 3.89 billion transactions. Nearly every licensed financial institution in Mexico participates, which means a transfer sent via SPEI can reach virtually any bank account in the country.

• Settlement: Real-time during operating hours
• Limit: No inherent per-transaction limit, though individual banks may impose caps
• How it works: Uses the 18-digit CLABE number to identify the destination account

SPEI is Mexico's equivalent of Brazil's PIX, India's UPI, or the UAE's Aani. When a fintech app says your transfer to Mexico will arrive "instantly," they are almost certainly routing through SPEI.

How Due supports MXN payments via SPEI

Due connects directly to SPEI, giving you access to Mexico's instant payment rail through a single integration:

• SPEI payouts: Instant delivery to any Mexican bank account. No stated per-transaction limit. Best for supplier payments, contractor payroll, marketplace payouts, and personal transfers.
• SPEI pay-ins: Receive MXN instantly from Mexican senders into your virtual CLABE account.

When you send MXN via Due, you fund the transfer from your USDC balance. Due handles the conversion to pesos and routes the payment through SPEI. The recipient receives a standard domestic bank transfer within seconds, with no stablecoin interaction required on their end. This is what the payments industry sometimes calls the stablecoin sandwich: stablecoins carry the value across borders, local rails handle the first and last mile.

For businesses that both send and receive MXN, Due issues named virtual CLABE accounts on SPEI. "Named" means the account is registered under your company name rather than Due's, which matters for counterparty trust and reconciliation at scale.

What information do you need to send money to Mexico

For a transfer via SPEI (through Due, Wise, Revolut, or similar): you need the recipient's full name and their 18-digit CLABE number. The CLABE (Clave Bancaria Estandarizada) is Mexico's standardized bank code, used across all Mexican banks. Your recipient can find it on their bank statement, in their mobile banking app, or by asking their bank directly.

For a SWIFT wire: you also need the bank's SWIFT/BIC code and branch address.

For cash pickup: the recipient needs a government-issued ID (INE, passport, or similar) and the transfer reference number provided by the sending service.

Sending money to and from Mexico by region

The best option depends on where you are sending from. Here is what to know for the most common corridors.

Best way to send money to Mexico from the US

The US-to-Mexico corridor is the largest remittance route in the world by volume. Over $62 billion flowed from the US to Mexico in 2024, with California and Texas accounting for nearly half. Due, Wise, Revolut, and Remitly all cover this corridor well. For the lowest total cost, Due and Wise are the strongest options. For cash pickup, Remitly, Xoom, and Western Union have the widest coverage. Bank SWIFT wires only make sense for large formal payments.

Sending money to Mexico from Canada

Wise and Revolut both support CAD-to-MXN transfers with competitive rates. Due supports MXN payouts via SPEI, so Canadian senders can fund their Due account and pay out to Mexico through the same platform. Canadian banks offer SWIFT wires but charge $30-$60 per wire plus FX markup.

Sending money to Mexico from Europe

Wise and Revolut are the strongest options for EUR-to-MXN and GBP-to-MXN transfers. Due supports SEPA pay-in for EUR funding and Faster Payments for GBP, so European and UK senders can fund their account in local currency and pay out to Mexico via SPEI through the same platform.

Sending money from Mexico to the US

Due supports both directions on the US-Mexico corridor. If you are in Mexico and need to send USD to the US, Due's virtual CLABE lets you fund a transfer in MXN via SPEI and convert to USD for delivery via ACH or FedWire. Revolut also supports MXN-to-USD transfers. Note that Wise paused outbound MXN transfers as of October 2025.

Sending money from Mexico to Latin America

If you are sending from Mexico to other Latin American countries, Due covers Brazil (PIX), Colombia (BRE-B), Chile, Costa Rica, Guatemala, Honduras, the Dominican Republic, and others through local rails. This is relevant for businesses operating across the region or individuals with connections in multiple Latin American countries.

Legal and compliance considerations

Sending money to Mexico involves reporting and compliance rules on both sides of the border. Here is what applies.

US reporting requirements

Under the Bank Secrecy Act, US financial institutions must report international transfers over $10,000 to the Financial Crimes Enforcement Network (FinCEN). Deliberately splitting transfers into smaller amounts to avoid this threshold (known as "structuring") is illegal. These requirements apply regardless of which provider you use.

Mexican tax monitoring

Mexico's SAT (Servicio de Administración Tributaria) monitors incoming international transfers. Recipients who receive large or frequent deposits may be asked to document the source and purpose of the funds. This is standard AML compliance and should not cause issues for legitimate transfers, but recipients should be aware that large or unusual inflows may trigger a bank inquiry.

US remittance excise tax (1%, effective January 2026)

The One Big Beautiful Bill Act, signed into law on July 4, 2025, introduced a 1% excise tax on certain remittance transfers sent from the United States to recipients in foreign countries. The tax took effect on January 1, 2026. It applies to transfers funded by cash, money orders, cashier's checks, and similar physical instruments. It does not apply to transfers funded from a US bank account or paid with a US-issued debit or credit card. Digital transfer providers like Due, Wise, and Revolut are generally not affected since they do not accept the physical payment methods covered by the tax. If you typically fund transfers from your bank account or card, the tax does not apply to you. If you send money via a cash-based money transfer agent, the 1% tax is collected by the provider at the point of transfer.

KYC and AML

All licensed transfer providers require identity verification (KYC) before processing international transfers. The level of verification depends on the provider and the transfer amount. For more on cross-border KYC obligations, see our guide on KYC and AML requirements.

Doing regular business with Mexico? Open a multi-currency account

If you are importing goods, paying suppliers, or running any kind of cross-border operation that touches Mexico, a multi-currency account will save you money. Sending each payment through your bank as a separate SWIFT wire means paying the wire fee and the FX markup every time.

Due offers a global account that lets you hold USDC/digital dollars and convert to MXN, BRL, EUR, GBP, AED, or other currencies when you need to pay. You can receive payments from your European client in euros, pay your manufacturer in Querétaro in pesos, and hold your working capital in USDC, all from one dashboard.

Due also issues MXN virtual accounts with a local CLABE under your company name. Your Mexican clients and partners pay you via a standard SPEI transfer. Funds arrive instantly. Virtual accounts are priced at $1 per active account per month.

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Important notice: this information is provided for educational purposes and is current as of May 2026. Exchange rates, fees, transfer limits, and regulations change frequently. Always verify the latest rates and requirements directly with service providers and relevant regulatory authorities before making any financial decisions.