What are the best options to transfer money to Mexico? Where to find good MXN exchange rates?
What are the best ways to send money?
International bank wire can be simply too expensive as banks can charge up to $25 per overseas transfer. Moreover, sometimes there are even fees for only receiving a payment from abroad. Therefore, many people turn to the online alternatives and remittance platforms such as TransferWise, Remitly or TransferGo just to name a few popular ones.
A quick google search of a phrase such as “send money online” shows thousands of results. On Wirly.com there is a special tool, which compares offers from different available transfer providers and shows you a list of current cheapest money transfers. Just type in how much you need to send and the algorithm will calculate the costs of the same transfer on different platforms.
Which online remittance platforms support India money transfers?
Mexico banking is well developed and most of the transfer providers have established good connections with this country, therefore it seems that almost any available remittance platform supports payments to Mexico.
Here is a list of the most popular choices of people who transfer money to Mexico regularly:
- Western Union
Be careful of “free transfers to Mexico”
Often, when the transfer includes currency conversion some companies claim to offer “free” or other kinds of “zero fees” transfers. However, as you may expect, they make the money on exchanging these currencies. That’s why it’s important to double check the exchange rates of your platform before sending the transfer, because they may differ than the official ones, which you can find on Google.
Let’s say that the official exchange rate is 1USD=22MXN. In that case, if you send $100 your recipient gets 2200MXN. But some companies may exchange your money at their own rates, for example 1USD=18MXN. You may think that you don’t pay any extra fees, but if you sent $100 now, your recipient would get 1800MXN. That is 400MXN less than he was supposed to receive...
Where to find best exchange rates?
The exchange rates as you probably already know aren’t fixed. They are affected by numerous market factors, countries economies and political situations. The rates might be going up and down literally each minute. That’s why the company which at the moment offers best prices, may not be the most competitive one tomorrow...
On Wirly.com you can find a convenient tool, which shows the live rates at all possible money transfer and exchange platforms. Simply type in which currencies you want to convert and the algorithm will display you which company offers the best rates at this particular moment. Keep in mind that the top company can change even the next day as all of the rates fluctuate constantly. Therefore, it’s best to use the tool every time you need to exchange some money.