When you’re wanting to send money to family or friends in Mexico, it’s important to be on the lookout for cheap exchange rates, low fees and a simple transfer process. Compare a range of international money transfer providers here with Savvy to help you find the best exchange rates and lowest fees available. Consider a range of options with us before getting your international money transfer underway today.
Disclaimer: Savvy is not advising or recommending any particular product to you. We provide general information on products for the purposes of comparison, but your personal situation or goals are not considered here. Although we try to make our comparisons as thorough as possible, we do not have information on all products on the market on our site.
If you decide to initiate a money transfer with one of the providers listed above via our website, you will not be dealing with Savvy; any applications or enquiries will be conducted directly with the provider offering that product.
The process to send money to Mexico is much the same whether you opt for a bank transfer or a cash pickup, with the steps being as follows:
Whether you’re wanting to transfer money to Mexico City or Tijuana, there are plenty of different options for sending money overseas to Mexico. The best way for you to send your money will depend on how urgent your transfer is and whether you want to transfer funds to a bank account or in cash.
Many transfer companies offer several different types of transfer, so it’s important to compare your options with Savvy and choose the most convenient or cheapest transfer for your needs. You can choose from:
When you’re sending money to Mexico, you’ll want to make sure you’re getting the most pesos for your Australian dollars. This means finding the best exchange rate possible. However, to get the best money transfer deal overall, you’ll also want to find a company with the lowest money transfer fees to send your funds overseas. Banks charge between $6 and $30 in fees to send an international money transfer and charge a markup on the exchange rate.
The best exchange rate between the peso and the Australian dollar is the mid-market rate, which is the rate that international banks use to transfer money between themselves. Some companies offer the exact mid-market rate but charge a fee for you to make the transfer.
Some companies charge a percentage fee for their money transfers based on the transfer amount, which starts at around 0.4%. Lower percentages are charged for larger transfer amounts. Others charge a set rate fee; for instance, OFX charges $15, while Remitly’s fees are around $4 (depending on the country). It’s important to compare these fees so you can avoid paying too much for your transfer.
In general terms, set rate fees are the cheapest way to send large transfers (such as over $2,000) and percentage-based fees are the cheapest way to send smaller transfers. This is why it’s so important to compare transfer providers every time you want to send money overseas.
Discounts and free special offers
Some companies, such as SingX, offer the first one to three transfers free of charge as a welcome to new customers. Other companies offer free transfers above a set amount (for example, OFX offers free transfers over $10,000), so keep a lookout for these free special offers.