The main routes and what each one costs
You can move money to a Mexican bank account through four main channels: a wire transfer from your US bank, a money transfer service like Western Union or Wise, a peer-to-peer app, or cash pickup at a physical location. Each has different fees, exchange rates, and timing. A wire transfer through your bank typically costs $15 to $50 and takes one to three business days. Money transfer services charge 1 to 5 percent of the amount and often deliver within hours. The route you choose depends on how much you're sending, how fast you need it to arrive, and whether the recipient has a bank account.
The recipient's bank matters too. Major Mexican banks like BBVA México, Santander México, Scotiabank, and Banorte accept incoming wires from the US without extra steps. Smaller regional banks sometimes require additional information or may charge their own receiving fee. Before you send anything, confirm with the recipient which bank they use and whether they have an account number ready.
Key Takeaways
- Wire transfers from your US bank are reliable but slower and more expensive than money transfer services, which can deliver funds in hours for a lower percentage fee.
- You will need the recipient's full name, bank account number, bank name, and the bank's SWIFT code or CLABE number to complete any transfer.
- Money transfer services like Wise and Western Union often offer better exchange rates than your bank, especially for amounts under $5,000.
- Mexican banks may charge a receiving fee of 50 to 200 pesos, which the recipient pays when they withdraw the money.
- Transfers typically arrive within one to three business days for wire transfers, or within hours for money transfer services, depending on the method and time of day you send.
Wire transfers from your US bank
A wire transfer is the most formal route and the one most Mexican banks expect. You initiate it at your bank's branch or online, provide the recipient's information, and your bank sends the money directly to the Mexican bank. The US bank debits your account when ready, but the Mexican bank may take one to three business days to credit the recipient's account. Weekends and Mexican holidays can add extra days.
To send a wire, you need the recipient's full legal name (exactly as it appears on their bank account), their account number, the name and city of their Mexican bank, and the bank's SWIFT code. Some banks also ask for the CLABE number, which is a 18-digit code unique to each Mexican bank account. You can ask the recipient to provide this information, or you can look up the SWIFT code on the bank's website. Your bank will charge you a fee—typically $25 to $50 for an outgoing international wire—and you may see a slightly worse exchange rate than the market rate.
Wire transfers work best when you're sending a larger amount (over $1,000) because the flat fee becomes a smaller percentage of what you're moving. For smaller amounts, the fee eats into the transfer more noticeably.
Money transfer services: Wise, Western Union, and others
Money transfer services like Wise, Western Union, MoneyGram, and Remitly let you send money online or in person and often deliver it faster and cheaper than a bank wire. Wise is known for its real mid-market exchange rate and low fees—typically 1 to 2 percent for bank-to-bank transfers. Western Union charges 2 to 5 percent depending on the amount and delivery method. These services work by taking your money in the US, converting it at their rate, and depositing it into the recipient's Mexican bank account or making it available for cash pickup.
To use a money transfer service, you create an account online or in person, enter the recipient's bank details, and choose how the money arrives. Bank deposit is usually the cheapest option and takes a few hours to one business day. Cash pickup at a Western Union or Elektra location in Mexico is faster—sometimes within minutes—but costs more. The recipient needs to show ID to collect cash.
Money transfer services require the same information as a wire: the recipient's name, account number, bank name, and often the CLABE number. The advantage is that you can see the exact amount the recipient will get before you confirm the transfer, so there are no surprises about fees or exchange rates.
Peer-to-peer apps and informal transfers
Apps like PayPal, Square Cash, and Venmo work for transfers between people in the US, but moving money to Mexico through these apps is limited. PayPal does offer transfers to Mexican bank accounts, but the fees are high and the exchange rate is poor. Most peer-to-peer apps are designed for domestic transfers and do not support Mexico directly.
Some people use informal methods like asking a friend traveling to Mexico to carry cash or using a local money changer, but these carry risk—you lose the paper trail, you have no recourse if something goes wrong, and you may be moving money in ways that trigger reporting requirements. For any amount over $10,000, the US has reporting rules, and informal transfers can create legal complications. Stick to a documented method.
What information you need from the recipient
Before you initiate any transfer, collect these details from the person receiving the money: their full legal name (as it appears on their bank account), their bank account number, the name of their bank, and the city where the bank branch is located. For wire transfers and some money transfer services, you also need the CLABE number or the bank's SWIFT code.
The CLABE is a 18-digit number that identifies the specific bank account in Mexico. The SWIFT code is a four-to-eleven-character code that identifies the bank itself. If the recipient does not have the CLABE, they can get it from their bank's website, their bank statement, or by calling their bank. The SWIFT code is public information and you can find it by searching "[bank name] SWIFT code Mexico" online.
Double-check the account number and name before you send. A typo in the account number can send money to the wrong person, and Mexican banks do not always catch these errors before processing. If the name does not match exactly, some banks will reject the transfer.
Timing, fees, and exchange rates compared
| Method | Typical Fee | Exchange Rate | Delivery Time | Best For |
|---|---|---|---|---|
| Bank wire transfer | $25–$50 flat | Slightly worse than market | 1–3 business days | Large amounts, formal transfers |
| Wise | 1–2% of amount | Mid-market rate | A few hours to 1 day | Any amount, best rates |
| Western Union (bank deposit) | 2–5% of amount | Slightly worse than market | A few hours to 1 day | Moderate amounts, speed |
| Western Union (cash pickup) | 3–7% of amount | Slightly worse than market | Minutes to hours | Urgent transfers, no bank account needed |
| PayPal | 3–5% of amount | Poor | 1–3 business days | Last resort only |
The exchange rate is where you lose the most money on small transfers. Your bank's wire transfer rate is usually 2 to 3 percent worse than the real market rate. Money transfer services like Wise use the real mid-market rate, which is why they are cheaper for most amounts. Western Union's rate is somewhere in the middle—better than your bank, worse than Wise.
Fees also vary by amount. A $500 transfer with a 2 percent fee costs $10. The same $500 transfer with a $30 flat wire fee costs $30, which is 6 percent of the amount. For small transfers, percentage-based fees win. For large transfers, a flat fee becomes cheaper. The recipient may also pay a receiving fee when they withdraw the money—Mexican banks typically charge 50 to 200 pesos (roughly $3 to $12) for incoming international transfers.
What happens if the transfer goes wrong
If you send money to the wrong account number, the money goes to that account, not to your intended recipient. Mexican banks do not automatically reverse transfers to incorrect accounts. You will need to contact your bank or the money transfer service and file a claim, which can take weeks or months. The receiving bank may be able to recover the funds, but only if the recipient agrees to return them.
If the recipient's bank rejects the transfer because the name does not match or the account is closed, the money returns to you, but this can take five to ten business days. During that time, your money is in limbo. To avoid this, confirm the account details with the recipient before you send and ask them to verify the account is active.
Money transfer services like Wise and Western Union offer customer support if something goes wrong, and they can sometimes reverse or redirect a transfer if you catch the error quickly. Your bank's ability to help is more limited, especially on weekends or holidays when Mexican banks are closed.
Frequently Asked Questions
Do I need to report large transfers to Mexico to the IRS?
If you send more than $10,000 in a single transfer or multiple transfers that total over $10,000 in a calendar year, you may need to file a Report of Foreign Bank and Financial Accounts (FBAR) with the US Treasury. This is a reporting requirement, not a tax, but failing to report can result in penalties. Consult a tax professional if you regularly send large amounts.
Can I send money to a Mexican bank account if I do not have a US bank account?
Yes. Money transfer services like Western Union and MoneyGram accept cash payments in person at their locations and do not require you to have a bank account. You pay in cash, provide the recipient's information, and the money is deposited into their Mexican account or held for cash pickup. Fees are higher for cash payments than for bank transfers.
What is the difference between a CLABE and a SWIFT code?
A SWIFT code identifies the bank itself and is used for international transfers. A CLABE is a 18-digit number that identifies the specific bank account in Mexico. You need the SWIFT code to send a wire through your US bank. Money transfer services usually ask for the CLABE. Both are required for some transfers; ask your recipient or the service which one they need.
How long does it take for money to show up in a Mexican bank account?
Wire transfers typically take one to three business days after your US bank sends them. Money transfer services that deposit to a bank account usually deliver within a few hours to one business day. Cash pickup is faster—sometimes within minutes. Weekends, Mexican holidays, and the time of day you send all affect timing. If you send on a Friday evening, expect the money to arrive on Tuesday or Wednesday.
Will the recipient have to pay a fee to receive the money?
Yes, in most cases. Mexican banks charge a receiving fee for incoming international transfers, typically 50 to 200 pesos. This fee is deducted from the amount the recipient receives, so if you send $500, they may receive $487 after the bank's fee. Some banks charge less or no fee; the recipient can check with their bank before you send.