The main routes and what each one costs

You can send money to a Mexican bank account through a wire transfer, a money transfer service, or your own bank's international payment system. Each route moves the money differently, takes a different amount of time, and charges different fees. Wire transfers are fastest but often most expensive. Money transfer services like Western Union or MoneyGram are slower but cheaper for smaller amounts. Your bank's own international transfer service falls somewhere in between.

The recipient needs a Mexican bank account number and the bank's SWIFT code (a four-letter code that identifies the bank internationally). Some services also ask for the recipient's full name exactly as it appears on their account, their address, and sometimes a reference number or reason for the transfer. Have all of this information ready before you start, because incomplete details can delay the transfer or send the money to the wrong account.

Exchange rates matter more than you might think. Your bank or service converts dollars to pesos at a rate they set, not the rate you see on Google. That difference—called the spread—is how they make money on the transaction. A service with lower fees might charge a worse exchange rate, so compare the total cost, not just the stated fee.

Key Takeaways

  • Wire transfers through your bank arrive in one to three business days but typically cost $15 to $50 per transfer.
  • Money transfer services like Western Union or MoneyGram cost less per transfer but take two to five business days and charge worse exchange rates.
  • You need the recipient's full bank account number, the bank's SWIFT code, their full name, and their address before you send anything.
  • The exchange rate your provider uses matters as much as the fee—compare the total peso amount you will receive, not just the stated cost.
  • Mexican banks may hold incoming transfers for one to two business days after arrival before releasing the funds to the recipient's account.

Wire transfers through your bank

A wire transfer is an electronic movement of money from your bank account to a Mexican bank account. You initiate it at your bank—either in person, online, or by phone—and your bank sends the money directly to the recipient's bank using the SWIFT system. The recipient's bank receives it and deposits it into their account.

Wire transfers typically arrive within one to three business days. The speed depends partly on time zones and partly on how quickly the Mexican bank processes incoming transfers. A transfer sent on a Tuesday morning might arrive Wednesday or Thursday; one sent on Friday afternoon might not arrive until Monday or Tuesday. Weekends and Mexican holidays slow things down.

Your bank will charge a fee—usually $15 to $50 for an outgoing international wire, depending on the bank. Some banks charge less if you are a premium customer or if you send money regularly. Ask your bank for the exact fee before you send, because some banks quote a range and charge the higher end without warning.

You will also pay an exchange rate spread. Your bank converts your dollars to pesos at a rate slightly worse than the mid-market rate (the rate banks charge each other). The difference is usually 1 to 3 percent, but it varies by bank and by the amount you are sending. A $500 transfer might have a 2 percent spread; a $5,000 transfer might have a 1 percent spread.

Money transfer services like Western Union and MoneyGram

Money transfer services operate differently from banks. You give them cash or a debit card, they take a fee, and they send the money to a partner bank in Mexico. The recipient picks it up at a Western Union or MoneyGram location, or it goes directly into their bank account if they have one registered with the service.

The fee is usually lower than a wire transfer—often $5 to $15 for amounts under $500—but the exchange rate is worse. Western Union and MoneyGram make most of their money on the spread, not the fee. A $500 transfer might cost you $10 in fees but $15 to $25 in exchange rate markup. Compare the total peso amount you will receive, not just the fee.

These services take longer than wire transfers. Money sent through Western Union or MoneyGram typically arrives in two to five business days. If the recipient picks it up at a physical location rather than having it deposited into a bank account, they may have to wait in line and provide identification, which adds time on their end.

The advantage is simplicity. You do not need a bank account to send money through Western Union or MoneyGram—you can walk into a location and send cash. The recipient does not need a bank account either, though having one usually means faster access to the money. These services are useful if the recipient does not have a bank account or if you want to avoid your bank's fees.

Information you need before you send

The recipient's bank account number is the most critical piece of information. In Mexico, this is usually a 16 to 18-digit number. Make sure you have it exactly right—a single wrong digit sends the money to the wrong account, and recovering it is difficult and slow.

You also need the SWIFT code of the recipient's bank. This is a four-letter code followed by two letters for the country and two for the location. For example, BANAMXMM is Banco Nacional de México. Your bank or the money transfer service will ask for this. If you do not have it, ask the recipient to check their bank statement or call their bank. Do not guess.

The recipient's full name must match exactly what is on their bank account. If their account is under "Juan García López" and you send it under "Juan Garcia Lopez" or "J. García López", the bank may reject it or hold it for verification. Ask the recipient to spell their name the way it appears on their account.

Some services ask for the recipient's address and a reference number or reason for the transfer. This is usually optional but helps the recipient identify the transfer if they are expecting multiple incoming payments. A reference might be something like "Rent for March" or "Family support".

How long the money actually takes to arrive

The timeline has several stages. First, your bank or service processes your request—this usually takes a few hours if you send during business hours, or until the next business day if you send after hours or on a weekend. Second, the money moves through the international payment system—this is where the one to three business days comes from. Third, the recipient's Mexican bank receives it and deposits it into the account—this can take another one to two business days.

So a wire transfer sent on Tuesday morning might not be in the recipient's account until Thursday or Friday. A transfer sent Friday evening might not arrive until the following Tuesday or Wednesday. Money transfer services add another day or two because they batch transfers rather than sending them individually.

Mexican banks sometimes hold incoming international transfers for one to two business days before releasing them. This is a compliance check—they verify the transfer is legitimate and matches the account holder's profile. The recipient will see the money in their account, but they may not be able to withdraw it when ready. Ask the recipient to check with their bank if they are expecting money and cannot access it right away.

Comparing costs for different amounts

The best route depends on how much you are sending. For amounts under $300, a money transfer service is usually cheaper overall. The fee is lower, and the exchange rate spread matters less on a small amount. For amounts between $300 and $1,000, compare the total cost—fee plus exchange rate markup—between your bank and a money transfer service. For amounts over $1,000, a wire transfer through your bank is often cheaper because the fee stays the same but the exchange rate spread is usually better on larger transfers.

Some banks offer better rates for regular international transfers. If you send money to Mexico frequently, ask your bank whether they have a preferred rate or a lower fee for repeat customers. Some banks also offer online international transfers at a lower cost than in-person wire transfers.

Currency exchange services and fintech apps like Wise (formerly TransferWise) offer another option for larger amounts. These services specialize in international transfers and often charge lower fees and better exchange rates than traditional banks. They typically take one to two business days and work best if both you and the recipient have accounts with them or linked bank accounts.

What happens if something goes wrong

If the money does not arrive within the expected timeframe, contact your bank or service when ready. They can trace the transfer using a reference number or tracking code. If the money was sent to the wrong account, recovery is possible but slow—your bank will file a recall request with the recipient's bank, and the recipient's bank will contact the account holder to ask them to return the money. This process can take weeks.

If the recipient's bank rejects the transfer because of incomplete or incorrect information, the money returns to your account. Your bank will notify you, and you can resend it with corrected information. You may be charged a fee for the failed transfer, depending on your bank's policy.

If you need to cancel a transfer, act when ready. Once the money has left your bank's system, cancellation becomes much harder. Contact your bank or service right away and ask whether the transfer can be stopped. If it has already reached the recipient's bank, cancellation is usually not possible.

Frequently Asked Questions

Can I send money to a Mexican bank account if I do not have a bank account myself?

Yes, but only through money transfer services like Western Union or MoneyGram. You can walk into a location with cash or a debit card and send money without having a bank account. Wire transfers require you to have a bank account with the institution sending the money.

What is the difference between a SWIFT code and a routing number?

A routing number is used for domestic transfers within the United States. A SWIFT code is used for international transfers and identifies a specific bank branch worldwide. For sending money to Mexico, you need the SWIFT code, not a routing number.

Do I pay taxes on money I send to Mexico?

Sending money itself is not a taxable event—you are moving your own money, not earning income. However, if you are sending money as a gift, the recipient may have tax obligations depending on Mexican law. If you are sending money as payment for goods or services, both you and the recipient may have tax reporting requirements. Consult a tax professional for your specific situation.

Can the recipient's bank refuse the transfer?

Yes, though it is rare. A bank might refuse a transfer if the account number is invalid, if the account is closed, or if the bank suspects fraud. If a transfer is refused, the money returns to your account, usually within five to ten business days. Your bank will notify you of the reason.

Is it cheaper to send money through my bank or through a money transfer service?

It depends on the amount. For under $300, money transfer services are usually cheaper. For $300 to $1,000, compare the total cost including exchange rates. For over $1,000, your bank is often cheaper. Always ask for the total peso amount the recipient will receive, not just the fee.