Steps and Recommendations for Sending Money from Mexico to the United States This Year

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Transferring money from Mexico to the United States requires attention and care. You can use banks, money transfer services like Western Union, or specialized apps. Each option has rules and limits that you must follow. In 2017, Mexico received more than 93 million remittance transfers from the United States, highlighting the importance of these transactions. By following the correct steps and meeting the requirements, you can send money securely and efficiently.

Key Points

• Choose between banks, money transfer services, or digital apps based on your needs, comparing costs, times, and limits.
• Carefully verify the recipient’s details to avoid errors that could delay or block the transfer.
• Comply with legal requirements, such as official identification and proof of address, to ensure security.
• Review fees and exchange rates before sending to ensure the recipient receives more money.
• Use reliable services, protect your information, and confirm that the recipient received the money with the tracking code.

Options for Transferring Money

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When transferring money from Mexico to the United States, you can choose between banks, money transfer services, or digital apps. Each option has different features, requirements, and costs. It’s important to compare them before deciding which one best suits your needs.

Banks

Mexican banks offer direct international transfers to accounts in the United States. You can visit a branch or use the bank’s app. You need the recipient’s details, the SWIFT code, and the receiving bank’s address. Fees vary by institution and are usually charged in USD. Check the following table to compare services and costs:

The delivery time can range from one to five business days. Limits and conditions vary by bank, so I recommend checking them before transferring money.

Money Transfer Services

Money transfer services like Western Union allow you to send money quickly and easily. You can use their app or visit an agency. Western Union stands out for its ease of use and security. Its main advantages include:

1. 24/7 sending availability from anywhere.
2. Real-time tracking and instant notifications.
3. Exchange rate visibility before sending.
4. Multiple payment methods: card, cash, or bank transfer.
5. Anti-fraud system and management of frequent recipients.
6. $0 fee promotion for new clients on their first online transfer.

The maximum limit is typically $4,999 USD per transfer. The money can be available immediately if the recipient withdraws it in person, or in 3 to 5 days if deposited into a bank account.

Apps and Platforms

Digital apps like PayPal, Xoom, and Visa Direct offer modern alternatives for transferring money. You can send funds to bank accounts, withdraw cash, or even top up mobile phones. The main requirements include creating an account, linking a card or bank account, and completing verification processes.

• PayPal/Xoom allows fast and secure transfers, with options for bill payments and top-ups.
• Visa Direct enables real-time transfers between accounts linked to Visa cards, including via banking apps or digital wallets.

These platforms stand out for their speed and transparency in costs. Wise, for example, uses the real exchange rate and shows fees upfront. Delivery time can be instant or take up to 30 minutes, depending on the service.

Tip: Before transferring money, review the limits, fees, and delivery times of each option. This way, you can choose the most convenient alternative for you and your recipient.

How to Transfer Money

Transferring money from Mexico to the United States involves following a series of clear steps. While each service has its specifics, the basic process is usually similar. Here’s how to do it simply and securely.

Choosing the Service

The first step is to compare available options. You should analyze banks, money transfer services, and digital apps. Consider the following factors:

1. Compare fees and charges between providers.
2. Check the exchange rate offered by each service and verify if they use the mid-market rate.
3. Choose services that display all fees and rates upfront to avoid surprises.
4. Prefer platforms that work directly with local banks to reduce costs and speed up the process.
5. If you plan to send large amounts, make fewer transfers to minimize fixed fees.

Note: Western Union, MoneyGram, Xoom, Wise, and banks like HSBC, Santander, and BBVA offer reliable services for transferring money to the United States.

Registration and Access

After choosing the service, you need to create an account or register. The process usually includes:

1. Complete an online form or download the provider’s app.
2. Enter your email address and create a secure password.
3. Provide a valid official identification, such as a passport or voter ID.
4. If required, upload a photo of your document and verify your identity.
5. Once registered, log in to your account to start the transfer.

In most cases, you only need to complete this registration once. The verification process usually takes a few minutes.

Recipient Details

To transfer money, you must correctly enter the recipient’s details. Ensure you have the following information:

• Full name of the recipient, as it appears on their identification.
• Bank account or card number, depending on the receiving method.
• SWIFT code and receiving bank’s address if using a bank transfer.
• Recipient’s address and phone number, especially for money transfer services.

Tip: Double-check the details before proceeding. An error can delay delivery or cause the money to be returned.

Verification and Payment

Before finalizing the transfer, the system will ask you to review and confirm all details. The process includes:

1. Review the amount to send, the fee, and the applied exchange rate.
2. Choose the payment method: debit card, credit card, bank transfer, or app balance.
3. If required, upload an image of your card (only the permitted digits and bank logo).
4. Confirm your identity if it’s your first time using the service.
5. Authorize the payment and wait for confirmation.

Note that some services do not accept electronic or corporate cards. The transfer limit may vary, but it is usually up to $10,000 USD per transfer.

Confirmation

Upon completing the payment, you will receive a receipt or tracking code. This document is essential for tracking the transfer and confirming receipt. The provider will send a notification via email or app message.

• Keep the receipt until the recipient confirms they received the money.
• If an issue arises, this code will help resolve it with customer service.

Tip: Inform the recipient about the tracking code and estimated delivery time so they can stay alert for the money’s arrival.

Transferring money from Mexico to the United States is straightforward if you follow these steps and review every detail. This ensures your money arrives quickly and without issues.

Requirements for Sending Money

Before sending money from Mexico to the United States, you need to meet certain legal and security requirements. These documents and details help protect your funds and comply with current regulations.

Official Identification

You must present a valid state-issued official identification. You can use your passport, voter ID, residence permit, or a European Union national identity document. Identity verification is mandatory. You can complete it online by uploading a photo or scanning the document in PDF or JPG format. Some services also allow verification via video call. Ensure the details on your identification match those registered in your profile.

Note: If the details don’t match, the service may reject the transfer or request additional information.

Proof of Address

You also need a recent proof of address. You can present a utility bill (electricity, gas, phone) or a bank statement. The proof must show your full name and address. This requirement helps verify your residence and prevent fraud.

• Ensure the document is no older than three months.
• If required, upload the file in PDF or clear image format.

Recipient’s Banking Details

To complete the transfer, you must provide the recipient’s full banking details in the United States. These include:

1. Name of the receiving bank.
2. Full address of the bank (street, number, city, and ZIP code).
3. 9-digit routing number (RTN or ABA).
4. Full name of the account holder.
5. Bank account number.
6. SWIFT or BIC code of the receiving bank.

These details ensure the money arrives correctly and without delays. You can obtain them from the recipient’s bank check or the bank’s website.

Remember: Some services may require additional information depending on the amount or type of transfer. Always check the specific requirements before transferring money.

Limits and Regulations

When sending money from Mexico to the United States, you must be aware of the limits and regulations that apply. Complying with these rules helps you avoid legal and tax issues.

Transaction Limit

Each service has different limits for international transfers. For example:

1. Revolut does not set a maximum limit per transaction for converting Mexican pesos to U.S. dollars. You can make up to 100 currency exchanges every 24 hours. Monthly limits depend on the plan you choose. If you use the Standard plan and exceed the limit, you’ll pay a 1% fee. The Plus plan charges 0.5% when exceeding the limit. Premium, Metal, and Ultra plans do not charge fees for reasonable use.
2. Currency exchange fees on weekends vary by plan. The Standard plan charges 1%, the Plus plan 0.5%, and higher plans charge no fees.
3. Other services may have different limits, but most banks and platforms set a maximum of 10,000 USD per transaction. If you need to send more, you’ll have to split the amount into multiple transfers.

Remember: Always check the specific limits of the service you choose before transferring money.

Declaration of Large Amounts

When transferring large amounts, tax authorities may request additional information. In Mexico, the SAT monitors cash deposits exceeding 15,000 pesos monthly in the same bank. If you make frequent or high-value transfers, the SAT may ask you to justify the source of the funds. Banks also report to Hacienda when transfers exceed certain limits, such as 10,000 USD or its equivalent in another currency. You won’t face an automatic fine, but you may need to provide documents explaining the source of the money.

1. You must file a declaration before transferring amounts equal to or greater than 10,000 USD.
2. This declaration includes details of the sender, recipient, amount, nature, and source of the money.

Tip: Keep your receipts and documents organized to respond to any requests from authorities.

Tax Regulations

Tax rules may vary depending on the destination country. In the United States, there is a 1% tax on remittances. The Mexican government created the ‘Tarjeta Paisano’ so Mexican migrants can send money without paying this tax. You can request this card at Mexican consulates in the United States. This way, you protect your transfers and comply with the financial regulations of both countries.

Note: Complying with tax regulations helps you avoid penalties and ensures your money arrives without issues.

Costs and Times

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Fees

Fees can vary significantly depending on the service you choose to send money to the United States. For example, Western Union charges between $6 and $60 USD per transfer, depending on the amount and payment method. Wise displays its fees transparently and typically offers lower rates, starting from $2 USD for small transfers. PayPal and Xoom also apply charges, which may increase if you pay with a credit card or if the recipient receives the money in cash.

Tip: Always review fees before choosing and select the option with the lowest cost for the amount you want to send.

Exchange Rate

The exchange rate directly affects the amount the recipient receives. When you send dollars, the company converts the money to pesos using its own exchange rate. This rate can change daily, and each company applies a different rate. If the exchange rate is low, the recipient will receive less money. Additionally, fees and transfer costs also reduce the final amount. Therefore, it’s wise to compare the exchange rate offered by each service and choose the most favorable one to ensure the recipient receives more.

Note: The exchange rate in Mexico is floating and determined by the market. Each company may apply its own rate, so check carefully before transferring.

Delivery Time

Delivery time depends on the provider, payment method, and how the recipient receives the money. Here’s a quick guide:

1. Wise can deliver money instantly or within a maximum of 2 days. Half of their transfers arrive instantly, and 90% within 24 hours.
2. Traditional bank transfers typically take longer, with no guaranteed exact time.
3. If the recipient collects the money in cash, the process can be immediate, though this method is usually more expensive.
4. Other methods, such as credit/debit card or digital platforms, may vary in time and cost.

Tip: If you need the money to arrive quickly, choose services offering instant delivery or cash pickup, but review the fees carefully.

Tips for Transferring Money

Avoiding Errors

Before transferring money from Mexico to the United States, carefully review all recipient details. A small error can cause delays or losses. To avoid common issues, follow these steps:

1. Verify that the bank in the United States accepts the service you plan to use, such as Zelle.
2. Ensure you link only a bank account in your name that is verifiable.
3. Correctly enter the recipient’s email or phone number. An incorrect detail can block the transfer.
4. Don’t leave funds in apps that don’t function as digital wallets. For example, Zelle transfers money directly between bank accounts.

Tip: Always review the amount and details before confirming the transfer. This avoids costly errors.

Security

Security is crucial when sending money. Use only trusted and official services. Protect your personal information and never share passwords or verification codes. If using an app or platform, enable two-step verification. Change your passwords frequently and avoid using public networks for transfers. If you receive suspicious messages, don’t respond or share information.

Note: Banks and money transfer services will never ask for sensitive information via phone or email.

Confirming Receipt

After sending the money, confirm that the recipient has received it. If using Western Union, use the 10-digit MTCN tracking number to track the transfer’s status. You can check if the money is available, received, paid, or sent via the website or app. If you don’t have the MTCN, you can also track the transfer using names, country, amount, and date. The system updates information every two hours. Always keep the receipt and share the tracking number with the recipient.

Tip: Ask the recipient to notify you when they receive the money and keep all receipts in case of issues.

Transferring money from Mexico to the United States requires attention to every step. Follow these key points:

1. Verify the recipient’s details and choose the most convenient service.
2. Comply with legal requirements and limits. This ensures legal certainty and security in the transaction.
3. Remember that Mexico applies international regulations to protect your rights and ensure fair transactions.
4. Consult official sources or seek advice if you have doubts or need to send large amounts.

Choosing correctly and complying with the law helps you avoid legal risks and achieve a successful transfer.

FAQ

What documents do you need to send money to the United States?

You must present a valid official identification and recent proof of address. You also need the recipient’s full details, such as name, account number, and the receiving bank’s SWIFT code.

How long does it take for the money to arrive?

The time depends on the service. Wise transfers can arrive in minutes. Banks typically take one to five business days. Money transfer services offer instant delivery if the recipient withdraws in person.

What are the most common fees for transferring money?

Fees vary by service. Check the following table for comparison:

What should you do if the recipient doesn’t receive the money?

Check the transfer status with the tracking code. Contact customer service and have your receipt ready. Ask the recipient to verify their banking details and confirm with their bank if the money doesn’t appear.

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