How to send money to Mexico and how much commission they charge: Western Union, MoneyGram, Citibank...
The United States is the main generator of remittances. We explain how to send money to Mexico and how much of a commission companies charge.
With more than 12 million Mexican immigrants living in the United States, the country has become the main generator of remittances. According to data from the Bank of Mexico, in 2022, money transfers to Mexico reached nearly 58.5 billion dollars, a growth of 13.4% compared to the previous year.
In the United States, there are companies specialized in sending remittances, such as Western Union or MoneyGram. Although the sending process is similar in most of them, each one handles different commissions for sending money.
How to send money to Mexico and how much commission they charge: Western Union, MoneyGram, Citibank...
Among the main ways to send money to Mexico are bank or internet transfers, as well as credit, debit or prepaid cards. In addition, some banking institutions such as Wells Fargo, Bank of America and Citibank have agreements with Mexican banks to transfer the money. However, the issuer is required to have a checking or savings account in both countries.
Before you send money, it’s important to note that only one person can collect it. That is why you must select who it is well, make sure that you can collect it and verify that your personal data is correct.
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Here are some recommendations for sending your money:
- Before going to a branch, review the conditions and commissions of each of the companies that specialize in sending remittances
- Take the money you will send. Do not forget the cost of the commission you need to cover, which generally does not exceed 10 dollars.
- When making the deposit, tell the person in charge the amount you are sending, the city to which it will be sent, as well as the full and correct name of the person who will receive the money.
- Do not forget to ask for proof of your deposit, which must include the amount you sent and a page with which you can track it.
- Generally, in no more than one day, the person in Mexico will be able to receive the equivalent in pesos of the amount of dollars you sent.
So you can find out how much companies charge for sending money to Mexico
Through the program ‘Quién es Quién en el Envío de Dinero’, PROFECO shares information about the costs of different companies to send money from the United States to Mexico.
Through the available calculator you can consult the commission, the exchange rate at which the shipment is paid, the delivery time and the amount in pesos received in Mexico for each company in the most major cities: Chicago, Dallas, El Paso, Houston, Indianapolis, Los Angeles, Miami, New York, Sacramento, San Diego, San José and Tucson.
In addition, it has the ‘Directo a México’ option to choose the option that best suits your needs.