The fastest way is an international wire transfer through your bank

Your bank can send money to Mexico directly, usually within one to three business days. You'll need the recipient's full name, their Mexican bank account number, and their bank's SWIFT code (a four-letter identifier that tells the system which bank to route the money to). Some banks also ask for the recipient's bank address. The cost varies by bank—typically $15 to $50 per transfer—and the exchange rate your bank uses may be worse than the market rate, which means you lose money on the conversion.

To start, log into your online banking or call your bank's international transfer line. Some banks let you set up the transfer online; others require a phone call or an in-person visit. Ask your bank for the exact steps they use and whether they charge a flat fee, a percentage of the amount, or both. Also ask what the exchange rate markup is—this is the difference between what the market rate is and what your bank charges you. That markup can range from 1% to 4% on top of the stated fee.

Wire transfers are reliable but not the cheapest option for smaller amounts. If you're sending less than $500, the fees eat into the transfer more noticeably. For larger amounts or regular transfers, other methods may save you money.

Key Takeaways

  • Wire transfers through your bank take one to three business days and cost $15 to $50, but your bank's exchange rate is usually worse than the market rate.
  • You need the recipient's full name, bank account number, and their bank's SWIFT code; ask your bank whether they also need the bank address.
  • Online money transfer services like Wise, OFX, and Remitly often charge lower fees and use better exchange rates than traditional banks.
  • ACH transfers and checks are slower and not practical for sending money to Mexico; wire transfer or a money transfer service is the standard route.
  • Always confirm the recipient's bank details before sending; a typo in the account number can delay the transfer or send money to the wrong person.

Online money transfer services often have lower fees and better rates

Services like Wise, OFX, Remitly, and MoneyGram let you send money from your bank account to Mexico without using your bank as the middleman. These companies specialize in international transfers and typically charge 1% to 3% in fees plus a competitive exchange rate—often better than what your bank offers. The trade-off is that transfers usually take two to four business days instead of one to three, though some services offer faster options for an extra fee.

To use one of these services, you create an account online, enter the recipient's Mexican bank details, and authorize a transfer from your U.S. bank account. The money leaves your account, the service converts it at their rate, and it arrives in the recipient's Mexican bank account. You can track the transfer in real time on their website or app. These services are regulated and insured, so your money is protected if something goes wrong.

The catch is that not all services work with all Mexican banks, and some have limits on how much you can send per transaction or per month. Check the service's website to see whether they work with the recipient's specific bank before you sign up. If the recipient uses a smaller regional bank, a traditional wire transfer through your bank may be your only option.

Understand the difference between exchange rates and fees

When you send money to Mexico, two costs come out of what the recipient gets: the transfer fee and the exchange rate markup. The transfer fee is straightforward—your bank or service charges you $20, for example. The exchange rate markup is hidden but often larger. If the market rate is 17 pesos per dollar, your bank might give you 16.5 pesos per dollar. That 0.5-peso difference is the markup, and it adds up fast on large transfers.

A bank wire might charge $30 in fees but use a 2% worse exchange rate. A money transfer service might charge $15 in fees but use a 0.5% worse exchange rate. On a $1,000 transfer, the bank costs you $30 plus roughly $20 in exchange rate loss (2% of $1,000). The money transfer service costs you $15 plus roughly $5 in exchange rate loss (0.5% of $1,000). The service saves you about $30 on that single transfer.

Before you send, ask your bank or service what the all-in cost will be—the fee plus the exchange rate they're using. Compare that to at least one other option. The cheapest option changes depending on the amount you're sending and which banks and services are involved.

What happens if the transfer goes to the wrong account

If you send money to an incorrect account number, the transfer usually still goes through, but it lands in someone else's Mexican bank account. Recovering that money is difficult and slow. Your bank or money transfer service can file a trace, which asks the receiving bank to identify the account holder and request the return of the funds. This process takes weeks or months, and there's no may provide the receiving bank will cooperate or that the account holder will send the money back.

To avoid this, confirm the recipient's account number and bank details before you send anything. Ask them to provide it in writing or have them read it back to you over the phone. Double-check the SWIFT code on their bank's official website, not on a piece of paper they gave you. A single wrong digit can send the money to the wrong place.

If a transfer does go wrong, contact your bank or money transfer service immediately and ask them to file a trace. Provide them with the exact details of what you sent, when you sent it, and where you intended it to go. Keep all confirmation emails and receipts. The sooner you report it, the better your chances of recovery.

Timing: when the money actually arrives

A wire transfer typically arrives in one to three business days. A money transfer service usually takes two to four business days. These timelines assume the transfer is sent on a business day (Monday through Friday, excluding U.S. and Mexican holidays) and that the recipient's bank is open. If you send a transfer on Friday evening, it won't leave your bank until Monday, and it may not arrive until Wednesday or Thursday.

Mexican banks observe holidays that U.S. banks don't, and vice versa. If you send money on a day when either country is observing a holiday, add an extra day or two to the timeline. Some money transfer services offer expedited options—paying extra to have the money arrive the next business day—but these are more expensive and not necessary for most transfers.

Tell the recipient to expect the money within the timeframe your bank or service quotes, not sooner. If the money hasn't arrived after that window closes, contact your bank or service and ask for a trace. Provide the confirmation number from your transfer.

Recurring transfers and setting up a regular payment

If you send money to Mexico regularly—to support family, pay a contractor, or cover ongoing expenses—most banks and money transfer services let you save the recipient's details and set up a template for future transfers. This saves you time on repeat transfers and reduces the chance of entering the wrong account number.

Some services offer standing orders or scheduled transfers, where you authorize a transfer to happen automatically on a set date each month. This is useful if you send the same amount regularly. Check whether your bank or service charges a lower fee for recurring transfers; some do. Also confirm that you can cancel or modify a scheduled transfer if your circumstances change.

Keep a record of every transfer you make—the date, amount, recipient, and confirmation number. This protects you if there's a dispute later and helps you track your spending.

Frequently Asked Questions

Can I send money to a Mexican person who doesn't have a bank account?

Not through a direct bank transfer. You would need to use a service like Western Union or MoneyGram that has physical locations in Mexico, where the recipient can pick up cash. These services are more expensive than bank transfers and are better for small, urgent amounts. Ask the recipient whether they can open a bank account; most Mexican banks have low minimums and can be opened online.

What's the difference between a SWIFT code and a routing number?

A routing number is used for domestic U.S. transfers. A SWIFT code is used for international transfers and identifies a specific bank worldwide. For a transfer to Mexico, you need the recipient's SWIFT code, not a routing number. You can find a bank's SWIFT code on their website or by asking the recipient to provide it.

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 more than $10,000 in a calendar year, your bank must file a Currency Transaction Report with the U.S. government. This is routine and doesn't mean you've done anything wrong. If you're sending money as a gift or for a legitimate business purpose, you have nothing to worry about. Keep records of what the money is for in case you're ever asked.

What if my bank says they can't send to that Mexican bank?

Some smaller Mexican banks don't have direct relationships with U.S. banks, which can make transfers difficult or impossible. Ask your bank whether the recipient's bank has a correspondent bank in the U.S. that can receive the transfer. If not, try a money transfer service like Wise or OFX, which may have different banking relationships. As a last resort, ask the recipient whether they can transfer the money to a larger Mexican bank (like BBVA, Santander, or Banorte) that does accept international transfers.

Can I cancel a transfer after I've sent it?

Once a wire transfer has been processed and sent, you usually cannot cancel it. Money transfer services sometimes allow cancellation within a few hours of sending, but this window is short. If you need to cancel, contact your bank or service immediately. If the transfer has already arrived in the recipient's account, you'll need to ask them to send the money back, which is not may provide.