Family or personal remittance, sometimes defined as the process of sending money from a foreign worker or resident to their relatives/someone in the home country, is identified by many humanitarian organizations as a lifeline for many families in low- and middle-income countries.
Within this context, the US-Mexico remittance corridor stands out as the largest single money transfer route in the world.
In 2024 alone, about 96.6% of remittances received in Mexico came from the US (amounting to $62.5 billion), according to BBVA Research. The remittance flow from the US to Mexico surpasses the entire remittance by some regions in 2024, including the Middle East and North Africa ($58 billion) and Sub-Saharan Africa ($56 billion).
This high volume of remittance in the US-Mexico corridor is a result of a significant concentration of migrant Mexican workers in the US, who send money back home to their loved ones regularly.
The size of the US-Mexico remittance market holds huge potential for many remittance providers. Consequently, the market is saturated with many international money services promising to be the easy way to send money to Mexico, all with the goal of capturing the larger market share.
This article highlights some reputable remittance providers that have made their mark in the market as the most reliable and secure for cheap and fast money transfer to Mexico.
BOSS Money
BOSS Money, specifically designed to help individuals residing in the US send money to family, friends, and associates in other countries, has unsurprisingly emerged as the leading solution for fast, flexible, and affordable money transfers to Mexico.
With many strategic customer-focused features powering their core services, BOSS Money sets itself apart from other service providers by providing solutions to crucial pain points:
- Low and transparent transfer fees: BOSS Money is undeniably the most reliable service for individuals looking for an affordable way to send money to Mexico from the US. For a start, they offer a $0 fee for the first five transfers to Mexico. For subsequent transfers with a debit card, zero fees can be applied to transfers with select banks. Transfers using a debit card start at a fee as low as $0 for a $1000 transfer. When sending $250, no fees are applied to ACH transfers or transfers funded with a debit card. For transfers made with a credit card, the fee of $4.99 is charged. In terms of fees, BOSS Money ensures that customers are clear on what they are paying for before initiating a transfer; no hidden charges.
- Highly competitive exchange rates: At any given time, BOSS Money offers the best USD-MXN exchange rate, and they provide a comparison table on their platform to help customers compare rates against those of competitors in real-time. At the time of writing this article, BOSS Money’s USD-MXN exchange rate was 18.3852 MXN per dollar, while top competitors’ rates ranged from 17.9500 to 17.3772 MXN.
- Speed: With BOSS Money, transfers from the US to Mexico are completed within a few minutes, depending on the delivery method.
- Delivery methods: BOSS Money offers an extensive range of delivery options to send money to Mexico from the United States, ensuring that money gets to the recipient, whether they are banked or unbanked. Delivery options from the US to Mexico include cash pickup in Mexico, bank deposit, and mobile wallet.
By keeping its services strictly focused on helping US residents to send money to Mexico and other countries, BOSS Money is able to keep its overheads low and perfect its already lean services with ease.
|
Provider |
Typical fees for a $100 transfer |
Exchange rate |
Speed |
Payout options |
Best for |
|
BOSS Money |
$0 fee for the first five transfers; $4.99 (credit card). |
18.3852 MXN |
Within a few minutes |
Cash pickup, bank deposit, mobile wallet |
Exchange rate, fees and payout options. |
|
Western Union |
From $1.99 and up to $8, depending on the payment method |
17.7475 MXN |
Within a few minutes |
Cash pickup, bank deposit, mobile wallet |
Wider reach and payout options. |
|
Xoom |
$0.99 (debit card) |
16.6060 MXN (cash pickup) - 17.3772 MXN (bank deposit) |
Within a few minutes |
Cash pickup, bank deposit |
Speed and reach |
|
Bank of America |
$45 (per transaction) |
17.0940 MXN |
1 to 3 business days |
Bank-to-bank wire |
Large sum, secure bank-to-bank transfers |
|
Wells Fargo |
ExpressSend: $6 ($25-$1500 transfer) International wire transfer: ($25 for online transfers, $40 for branch wires) |
17.8965 MXN |
1 – 5 business days |
Cash pickup, bank-to-bank wire. |
Large sum, secure bank-to-bank transfers |
Date: The data shown in this table and explained further in the article is up to date as of December 13, 2025. Current data may differ slightly due to changes in policies and fluctuations in the exchange rate.
Xoom
Xoom builds on PayPal’s legacy network to deliver one of the fastest international money transfer services in the world, with most transfers typically completed within a few minutes, depending on the payout option.
After PayPal acquired Xoom in 2015 and expanded in 2019, the platform quickly rose through the ranks to become one of the most competitive players in the US-Mexico remittance market.
Alongside other transfer services discussed in this article, it also holds its own:
- Extensive reach: Xoom taps into PayPal’s 400+ million users to have a more direct reach to recipients who already own a PayPal account.
- Payout options: Like BOSS Money, Xoom also offers multiple delivery methods, including bank deposits and cash pickups, which makes it possible to receive money without a bank account.
- Security: Backed by PayPal’s security architecture, Xoom is one of the most secure ways to send money to Mexico from the United States.
For all the positives, Xoom is not without a downside:
- Unfavorable Exchange rates: Although Xoom is recognized for being a cheaper alternative to PayPal for sending money abroad, its affordability pales in comparison to that of BOSS Money and Western Union. At the time of writing this article, remittance senders using Xoom would be losing about 100 MXN for every $100 they send to Mexico.
Lastly, Xoom generally doesn’t offer promos or free transfers for small transfers from the US to Mexico, barely leaving remittance senders less room to save costs.
Western Union
Like Xoom and BOSS Money, Western Union also offers fast transfers, with most transfers getting to the recipient within minutes, depending on the delivery type.
Comparatively, Western Union is a cheap way to send money to Mexico from the US, as it offers:
- Relatively competitive exchange rates: Better than Xoom’s but second to BOSS Money’s.
- Reasonable pricing: Western Union’s money transfer services from the US to Mexico are reasonably priced, with fees starting from $1.99 to up to $8 when sending $100.
Additionally, Western Union offers a $0 fee on the first transfer from the US to Mexico, as well as reward points which can be redeemed in-app or on the web, helping remittance senders reduce the cost of sending money to their loved ones in Mexico.
Traditional US Banks
Wells Fargo and Bank of America are notable as the most reliable and easiest ways to send money to Mexico from the US when compared to other traditional US banks.
Wells Fargo
Wells Fargo offers ExpressSend Service, a specialized remittance service for sending money from the US to Mexico using a Wells Fargo checking or savings account.
The recipient can receive the money directly in their bank account if their bank is a Wells Fargo Remittance Network Member (RNM). Similarly, ExpressSend allows cash pickup at Wells Fargo RNM locations in Mexico. For transfers up to $1,500 ExpressSend charges $6 per transaction, without yet accounting for additional costs due to higher exchange rates.
Besides ExpressSend, remittance senders can also send money to Mexico using the international wire option. However, this option is far more expensive, imposing higher service fees ($25 for online transfers, $40 for branch wires) and exchange rates.
Both payment options can take up to 5 business days to complete, making Wells Fargo slower and costlier than other payment channels discussed above.
What Wells Fargo lacks in speed and cost savings, it makes up for by allowing customers to send larger amounts while also benefiting from its brand trust and remarkable fraud control measures.
Bank of America
Bank of America strictly relies on its international wire services to process remittances from the US to Mexico.
Customers can access its wire services via online banking, mobile app, or at any of their branches nationwide.
Given its strict focus on international wire transfers to Mexico, migrant Mexican workers using Bank of America to send money back home can only make transfers directly to a bank account, and delivery can take up to 3 business days.
There is no option for cash pickups or delivery to mobile wallets.
More so, Bank of America’s money transfer services to Mexico are costly, due to:
- Outgoing wire fees: Pegged at $45 for all international transfers, including to Mexico.
- Exchange rate markups: Of all the providers reviewed for this article, Bank of America has the highest exchange rate. Customers might lose up to 120 MXN on exchange rates alone when they choose Bank of America wire over remittance providers like BOSS Money or Western Union.
Bank of America is best for sending money from the US to Mexican recipients with a traditional bank account. Senders have the privilege of sending higher limits for personal or business purposes while enjoying the security provided by one of the foremost banks in the US.
Senders also get to benefit from the flexible delivery options these providers offer, including cash pickup, bank deposit, and mobile wallet.
In a nutshell, migrant Mexican workers looking for a cheap, fast, and easy way to send money to Mexico are better off with BOSS Money, Western Union, or Xoom.
If the transfer involves large amounts, Bank of America and Wells Fargo international wire services will suffice.
FAQ
How long does it take to send money to Mexico?
- Delivery speed varies across providers and payout options. Generally, online transfers for cash pickup or to a mobile wallet arrive within minutes; international wires can take up to 5 business days to arrive.
What payment methods are fastest and most cost-effective? - Across the board, debit cards and direct transfers are usually faster and cheaper.
Where can recipients pick up cash in Mexico? - Popular cash pickup points in Mexico include Elektra, Super Farmacia, BanCoppel, Walmart, Banco Azteca, BBVA, and OXXO.
What do recipients need to collect cash transfers? - To pick up funds, recipients usually need a valid official ID and the unique reference number provided with the transfer.
How much money can I send to Mexico at once? - The amount you can send varies by provider; always check individual limits before you initiate a transaction. With BOSS Money, for instance, you can send $10-$5,000 from the US to Mexico in one transaction.
