How to Send Money to Mexico from Canada?

Sending money to Mexico has never been easier, but finding the cheapest way to send money to Mexico can still be a challenge. Whether you're supporting family, making business payments, or handling travel expenses, choosing a transfer method that saves you money while ensuring your funds arrive quickly and securely is essential. Many rely on traditional banks, which often come with high fees and poor exchange rates. 

Whether you're importing vehicles, automotive components, machinery, furniture, metals, plastics, fruits, vegetables, spices, or any other business in Mexico, you can enjoy a slice of the pie without paying huge money transfer costs. On the same note, if you are transferring money for personal reasons, such as buying a home in Mexico or going on a vacation, you can save big on CAD to MXN conversions and transfer fees by making the right choices.

In this blog, we'll explore the best options to transfer money from Canada to Mexico, helping you find affordable, reliable, and fast solutions for your international payments.

The best way to send money to Mexico

When choosing the best way to send money to Mexico, there are several factors to consider, including cost, speed, and convenience. Here are some of the top options:

1. Online money transfers

Online money transfer services offer some of the best exchange rates and low fees, making them ideal for most people. These user-friendly services typically process transfers within 1-2 business days. They're ideal for large transfers for business investments, property purchases, and tuition fees abroad.

2. Bank transfers

While highly secure, bank transfers often come with higher fees and poorer exchange rates than online platforms. They are best suited for those who prioritize security over cost or transactions where the convenience of using your bank is a factor. However, it's essential to be mindful of the hidden costs that banks impose.

3. Cash transfer services

Cash transfer services provide an option for sending money quickly and having the recipient pick it up in cash. They are available in many locations across Mexico and offer almost instant transfers. Still, they can be quite expensive due to higher fees and less favourable exchange rates.

How can I send money to Mexico online?

Online money transfer services offer the most efficient and cost-effective solution when you're looking for the fastest way to send money to Mexico. With several platforms available, sending money digitally has never been easier. Sending money to Mexico online offers several advantages over traditional methods, making it a popular choice for personal and business transfers.

One of the most significant benefits is convenience. With online platforms, you can initiate a transfer from the comfort of your home or on-the-go through your smartphone. There's no need to visit a bank or physical location, and the process is usually simple and quick, often completed within minutes. This is especially useful for urgent transfers, ensuring your recipient gets the funds quickly without the delays associated with traditional banking methods.

What is a reasonable exchange rate when sending money to Mexico?

Exchange rate fluctuations are the norm, so determining the best current exchange rate means comparing services and tracking trends. For example, when sending money to Mexico, you should be primarily interested in the CAD/MXN exchange rate.

However, settling supplier invoices directly in Mexican Pesos is also becoming popular. Keeping track of the current MXN/CAD exchange rate is also essential. Finding a favourable exchange rate starts with overlooking the banks and turning to specialist foreign exchange services. This ensures a favourable exchange rate that could save you up to 3 or 5 cents for every dollar you transfer.

For instance, MTFX exchange rates are consistently 3-5% lower than bank offers. If you're a Canadian company making high-dollar payments to Mexico, you can realize significant savings with these bank-beating rates. To illustrate, a company making a supplier payment of $30,000 can pocket $1,500 in savings, which could be used more effectively.

You don't have to fly blind when sending money to Mexico. Get an accurate read on the current CAD/USD, MXN/USD, or CAD/MXN exchange rate using the MTFX live currency rate calculator.

How to avoid high fees and poor exchange rates

When sending money internationally, high fees and poor exchange rates can significantly reduce the amount your recipient receives. To avoid these pitfalls, here are a few practical tips:

Compare providers: Before sending money, always compare multiple providers. Different banks, online transfer services, and foreign exchange brokers offer varying fees and exchange rates. Use comparison tools to find the service that provides the best balance between low fees and competitive exchange rates.

Avoid bank transfers: Traditional banks are often one of the most expensive ways to send money to Mexico as they charge higher fees for international transfers and have inflated margins on CAD/MXN rates. Opting for specialized money transfer services can save you significantly, especially for frequent or large transfers.

Look for the mid-market rate: The mid-market rate is the real exchange rate you see on global currency markets. Many providers add a markup to this rate to make a profit. Always check if the provider offers the mid-market rate or is inflating the exchange rate. You can also set up a CAD to MXN rate alert to get instant notification when the pair hits your desired rate.

Transfer larger sums less frequently: If possible, consolidate smaller transfers into a larger one. Many providers offer lower fees or better exchange rates for bigger transfers, which can help reduce costs over time.

Use currency tools: To avoid bad exchange rates, use currency tools like forward contracts, which allow you to lock in a favourable rate for future transfers. You can also set up rate alerts to notify you when the exchange rate hits your desired level.

Transfer Money from Canada to Mexico in 3 easy steps

Sending money from Canada to Mexico has become simpler and more affordable with specialized international transfer services like MTFX. Whether you're sending money to support your family, pay for business expenses, or make real estate investments, MTFX offers a seamless, cost-effective solution.

Step 1: Create your free account

Sign up for a free MTFX account online. The registration process is quick, and you'll need to provide basic personal details and verify your identity. Once your account is created, you can fund it via bank transfer or other supported methods.

Step 2: Secure the best CAD/MXN exchange rate

After your account is active, you can check real-time exchange rates for CAD to MXN. MTFX offers competitive, market-based rates with no hidden fees. Lock in the best rate when you're ready to transfer, ensuring your recipient gets the most out of the transaction.

Step 3: Transfer your money

Enter the recipient's details, including their bank information, and confirm the transfer amount. Once everything is verified, submit the payment, and MTFX will handle the rest. Your funds will be securely transferred to Mexico, and you can track the progress of the transfer for peace of mind.

What bank details are needed to transfer money to Mexico?

When transferring money to Mexico, you'll need the following bank details of the recipient to ensure a smooth and successful transaction:

Full name of the recipient: The recipient's name should match the name on their bank account exactly.

Recipient's bank name: The full name of the bank where the recipient holds their account.

CLABE number (Clave Bancaria Estandarizada): This is an 18-digit unique code used in Mexico to identify bank accounts for domestic and international transfers. It is essential to ensure that the funds reach the correct account.

Bank's SWIFT/BIC code: This code identifies the recipient's bank in the international banking system. It's necessary for sending money internationally to Mexico.

Recipient's address: Some transfer services or banks may ask for the recipient's full residential address.

Bank's address (if required): While not always needed, some banks might ask for the full address of the recipient's bank branch.

Common mistakes to avoid when transferring money to Mexico

When transferring money to Mexico, it's essential to avoid common pitfalls that can lead to delays, additional costs, or unsuccessful transactions. Here are a few mistakes to watch out for:

Entering incorrect CLABE or bank details: The 18-digit CLABE number ensures the money reaches the right account. Double-check all bank details, including the SWIFT/BIC code and recipient's information, to avoid misdirected funds.

Sending small transfers frequently: Regularly sending small amounts can increase cumulative fees. If possible, consolidate smaller transfers into one larger transaction to reduce costs.

Not locking in exchange rates: Exchange rates fluctuate frequently, and waiting too long to transfer could result in a less favourable rate. Some providers allow you to lock in a rate beforehand, protecting you from market fluctuations.

Not understanding transfer limits: Different services have varying transfer limits. Failing to check the limits on your preferred service can result in delayed transfers or extra steps to verify large transactions.

Ignoring transfer speeds: If you need the money to arrive quickly, choosing a slow method can result in delays that might impact the recipient. Always verify the transfer times and choose the right service based on your urgency.

Best way to transfer money from Canada to Mexico

Business is booming in Mexico, one of Latin America's largest economies. Whatever business ties you have with Mexico, MTFX can help you keep things profitable.

• Sending money abroad is highly efficient, with a fast turnaround and automated transfers.
• Navigating the transfer process is easy with free expert guidance from MTFX foreign exchange specialists.
• You can access the secure online platform 24/7 and send payments for your business needs.

Register your MTFX business account online today. You can start sending money to Mexico at favourable rates and conveniently.

FAQs

1. How can I send money from Canada to Mexico?

There are multiple ways to send money to Mexico from Canada, including online money transfer services, bank wire transfers, and cash transfer services. The most convenient method is usually online platforms, which offer competitive exchange rates and lower fees than traditional banks.

2. What is the cheapest way to send money to Mexico?

The cheapest way to send money to Mexico is often through online money transfer services, which typically offer better exchange rates and lower fees compared to banks. Specialized money transfer providers are more transparent with their fees and offer cost-effective options for international transfers.

3. What is the fastest way to send money to Mexico?

The fastest way to send money to Mexico is through online transfer services that offer same-day or instant transfers. Cash transfer services like Western Union or MoneyGram also provide fast options but may come with higher fees.

4. How do I transfer money from Canada to Mexico using a wire transfer?

To make a wire transfer from Canada to Mexico, you'll need to provide your bank with the recipient's full name, their bank's name, SWIFT/BIC code, and the CLABE (18-digit bank account number). Wire transfers through banks are secure but often slower and more expensive than online alternatives.

5. What is the best time to send money to Mexico?

The best time to send money to Mexico depends on the exchange rates. It's a good idea to monitor CAD to MXN exchange rates and send money when the rate is favourable. Many services offer rate alerts to help you get the best deal.

6. Can I send Canadian dollars and have them converted to Mexican Pesos?

Yes, you can send Canadian dollars to Mexican Pesos through most money transfer services. The funds will be converted into Mexican Pesos (MXN) at the current exchange rate. Compare providers to get the best rate and minimize conversion fees.

7. Is a wire transfer from Canada to Mexico safe?

Yes, a wire transfer from Canada to Mexico is safe, especially if you're using a regulated financial institution. However, wire transfers through banks can be slower and more expensive than online money transfer services.

8. What are the costs associated with transferring money to Mexico?

The costs of sending money from Canada to Mexico vary depending on your chosen method. Banks often charge higher fees and offer lower exchange rates, while online money transfer services provide more competitive rates and lower fees. Always compare providers before making a transfer.

9. How long does it take to send money to Mexico from Canada?

The time it takes to send money to Mexico depends on the service used. Online money transfer platforms can often process transfers within 1-2 business days, while cash transfers may be instant. Bank wire transfers typically take 2-5 business days, depending on the bank.

10. Can I make regular money transfers?

You can set up a regular wire transfer to Mexico and make the magic happen online at the touch of a button. So, whether you need to pay vendors, pay for investments, or make business payments, your MTFX account allows you to set up regular, automated payments to Mexico.