How to send money to Mexico from bank to bank?

Sending money from a bank account in the U.S. or Europe to a Mexican bank account is best approached through specialized remittance services rather than traditional SWIFT wire transfers, which are slower and more expensive.

To complete a bank-to-bank transfer, you will need the recipient's **CLABE** (Clave Bancaria Estandarizada). This is an 18-digit number that uniquely identifies a Mexican bank account.

### 1. Most Cost-Effective Method: Digital Specialists (Wise, Remitly)

For the lowest fees and the closest rate to the mid-market exchange rate, digital apps are the gold standard.

* **Wise (formerly TransferWise):** Use Wise if you want the "real" exchange rate. They charge a transparent upfront fee (typically around 0.5%–1% of the total). According to *Almost Retired in Mexico*, Wise is the fastest method for bank-to-bank transfers, often arriving within minutes via the Mexican SPEI (Sistema de Pagos Electrónicos Interbancarios) network.

* **Remitly:** Best for first-time senders. They often offer a promotional "First Transfer" rate that is better than the market rate. Choose the "Economy" speed for the lowest fees when sending from your bank account.

* **Pangea:** Highlighted by *MexEdge* for its fixed-fee structure ($4.95 for most transfers), which makes it predictable for larger amounts.

**Actionable Step:**

1. Download the app and link your bank account via Plaid or manual verification.

2. Enter the recipient’s full legal name (as it appears on their Mexican ID) and their 18-digit **CLABE**.

3. Select "Bank Deposit" as the delivery method.

### 2. Traditional Bank-to-Bank (Wire Transfers)

Unless you are sending more than $10,000, traditional bank wires (e.g., Chase to BBVA) are generally the worst option due to:

* **Outgoing Wire Fees:** $40–$50 USD.

* **Exchange Rate Markups:** 3%–5% hidden in the spread.

* **Incoming Fees:** Some Mexican banks charge $15–$30 USD to receive an international wire.

**Exceptions:**

* **Intermex or Wells Fargo "ExpressSend":** Wells Fargo has a dedicated service for Mexico that allows you to send to major Mexican banks like Bancomer or Banamex for a lower fee (around $5-$8), though the exchange rate is still less favorable than Wise.

### 3. Comparison of Rates and Speed (Estimated 2024/2025 Data)

| Service | Speed | Estimated Fee | Exchange Rate Markup |

| :--- | :--- | :--- | :--- |

| **Wise** | Instant - 4 hours | Variable (low) | 0% (Mid-market rate) |

| **Remitly** | 1-3 business days | $0 - $3.99 | 1% - 2% |

| **Direct Bank Wire** | 3-5 business days | $40+ | 3% - 5% |

### 4. Regulatory Requirements & Monitoring

Mexico’s central bank (Banco de México) and the tax authority (SAT) monitor incoming transfers.

* **Reporting Thresholds:** Amounts over **$15,000 MXN** (approx. $850 USD) received in cash are reported to SAT, but bank-to-bank transfers are documented automatically via the SPEI system.

* **Income Tax (ISR):** If you are sending money to yourself (e.g., to your own Mexican account), keep records that the funds were already taxed in the origin country to avoid being taxed again in Mexico.

* **Verification:** For transfers exceeding $1,000 USD, services like Wise or Remitly will require a photo of your ID and potentially a "Proof of Funds" (like a bank statement) to comply with Anti-Money Laundering (AML) laws.

### 5. Step-by-Step Instructions

1. **Gather Recipient Info:** Get the 18-digit **CLABE**, the name of the Mexican bank (e.g., BBVA, Banorte, Santander), and the recipient's full legal name.

2. **Compare Rates:** Use a tool like *Monito* or check the Wise app to see the current MXN/USD rate.

3. **Fund the Transfer:** Use an **ACH Transfer** from your bank to the service provider. Do not use a credit card, as this incurs "Cash Advance" fees from your bank (often 25%+ APR).

4. **Confirm the SPEI:** Once the service sends the money, it enters Mexico's SPEI system. Most bank-to-bank transfers to Mexico processed this way are available to the recipient within 60 seconds of the service releasing the funds.

### Edge Case: Sending to a Mexican Business

If you are paying a business (e.g., for a house rental or legal fees), ensure you include the "Concepto" or "Reference" number in the transfer notes. Mexican accounting requires this for the business to properly invoice the payment (Factura).