How to Send Money to Mexico
Sending money to loved ones back home is a common practice for those living and working abroad. Fortunately, using Xoom is an easy way to send money to Mexico, as most transfers will be processed extremely quickly.
An important factor to remember when doing this is exchange rates. When you send money using Xoom, you'll be simultaneously converting dollars to pesos. The current exchange rate shows $1 as equivalent to about 12.4 pesos. Xoom will clearly display the day's exchange rate, and you'll lock that rate in as soon as the money is sent.
You have two options when sending money to Mexico: cash pickup or bank deposit. A cash pickup typically processes quickly, and your recipient can pick up their money at one of the many participating banks. Bancomer, HSBC, Banorte, Banamex, Santander and Bansefi are among the participating banks, all of which process the transactions in under 15 minutes.
You can also send money via a bank deposit. This will deposit the funds directly into your recipient's bank account, so they'll be able to access the money at any ATM. This process takes just a bit longer – Banamex, Bancomer and Banorte will have the funds ready in under an hour. Other branches are available for bank deposits as well, but may take slightly longer.