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Copy share linkShare link has been copied!Sending money internationally can often come with significant fees and hidden costs. However, there are several ways to send money to Mexico for free or at very low costs. Below, we explore some of the most effective methods to achieve this, from traditional banking methods to modern digital solutions.
Before diving into the methods, it's crucial to understand the components that typically add costs to international money transfers: transfer fees and exchange rates. Transfer fees are often charged by banks and money transfer services, while exchange rates can vary and include hidden markups. Being aware of these can help you choose the most cost-effective method.
PayPal is one of the most widely used platforms for sending money internationally. While it typically charges fees for cross-border transactions, you can avoid these fees by:
Venmo is another peer-to-peer payment platform that can be used to send money to Mexico. Although Venmo itself is primarily for domestic transactions within the United States, you can transfer funds to a U.S. bank account linked to Venmo and then use another service to send money to Mexico.
Revolut is a digital banking app that offers free international money transfers up to a certain limit. With Revolut, you can:
Wise is known for its transparency and low fees. While not entirely free, it offers competitive rates that often make it cheaper than traditional banks. Wise also uses the real exchange rate without any hidden markups.
Some banks have partnerships that allow for fee-free transfers between accounts. For example:
If you are transferring money from a European bank to Mexico, SEPA (Single Euro Payments Area) transfers can sometimes be used for free or at very low costs. However, this method is less common for Mexico.
Cryptocurrencies like Bitcoin offer a way to transfer money internationally with minimal fees. To send money to Mexico using cryptocurrency:
Stablecoins are cryptocurrencies pegged to the value of a fiat currency like the U.S. dollar. They offer a more stable value compared to traditional cryptocurrencies. Examples include USDT (Tether) and USDC (USD Coin).
Remitly offers a free first transfer for new users. Subsequent transfers come with fees, but the initial offer can be a way to send money to Mexico for free.
Xoom is a PayPal service that specializes in international money transfers. While it usually charges fees, promotional offers and first-time user discounts can provide free transfers occasionally.
In some communities, people pool resources to help each other with international money transfers. This method, known as "networking" or "community banking," relies on trust and mutual aid.
If you are sending money to family members in Mexico, some employers offer international payroll systems that allow for direct deposits into foreign bank accounts without fees. Check with your employer to see if this option is available.
In some cases, governments offer programs to facilitate remittances with reduced or no fees. For example, the Mexican government has initiatives to lower the cost of remittances for its citizens abroad.
The best method for sending money to Mexico for free depends on various factors including:
By understanding the different options and their respective advantages, you can make an informed decision that best suits your needs and helps you save on fees.
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