Receiving inheritance from abroad: What you need to know
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
Need to send money to friends or family in Mexico? Or perhaps you’re buying goods or paying for a service from a company based there.
Whichever is the case, you’ll need to find the most cost-effective and convenient way to make your international payment.
One option is Remitly, the online money transfer service. But how easy is it to use Remitly to send money to Mexico, and how much does it cost? Remitly isn’t always the cheapest way to transfer money to mexico when it comes to exchange rates and transfer fees.
You could save money by using an alternative such as Wise for receiving payment in different currencies.
Yes, Mexico is one of the 145+ countries¹ you can send money to from the UK with Remitly.
What’s more, you can choose how your recipient will collect the money, with available options including bank deposit and cash pickup².
Ready to set up your transfer? Here’s how to go about it³:
Now we come to the important question - how much does Remitly cost? Let’s take a quick look at Remitly’s rates to Mexico for a standard transfer⁴:
Remitly also tends to have offers for new customers. This means that you could end up paying no fee at all if it’s your first transfer.
But alongside the upfront fee, it’s also important to factor in Remitly’s exchange rate for Mexico transfers. This can make a big difference to how much your recipient receives, and how expensive the transfer is overall.
To illustrate this, let’s do a quick hypothetical transfer. Here’s how much it’d cost to send £500 to a friend in Mexico using Remitly, compared to Wise⁵:
Provider | Transfer fee | Exchange rate | Recipient receives |
---|---|---|---|
Remitly | £1.99 | 23.0800 | 11,494.07 MXN |
Wise | £4.54 | 23.4087 - the mid-market rate | 11,598.07 MXN |
Exchange rate and fees as of 21-Jan-2023
So as you can see, the exchange rate makes all the difference in this particular transfer.
Remitly does place some limits on how much money you can send per 24 hour, 30 days and 180 day periods. These limits vary depending on where you’re sending to and from. You should be able to view your current sending limit in your account, or in the app.
The basic limits are⁶:
If you want to increase these limits, you’ll need to provide Remitly with additional ID and proof of how you fund your transactions.
Live life with bigger limits, with Wise You can send up to the equivalent of 95,000 USD per transfer. Sign up for a Wise Account
See how much more you could be sending with Wise
Remitly provides the option for cash pickup in Mexico, along with bank deposits.
It offers nationwide coverage across the country, with a large number of pickup locations. Your recipient can find their nearest using the Remitly Mexico cash pickup locator.
Remitly’s standard Economy service takes around 3-5 business days⁷.
If you want the money delivered faster, you can pay a little extra for Express. With this service, your payment will be delivered within minutes (if funded by debit card)⁷.
Remember Remitly aren't the only money transfer service in town. Consider using Wise instead. Send money to Mexico with Wise. You’ll only pay one transparent transfer fee, and you’ll get the mid-market exchange rate.
And that’s it - everything you need to know about sending money to Mexico with Remitly. We’ve looked at fees, exchange rates, limits and transfer speeds, so you should be all set.
But before hitting ‘send’ on that payment, make sure to compare all options. Alternatives such as Wise are fast, secure and could even save you money.
Transaction speed claimed depends on individual circumstances and may not be available for all transactions.
Pricing/fees: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information
Sources used:
Sources last checked on date: 21-Jan-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Read our guide on receiving inheritance from abroad, the steps you should take after becoming a beneficiary and UK inheritance tax.
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