The USA to Mexico is one of the most competitive remittance corridors where more than 15 companies are offering its services. A lot of banks and money remittance companies are also providing multiple discounts on transfer fees and best exchange rates. But, the major question arises that after seeing competitive exchange rates is which company you should pick to transfer funds from the USA to Mexico.

A lot of banks, MTOs and startups are offering these services to customers with multiple offers and benefits. Due to this competition, consumers now have a large number of choices and negotiating power. But again the question arises is which is the “best money transfer company,” according to your needs and requirement of the recipient. So, here are few base points which you should consider before transferring the US Dollar to Mexican Peso:

1. Speed: How soon you want your money to reach the recipient? If you want to transfer money faster, you can use cash pickup services of WorldRemit which provides the instant transfer. While, if you have no emergency, then you can use services of Transfast, Remitly, OFX and TransferWise, which will deliver money in 2-3 working days.

2. Exchange Rate: The companies offer different exchange rates depending on the fees they are charging and their margin of profit. For example, WorldRemit offers live exchange rates deducting a small amount of charges to make profits. Transfast changes its exchange rates once a day and the same will get locked when you start your transaction. Besides this, other companies offer a bit lower rates comparing to live market rates and lock-in so that the same amount will be received by the recipient.

3. Fees and Other Taxes: There are taxes levied on every transfer depending upon the policies of both the countries which will be deducted from the amount paid. The fee is charged by companies on different types of transfers. Before transferring, first, watch out that you will not end up paying more than you should.

4. Transfer Convenience: If one can transfer in an easy way without any support of customer assistance, then the company is considered as highly convenient. You can make transfers online without physically visiting its office. In the era of digitalization, mobile apps are also necessary which can ease the transfers anytime anywhere. Transfast, WorldRemit, Remitly, TransferWise are also offering their mobile apps so you can transfer funds anywhere anytime.

If you are willing to choose any of the company to send money to Mexico from the USA, then first check out which company is providing much better services, Remitly or TransferWise? Before using any of them ask yourself, which is more affordable? Which suits best to your needs? So, here is our analysis of both the money transfer services:

Transfer Fees: TransferWise charges a small percentage of fees of the amount you send while the fees of Remitly depend on the destination country. The fees also increase and decrease accordingly the transfer speed you choose, Economy or Express. Making credit card payment also attracts additional fees in both Remitly and TransferWise.

Exchange Rates: TransferWise offers the true mid-market rates which mean they do not add any margin on it. On the other hand, Remitly has not any said standard rule for exchange rates which mean they can vary a lot.

Transfer Speed: Remitly transfer your funds within minutes if you choose the express transfer option, though it also asks additional fees for transferring funds faster. However, TransferWise transfers your funds within 2-5 business days. Remitly’s Economy option also delivers money to the recipient within 2-5 working days.

So, if you want to get delivered funds faster, you may choose Remitly, but if you have no emergency and wants to get the best transfer rates, choose TransferWise.

Among the multiple money transfer service, we have find out you some of the best services for sending money to Mexico from USA, these are:

TransferWise: Company offers same day bank transfers to Mexico from the USA.

WorldRemit: It offers cash as well as bank transfers in the speedy form and offers instant delivery in Mexico.

Western Union: The company is not the cheapest way to send money to Mexico but good for fast and effective same day pick-up. It has around 25,000 agents in Mexico.

Xoom Money Transfer: It has more than 14,000 transfer agents available in Mexico and also offers deposits in all the major banks of the country. It offers clear rates and fees and allows account registration within minutes.