Worst and best ways to send money to Mexico from the U.S.

The following are the worst and best ways to transfer money from the United States to Mexico when sending remittances.

Worst and best ways to send money to Mexico from the U.S.
These are the worst and best options to send remittances from the U.S. to Mexico. Photo by Viacheslav Bublyk / Unsplash

According to the Federal Consumer Protection Agency (Profeco), Western Union and Pangea Money Transfer are the worst options for Mexicans living in the United States who send dollars to their relatives in Mexico since the commission they charge is the highest of these companies that handle money transfers have, according to the Federal Consumer Protection Agency (Profeco).

The agency's representative, Ricardo Sheffield Padilla, indicated that an average of 350 dollars is sent from the US to Mexico, where the best options for cash transactions are Ulink, offering 6,996 pesos; Pegaphone Smart Pay with 6,919 pesos; and Money Gram with 6,895 pesos.

"The least convenient was Western Union, which in October was giving us 350 dollars, 6 thousand 751 pesos, while the best option throughout this year was from Ulink, which was giving us 6 thousand 996 pesos for those same 350 dollars," he commented. "In account deposits, the best option is Ulink, which gives 6,956 pesos, while the worst option is Pangea Money Transfer, which gives 6,749 pesos for 350 dollars," he argued.

5 billion 122 million dollars were received in August 2022, representing a 77.61 percent increase over 2018; a 50.91 percent increase over 2019, a 43.29 percent increase over 2020, and a 7.85 percent increase over 2021."The companies that provide insurance in case of remittance theft are four suppliers in Mexico only ones that have this feature are Elektra, Bodega Aurrera, Walmart, and Caja Popular Mexicana. They are the ones that offer this insurance," he said.