Cheapest way to send USD to Mexico?

Wise, Remitly, and Xoom are typically the cheapest providers for USD→MXN, with margins under 1%. For cash pickup specifically, Remitly and Western Union have strong networks; for bank deposit, Wise often wins.

Do Mexican recipients pay tax on remittances?

No — personal remittances to family in Mexico are not subject to income tax. However, transfers above $10,000 USD may trigger source-of-funds verification by the receiving bank under SAT (tax authority) rules.

How fast is SPEI bank deposit to Mexico?

SPEI (Sistema de Pagos Electrónicos Interbancarios) is Mexico's instant payment rail. Once the provider initiates SPEI, the recipient bank credits the account within 30 seconds during banking hours.

Cash pickup vs bank deposit — which is better?

Bank deposit is cheaper and faster (via SPEI). Cash pickup is useful for unbanked recipients and rural areas; Banco Azteca and Elektra have the densest small-town networks. Pickup typically costs $2–5 more per transfer.

Why does the MXN/USD rate fluctuate so much?

The peso is highly liquid and one of the most traded emerging-market currencies, which makes it sensitive to global risk sentiment, oil prices (Mexico is a major exporter), and US Federal Reserve policy.

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Mexican Peso (MXN) Live Exchange Rate & Remittance Guide

MXN · MX$ · Banco de México (Banxico)

1 USD =

MX$17.205

Live (cached)

About the Mexican Peso

The Mexican Peso traces back to the Spanish silver dollar of the 16th century. After the 1994 Tequila Crisis, Mexico moved from a fixed exchange rate to a free float, and Banxico shifted to inflation targeting in 2001. Today the peso is the most-traded emerging market currency and the eighth most-traded globally.

Why MXN matters for remittance

Mexico is the world's second-largest remittance recipient, receiving over $63 billion in 2023. Roughly 95% of inflows originate in the United States — driven by a Mexican-born population of over 10 million in the US. Remittances equal ~4% of Mexican GDP and exceed both oil exports and FDI.

MXN cross-rates

Live

What 1 Mexican Peso (MXN) is worth in major currencies right now, at the wholesale mid-market rate.

Currency	1 MX$ MXN =	Inverse (1 unit in MXN)
USD USA	$0.058123 USD	MX$17.205 MXN
INR India	₹5.5000 INR	MX$0.181817 MXN

USD rate is live from Wise's comparison API; other reference rates are derived from the latest USD-anchored mid-market table. Retail providers add a margin on top — see the comparison table on each corridor page for the rate you'll actually receive.

Compare MXN corridors

See live rates and the best providers for each pair.

USD→MXN EUR→MXN CAD→MXN

Mexico remittance guide

Country profile for sending money TO Mexico — delivery methods, regulations, recipient guidance.

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MXN remittance regulations

Inbound remittances are regulated by Banxico and the CNBV. Personal remittances under $7,500 USD are not taxed and require minimal documentation. Above that threshold, recipients may need to provide source-of-funds info. SPEI is Mexico's domestic instant-payment rail and is increasingly used by fintechs for last-mile delivery.

How to send Mexican Peso (MXN)

For US senders, providers like Wise, Remitly, and Xoom (PayPal) lead the corridor with margins under 1%.
Cash pickup at Elektra, OXXO, Banco Azteca, and BBVA branches is widely available — coverage rivals US 7-Eleven density.
Direct deposit to a CLABE (Mexican bank routing number) is fastest; SPEI delivery typically settles in under 30 minutes.
Recipients in rural areas may prefer cash pickup; Banco Azteca has the broadest small-town network.

Currency facts

ISO 4217: 484
Sub-unit: 100 centavos = 1 peso
Central bank: Banco de México (Banxico)
Daily FX volume: $114 billion/day
Symbol: MX$
52-week range (vs USD): 16.6 – 17.2

Frequently asked questions

Live rates fetched from Wise's public comparison API. For currency conversion mid-rates we display Wise's quoted rate, which has zero markup. Methodology.