Expat Exchange
Free MembershipSign In

Mexico Expat Forum

3 years ago

USD->MXN money transfers

3 years ago
Just transferred about $9,000 by wire transfer and the difference between the bank's exchange rate and the wholesale (interbank) market was about $400. Almost 5%. And, the effort to make the transfer (going to the bank branch, filling out a form) was unreasonable. There has to be a better way. Somebody must know how to do it easier and cheaper.

What is it?

Using an ATM for other than pocket money isn't practical and it's too expensive given the poor exchange rate they charge.

Is there any bank that facilitates the process AND charges a reasonable mark-up on the foreign exchange?

How about these non-bank money transfer agencies? Are there any that are transparent about their pricing? I.e., they will tell you up-front what their current mark-up is? And that they are reliable? I don't want to deal with anybody who is going to give me a great mark-up one day and a lousy mark-up another day. Nor do I want to spend hours shopping around for the money changer who is offering a reasonable price each time I'm looking to do a transfer. I want to find a money changer who will do the transaction for a pretty good price all the time.

Has anyone found the right vehicle?

Universal Tax Professionals
Universal Tax Professionals

Allianz Care
Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz CareAllianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Living in Mexico GuideLiving in Mexico Guide

Our Living in Mexico Guide is an introduction to everything about the basics for moving to Mexico: best places to live, cost of living, pros and cons, healthcare and insurance, and more.

Mexico Forum Mexico Forum
Join our Mexico forum to meet other expats and talk about living in Mexico.

Contribute to Mexico Network Contribute
Help other expats and newcomers by answering questions about the challenges and adventures of living in Mexico.

Best Places to Live in Mexico Best Places to Live in Mexico

If you're thinking about living in Mexico, here are the 15 Best Places to Live in Mexico in 2023.

Healthcare in MexicoHealthcare in Mexico

If you're moving to Mexico or an expat living in Mexico, understanding the Mexican healthcare system is essential. We offer an overview of the public and private healthcare systems in Mexico, health insurance for expats in Mexico, hospitals and prescription drugs.

Cost of Living in MexicoCost of Living in Mexico

Expats offer insight into the cost of living in Mexico.

Moving to MexicoMoving to Mexico Guide

Expats in Mexico share important tips for people preparing to move to Mexico. From banking in Mexico to finding a safe city, read these 8 tips before moving to Mexico.

Real Estate in MexicoReal Estate in Mexico

Real estate listings in popular cities and towns in Mexico.

Pros Cons of Living in MexicoPros & Cons of Living in Mexico

Take off your rose-colored glasses and learn what expats have to say about the biggest challenges and the greatest rewards of living in Mexico.

Retiring in MexicoRetiring in Mexico

Advice for people retiring in Mexico.

Visa and Residency MexicoMexico Visa & Residency Guide

If you plan to move to Mexico, you'll need to understand the process involved and the order in which requirements need to satisfied. Here is an excellent primer on what you'll need to do regardless of the amount of time you plan to spend in Mexico.

10 Tips for Living in Mexico10 Tips for Living in Mexico

If you've recently arrived in Mexico, here are 10 tips for digital nomads living in Mexico.

Allianz Care
Allianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Allianz CareAllianz Care

Flexible solutions allow you to tailor your cover to meet your needs and budget. Use Promocode: LIFE10 and get 10% off your international health insurance for life!
Get Quote

Contribute to Mexico Network Contribute
Help others in Mexico by answering questions about the challenges and adventures of living in Mexico.

Universal Tax Professionals
Universal Tax Professionals

Copyright 1997-2024 Burlingame Interactive, Inc.

Privacy Policy Legal