Money transfer to Mexico

Tias

Hi,

I want to transfer money to Mexico. A quick online search just showed options with horrendous fees. Has anybody experience with sending money to Mexico /Latin America and can recommend a good, not too expensive way to do it?

Cheers,
Tias

hjb123

It depends on how much you are wanting to transfer and for reasons - ie. not just a few pounds for ebay purchases?

I assume it is to another bank account? Have you spoken to your bank to see what they suggest?

Slayerx

With foreign transfers it depends on a few things

-How quickly you want it to arrive?
-Fee's some banks charge here but the bank its going to may charge if they do they sometimes pass it on to your bank who pass it on to you, its wise to see if the person its been sent to can establish the charges and pay them.

Theres always the option of a foreign draft but they can take a long time to clear and be recieved.

Tias

I would like to send about £150 on a regular basis to Mexico, i.e. every month. It does not need to arrive quickly. The money could be either sent to a Mexican bank account or directly to a person there.
Obviously I can save on some fees by sending twice the money every other month. But I still would like to cut down on the fees as much as possible.

Tias

ioscorpio

I have sent larger amounts of money to Mexico, the problem you will find is there is a lack of banks and currency exchange companies that trade in the Peso, or if they do, they have a minimum value. It's cheaper if you transfer HSBC to HSBC.

I have used HSBC whose rates were not great and messed up the payment and it had to be sent again.

I have also used https://www.isxfx.com who were very good, but when i wanted to use them for the 2nd time in December, I could not contact them by phone or email, so that's why I used HSBC.

I have now signed up with another currency exchange company called https://www.xe.com they are based in Canada, but you transfer the money from your account to their London account, I have not used them as yet.

taxi97w

Nationwide bank draft in whatever currency £12. Just like a cheque made out to whoever. You need to have an account with them though.

Lloyds TSB do the same for £15-need an account with them.

Which ever bank you are with will do a bank draft for you and it may take up to a week to prepare. The fees vary slightly depending on the bank/building society.

THRIFTY1_3

I've been told that transfering money to latin america can sometimes involve the funds going via an intermediary bank in the USA, therefore taking a little longer and possibly incurring a small fee. I transfer monthly to the states through a company called just euros http://www.justeuros.co.uk I've shopped around they offer good rates and the service so far has been top drawer, much better than my Bank. I've set up a standing order from my current account to go into their client account each month, they transfer the funds upon receipt and advise me of the details when complete. Saving me the hassle of making arrangements each month.

ioscorpio

No it does not go thro USA, I sent money direct from the London co account of the currency trading to my daughter's bank account. When I transferred money from my HSBC account to my daughter's HSBC account it went an intermediary bank in Mexico as apparently HSBC London do NOT have a direct account with HSBC Mexico City. No additional fee was taken by the intermediary bank or my daughter's bank.

My transfers were £ to pesos, but a lot of banks and currency exchange companies will try to get u to transfer £ to $ because they don't deal in the peso.

Voyager2002

I used to do this, using someting called Fidelity money funds. The problem is that you have to open an investment account with them and maintain a balance of about five thousand pounds (or equivalent in other currencies). The account offers you the ability to exchange from one currency to another without commission, and using 'wholesale' exchange rates (ie the best possible), and when you want to withdraw money, they will do a telegraphic transfer of the amount of your choice, in the currency of your choice, to your bank account anywhere in the world.

Note that I say "your bank account". Because of money-laundering legislation, the transfer MUST be to a bank account that is in your name. However, it can be a joint account with someone who lives in Mexico (or wherever), or the Fidelity account can be jointly in your name and that of the person in Mexico.

Lara

Have you tried Currencies Direct - we use them to transfer funds to different parts of the world. They are very good.