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Mexico is a country of culture, and much of that culture centers around togetherness, family, love and inclusiveness.
Around 20% of the population live in rural areas [Trading Economics]. And outside of the bigger cities, togetherness is even more important, with people taking their responsibilities to family members and close friends seriously [Live Science].
For Mexicans, perhaps like yourself, living abroad shows how strong the family ties are as many Mexicans still provide for each other despite the distance. Life can be hectic when you live away from your family. Our services always aim to make your life easier by making money transfers secure and quick so you can focus on other things in your life.
In this blog you’ll learn about:
- What is the currency used in Mexico?
- How much is a US dollar worth in Mexico?
- How to send money to Mexico from the US
- Our local partners
What is the currency used in Mexico?
Before we deep dive into how you can support your loved ones, it’s good to understand the unique economic history of Mexico. The currency in Mexico is the Mexican peso. It uses the $ sign and is identified internationally with the code MXN. Did you know that the Mexican peso is the 8th most traded currency in the world? Interestingly, the modern peso and the US dollar both evolved from 15th–19th century Spanish eight-real coins, also called Spanish dollars or “pieces of eight”. Mexico gained independence in 1821, but the US accepted Mexican currency until 1857.
How much is a US dollar worth in Mexico?
If you want to send money to Mexico, understanding the US dollar to Mexican peso exchange rate is important – especially at the moment you are making your transfer. The current exchange rate impacts the amount of your money that gets transferred. You want a strong exchange rate and transparency from the service you use. Why? Because then you know exactly how much your loved ones are going to receive.
Here’s more on what to look for in transfer fees and rates when you transfer money from the US to Mexico. In the past year, the exchange rate for Mexican pesos reached a high of 1 USD to 25.4471 MXN and a low of 1 USD to 19.6036 MXN. At Small World, we’re often able to offer a much better exchange rate than banks or post offices. This is because we monitor the changes in the rates and adjust them to make sure our customers get the best deals. While many banks claim to be ‘commission free’ — making them sound like a good option — they often load the exchange rate in their favor as a way to make money.
How to send money to Mexico from the US
You can send money to Mexico with us in two different ways: cash pick-up and bank deposit. Let’s take a quick look at both, and what might be the right choice for you. To send money to Mexico, you can make the payment in person via an agent, or digitally using the Small World website or app.
To set up an account, you need the following:
- A registered account with Small World (only takes a couple of minutes)
- A mobile phone number
- A US address
- Your bank details
- A valid ID
- The cell phone number/ bank details of the person you’re sending money to
Sending money to Mexico for cash pick-up
Once your Small World account is set up, simply:
- Select Mexico as the country you want to send to
- Choose “Cash Pick-up”
- Enter the amount you wish to send
- Choose a location that is convenient for your loved one
They will receive an SMS that contains a secure passcode and can use this passcode to collect their money at their chosen location. Easy, right?
Did you know that we have over 11,300 cash pick-up locations that reach the far corners of Mexico? Perfect if your loved ones are living in a city or a rural area, or if they are one of the 42 million Mexicans that don’t have a bank account [S & P Global].
Sending money to Mexico by bank deposit
If your recipient has access to a bank account you may prefer to send money to them by bank deposit. This allows you to transfer money from your bank account directly to your beneficiary’s and it takes minutes to arrive.
- Select Mexico as the country you want to send to
- Choose “Bank Deposit”
- Enter the amount you wish to send
- Enter your recipient’s bank details and confirm.
It’s simple and quick. The best thing? You can track the transaction in real-time as well.
Using the Small World app
The Small World app is one of the easiest ways to transfer money. Simply:
- search ‘Small World’ on the App Store or Google Play store and download
- set up your account in 2 minutes
- select send money to Mexico
- enter the details of the person receiving the transfer
- all done – use the App to monitor the progress of your money transfer
You can use the app to transfer money by bank deposit or cash pick up and your first digital transfer is fee-free. Everything you need to know is in our user’s guide to the Small World app.
Our local partners
Our local partners include well-known names in Mexico, from Elektra and Bancoppel to BBVA Bancomer, Banorte, Soriana, Aurrera Walmart, and Bansefi. We are working hard to make sure your friends and family in Mexico can access their money as easily as possible.
