Revolut today launched its US-Mexico remittance corridor. Translation? Now, Revolut customers in the US and Mexico can easily transfer money to each other from the app, without any hidden fees, at the real exchange rate.
With the US being the largest source country of remittances – sending $68 billion globally each year – and Mexico among the largest recipients of these remittances, the transfer of money from the US to Mexico is one of the most important corridors in the world. And, amid the COVID-19 pandemic, this corridor is serving as a solution to consumers (single parents, teachers, college students) that continue to struggle financially from unemployment.
So, what’s the best way to send money to Mexico?
When sending money to Mexico, traditional banks can be expensive and slow, with high fees and transfers taking several days. Instead, an online money transfer provider can let you send money fast and at a low cost.
That’s where we come in! With Revolut, consumers can send money abroad fast and at the real exchange rate. We’re committed to providing our customers with the best rates when it comes to currency exchange.
Wait, how much does it cost to send money to Mexico?
We charge a fixed percentage fee of 0.3%, pegged to a minimum of $0.30 and a maximum of $6. You’ll also get the interbank exchange rate for your transaction. And, we don't charge FX fees if you're under your free allowance limit.
And, how long does it take to send money to Mexico?
Most transfers reach your beneficiary within one working day. Sometimes it can take longer, but we'll always keep you updated on the status of your transfer.
But, how does Revolut compare to other service providers?
Revolut remittances cost the lowest among its competitors and peers. Check out our rates compared to other providers:
This comparison shows the cost of a weekday transfer for a standard Revolut user who has not exceeded their fair usage cap, as at the time of the sample. Other banks in the chain may charge fees on top of Revolut. For live rates and fees, please check our website. T&Cs apply.
Make sure your Mexican beneficiary details are up to date.
To avoid future transfers to Mexico being rejected, update your saved Mexican beneficiary details with one of the following options:
- Clave Única de Registro de Población (CURP): This is an 18-figure identity code for citizens and residents of Mexico and is issued by the Mexican government
- Registro Federal de Contribuyentes (RFC): This is the Mexican tax identification number composed of 13 digits for individuals, and 12 digits for companies
To get your updated CURP/RFC details for the Mexican beneficiary, get in touch with them directly. Once you have this info, follow these simple steps to update your information and send a payment:
- Go to Payments, tap ‘Send’, then tap ‘New’
- Tap 'Add a bank recipient' and select Mexico
- Add the CURP/RFC reference of your beneficiary
- Tap ‘Add beneficiary’
- Tap again on the beneficiary and input the amount to transfer
- Tap ‘Continue’
- Review transfer information and send!
Banking services provided by Metropolitan Commercial Bank, Member FDIC. Read more about the limits of fees in our full T&Cs.
Note: Fees may be charged by the beneficiary bank to receive your transfer.
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