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Using a foreign exchange service is one of the best ways to spice up your savings and reduce business costs when sending money to Mexico.
When considering the cons of doing business in Mexico, some Canadian companies might bring up the cost of sending money abroad. However, this is hardly a downside since companies have control over which services to use when transferring money internationally.
Banks are generally not cheap, but international transfer specialists like MTFX offer a cheaper and faster way to send money to Mexico from Canada.
This is excellent news because Canada’s imports from Mexico are the third-highest, reaching a whopping $26.66B in 2021. Whether you’re importing vehicles, automotive components, machinery, furniture, metals, plastics, fruits, vegetables, spices, or doing any other business in Mexico, you can enjoy a slice of the pie without paying huge money transfer costs.
The best way to transfer money to Mexico depends on various factors such as speed, security, and cost.
To find the safest, cheapest, fastest ways to send money to Mexico, it's important to compare rates, fees, and processing times before making a decision.
If you're looking to transfer money online to Mexico, you have several options, including online transfer services and banks. Here are the basic steps to follow:
Exchange rate fluctuations are the norm, so determining the best current exchange rate means comparing services and tracking trends. For example, when sending money to Mexico, you should be primarily interested in the CAD/MXN exchange rate.
However, settling supplier invoices directly in Mexican Pesos is also becoming a popular option. Keeping track of the current MXN/CAD exchange rate is also important.
Finding a good or excellent exchange rate starts with overlooking the banks and turning to specialist foreign exchange services. This ensures you get a favorable exchange rate that could save you up to 3 or 5 cents for every dollar you transfer.
For instance, MTFX exchange rates are consistently 3-5% lower than bank offers. If you’re a Canadian company making high-dollar payments to Mexico, you can realize significant savings with these bank-beating rates. To illustrate, a company making a supplier payment of $30,000 can pocket $1,500 in savings, which is money that could be put to better use.
You can send money to a Mexico bank account from Canada with the utmost ease by using a specialist foreign exchange service like MTFX. Although you might have previously used your bank to send money across the border, switching to a service that offers the best competitive rates and lower transfer fees makes more sense.
Registering for an MTFX account only takes minutes. You can then streamline outgoing payments to your business partners in Mexico. You also have access to a wide range of foreign exchange tools, such as currency rate alerts, to help you stay on top of the market.
Besides your details, you also need the following information about the Mexican account that will receive the money:
Business is booming in Mexico, which is one of the largest economies in Latin America. Whatever business ties you have with Mexico, MTFX can help you keep things profitable.
Register your MTFX business account online today. Start sending money to Mexico at favorable rates with the highest convenience.
Punctuality is a respected and valued trait in business. So, you’ll be pleased to know it takes 1-2 days for your beneficiaries to receive money in Mexico. MTFX offers an all-in-one business payments solution to help you keep track of outgoing payments.
Not only can you set up a regular wire transfer to Mexico, but you can make the magic happen online at the touch of a button. So, whether you need to pay vendors, pay for investments, or make business payments, your MTFX account allows you to set up regular, automated payments to Mexico.
Yes, you can trust MTFX to send money to Mexico online safely, as they are registered and regulated by FINTRAC.
Sending money to Mexico has no limit. No matter how much you need to send, MTFX offers a secure and reliable platform for transferring funds quickly and safely.
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