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.
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.
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 USD/CAD 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 don’t have to fly blind when sending money to Mexico. Get an accurate read on the current CAD/USD or CAD/MXN exchange rate using the MTFX live currency rate calculator.
You can transfer money from Canada to a Mexican bank account 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:
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 regular money transfers 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.
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.
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