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.
What is a reasonable exchange rate when sending money to Mexico?
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.
What is the current CAD to Mexico Peso rate?
How to send money to Mexico
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.
What bank details are needed to transfer money?
Besides your details, you also need the following information about the Mexican account that will receive the money:
Beneficiary address and account number
Bank address and Swift code
Reason for transfer
How long does it take to send money to Mexico?
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.
Can I make regular money transfers?
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.
Start sending money to Mexico today
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.
Sending money abroad is highly efficient with a fast turnaround and automated transfers.
Navigating the transfer process is a breeze with free expert guidance from MTFX foreign exchange specialists.
You can access the secure online platform 24/7 and send payments as per your business needs.
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Who can use the MTFX payment service?
Individuals and businesses who need to send money in foreign currency internationally can use MTFX’s services. The beneficiary of the transfer must have a bank account for the funds to be paid into.
Personal clients usually use our services to transfer money between their own accounts in two different countries.
Business clients usually use our services to transfer funds to suppliers, fund international operations, or repatriate overseas earnings.
Why should I use MTFX and not my own bank?
MTFX offers currency exchange rates that are 2-5% better than those offered by the banks. Personal clients usually save hundreds of dollars per transfer and for larger transfers, the savings can run into the thousands.
We also offer excellent customer service, dedicated currency specialists, and a 24/7 online platform with best-in-class technology that allows you to complete transfers from any device virtually anywhere in the world.
Business customers save with better currency exchange rates and proven solutions geared towards managing and mitigating foreign exchange risk. Our solutions include forward contracts, market orders, rate alert services, and much more - all backed by great technology and great people.
How do customers send funds to MTFX?
Funds can be transferred via wire transfer, Electronic Funds Transfer (EFT), or ACH payment services. MTFX maintains bank accounts in all major currencies with highly-rated banks. Our banking infrastructure ensures that you can transfer funds to us quickly and securely.
How long does it take MTFX to transfer funds?
Our global network of banking partners allows us to get funds to virtually anywhere in the world quickly and efficiently. Most wire transfers from MTFX will be received by your beneficiary within 24-48 hours. MTFX also offers same-day transfers that are almost instantaneous, as well as low-cost in-country payment services for your less urgent transfers. For further information please speak to one of our currency specialists.
Please read the following update before logging in to your MTFX online account
We have updated our online dealing system to provide you with better functionality, more unique tools and an overall enhanced client experience. MTFX Online 2.0 is now available for your dealing needs. You can begin using our enhanced online portal today.
Please note that the traditional portal will be available for use until MAY 30th 2021 at which point it will be decommissioned.