$63.3B — Remittances received by Mexico in 2023 (Banco de México)
| Provider | Method | Fee | FX Markup | Total Cost | Speed |
|---|---|---|---|---|---|
| Western Union | Cash pickup | $5–15 | 2–3% | $15–30 | Minutes |
| Western Union | Bank deposit | $5–10 | 1.5–2.5% | $12–22 | 1–2 days |
| MoneyGram | Cash pickup | $4–12 | 2–3% | $14–27 | Minutes |
| Remitly | Cash pickup (Express) | $3.99 | 1.5–2% | $11–14 | Minutes |
| Remitly | Bank deposit (Economy) | $0 | 0.5–1% | $2–5 | 3–5 days |
| Wise | Bank deposit only | $4–7 | 0% | $4–7 | Few hours |
| USDC via Bitso (crypto) | Bank deposit only | $1–3 | ~0.3% | $2–4 | Under 1 hour |
~2.5% — Average fee premium for cash pickup over bank deposit (same provider)
| Method | Provider | Monthly Cost | Annual Cost | Annual Savings vs Cash |
|---|---|---|---|---|
| Cash pickup | Western Union | $22 | $264 | — |
| Cash pickup | Remitly Express | $13 | $156 | — |
| Bank deposit | Wise | $6 | $72 | $84–192/yr |
| Bank deposit | Remitly Economy | $4 | $48 | $108–216/yr |
| Bank deposit (crypto) | Bitso via USDC | $3 | $36 | $120–228/yr |
Bank deposit is almost always cheaper. On a $500 transfer, bank deposit via Wise costs $4–7 total, while cash pickup via Western Union or MoneyGram typically costs $15–30 when FX markup is included. The exception is Remitly Express cash pickup, which is competitive at around $13 all-in — but still more expensive than Remitly Economy bank deposit at $4.
Mexico's SPEI interbank system operates 24/7 and processes transfers within seconds once funds arrive. Digital providers like Wise and Remitly typically settle in 1–4 hours. Traditional bank wires (SWIFT) take 1–3 business days. Crypto rails via Bitso can settle in under 30 minutes from send to pesos in the recipient's account.
You need your recipient's 18-digit CLABE number (not their account number). The CLABE identifies the bank, branch, and account. Your recipient can find it in their bank's mobile app or by visiting a branch. Major Mexican banks — BBVA, Santander, Citibanamex, Banorte — all issue CLABEs automatically.
OXXO is the largest agent network with 22,000+ locations, available through Remitly and WorldRemit. Western Union has 12,000+ locations and MoneyGram has 10,000+. Elektra/Banco Azteca has 2,000+ locations, often in smaller cities and towns where banking infrastructure is limited.
Yes, through select providers. Remitly and WorldRemit both support OXXO cash pickup in Mexico. Your recipient visits any OXXO with a valid government ID and the reference code you send them. Funds are typically available within minutes of your transfer completing. OXXO's 22,000 locations make it especially useful for recipients in areas without a nearby bank or traditional remittance agent.
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