$63B — Remittances sent to Mexico from the US in 2024
| Provider | Flat Fee | FX Markup | Total Cost | Recipient Gets (approx.) | Speed |
|---|---|---|---|---|---|
| Bank Wire (SWIFT) | $25–45 | 2–3% | $29–51 | ~MXN 2,450–2,750 | 2–4 days |
| Western Union (bank deposit) | $5–8 | 1.5–2.5% | $8–13 | ~MXN 3,250–3,380 | Minutes–1 day |
| Remitly (Express) | $3.99 | 0.5–1% | $5–6 | ~MXN 3,430–3,470 | Minutes |
| Wise | $2.50–3.50 | 0% | $2.50–3.50 | ~MXN 3,510–3,530 | Hours–1 day |
| USDC on Tron (via Bitso) | $0.50–1.50 | ~0.5% | $1.50–2.50 | ~MXN 3,490–3,510 | < 30 min |
| USDC on Stellar (via Bitso) | $0.50–1.50 | ~0.5% | $1.50–2.50 | ~MXN 3,490–3,510 | < 15 min |
| Lightning Network (via Strike) | $0–0.50 | ~0.3% | $0.50–1.00 | ~MXN 3,515–3,530 | < 1 min |
2.5% — Average fee on the US-Mexico corridor (World Bank, 2024)
| Provider | Cost per $200 | Annual Cost (52x) | Annual Savings vs. Bank Wire |
|---|---|---|---|
| Bank Wire (SWIFT) | $40 | $2,080 | — |
| Western Union | $11 | $572 | $1,508 |
| Remitly Express | $5.50 | $286 | $1,794 |
| Wise | $3 | $156 | $1,924 |
| USDC on Tron/Stellar | $2 | $104 | $1,976 |
| Strike Lightning | $0.75 | $39 | $2,041 |
Strike (Lightning Network) is typically the cheapest at under $1 total cost on $200. USDC on Tron or Stellar via Bitso is the next cheapest at $1.50–2.50. Wise is the cheapest fully traditional option at $2.50–3.50 with no FX markup. Use RemitRoutes to compare live rates since costs shift throughout the day.
Remitly Express charges a flat $3.99 fee plus a small FX spread of roughly 0.5–1% on USD to MXN. On $200, total cost is approximately $5–6, and your recipient gets around MXN 3,430–3,470. The Economy option may be cheaper if speed isn't critical — check both options before sending.
Yes. The most common path is: buy USDC on Coinbase or Kraken → send to your recipient's Bitso wallet → they convert to MXN and withdraw to a Mexican bank account. Total cost is under $2.50 and the transfer takes under 30 minutes once both accounts are set up. The setup process (KYC verification) takes a few days on first use.
Strike via Lightning Network can deliver funds to Mexico in under a minute. Remitly Express deposits arrive in minutes. Western Union cash pickup is also available in minutes at OXXO locations nationwide. USDC on Tron or Stellar settles on-chain in under 30 minutes, then Bitso converts to MXN instantly.
No. Western Union and Remitly both support cash pickup at OXXO, Coppel, Elektra, and other retail locations across Mexico — no bank account required. For crypto rails (Bitso) and Wise, a Mexican bank account on the SPEI network is required. Strike requires a Mexican phone number and Bitso or bank linkage.
Compare live rates across 370+ corridors on RemitRoutes · methodology.