Need to send money to Mexico? Considering a wire to transfer money to Mexico? Before you ask your financial institution to do it, be sure to check out the wire transfer fees. It may come as a shock the amount the fees and charges will be and depending on the amount of the wire, it might make more sense to send the money using another method.
What makes more costly is in addition to your financial institution imposing a fee for sending the funds to a bank in Mexico, the recipient receiving the transfer of funds will probably also be charged a fee from the bank where they have their account. One way to minimise the possibilty of the fee is to send the international wire transfer in their designated currency.
To initiate a wire transfer to Mexico, you will possibly require a SWIFT code. These are different for each bank and are based on a number of things including the country and individual bank.
SWIFT Country Code
Central Bank Name
Banco de México