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Who's Best Online Money Exchange Transfer Service?


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Who is the Best Online Money Exchange service? I'm looking to get a good exchange rate online from USD$ into MX$ pesos for transfer to our financial institution who offers a decent rate but not as good as online. I want to move $5,000 - $10,000 USD.

Suggestions and experiences appreciated.

Gracias!

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This site compares the major transfer services and has ratings of each. Click on the numerical rating for a summary of the rating factors. Exchange rates are constantly updated and seem to be current whenever I've consulted the site. 

For my own experience, I've found Transferwise to be the easiest to set up, and most consistently without hiccups, and the net pesos received per dollar is usually near the best. YMMV.

Monito

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Tried using Transferwise aka Wise for a large amount last week. Huge fail. Money was held by their "Mexican partner bank" who needed to verify who I was, where I lived and where my 20k came from ( even though funds were wired from my account to Wise ). Even after providing and uploading asked for documents, they then wanted three months of my US bank records...no thanks. I cancelled transfer and am waiting for "WISE" to return my money.  Fingers crossed.

 

 

 

 

 

 

 

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We use XE and have had good results with good rates.  As you use it more and more you get your money faster.  Due to money laundering stuff sometimes they have limits and you do have to answer questions like what the money is for etc etc. Allow a little time to set up an account while they check you out.  We have moved 5000 USD before but mostly use 1 or 2 thousand moves.  Not all banks can use these services.  They seem to prefer the big banks like BOA so we have to move money from our credit union to BOA and than move it to BBVA from BOA.  We can't use XE directly from credit union.  Overall we are very happy with the service and remember they convert the dollars to pesos so BBVA does not have a chance to give you a bad exchange rate. Also XE gives good exchange rates but takes a little longer to get here but fast ones usually give you a worse exchange rate.

Good Luck!!

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There arr hundreds of posts on this board on this subject. Try searching to locate them.

I normally transfer 20K or more when I need pesos and use international wires. Fast and clean. Fees are based on your sending and receiving banks. The rates are generally close to those found on xe.com although it’s difficult to tell at times due to hour to hour fluctuations.

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5 hours ago, John Shrall said:

There arr hundreds of posts on this board on this subject. Try searching to locate them.

I normally transfer 20K or more when I need pesos and use international wires. Fast and clean. Fees are based on your sending and receiving banks. The rates are generally close to those found on xe.com although it’s difficult to tell at times due to hour to hour fluctuations.

Yes! I will no longer help those who don't even make a minimal attempt to help themselves which is quite easy to do unless you're extremely lazy. I don't ask a question unless I couldn't find something in search on this board or elsewhere like google or facebook.

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12 minutes ago, happyjillin said:

Yes! I will no longer help those who don't even make a minimal attempt to help themselves which is quite easy to do unless you're extremely lazy. I don't ask a question unless I couldn't find something in search on this board or elsewhere like google or facebook.

I have found that on occasion; Google and Facebook are not the best sources of facts. Maybe it's just me??

 

While this video is a bit long, it does explain how there is a combination of costs to consider. I have found that "Wise" formally "Transferwise" is the best combined rate for me.

I

 

 

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1 hour ago, Whipstock said:

I have found that on occasion; Google and Facebook are not the best sources of facts. Maybe it's just me??

 

While this video is a bit long, it does explain how there is a combination of costs to consider. I have found that "Wise" formally "Transferwise" is the best combined rate for me.

I

 

 

This guy also did a vid on medical which was posted here in another thread and it pretty much confirmed what I  have said numerous times about paying out of pocket instead of throwing yer money away to insurance providers. I just did a top up of our Intercam account by writing a Scotia cheque to myself on Thursday and the new balance was available instantly based on the exchange rate that I negotiated with my account exec. Can't get any easier,efficient nor cost effective than that.

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On 3/7/2021 at 8:10 AM, lcscats said:

We use XE and have had good results with good rates.  As you use it more and more you get your money faster.  Due to money laundering stuff sometimes they have limits and you do have to answer questions like what the money is for etc etc. Allow a little time to set up an account while they check you out.  We have moved 5000 USD before but mostly use 1 or 2 thousand moves.  Not all banks can use these services.  They seem to prefer the big banks like BOA so we have to move money from our credit union to BOA and than move it to BBVA from BOA.  We can't use XE directly from credit union.  Overall we are very happy with the service and remember they convert the dollars to pesos so BBVA does not have a chance to give you a bad exchange rate. Also XE gives good exchange rates but takes a little longer to get here but fast ones usually give you a worse exchange rate.

Good Luck!!

I second that.  Have been using XE for years to transfer from my Canadian bank to BBVA without any problems.  Highly recommend this service.

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On 3/7/2021 at 7:11 AM, John Shrall said:

There arr hundreds of posts on this board on this subject. Try searching to locate them.

I normally transfer 20K or more when I need pesos and use international wires. Fast and clean. Fees are based on your sending and receiving banks. The rates are generally close to those found on xe.com although it’s difficult to tell at times due to hour to hour fluctuations.

Can you explain how you use these?   I found it cheaper to use XE than BOA.  Are banks not created equally?

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3 hours ago, lcscats said:

Can you explain how you use these?   I found it cheaper to use XE than BOA.  Are banks not created equally?

No outbound international wire fees from Ameritrade and $10US inbound fee from Multiva. Exchange has been as close to 10 basis points under that seen on xe.com. 

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XE - no fee - inbetween high and low exchange - you can select what exchange you want your money to transfer at and it happens while you sleep - no limit that I know of - used it to buy my house.

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2 hours ago, mudgirl said:

No. And no fee for the transfers when selecting EFT transfer. They make their money on the exchange rate.

And the float from the time they get your money and deliver the money.  The longer you use them the quicker they deliver your money also.  

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