# Wire Transfer Fees



## PatrickMurtha (Feb 26, 2011)

I make one wire transfer per month from my Mexican bank account (set up by my employer) to my U.S. account. Banorte charges me 487.20 in pesos as a transfer fee, no matter the size of the transfer. That seems a little high to me. Fortunately, my U.S. account does not charge an incoming transfer fee.

I will be changing employers at mid-year, so I was wondering: Do any of you get better deals on wire transfers from your Mexican banks?


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## TundraGreen (Jul 15, 2010)

PatrickMurtha said:


> I make one wire transfer per month from my Mexican bank account (set up by my employer) to my U.S. account. Banorte charges me 487.20 in pesos as a transfer fee, no matter the size of the transfer. That seems a little high to me. Fortunately, my U.S. account does not charge an incoming transfer fee.
> 
> I will be changing employers at mid-year, so I was wondering: Do any of you get better deals on wire transfers from your Mexican banks?


CitiBank/Banamex does not charge any fee for transfers between accounts. The exchange rate going from dollars to pesos is about 0.2 peso below the daily rate quoted elsewhere. I believe this is just the normal difference between the buy and sell rate when exchanging currencies.


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## charlie131120 (Nov 30, 2013)

PatrickMurtha said:


> I make one wire transfer per month from my Mexican bank account (set up by my employer) to my U.S. account. Banorte charges me 487.20 in pesos as a transfer fee, no matter the size of the transfer. That seems a little high to me. Fortunately, my U.S. account does not charge an incoming transfer fee.
> 
> I will be changing employers at mid-year, so I was wondering: Do any of you get better deals on wire transfers from your Mexican banks?


The answer is really based on your relationship with your banking institutions. If you have "premier" level there should be no fee for wire transfers. You need to look at the spot price for USD/MXN at any given moment and then ask your bank what they are giving you on the transfer. For small transfers I guess you might eat 3%. For larger transactions something below 1% is expected.


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## PatrickMurtha (Feb 26, 2011)

charlie131120 said:


> The answer is really based on your relationship with your banking institutions. If you have "premier" level there should be no fee for wire transfers. You need to look at the spot price for USD/MXN at any given moment and then ask your bank what they are giving you on the transfer. For small transfers I guess you might eat 3%. For larger transactions something below 1% is expected.


I'm certainly not "premium," because it's really not my account, started by me, but rather the school's. When I need a replacement debit card, for example, I have to go my school's accountant, not to the bank branch.


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## joaquinx (Jul 3, 2010)

xoom.com charges 4.99 for transfer. I do a US bank to Mexican bank once a month.


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## PatrickMurtha (Feb 26, 2011)

joaquinx said:


> xoom.com charges 4.99 for transfer. I do a US bank to Mexican bank once a month.


Ah, but that only works for U.S. to Mexico. All my transfers are in the reverse direction, because I am employed in Mexico, but paying some bills in the U.S.


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## joaquinx (Jul 3, 2010)

PatrickMurtha said:


> Ah, but that only works for U.S. to Mexico. All my transfers are in the reverse direction, because I am employed in Mexico, but paying some bills in the U.S.


You are right. Not seeing the this on their web site, I emailed them and they don't offer this. 

PayPal? Debit card from Mexican bank?


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## PatrickMurtha (Feb 26, 2011)

joaquinx said:


> You are right. Not seeing the this on their web site, I emailed them and they don't offer this.
> 
> PayPal? Debit card from Mexican bank?


I researched and then actually tried the Paypal option (using a Paypal MX account to put money in my Paypal US account), but could not get it to work at all.


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## joaquinx (Jul 3, 2010)

PatrickMurtha said:


> I researched and then actually tried the Paypal option (using a Paypal MX account to put money in my Paypal US account), but could not get it to work at all.


I have paid bills in the US with my Mexican PayPal account. I have sent money via PayPal Mexico to someone in the US with a PayPal US account.


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## PatrickMurtha (Feb 26, 2011)

joaquinx said:


> I have paid bills in the US with my Mexican PayPal account. I have sent money via PayPal Mexico to someone in the US with a PayPal US account.


Well, maybe I will try again. I was trying to send money to my OWN account, didn't work. It was a couple of years ago, I forget what the issue was exactly.


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