Mexico and remittances: numbers that matter
Mexico is the second country that receives the most remittances in the world, only behind India. In 2024, $64.7 billion dollars (mdd) entered the country in remittances. In 2025 the figure fell to $61.8 billion, a drop of 4.6%, the first in 11 years [1].
Those billions are sent by millions of families, one transfer at a time. And in each shipment, a part remains in commissions.
How much is lost in commissions
According to the World Bank, the average cost of sending remittances to the United States-Mexico corridor is around 5% of the amount sent for transfers of $200 dollars [2].
In the global context, that is better than the world average of 6.49%, but still far from the UN goal of reducing it to less than 3% by 2030.
Amount sent | Traditional average commission (5%) | What the family loses |
|---|---|---|
$500 USD | $25 USD | $25 USD |
$61.8 billion (total Mexico 2025) | ~$3 billion | ~$3 billion dollars |
We are talking about approximately $3 billion dollars a year that Mexican families lose in shipping fees alone [2].
Honest comparison: all the ways to send dollars to Mexico
Western Union
The best-known name in remittances. It has a physical presence throughout Mexico, which is a real advantage for families who prefer to collect cash.
Cost to send $500 USD to Mexico: from $8 USD (in office) to $25-50 USD depending on the payment and delivery method [3]. Exchange rate: They apply their own exchange rate, which is usually between 1% and 3% less favorable than the real exchange rate [4]. Time: minutes to 1 day. Total real cost: exchange rate margin commission = between 3% and 8% of the amount.
Bank transfer (wire transfer)
If you both have a bank account in the US and Mexico.
Cost: $25-50 USD per shipment (issuing bank fee) possible receiving bank fee. Exchange rate: variable, usually with a margin. Time: 1-3 business days. Total actual cost: 3-6% for small amounts.
Wise (formerly TransferWise)
Digital platform that uses the real exchange rate (mid-market rate) and charges a transparent commission.
Cost to send $500 USD to Mexico: approximately $3.50-6 USD [4]. Exchange rate: the real, without hidden margin. Time: 1-2 business days. Total actual cost: ~1% of the amount.
Remitly
Popular app among Latinos in the US with good rates for Mexico.
Shipping cost $500 USD: from $1.99 USD [4]. Exchange rate: slightly less favorable than Wise (0.5-3% markup) [4]. Time: minutes to 1 day. Total actual cost: 1-3% of the amount.
Digital Dollars (USDC) with Bitsave
This is where the game changes. USDC is a digital dollar backed 1:1 by real reserves (90% US Treasuries, 10% cash), audited by Deloitte [5].
Cost to send $500 USD in USDC: $0.001 to $7 USD depending on the blockchain network [6]. Exchange rate: 1 USDC = 1 USD (no margin). Time: seconds to minutes. Total actual cost: less than 1.5% of the amount.
Send dollars without expensive intermediaries. Get to know Bitsave →
Comparative table: real cost of sending $500 USD to Mexico
Method | Direct commission | Margin in TC | Estimated total cost | Time | you need | Western Union (office) | $8-25 USD | 1-3% | $13-40 USD (2.6-8%) | Min-1 day | ID, cash or card |
|---|---|---|---|---|---|---|---|---|---|---|---|
Bank transfer | $25-50 USD | Variable | $30-55 USD (6-11%) | 1-3 days | Accounts in both countries | wise | $3.50-6 USD | 0% (actual rate) | $3.50-6 USD (~1%) | 1-2 days | Wise bank account |
Remitly | $1.99 USD | 0.5-3% | $4.50-17 USD (1-3.4%) | Min-1 day | Bank or card app | USDC via Bitsave | $0.001-7 USD | 0% (1 USDC=1 USD) | $0.001-7 USD (<1.5%) | Seconds-min | Bitsave app on both sides |
Step by step: how to send remittances with USDC
From the United States (who sends)
Step 1:Buy USDC on any platform that operates in the US (Coinbase, Kraken, or directly in an app that supports USDC).
Step 2:Send the USDC to your family member's wallet address in Mexico. Choose a low-cost network like Solana or Base (commissions are fractions of a cent) [6].
Step 3:Your family member receives USDC in their Bitsave account in seconds.
In Mexico (who receives)
Step 4:Your family member opens the Bitsave app. USDC is already there.
Step 5:You can do two things: store them in USDC as a digital cushion in dollars (protected from peso devaluation), or convert them to pesos and transfer to your account when you need them.
Step 6:Ready. No lines, no forms, no waiting for business days.
The fact that no one tells you: Mexican families are already using crypto for remittances
This is not science fiction. Bitso processed $6.5 billion in crypto remittances between the US and Mexico in 2024 alone, representing approximately 10% of the entire corridor [7]. Félix Pago has processed more than $1 billion using a USDC to SPEI model that is resolved by WhatsApp [7].
The World Bank reports that digital remittances cost 4.85% on a global average, compared to 7.16% for non-digital ones [2]. But remittances with digital dollars go further: they reduce the cost by up to 76% compared to traditional methods [7].
And the trend is clear: it is estimated that by 2027, digital dollars will process more remittances in Latin America than Western Union [7].
Is it legal to send remittances with crypto in Mexico?
Yes. Let's go point by point:
Buying and selling crypto is legal in Mexico.The Fintech Law (2018) regulates the institutions that operate with them, but does not prohibit people from using them.
The SAT wants to know.If you sell crypto and generate a profit, you must report it in your annual return. Regulated platforms are required since April 2026 to share transaction data with the SAT in real time [8].
You don't need to ask permission.Receiving digital dollars does not require special authorization. It's like receiving dollars, only digital.
Large amounts can raise questions.As with any transfer, if you receive significant amounts on a regular basis, the SAT may ask you to justify the origin. This applies the same to traditional remittances. Save your receipts.
Frequently asked questions
How much does it cost to send $200 dollars to Mexico with USDC?
On networks like Solana or Base, the transaction cost is fractions of a cent (less than $0.01 USD). Even on more expensive networks, it rarely exceeds $5-7 USD. Compared to the $10-20 that traditional services charge for that amount, the savings are significant.
Is it safe to send money with USDC?
USDC is backed 1:1 by real reserves, audited by Deloitte. Circle, the issuer, has 46 state licenses in the US and complies with regulations such as BitLicense and MiCA [5]. Transactions on blockchain are transparent and verifiable.
What happens to the SAT if I receive remittances in crypto?
The SAT considers profits from the sale of crypto as taxable income. If you simply receive USDC and convert it to pesos, the tax event occurs if there is a difference between the purchase and sale price. Since April 2026, platforms must report transactions to the SAT [8]. Consult an accountant for your specific case.
Does my family member in Mexico need to know about technology to receive USDC?
No. Apps like Bitsave are designed for people who have never used crypto before. It's as simple as receiving a transfer in any app. You only need a cell phone with the app installed.
Can I send remittances with crypto if I don't have a US bank account?
Yes. You can buy USDC with cash at some points of sale, or use platforms that accept prepaid debit cards. [VERIFY: Specific options to buy USDC without a US bank account]
Are crypto remittances faster than Western Union?
Western Union offers deliveries in minutes in some modalities. USDC transfers also arrive in seconds or minutes. The main difference is not speed but cost: you can save between 50% and 90% in commissions.
Thousands of families are already saving on remittance fees. Start here →
References
[1] BBVA Research / Bank of Mexico. "11 Consecutive Years of Remittance Growth End, Falling 4.6% in 2025." Mexico received $61.8 billion in 2025 vs. $64.7 billion in 2024.https://www.bbvaresearch.com/en/publicaciones/mexico-11-consecutive-years-of-remittance-growth-end-falling-46-in-2025/
[2] World Bank. Remittance Prices Worldwide, Q1 2025. Global average: 6.49%. US-Mexico Corridor: ~5%. Digital: 4.85% vs non-digital: 7.16%.https://remittanceprices.worldbank.org/
[3] Western Union. Rates to send money to Mexico from the UShttps://www.westernunion.com/us/en/send-money-to-mexico.html
[4] Wise. Cost comparison: Wise vs Remitly vs Western Union for shipments to Mexico, 2026.https://wise.com/us/blog/remitly-vs-wise
[5] Circle. Transparency Report: USDC backed 90% US Treasuries, 10% cash. Auditor: Deloitte. 46 state licenses, BitLicense, MiCA.https://www.circle.com/transparency
[6] Solana Docs/CoinCodex. USDC transaction costs per network: Solana ~$0.001, Base ~$0, Ethereum $0.50-5.https://solana.com/docs/core/fees
[7] PCMI/Polygon. Bitso: $6.5 billion in US-Mexico crypto remittances 2024. Félix Payment: $1,000 million via USDC-SPEI. Cost reduction: up to 76%.https://paymentscmi.com/insights/stablecoins-remittances-infrastructure/
[8] BeInCrypto. "Taxes on cryptocurrencies in Mexico in 2026: SAT guide." Since April 2026, platforms report to the SAT in real time.https://es.beincrypto.com/aprende/impuestos-criptomonedas-mexico-guia-complete-sat/
This article is informative and educational. It does not constitute financial, tax or legal advice. Virtual assets are not legal tender in Mexico and are not backed by the Federal Government. Consult a professional before making financial decisions.