Wise Money Transfer Service

Hi, does anyone use Wise to transfer money into a Mexican bank account? If so, what bank/account information is required to do so? Thanks.

Hi Frijoles,

I use Wise and have transferred USD to Mexican accounts in pesos.

You’ll need to enter the recipients email, full name, clabe, and address (street, city, postal code).

Wise has features far greater than just money transfers...

Are bank account numbers the same as those here in USA. If I enter a Mexican bank account number will it be accepted?

dvinton wrote:Hi Frijoles,

I use Wise and have transferred USD to Mexican accounts in pesos.

You’ll need to enter the recipients email, full name, clabe, and address (street, city, postal code).

Thanks

Jreboll wrote:Are bank account numbers the same as those here in USA. If I enter a Mexican bank account number will it be accepted?

I am not an expert on banking logistics, but my understanding is a follows.  Bank account numbers in the USA and Mexico are not the same.  In the US there are two separate numbers, a bank routing number, and account number.  These are the two numbers printed on the bottom of every check issued by a US bank.  In Mexico it’s the CLABE (Clave Bancaria Estandarizada), a single number which is essentially a combined bank routing code and account number.

Yesterday I did a transfer, using Wise, from my US account to an account in Mexico.  Once WISE understood that my destination was Mexico it required I enter a CLABE and accompanying information (account name & address) to insure it was credited to the intended account.

Thanks

How does it work on the US bank side of things? Is it considered a wire transfer or is it same as a transfer of funds to pay a bill? I have B of A account and they don't charge me to pay utilities, credit card balances or to transfer funds to myself at another bank or credit union. But they do charge for wire transfers.

I have not used Wise or any transferring service but am considering it.

BisbeeGal wrote:How does it work on the US bank side of things?  Is it considered a wire transfer or is it same as a transfer of funds to pay a bill?  I have B of A account and they don't charge me to pay utilities, credit card balances or to transfer funds to myself at another bank or credit union.  But they do charge for wire transfers.

I have not used Wise or any transferring service but am considering it.  

I like the fact that Wise displays the difference between their tx and the competition. In most cases Wise is the better deal.

I opened an Intercam account. So delightfully old fashioned in some ways... like divine customer service... and writing a good old fashioned cheque on a Canadian account. No fees and the cheque cleared in two weeks... both times. Now I have funds here to buy the car I want... if I could find it. There's a waiting list because of the chip shortage. Glad I'm not desperate.

BisbeeGal wrote:How does it work on the US bank side of things?  Is it considered a wire transfer or is it same as a transfer of funds to pay a bill?    

I haven't used Wise, I use xetrade, but I was just having lunch with a friend today and this transfer subject came up. She uses Wise and said it is the same as xetrade- it's an electronic funds transfer, not a wire transfer, so no charge.

Jreboll wrote:Are bank account numbers the same as those here in USA. If I enter a Mexican bank account number will it be accepted?

I can transfer dollars to pesos for you into Michoacan if you want. It is no problem.

Interact email transfer (which you should find on your account online ) works well for paying for services. That is how I pay my accountant and translator in Canada prefer to be paid.

Wise has the option of ACH or wire transfer. ACH will have a limit on the amount that you may transfer.

cypress wrote:Interact email transfer (which you should find on your account online ) works well for paying for services. That is how I pay my accountant and translator in Canada prefer to be paid.

As far as I'm aware, Interac (not Interact) is a Canadian online payment service. It isn't an account transfer service. The person you send the money to receives an email and can then designate what account they wish to deposit the money into. I use it to transfer birthday money to my kids and grandkids in in Canada from my Canadian Scotiabank account, for instance.

I don't think that it can be used to transfer money internationally or pay for services outside of Canada.

Yes, I don't believe interac can be used outside of Canada.

So, I used Wise to transfer the rent from my Canadian bank into my landlord's account. I needed his full name, email address and CLABE. I didn't need his address. He received the money about 4 hours after I did the transfer.

I haven't used Wise to pay landlord yet (good idea) but I have used it three times in the past couple months with the run-up of the USD to Pesos to transfer money (NOT wire transfer) from our US accounts at Capital One Bank and Schwab Bank. Wise has an excellent phone app for iPhone too!

I "purchased" MX pesos with USD$ and transferred them to my O'Rourke account. It was a big saving over what O'Rourke was offering and the transfer was safely completed in hours and money credited to my O'Rourke account within a couple days.