If you are a non-stop traveler or have friends or family in Mexico and you want to transfer money through the Cash app. You might be wondering “Does Cash App Work in Mexico?”. Cash App is the most famous payment app in the US. Cash App is known for its good and ease of use. Cash apps allow users to send or receive money, buy, and even invest in stocks. In this article, we will explore Does Cash App Work in Mexico?
What is Cash App?
Cash App is a peer to peer payment service. Cash App allows Users to able transfer money directly from one another, and do not have to go through third parties such as banks or credit card companies.
How Does Cash App Work?
You must set up an account to use the Cash App. You will be able to do it with the Cash App for your phone. You can easily create a Cash App account by giving some basic details like your name, email address, and number.
You can connect your Cash App account to your bank or credit card. Once you have created a Cash App account. So that the Cash App balance may be loaded with money.
You can use the Cash App balance to send money to other Cash App users when you have cash in your account. To do this, simply enter the recipient’s phone number or $Cashtag (a unique identifier that is similar to a username) and the amount of money you want to send. The notification shall be received and the payment may be accepted or declined by the recipient.
You can also use Cash App to buy and sell Bitcoin. To buy and sell Bitcoin by tapping on the “Bitcoin” tab and entering the amount of Bitcoin you want to buy or sell. Cash App will then give you a quote for the current market price of Bitcoin. Once you have agreed to the price, Cash App will buy or sell the Bitcoin on your behalf.
Does Cash App Work in Mexico?
No, Cash App does not work in Mexico. Cash App is a peer-to-peer payment app that is only available in the United States and the United Kingdom. If you are in Mexico, you can use other Alternatives payment apps such as PayPal, Mercado Pago, Zelle, TransferWise, Payoneer, Google Pay, Apple Pay, Venmo, Stripe, and Skrill.
Why Cash App is not Available in Mexico
There are a number of reasons why Cash App is not available in Mexico. One reason is that the Mexican government has strict regulations on money transfer services.
These regulations make it difficult for foreign companies to operate in Mexico. Additionally, the Mexican peso is a relatively weak currency, which makes it difficult for Cash App to offer competitive exchange rates.
Despite the fact that Cash App is not available in Mexico. There are a number of other money transfer services that Mexican users can use. These services include Western Union, MoneyGram, and Xoom.
These services offer a variety of features. Including the ability to send money to bank accounts, cash pickup locations, and mobile wallets.
Mexico Money Transfer Exchange
When you are choosing a money transfer service to Mexico. It is important to compare fees and exchange rates. It is also important to consider the speed of the money transfer. Some services offer faster transfers than others.
Here is a table comparing the fees, speed, and exchange rates of some of the most popular money transfer services to Mexico:
| Service | Fees | Exchange Rate (1 USD to MXN) | Speed |
| Wise | Free | 19.7248 | Same day |
| WorldRemit | $2.99 – $3.99 | 19.7248 (cash pickup) | Same day |
| Western Union | $4.99 | 19.7472 | Same day |
| MoneyGram | $9.99 | 19.7472 | Same day |
| Xoom | $4.99 – $14.99 | 19.7472 | Same day |
| Remitly | $3.99 – $4.99 | 19.7472 | Same day |
| Transfast | $4.99 – $14.99 | 19.7472 | Same day |
| OFX | $0 – $15 | 19.7248 | Same day |
| CurrencyFair | $0 – $5 | 19.7248 | Same day |
Alternatives to Cash App for Mexico
If you are looking for alternative digital payment platforms that work in Mexico or other countries, there are several options available.
1. PayPal
PayPal is a well-established payment service, that is accepted by millions of merchants worldwide including in Mexico. You can use PayPal to send and receive money, make online purchases, and even withdraw cash from ATMs in Mexico. PayPal is a great option for international transfers, as it offers competitive exchange rates and low fees.
| Feature | PayPal | Other options |
| Fees | 4.00% fee on the amount sent or received in Mexican pesos. | No fees for personal transactions between friends and family. Fees for commercial transactions vary depending on the type of transaction and the currency involved. |
| Speed | Usually takes 1-3 business days for funds to be transferred to a Mexican bank account. | Can be instant or take up to 3 business days, depending on the method of payment and the recipient’s bank. |
| Exchange rates | PayPal uses its own exchange rate, which is typically slightly worse than the mid-market rate. | Other options, such as Wise, offer much better exchange rates. |
Overall, PayPal is a convenient way to send money to Mexico, but it is important to be aware of the fees and exchange rates involved. Other options, such as Wise, may offer better rates and faster transfer times.
2. Mercado Pago
Mercado Pago is a popular payment service in Mexico that is accepted by millions of merchants. Mercado Pago provides a number of features including the ability to send or receive funds, purchase products, and services online, as well as payment in person. Mercado Pago is a great option for users who want to send money to Mexico quickly and easily.
| Feature | Mercado Pago | Other options |
| Fees | There are no fees for sending money to Mexico using Mercado Pago. However, there may be a small fee for using a credit card or debit card to fund the transfer. | No fees for personal transactions between friends and family. Fees for commercial transactions vary depending on the type of transaction and the currency involved. |
| Speed | Funds are typically available in the recipient’s bank account within 1-3 business days. | Can be instant or take up to 3 business days, depending on the method of payment and the recipient’s bank. |
| Exchange rates | Mercado Pago uses the mid-market exchange rate, which is the same rate that banks and other financial institutions use. | Other options, such as Wise, may offer slightly better exchange rates. |
Mercado Pago is a convenient and affordable way to send money to Mexico. It has no fees and uses the mid-market exchange rate. Other options, such as Wise, may offer slightly better exchange rates, but they may also have fees.
3. Zelle
Zelle is a payment service app that allows you to send and receive money instantly from your bank account to another bank account in Mexico. Zelle is offered by many popular banks, including Bank of America, Chase, Wells Fargo, and Capital One. You can also use Zelle through the Zelle app. Which is available on the google play store for download on iOS and Android devices.
| Feature | Zelle | Other options |
| Fees | Zelle is free to use for personal transactions between friends and family. However, there may be fees for commercial transactions. | No fees for personal transactions between friends and family. Fees for commercial transactions vary depending on the type of transaction and the currency involved. |
| Speed | Funds are typically available in the recipient’s bank account within minutes. | Can be instant or take up to 3 business days, depending on the method of payment and the recipient’s bank. |
| Exchange rates | Zelle uses its own exchange rate, which is typically slightly worse than the mid-market rate. | Other options, such as Wise, offer much better exchange rates. |
Zelle is a convenient and fast way to send money to Mexico. However, it is important to be aware of the fees and exchange rates involved. Other options, such as Wise, may offer better rates and slower transfer times.
4. TransferWise
TransferWise is a global money transfer service that offers fast, affordable, and transparent transfers to Mexico. TransferWise uses the mid-market exchange rate, which means you get the most for your money. There are no hidden fees, and you can track your transfer in real time.
| Feature | TransferWise | Other options |
| Fees | TransferWise charges a small fee for each transfer. The fee is typically around 0.5% of the amount sent. There is also a small fee for using a credit card to fund the transfer. | No fees for personal transactions between friends and family. Fees for commercial transactions vary depending on the type of transaction and the currency involved. |
| Speed | TransferWise transfers are typically processed within minutes. However, there may be a delay if the recipient’s bank is not a TransferWise partner bank. | Can be instant or take up to 3 business days, depending on the method of payment and the recipient’s bank. |
| Exchange rates | TransferWise uses the mid-market exchange rate, which is the same rate that banks and other financial institutions use. | Other options, such as Western Union and MoneyGram, may offer slightly worse exchange rates. |
5. Payoneer
Payoneer is a global payment service that allows you to send and receive money in Mexico. With Payoneer make online payments and withdraw cash from ATMs. Payoneer offers competitive exchange rates and low fees. You can also create a virtual debit card that can be used to make online purchases.
| Feature | Payoneer | Other options |
| Fees | Payoneer charges a flat fee of $2.50 for each transfer. There is also a small fee for using a credit card to fund the transfer. | No fees for personal transactions between friends and family. Fees for commercial transactions vary depending on the type of transaction and the currency involved. |
| Speed | Payoneer transfers are typically processed within minutes. However, there may be a delay if the recipient’s bank is not a Payoneer partner bank. | Can be instant or take up to 3 business days, depending on the method of payment and the recipient’s bank. |
| Exchange rates | Payoneer uses its own exchange rate, which is typically slightly worse than the mid-market rate. | Other options, such as Western Union and MoneyGram, may offer slightly worse exchange rates. |
6. Google Pay
Google Pay is a digital wallet that allows you to make payments with your phone. You can use Google Pay to send and receive money, make online payments, and pay for goods and services in stores. Google Pay is accepted by millions of merchants in Mexico.
| Feature | Google Pay | Other options |
| Fees | Google Pay charges a fee of 2.9% + $0.30 for each transfer. There is also a small fee for using a credit card to fund the transfer. | No fees for personal transactions between friends and family. Fees for commercial transactions vary depending on the type of transaction and the currency involved. |
| Speed | Google Pay transfers are typically processed within minutes. However, there may be a delay if the recipient’s bank is not a Google Pay partner bank. | Can be instant or take up to 3 business days, depending on the method of payment and the recipient’s bank. |
| Exchange rates | Google Pay uses its own exchange rate, which is typically slightly worse than the mid-market rate. | Other options, such as Wise, may offer slightly better exchange rates. |
7. Apple Pay
Apple Pay is a suitable and secure way to make payments. It is accepted by millions of merchants in Mexico. You can use it to send and receive money, make online payments, and pay for goods and services in stores.
| Feature | Apple Pay | Other Providers |
| Fee | None if linked to a debit card, 2% if linked to a credit card | Varies by the provider, but typically 0.4% to 0.5% of the transfer amount |
| Speed | Usually takes one day | Usually takes one to three business days |
| Exchange rate | The exchange rate used is the mid-market rate, which is the same rate that banks and financial institutions use | The exchange rate used may be slightly different from the mid-market rate, and some providers may add a margin to their exchange rates |
8. Venmo
Venmo is a peer-to-peer payment app that allows users to send and receive money quickly and easily. Venmo is available in Mexico. It can be used to send money to friends and family or to make purchases from businesses that accept Venmo.
| Feature | Venmo | Other Providers |
| Fee | 3% + $0.30 | Varies by the provider, but typically 0.4% to 0.5% of the transfer amount |
| Speed | Usually takes one day | Usually takes one to three business days |
| Exchange rate | The exchange rate used is the mid-market rate, which is the same rate that banks and financial institutions use | The exchange rate used may be slightly different from the mid-market rate, and some providers may add a margin to their exchange rates |
9. Stripe
Stripe is an online payment processing platform enabling merchants to accept payments through the Internet and in stores. Stripe is also available in Mexico, so you can use it to make payments to businesses in Mexico.
Stripe offers a number of features that Cash App does not. Such as the possibility to accept payments in different currencies, and setting up recurring payments.
| Feature | Stripe | |
| Fee | Varies by the provider, but typically 0.4% to 0.5% of the transfer amount | |
| Speed | Usually takes one to three business days | |
| Exchange rate | The exchange rate used may be slightly different from the mid-market rate, and some providers may add a margin to their exchange rates |
10. Skrill
Skrill is one popular alternative to Cash App in Mexico. Skrill is the world’s largest payment system allowing users to send and receive money in over 200 countries and currencies. A lot of other features are offered by Skrill, like buying and selling cryptocurrencies or making online payments as well as withdrawing money from ATMs.
| Feature | Skrill | |
| Fees | Up to 4.99% + £0.30 per transaction | |
| Speed | Typically 1-3 business days | |
| Exchange rates | Competitive exchange rates |
FAQs
Q: Can I use Cash App to send money from the United States to Mexico?
A: Yes, you can use Cash App to send money from the United States to Mexico. However, the recipient must have a Mexican Cash App account to receive the funds.
Q: Can I withdraw money from Cash App in Mexico?
A: While Cash App does not offer cash withdrawals in Mexico, you can transfer your Cash App balance to a linked bank account and then withdraw the funds using your local bank’s services.
Q: Is it possible to use Cash App to pay for goods and services in Mexico?
A: The cash App does not have widespread acceptance among merchants in Mexico.
Q: Can I link my Mexican bank account to Cash App?
A: Currently, Cash App only supports linking bank accounts from the United States. Mexican bank accounts cannot be linked to the app.
Q: Are there any plans for Cash App to expand its services in Mexico?
A: While there have been no official announcements regarding expanded services in Mexico, Square Inc. continues to explore international markets. It’s possible that Cash App may introduce additional features for Mexican users in the future.
Q: Are there alternative digital payment options available in Mexico?
A: Yes, Mexico has its own digital payment platforms, such as Mercado Pago, PayPal, and SPEI, which provide similar functionalities to Cash App within the country.
Conclusion
While Cash App offers some functionality in Mexico, it is important to note the limitations for users in the country. Mexican residents can send and receive the money within Mexico, but they might not have access to features like the Cash Card, Bitcoin and stock investments, and Cash App Boosts. For a fully comprehensive digital payment experience in Mexico, exploring local options such as Mercado Pago, PayPal, or SPEI might be a more suitable choice.