Compare Wise, Remitly, Western Union, and bank wire on total cost (fees + FX spread). See what your recipient actually receives.
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Based on your inputs
Recipient gets MX$8,489 MXN
| Send amount | $500 |
|---|---|
| Mid-market rate | 1 USD = 17.2 MXN |
| You save with Wise vs Bank Wire (SWIFT) | MX$691 ($40) |
| Provider | Fee | FX spread | Recipient gets | True cost |
|---|---|---|---|---|
| WiseBest Mid-market rate + transparent fee | $4 | 0.40% | MX$8,489 | $6 |
| Remitly (Economy) Free transfer, ~1.8% in FX spread | $0 | 1.80% | MX$8,445 | $9 |
| Western Union (Online) Higher spread, cash pickup network | $5 | 3.50% | MX$8,216 | $23 |
| Bank Wire (SWIFT) Receiving bank may add $10-30 more | $35 | 2.50% | MX$7,798 | $48 |
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The mid-market rate is the midpoint between the buy and sell prices on global currency markets — the "real" exchange rate banks use to trade with each other. Most consumer providers add a markup (FX spread) on top.
Many providers advertise "$0 fee" but bake their margin into the FX rate. A 3% spread on $500 is $15 hidden — more than a $5 transparent fee.
Provider fees and spreads change monthly. We refresh based on World Bank Remittance Prices Worldwide (RPW) data and provider rate cards. Always confirm on the provider site before sending.
SWIFT wires typically charge $30-50 on the sending side plus $10-30 on the receiving side, plus a 2-3% FX spread. For sub-$5,000 transfers, dedicated remittance services almost always win.
Recipient receives = (Send amount − Fee) × (Mid-market rate × (1 − Spread))
True cost = Fee + (Send amount × Spread) — this is what you actually pay, including the hidden FX markup.
Fees and spreads sourced from World Bank Remittance Prices Worldwide (RPW) Q4 2024 and provider published rate cards. Refreshed monthly. Confirm on provider site before sending.
Every formula on this page traces to a federal agency, central bank, or peer-reviewed institution. We cite the rule-makers, not secondhand blogs.
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Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.