Best Apps to Send Remittances to Latin America in 2025 (Ranked by Cost)

Sending money home is one of the most important financial activities for millions of Latinos in the US. In 2024, remittances to Latin America exceeded $150 billion — but billions of dollars are lost to unnecessary fees and poor exchange rates every year.

This guide compares the top options so you can send more money home.

How Remittance Costs Work (Read This First)

When comparing services, most people only look at the transfer fee. But there are actually two costs:

1. Transfer fee — the flat or percentage fee charged for the transfer
2. Exchange rate markup — how much the service skews the exchange rate in their favor

A service might advertise "$0 fee!" while taking 3-5% through the exchange rate. Always use the total cost — the difference between what you send and what arrives — as your comparison.

Example: Sending $300 to Mexico

• Fair exchange rate: 1 USD = 17.80 MXN → recipient gets 5,340 pesos
• After 3% markup: 1 USD = 17.27 MXN → recipient gets 5,180 pesos
• You "saved" on fees but lost 160 pesos to the exchange rate

Top Remittance Apps Compared (Sending $300 to Mexico)

Service	Fee	Exchange Markup	Total Cost	Recipient Gets
Wise	$2.50	~0.6%	~$4.30	Most (benchmark)
Remitly (Express)	$3.99	~1.5%	~$8.50	Very good
Remitly (Economy)	$0	~1.8%	~$5.40	Good (3-5 day delay)
WorldRemit	$3.99	~2.0%	~$9.99	Good
Xoom (PayPal)	$4.99	~2.5%	~$12.50	Average
Western Union	$5.00	~3.5%	~$15.50	Below average
MoneyGram	$5.00	~3.8%	~$16.40	Below average

Costs vary by method (bank account vs. card vs. cash pickup) and destination. Check each app for current rates.

1. Wise — Best Overall for Low Cost

Best for: People who prioritize getting the most money to the recipient and have a bank account

Wise (formerly TransferWise) uses the real mid-market exchange rate with a small, transparent percentage fee. No hidden markups. What you see is what the recipient gets.

Pros:

• Best exchange rates in the industry
• Fully transparent — shows exactly what the recipient gets before you confirm
• Available in most Latin American countries
• Multi-currency accounts available

Cons:

• Slightly slower than some competitors (1-2 business days)
• No cash pickup option
• Not ideal for very small transfers (minimum fee applies)

2. Remitly — Best Balance of Speed and Cost

Best for: People who want competitive rates with flexible speed and cash pickup options

Remitly offers two speeds: Express (minutes, small fee) and Economy (3-5 days, lower fee). Cash pickup available at thousands of locations in Mexico, Guatemala, El Salvador, Honduras, and more.

Pros:

• Fast delivery options
• Cash pickup at Bancomer, Oxxo, and other major locations in Mexico
• Excellent app experience
• First transfer often free or discounted
• Supports bank deposits, cash pickup, and mobile wallets

Cons:

• Exchange rates slightly worse than Wise
• Fees for Express delivery add up

3. WorldRemit — Best for El Salvador and Central America

Best for: Sending to El Salvador, Honduras, Guatemala, Nicaragua, Dominican Republic

WorldRemit has strong coverage in Central America with multiple delivery methods including mobile money (Tigo Money, Claro).

Pros:

• Strong Central America network
• Mobile money delivery (good for areas without banks)
• Competitive rates for specific corridors

Cons:

• Higher fees than Remitly for Mexico
• App interface less polished

4. Xoom (PayPal) — Best for PayPal Users

Best for: People who already use PayPal and want integration

Xoom is owned by PayPal and allows sending from your PayPal balance. Widely available, but fees are higher than Wise or Remitly.

Pros:

• Easy if you have PayPal
• Reliable, established company
• Cash pickup widely available

Cons:

• Higher fees and worse exchange rates
• Not competitive against dedicated remittance apps

5. Western Union / MoneyGram — For Cash-In, Cash-Out

Best for: When the recipient has no bank account and needs to pick up cash urgently

Despite higher costs, these services have the widest physical network — pharmacies, grocery stores, small shops. If the recipient is in a rural area or doesn't have a bank account, cash pickup may be the only option.

How to minimize costs: Use bank account transfer instead of cash or credit card. Bank transfers at Western Union can cut fees by 40-60%.

Tips to Reduce Remittance Costs Further

Use bank account transfers: Card payments typically cost 3-5% more than bank account transfers on most platforms.

Send larger amounts less frequently: A single $500 transfer costs less total than five $100 transfers due to fixed fees.

Compare every time: Exchange rates fluctuate. A service that was best last month may not be best today. Use a comparison site like Monito.com or RemitFinder.com.

Time your transfers: Some services offer better rates on certain days or for certain destinations. Enable notifications in Remitly or Wise to track favorable rates.

Check for promo codes: Remitly, Wise, and WorldRemit regularly offer first-transfer promotions (first transfer fee-free or $0 on first three transfers).

What About Bitcoin/Crypto for Remittances?

Some services now offer crypto-based transfers, especially relevant for El Salvador (where Bitcoin is legal tender). Strike (using Bitcoin's Lightning Network) offers near-zero fee transfers between the US and El Salvador.

The catch: both sender and recipient need to set up crypto wallets and understand the technology. For most families, traditional remittance apps remain simpler.

The Bottom Line

For most people sending to Mexico or Central America:

• Best rate: Wise
• Best all-around (speed + cost): Remitly
• Best for Central America: WorldRemit
• Cash pickup emergencies: Western Union/MoneyGram

Run the numbers for your specific amount and destination every time. A few minutes of comparison can save $10-$20 per transfer — $120-$240/year if you send monthly.

Have questions about the most efficient way to send money in your specific situation? Ask AsesorIA.