# 🇨🇦→🇲🇽 Send Money to Mexico From Canada — The Smart Way


Want to send money to Mexico without getting hit with bank fees and bad exchange rates? Here's how I do it using <a href="https://wise.com/invite/dic/sergeericc" rel="nofollow sponsored" target="_blank">Wise</a> + <a href="https://join.eqbank.ca/?code=SERGE2129" rel="nofollow sponsored" target="_blank">EQ Bank</a> to keep costs as low as possible.

## Why This Combo?

| Feature | Traditional Bank | Wise + EQ Bank |
|---|---|---|
| Transfer Fee | ~$25–30 USD | ~$1–5 CAD (depending on amount) |
| Exchange Rate | Often 1–3% markup | Mid-market rate (no hidden markup) |
| Speed | 3–5 business days | 1–3 business days |
| Tracking | Email/receipt only | Live transfer status in app |

The trick? Funding Wise the cheapest way possible, and that's where EQ Bank bill pay comes in.

## Step 1: Create Your Wise Account

1. Sign up at <a href="https://wise.com/invite/dic/sergeericc" rel="nofollow sponsored" target="_blank">wise.com</a> (app or desktop)
2. Complete your identity verification (standard KYC): you may need to upload a government-issued photo ID, a proof of address document (e.g., bank statement or utility bill), and sometimes a live selfie to match your ID. Verification is normally required before sending 1,000 CAD or more, or when sending from a Canadian bank account or CAD balance.

## Step 2: Create Your EQ Bank Account

If you don't already have one, open an <a href="https://join.eqbank.ca/?code=SERGE2129" rel="nofollow sponsored" target="_blank">EQ Bank Savings Plus Account</a>. It's free, has no monthly fees, and lets you pay bills to Wise without extra charges. You'll need a Canadian address and SIN to open.

## Step 3: Start Adding Money to Wise (Get Your Transfer ID)

Before you can add Wise as a payee in EQ Bank, you need the reference number that Wise gives you during the add-money flow. Do not finish the payment yet. Just grab the number.

1. Log in to Wise
2. Go to your CAD balance
3. Click "Add Money" → "Bank Transfer / Bill Pay"

{{< cloudinary src="mt/cad-to-mxn-wise-dashboard-add-money.png" alt="Wise dashboard showing the Add Money button on the CAD balance screen" width="1200" >}}

4. Enter the amount you want to send
5. Select "Bill Payment" as the funding method

{{< cloudinary src="mt/cad-to-mxn-wise-fee-schedule.png" alt="Wise fee comparison showing online bill pay at 0.31 CAD fee versus Interac e-Transfer at 6.06 CAD and debit card at 11.60 CAD" width="1200" >}}

Here's what the fee looks like for a small test transfer of $10 CAD:

{{< cloudinary src="mt/cad-to-mxn-wise-transfer-fee-10.png" alt="Wise transfer summary for 10 CAD funded via bill payment showing 0.31 CAD fee and 10.31 CAD total" width="1200" >}}

And for a $1,000 CAD transfer:

{{< cloudinary src="mt/cad-to-mxn-wise-transfer-fee-1000.png" alt="Wise transfer summary for 1000 CAD funded via bill payment showing 0.31 CAD fee and 1000.31 CAD total" width="1200" >}}

6. On the last screen, Wise will show a reference number (e.g., `P12345678`); this is the transfer ID to use as the account number in EQ Bank

{{< cloudinary src="mt/cad-to-mxn-wise-add-money-end.png" alt="Wise bill payment final screen showing the unique reference number to use when sending the bank transfer" width="1200" >}}

## Step 4: Add Wise as a Bill Payee in EQ Bank

This is the key step most people miss:

| Field | What to Enter |
|---|---|
| Bank / Payee Name | Wise |
| Account Number | Your own Wise transfer ID from Step 3, e.g., `P12345678`, that is the account number (use your actual number) |
| Reference / Memo | Not needed |

### How to Find Your Wise Transfer ID:

1. Log in to Wise
2. Go to your CAD balance
3. Click "Add Money" → "Bank Transfer / Bill Pay"
4. Select "Bill Payment" as the funding method
5. On the last screen, Wise will show a reference number. This is the transfer ID to use as the account number in EQ Bank

In EQ Bank, go to Bills → Add a new biller and search for "Wise":

{{< cloudinary src="mt/cad-to-mxn-eqbank-search-wise.png" alt="EQ Bank bill payment screen showing search field with Wise entered as the biller name" width="1200" >}}

Select "Wise" from the search results (not the other "Wise Creek" or "Wise Line" entries):

{{< cloudinary src="mt/cad-to-mxn-eqbank-select-wise.png" alt="EQ Bank biller search results showing Wise selected among other companies with Wise in their name" width="1200" >}}

Enter your Wise transfer ID as the account number:

{{< cloudinary src="mt/cad-to-mxn-eqbank-add-biller-account-number.png" alt="EQ Bank add biller form showing Wise as the biller name and P12345678 entered as the account number" width="1200" >}}

> ⚠️ **Important:** EQ Bank limits bill payments to $25,000 per transaction. If you need to send more, split across multiple payments or use an alternative method.

## Step 5: Initiate the Payment in EQ Bank

1. Log in to EQ Bank app or online banking
2. Go to "Bills" → "Pay Bills"
3. Select Wise from your payees
4. Enter the amount in CAD (the same amount you entered in Step 3)
5. Confirm and submit

✅ EQ Bank charges $0 for bill payments (up to the $25K limit)  
⏱️ Funds typically arrive in Wise within 2–3 business days

## Step 6: Send to Mexico

Once the money hits your Wise account, open the Wise app and start from your main CAD account:

{{< cloudinary src="mt/scr-20260804-ojmg.png" alt="Wise app home screen showing the main CAD account with Send and Add money buttons" width="1200" >}}

Tap "Send" to start a new transfer:

{{< cloudinary src="mt/scr-20260804-oktd.png" alt="Wise send screen showing the Recipient, Amount, and Review steps" width="1200" >}}

Select the recipient's currency: Mexican peso (MXN).

{{< cloudinary src="mt/scr-20260804-olej.png" alt="Wise currency selection screen showing MXN Mexican peso selected from recent currencies" width="1200" >}}

Choose "Bank details" to enter the recipient's CLABE number:

{{< cloudinary src="mt/scr-20260804-olmb.png" alt="Wise recipient options screen with Bank details highlighted in red, showing the option to enter name and CLABE" width="1200" >}}

Select "Someone else" if you're sending to another person:

{{< cloudinary src="mt/scr-20260804-olve.png" alt="Wise recipient type selection showing Myself, Someone else, and Business or Charity options" width="1200" >}}

Enter the recipient's bank details: their full name and 18-digit CLABE number.

{{< cloudinary src="mt/scr-20260804-omma.png" alt="Wise bank details form for Mexico showing fields for email, account holder full name, CLABE number, and optional CURP" width="1200" >}}

Enter the amount you want to send. Wise shows the live exchange rate and fees:

{{< cloudinary src="mt/scr-20260804-oncf.png" alt="Wise amount entry screen showing 1000 CAD converting to 12175.26 MXN at 1 CAD equals 12.2664 MXN with 7.43 CAD fee" width="1200" >}}

Review the transfer details before confirming:

{{< cloudinary src="mt/scr-20260804-ooxi.png" alt="Wise transfer review screen showing 1000 CAD total, 7.43 CAD fee, 992.57 CAD converted, guaranteed rate 1 CAD equals 12.2664 MXN, recipient gets 12175.26 MXN" width="1200" >}}

Enter your Wise password to approve the transfer (security check):

{{< cloudinary src="mt/scr-20260804-opqk.png" alt="Wise security check screen asking for password to approve the transfer" width="1200" >}}

That's it! Your transfer is complete. The recipient gets MXN deposited to their account via SPEI (Mexico's instant payment system):

{{< cloudinary src="mt/scr-20260804-oqro.png" alt="Wise transfer complete screen showing transaction details for John Smith, 1000 CAD sent and 12175.26 MXN received at 1 CAD equals 12.2664 MXN" width="1200" >}}

## Cost Example: $1,000 CAD to Mexico

| Method | Total Cost | Exchange Rate Used |
|---|---|---|
| Big 5 Bank Wire | ~$30–40 CAD + markup | Bank's internal rate |
| Debit/Credit Card Funding | ~$5–15 CAD + potential card fees | Mid-market |
| EQ Bank Bill Pay + Wise | ~$6 CAD | Mid-market ✅ |

## Important Notes

- **⏰ Timing:** Bill pay takes 2–3 days to fund Wise. Plan ahead if you need speed.
- **🔐 Security:** Both EQ Bank (CDIC protected) and Wise (regulated MSB) are secure.
- **📊 Limits:** Wise has varying limits based on verification level. Check your dashboard.
- **💡 Pro Tip:** For urgent transfers, Interac e-Transfer to Wise works too, but EQ bill pay is still the cheapest for large amounts.

## Bottom Line

If you're regularly sending money to Mexico (or anywhere international), setting up EQ Bank → Wise → Recipient saves you hundreds of dollars in fees and FX markups over traditional bank wires.

Need cash abroad? Read our [Best Canadian Debit Cards for International Travel guide](/canadian-debit-cards-international-travel-2026/) for how we use EQ Bank and Wise at ATMs.

Have you tried this method? Drop your experience below! 👇

> **Disclaimer:** This is personal experience sharing, not financial advice. Verify current fees, limits, and requirements with EQ Bank and Wise directly before proceeding.